The fiscal and monetary policies enacted by both the Trump and Biden administrations in response to COVID-19 have encompassed an unprecedented level of government spending, with desultory impacts on our country’s economic outlook.
As of January 2022, the federal government has spent a gargantuan $3.6 trillion and is obligated to spend $500 billion more.
The costliest programs include:
- $848 billion in direct payments to qualified Americans.
- $827 billion in small business loan subsidies.
- $720 billion in combined unemployment compensation and insurance benefits.
- $500 billion in emergency assistance to state and local governments.
- $350 billion for public health initiatives such as vaccine distribution.
- $275 billion for grants to educational institutions.
These programs have done little to benefit individuals suffering most from the pandemic, nor have they enhanced overall macroeconomic health.