While many Americans are anxiously awaiting their “stimulus checks” – which is, quite simply, the government giving you back your own money – Treasury Secretary Janet Yellen is warning people there is a cost of receiving your own money. Namely, higher taxes are on the way.
Americans will start seeing $1,400 federal stimulus checks showing up in their bank accounts this weekend, Treasury Secretary Janet Yellen said while defending the price tag of the $1.9 trillion COVID bill President Joe Biden signed into law Thursday afternoon — but she acknowledged the administration will be looking at “ways to fund” other projects beyond the landmark bill later on.
This is such an atrocious measure. Those lucky enough to be employed don’t need them, and kids certainly don’t need them – yes, many kids are receiving the checks, too. Those who are living from paycheck to paycheck could use them, but honestly, that’s what, a one month fix?
“I don’t believe we’ve overshot the mark,” Yellen told NBC “Today” anchor Savannah Guthrie in an interview airing Friday. “I think America has enough fiscal space to be able to afford this relief that Americans need.”
No tax increases were proposed to pay for the massive relief package, she added, but she acknowledged that they will come later when money is needed for other priority projects.
The stimulus checks are ridiculous by any standard. No one is going to use them to elevate the economy; they’re going to deposit them into the bank, or use them for mortgage payments or something equally important. Free money isn’t free, and we’re all going to suffer when taxes rise again.