Heritage Action sent out a brief summary of some of the problems with the stimulus bill passed yesterday.
Here are the highlights:
Unfortunately, the CARES Act missed the mark and included policy provisions unrelated to the epidemic. Senate Minority Leader Chuck Schumer (D-N.Y.) used the suffering of Americans as a bargaining chip in order to push for these liberal policies:
- $25 million for the John F. Kennedy Center for the Performing Arts in Washington, D.C.
- $75 million for the Corporation For Public Broadcasting (NPR & PBS)
- $75 million for the National Endowment for the Arts
- $75 million for the National Endowment for the Humanities
Schumer also negotiated for an expansion to unemployment insurance (UI) that is harmful to the recovery of our economy—he referred to it as “unemployment insurance on steroids.”
Schumer’s UI expansion will pay many workers significantly more money to be unemployed than they would receive if they were working. This encourages people to become separated from their employers and discourages them from returning to work. This is not going to help the economy recover!
We should be doing everything possible to help people stay employed. If people stay employed, they will keep their health insurance at this critical time and they will be able to quickly return to work after the crisis has subdued.
This is the chart of where the money will go: