Biden’s Stimulus Will Cut Poverty By 40%… For One Year

President Joe Biden signs his first executive orders in the Oval Office of the White House on Wednesday, Jan. 20, 2021, in Washington. (AP Photo/Evan Vucci)

Zero Hedge: The NY Times also jumped on Biden’s stimulus package to tout how “transformative” Biden will be to the U.S. economy.

The rich rule over the poor, and the borrower is slave to the lender.” Proverbs 22:7

“The list of new policies goes on. There is money in the American Rescue Plan to expand food stamps, bolster state welfare programs, and increase federal support for child and dependent care. Put all this together and the bill is expected to reduce overall poverty by more than a third and child poverty by more than half. It is, with no exaggeration, the single most important piece of anti-poverty legislation since Lyndon B. Johnson’s Great Society, itself the signature program of a man who sought to emulate F.D.R.”

Here’s the problem. Unlike the New Deal, which benefitted the economy for decades, the American Rescue Plan will only help the poor for one year. As is always the case with such socialistic policies, they sound great in theory, but they rarely work as expected in reality. Read More