Biden's proposed stimulus bill will increase government spending on COVID tests from $8.6 billion to $160 billion. He's also adding a stimulus check for $1,400, added unemployment benefits of $400/week, and grants for businesses. With all of this increased spending, the total cost of the bill went down from $2.3 trillion under Trump to $1.9 trillion.
How does total spending go down when all covid-related spending went up? Specifically what did we as taxpayers pay for in the previous bill that we aren't paying for in this one?
Biden also claims to be able to administer 100 million Covid-19 vaccinations in his first 100 days as President. The vaccine rollout to date has been a logistical nightmare. Essentially, the federal government has provided the vaccine to the states and allowed the state governments to make their own arrangements regarding which hospitals would receive how many doses and who could receive them. The result has been an incredibly slow rate of vaccination.
This comes at a crucial time as other Covid variants are being discovered all around the world. The financial markets are in an unprecedentedly vulnerable position with the massive amount of debt and inflated money supply. The endless monetary stimulus from the Federal Reserve is acting as backstop to prevent a market collapse, because the true value of most businesses is dreadfully low, yet the stock markets tell a different story as they peak all-time highs.
A slower vaccination rollout could cause a national shutdown if the new strains of Covid cause higher hospitalizations. A national shutdown would be devastating to the real economy in a way that would inevitably ripple into the financial markets. A recession is certainly in our future, perhaps even a depression. The bigger we allow the bubble to grow, the longer it will hurt our economy when the bubble pops.