Congress finally agreed to a massive bailout bill that totals more than $2 trillion. That’s a really tough number to wrap your head around. So, let’s frame it another way, that $2 trillion (about half of what the federal government spends each year) amounts to more than $15,000 per household. We spearheaded a coalition letter of 26 free market and taxpayer groups to oppose House Speaker Nancy Pelosi’s (D-Calif.) attempt to jam in unrelated projects and policy items (read letter here). There was one bright spot to the protracted negotiation process, the final legislation included language funding an Inspector General (IG) to audit the money as it is being spent. When we first heard that Congress was cobbling together a massive relief package, we immediately called for the creation of a special IG to oversee the funds. We are thrilled that Congress listened to us and put this in the bill. Once money starts being spent, we will give periodic updates on the oversight process. And, don’t forget to check out our landing page where we will be posting all of our Coronavirus material.
The Final Bill…Fiscal Relief and the Overlooked and Obscure
So, at long last, the fiscal relief bill has been signed into law by the President. By now, we are probably all familiar with what is in the bill: $500 billion for Treasury loans ($454 billion to Federal Reserve for business and bank loans, $29 billion to commercial and cargo airlines, $17 billion to companies deemed critical to national security); $367 billion in loans to small businesses; $250 billion in financial relief (up to $1,200 for individuals; $2,400 for couples, $500 additional per child); $250 billion in expanded unemployment insurance, including a new federal supplement of $600 per week; $150 billion to provide emergency funding for states and localities; and $130 billion to shore up the healthcare sector, including money for hospitals and additional research and treatment.
Here are some items that also made it into the legislation:
- $10 billion in extended borrowing authority for the U.S. Postal Service.
- $10 billion in grants to airports.
- $9.5 billion in Defense Department funding.
- $100 million to the Federal Prison System.
- $75 million to the Corporation for Public Broadcasting, which helps fund National Public Radio.
- $75 million each to the National Endowment for the Arts and the National Endowment for the Humanities.
- $25 million in additional salaries and expenses for the House of Representatives.
- $25 million to the John F. Kennedy Center for the Performing Arts.
But, my personal “favorite” is the “Treatment of Sunscreen Innovation Act” buried within the bill, which…well, I don’t think anyone can make sense of.
The amount of money being spent, and this list, shows that there is going to be a lot of oversight needed during the expenditure of these funds. And, it will have to be a bipartisan effort. We want people to have access to the help they so desperately need right now. We just don’t want rampant waste, fraud, and abuse.
Big (and small) Tech Helping Americans Cope with the Pandemic
There are going to be many lessons that we learn from this crisis. The TPA squad is thinking long and hard about these lessons and has either already written about or will be writing about them in the near future. One significant takeaway is that big and small tech companies have moved mountains to make these self-quarantines manageable. Inevitable comparisons have been drawn between the coronavirus pandemic and the 1918 Spanish flu pandemic, which infected 500 million people and resulted in an astounding 50 million deaths. But unlike then, a vibrant digital economy now exists to cater to the public's myriad of needs as the world retreats indoors. Thanks to e-commerce and the lightning-fast spread of information via the digital domain and tech companies, people across the country can be #TogetherApart and support each other to get the help they need. Countless companies and organizations such as TPA hold regular staff meetings through Skype and Zoom, ensuring that work can get done at such a turbulent time. Facebook and Twitter offer quick analysis and news of what’s happening.
In addition to offering a healthy helping of up-to-date information, the digital domain offers struggling U.S. citizens speedy deliveries of foodstuffs and other essential items. Delivery services such as Shipt, Instacart, and Amazon Pantry are seeing a sharp uptick in demand as consumers try their best to avoid germ-ridden grocery stores. And with tight competition between these delivery services, companies are stepping up with innovative practices that keep consumers safe from the coronavirus. Consumer Reports notes, “If you're concerned about having to interact with a grocery delivery person, some of the services have options in which groceries are delivered without your having to come to the door or be at home. Unattended deliveries are available if you shop for groceries from Prime Now, Amazon Fresh, and Whole Foods Market. You simply select the option at checkout.” Instacart and DoorDash have allowed similar options for consumers intent on social distancing. These digital innovations are more important than ever, even as lawmakers openly question their value and scheme to regulate them out of existence. Last year, Republican Sen. Josh Hawley of Missouri openly wondered, “Are these platforms — the social-media platforms in particular — are those really good for the economy, for society, for the country? Are they really adding anything at all?” This crisis is allowing the Hawleys of the world to recognize the immense benefits offered by digital apps and innovations.
The internet and its most popular websites may not be perfect, but they’re certainly doing their part to keep Americans safe and in-the-know about the coronavirus. There will be many lessons learned from this pandemic. Let’s hope that one of them is that big (and small) tech kept us in touch, fed, and entertained during this time of crisis. Politicians and bureaucrats need to understand that the over-regulation of the digital domain will make us less prepared in the future.
Blogs:
Monday: Watchdog Urges Congress to Keep Rate-Setting Out of Coronavirus Relief Package
Monday: HOUSE ADDS UNRELATED PROVISIONS: TPA Update on Coronavirus Stimulus Negotiations
Tuesday: 26 Groups Urge House to Reject “Take Responsibility for Workers and Families Act”
Wednesday: TPA’s Coronavirus Relief Package Summary
Friday: The Overlooked and Obscure in the CARES Act
Media:
March 21, 2020: The Wall Street Journal quoted TPA in their story, “Lobbyists Pile on to Get Wins for Clients Into Coronavirus Stimulus Package.”
March 21, 2020: Issues & Insights ran TPA’s op-ed, “Time For A National Telework Policy.”
March 22, 2020: The Cullman Times (Cullman, Ala.) ran TPA’s op-ed, “FCC pushes programs to facilitate internet access.”
March 23, 2020: Townhall ran TPA’s op-ed, “Give Trapped Americans Abroad a Break This Tax Season.”
March 23, 2020: The Epoch Times quoted TPA in their article, “Partisanship Explodes as Senate Stumbles Toward $2 Trillion CCP Virus Economic Relief Deal.”
March 23, 2020: I appeared on WBOB Radio (600 AM and 101 FM; Jacksonville, Fla.) to talk about the fiscal relief package.
March 23, 2020: WBFF (Fox, Baltimore) interviewed me about the fiscal relief bill.
March 24, 2020: The Center Square ran TPA’s op-ed, “Keep digital wallets out of coronavirus relief package, and all legislation.”
March 24, 2020: Townhall ran TPA’s op-ed, “Pelosi’s Postal Bailout: Return to Sender.”
March 24, 2020: The Center Square ran TPA’s op-ed, “Congress shouldn't bow to pressure regarding government-owned networks.”
March 24, 2020: TPA Executive Director Tim Andrews appeared on “The Morning Show” (KCOL 900 AM; Denver, Colo.) to talk about the fiscal relief bill.
March 25, 2020: The Washington Examiner ran TPA’s op-ed, “Big and small tech innovation makes #PandemicLife tolerable.”
March 26, 2020: WBFF (Fox, Baltimore) interviewed me about the fiscal relief bill.
March 26, 2020: Catalyst ran TPA’s op-ed, “FDA Should Expand Options for Coronavirus Patients.”
March 26, 2020: The Center Square ran TPA’s op-ed, “State rules for handling pandemic discriminate against the mentally disabled.”
March 26, 2020: TPA Policy Director Ross Marchand appeared on “The Steve Gruber Show” (WJIM 1240; Grand Rapids, Michigan) to talk about the U.S. Postal Service’s response to the coronavirus.
March 26, 2020: Ross appeared on “The Daily Mojo” (iHeartRadio) to talk about the U.S. Postal Service’s response to the coronavirus.
March 26, 2020: The Center Square ran TPA’s op-ed, “State rules for handling pandemic discriminate against the mentally disabled.”
Have a great weekend, stay safe, and as always, thanks for your continued support.
Best,
David Williams
President
Taxpayers Protection Alliance
1401 K Street, NW
Suite 502
Washington, D.C. xxxxxx
www.protectingtaxpayers.org
