If the coronavirus relief bill supported by Democrats is passed into law, the total cost of all the relief packages will surpass $40,000 per household.
The Democrats’ relief package, estimated to cost $1.9 trillion, will cost the United States $41,036 per household when combined with previous laws that came in response to the virus, according to Congressional Budget Office numbers compiled by Just Facts.
The $1.9 trillion package, labeled the American Rescue Plan Act of 2021, would be the sixth law passed by Congress in response to the coronavirus pandemic. The other laws include the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, the Families First Coronavirus Response Act, the CARES Act, the Paycheck Protection Program and Health Care Enhancement Act, and the Consolidated Appropriations Act.
The total combined spending amounts to roughly $5.2 trillion, according to CBO data.
Just Facts points out that “because the federal government was running a deficit before it passed these laws, these costs will add to the national debt and be borne by future workers and taxpayers,” and these figures don’t include “repercussions of the Federal Reserve creating trillions of dollars in new money to purchase federal government debt and other financial assets.”
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The American Rescue Plan Act is expected to reach President Biden’s desk in mid-March and will include $1,400 stimulus checks to millions of people, hundreds of billions of dollars for vaccine distribution and school reopenings, as well as billions for small businesses and restaurants crushed by government-imposed lockdowns.
Democrats have been criticized for the amount of money in the latest bill allocated for expenditures unrelated to coronavirus relief, and Republicans have argued that only 8% of the $1.9 trillion will be spent on directly helping people.
