Allentown,
Pa.
- U.S. Senator Pat Toomey (R-Pa.) issued the following statement regarding the
economic plan outlined last night by President-elect Joe Biden:
“In
less than one year, Congress has spent $3.4 trillion on direct COVID relief aid
and nearly doubled the entire federal budget. Blasting out another $2 trillion
in borrowed or printed money - when the ink on December’s $1 trillion aid bill
is barely dry and much of the money is not yet spent – would be a colossal
waste and economically harmful. In particular, sending another $1,400 to
children, the deceased, and tens of millions of workers who haven’t missed a
paycheck, like federal and state employees, is senseless and will likely slow
down a recovery in employment. It was a bad idea two weeks ago and it’s a bad idea
now.
“During
last year’s third quarter, the economy grew by 33%, and the unemployment rate
has fallen by about half since April. If the federal government mandates a
universal $15 minimum wage, many low income Americans will lose their current
jobs and find fewer job opportunities in the future. The best thing that the
federal government and states can do for economic growth right now is to
quickly vaccinate as many Americans as possible and fully reopen this economy.”
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