COIVD ‘stimulus’ and another $1.4 trillion in debt

(Pixabay picture)

Congress has again decided to increase US debt:

December 22, 2020

The U.S. Congress has passed a massive year-end bill that includes both a $900 billion coronavirus aid package as well as $1.4 trillion in annual government funding.

Both the House of Representatives and the Senate passed the measure with overwhelming support late Monday, with lawmakers having only a few hours to look over the more than 5,000-page bill. They were facing a midnight deadline to keep the U.S. government funded.

President Donald Trump is expected to sign the bill in the coming days.

The legislation comes after weeks of negotiations during which Democratic and Republican leaders clashed over how much government assistance to provide for coronavirus relief and whether the focus should be on items such as jobless benefits or keeping open the economy. …

One of the main components of the bill is $600 direct payments to most people, with the amount phasing out for those with incomes above $75,000 per year. Treasury Secretary Steven Mnuchin said millions of Americans could begin seeing stimulus payments as soon as next week. …

The new bill also includes $284 billion for the Paycheck Protection Program, an initiative meant to help businesses keep workers employed during a period in which the economic pressure of the pandemic may have forced added layoffs.

There is also $300 per week in unemployment benefits for 11 weeks, as well as $82 billion for local schools and universities, $25 billion in rental assistance, $15 billion for theaters and $10 billion for child care. There is also $4 billion to help other countries with vaccination efforts for COVID-19, the disease caused by the coronavirus. …

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said the relief bill is just a first step. …

It does not include the legal liability protections for businesses that Republicans sought, nor did it have extra aid for state and local governments that Democrats wanted. …

The total $1.4 trillion spending package funds the U.S. government through September. https://www.voanews.com/usa/us-lawmakers-approve-900-billion-coronavirus-aid-package

While politicians will take credit for this bill, (presuming it is signed) they are putting the USA more and more at risk of hyperinflation (see Birch: Why a Hyperinflation “Time Bomb” Could Explode in 2021).

One problem with hyperinflation is that when it starts, it is almost impossible to stop. The consequences will be devastating.

The USA cannot keep thinking that increasing its debt, by degrading/diluting the value of its currency, is the answer.

As mentioned before, COVID is being blamed, but it was not COVID itself: it has been government policies blamed on the novel coronavirus.

The damage government COVID policies have caused the economy has been tremendous. Millions lost their jobs. Many small businesses have closed. Landlords have been excessively squeezed. The airline, restaurant, hotel, and other travel related industries have been devastated. Even the oil and automotive industries have been hit hard. As have been the entertainment industries and many other segments of modern economies.

Most in the media and in government act like debt is a good thing.

They are wrong.

Debt will be a factor in the disaster that will hit the USA, consistent with a prophecy God inspired the prophet Habakkuk to write:

2 Then the Lord answered me and said:

“Write the vision
And make it plain on tablets,
That he may run who reads it.
3 For the vision is yet for an appointed time;
But at the end it will speak, and it will not lie.
Though it tarries, wait for it;
Because it will surely come,
It will not tarry. (Habakkuk 2:2-3)

6 “Will not all these take up a proverb against him,
And a taunting riddle against him, and say,
‘Woe to him who increases
What is not his — how long?
And to him who loads himself with many pledges’?
7 Will not your creditors rise up suddenly?
Will they not awaken who oppress you?
And you will become their booty.
8 Because you have plundered many nations,
All the remnant of the people shall plunder you,
Because of men’s blood
And the violence of the land and the city,
And of all who dwell in it. (Habakkuk 2:6-8).

The Bible shows that foreign creditors will rise up. The above is a prophecy for the appointed time of the end–essentially the time of the Great Tribulation (Matthew 24:21). The USA has been accumulating pledges in the form of US Treasury bonds and notes, and is the most indebted nation of all time. Notice that the prophecy says it is so bad, that people should run who read it. That is, they should seriously consider what this means and take the appropriate steps. Yet, most ignore this prophecy.

Most will not believe, but that was expected:

6 “Don’t say such things,” the people respond. “Don’t prophesy like that. Such disasters will never come our way!” (Micah 2:6, New Living Translation)

16 … You say, ‘Do not prophesy against Israel, And do not spout against the house of Isaac.’ (Amos 7:16)

People will not want to hear! See also Preparing for the ‘Short Work’ and The Famine of the Word.

Yet, the hope that many people, companies, as well as state and local governments is to have the federal government further increase MORE of its debt and give them funds to pay off their debts and/or and keep them going.

Notice something God inspired the prophet Isaiah to record:

12 Therefore thus says the Holy One of Israel:

“Because you despise this word,
And trust in oppression and perversity,
And rely on them,
13 Therefore this iniquity shall be to you
Like a breach ready to fall,
A bulge in a high wall,
Whose breaking comes suddenly, in an instant.
14 And He shall break it like the breaking of the potter’s vessel,
Which is broken in pieces;
He shall not spare.
So there shall not be found among its fragments
A shard to take fire from the hearth,
Or to take water from the cistern.” (Isaiah 30:12-14)

Most of the leaders in the USA, UK, Canada, Australia, and New Zealand despise the word of God, trust in perversion, and think nothing of oppressive debt levels.

Increasing debt will not end up well for the USA and its British-descended allies.

But that is the plan from many government leaders.

Yet, many see only minimal risk.

Debt is not the answer.

As Christians, of course, our hope is to be in Jesus as we look forward to the coming of His Kingdom.

Some items of possibly related interest may include:

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