Wayne Winegarden Quoted in COVID-19 Stimulus Article
Majority of Voters Think Coronavirus Stimulus Package Should Be Top Priority During Biden’s First 100 Days
By Rachel Bucchino
Amajority of registered voters think President-elect Joe Biden should focus on issues relating to tackling the coronavirus pandemic and a strained economy during his first 100 days in the White House, according to a new poll released Wednesday. . .
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“The virus has forced businesses to lose money, lay off workers, and too often, close. The government’s role is effectively ‘borrow from the future’ in order to help these affected people and businesses. The problem with the approach thus far is that this type of support is more difficult to provide because the government keeps wasting money sending checks to people based on their income (not whether they were impacted by the shutdowns),” Wayne Winegarden, an economist and senior fellow in Business and Economics at the Pacific Research Institute, said.
Winegarden suggested that Congress should stop viewing the bill as legislation that requires a “set dollar amount of spending,” as this is unlike any other recession. He also noted that congressional leaders should reallocate the trillions of dollars in funds from previous stimulus bills that haven’t been disbursed or committed yet.
“The most urgent action Congress can take is to reallocate these funds to focus on the people who are struggling and require the relief now. In short, the longer people on the edge have to wait, the harsher the costs they must bear, and the longer-lasting the damage will be. So, waiting until January (likely February) for the Biden administration to take office will clearly unnecessarily increase the costs,” Winegarden added. . .