The need for a massive economic stimulus to jump-start the stalled economy during the coronavirus pandemic is shared on both sides of the political aisle.
Unfortunately, some provisions in the widely believed soon-to-be passed bill will have a harmful effect. Workers in low-wage jobs have a greater incentive to stay unemployed instead of returning to work.
Others have nothing to do with the immediate crisis.
Fox News’ Tyler Olson reports:
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) – which the House of Representatives is expected to vote on Friday – includes the funding for the African Development Fund (ADF), the African Development Bank (AfDB) and the International Development Association (IDA).
The ADF and the AfDB are two related organizations that help fund development and poverty eradication efforts in Africa, whereas the IDA is a subsidiary of the World Bank that gives to poor countries in general. Combined, they will receive more than $10.8 billion under the CARES Act.
This amount includes $7,286,587,008 for the AfDB, $513,900,000 for the ADF and $3,004,200,000 for the IDA.
As the costliest stimulus measure in U.S. history, the bill has generated a mixed and often-conflicted reaction even from those advocating for it. The package contains sorely needed relief for struggling workers facing layoffs as businesses are forced to temporarily shutter on an unprecedented scale in a bid to curb the spread of coronavirus. But some have questioned the massive pot of money set aside for loans to big industries, while others have challenged the array of seemingly unrelated or tangential funding pipelines that made their way in.