Americans may regret coronavirus stimulus checks: Karl Rove

Americans may regret coronavirus stimulus checks, Karl Rove says

Karl Rove, former deputy chief of staff to President George W. Bush, argues direct checks and the coronavirus stimulus package may backfire.

The American people may regret getting the coronavirus stimulus checks down the line, Fox News contributor Karl Rove argued on "Varney & Co." Friday, doubling down on his Wall Street Journal opinion article.

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Karl Rove: “Well, we're a practical people. Seventy-five percent of Americans are going to get these checks, and how many of those people are going to say, why am I getting the check? I've got a couple of friends in South Carolina; Two retired ladies: A mother in law, an aunt of a friend of mine. They got their $600 checks last year. Their first response was, why did they send them to us?” And think about this, the United States Senate turned down an amendment to deny checks to felons. People who've been in jail for a year. So they got in there before covid started. They're going to get checks. College students are going to get checks. They refused to go on record and say we're going to deny checks to illegal aliens.”

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“So I think people are going to say, OK, fine, thanks for sending out the money. But did I really need it? And what's going to really bring this to a boil is the fact that this bill is so expensive and people are going to say, did we really need to spend 1.8 to $1.9 trillion in order to deal with an issue? Think about this, Stuart, in the bill. Vaccines have between 14 and 20 billion dollars worth of spending. If you take all of the health-related Covid-19 issues in here, it's between $100 to $160 billion total–everything. $1.8 trillion dollars total; 8.5 % or less of the bill is actually devoted to Covid. And think about this. This is an emergency, right? We spend 1.23 to $2.3 trillion this fiscal year, that is to say, by the end of September. But we spend $692 billion under this emergency bill over the next 10 years. 

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“We spend $458 billion in the fiscal year 2022. We spend $114 billion dollars in fiscal year [2023], we spend $63 billion in fiscal year [2024] and $37 billion in fiscal year [2025], and so on. Really? An emergency? And we're spending money for the next decade?"

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