$3 Trillion Bailout Would Deliver Immense Debt Burden To Hispanics
As a younger demographic on average, Latinos’ future will be impacted in significant ways for decades to come.
(Arlington, VA) – Yesterday, Speaker Nancy Policy and House Democrats introduced a $3 trillion bailout bill. The House is aiming to vote on the bill this week.
Daniel Garza, president of The LIBRE Initiative, issued the following statement:
“This enormous proposal is not about helping people or battling the health and economic crisis we are all facing. Instead, this additional $3 trillion proposal is a partisan wish list to cover the irresponsible fiscal decisions made by states prior to the COVID-19 pandemic – all while ignoring the grave dangers of recklessly spending ourselves into an uncontrollable debt. Passing this bailout would be unfair to the hardworking families and individuals who will be on the hook to pay for this debt. It would deliver an immense debt burden to Hispanics – who on average are a younger demographic and will be impacted in significant ways for decades to come.”
This 1,8000 page proposal comes on top of the more than $3 trillion already approved and would add to the debt we are already facing as a nation.
According to the most recent census estimates, Latinos are much younger than the nation as a whole – the most common age being 11 years old and the median age being 29.5 years old – nearly 10 years younger than the median age of the U.S. population. Therefore, when our government continuously takes on more debt, or raises income taxes, or reforms education, it’s making decisions that will affect our future in important ways for decades to come.
Moreover, according to a recent report from the Congressional Budget Office, federal spending hit a record high of nearly $4.5 trillion last year – that’s equivalent to $36,000 per American household. And even though tax revenue also set a record, we added almost $1 trillion to the national debt.
As Latinos become a larger and larger share of the workforce and economy, they will pay more of the taxes that support this spending.
Earlier, LIBRE joined Americans for Prosperity and Concerned Veterans for America on a joint letter to Congress asking them to reject state bailouts. Read that letter here.