Illinois Fertilizer & Chemical Association
Supply · Service · Stewardship

$3 trillion and counting…

As COVID 19 deaths surpass 50,000, the states fuss over “reopening” their respective economies, and meat processing plants are closing and reopening left and right, this week total new federal spending to rescue businesses and individuals impacted by the is now just shy of $3 trillion.
And before President Trump’s signature is even dry on the latest nearly $500-billion economic “stimulus” package, a fifth legislative package is being negotiated. House Speaker Nancy Pelosi (D, CA) alluded to such an animal earlier this month, but then went mum; Trump is calling for a “big, bold” legislative package, one that would provide economic assistance to tax revenue deficient state and local governments – a highly contentious political move – as well as infrastructure investment, payroll tax cuts and a host of other tax breaks for businesses particularly hard hit by forced closures, including restaurants, sports and entertainment venues. 
At this point, some would compare this historic spending spree to the existing federal budget deficit – roughly $1.1 trillion; now expected to hit about $4 trillion – or the national debt, but that’s a pointless exercise given the U.S. economy – save for agriculture and food production – is effectively shuttered and the U.S. Treasury isn’t collecting a lot of money. 
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