What is the average cost to each U.S. household of federal laws thus far passed to address the Covid-19 pandemic and government shutdowns of business?
The federal government has thus far passed four laws to address the Covid-19 pandemic and government shutdowns of business. According to the Congressional Budget Office, the first will cost $8 billion, the second $192 billion, the third $1.8 trillion, and the fourth $483 billion. Combining these figures and dividing by 129 million U.S. households, these laws will cost an average of $19,000 per household. This doesn't include the repercussions of the Federal Reserve creating trillions of dollars in new money to purchase federal government debt and other financial assets. Because the federal government was running a deficit before it passed these laws, these costs will add to the national debt and be borne by future workers and taxpayers.