It appears the determination of the Trump Administration to turn the economy around will be for naught because deficit spending spiked to the highest rate since World War II.
The U.S. has suffered through a series of self-inflicted economic wounds and unexpected tragedies over the last two decades. Following the 911 attacks, few in Washington, D.C., could have foreseen a protracted War on Terror that cost taxpayers upwards of $6.4 trillion in deficit spending since 2001.
Compounding the excessive borrowing, the Obama-Biden Wall Street bailout tacked on almost another trillion in debt as the Democrats borrowed their way through eight years in the White House to pile on nearly $12 trillion more in national debt. The pandemic that sprang from China has the country on the brink of $3 trillion in deficit spending this year alone.
Kentucky Senator Rand Paul, a physician who contracted COVID-19 and recovered, has earned a reputation as a fiscal responsibility budget hawk. He has been an outspoken critic against borrowing to fund non-essential programs and recently voiced his displeasure over the possibility of rolling out coronavirus stimulus incentives that don’t promote a return to work.
“Well, if you pay people not to work, they won’t work. If you pay people more not to work than they get for working normally, they won’t work. It’s called institutional unemployment,” Paul said. “So, right now, the institutional unemployment, if you make less than about $50,000 a year, you have got no business working. Why work if the government will give you a free $50,000? If the Democrats get their way, and unemployment goes on for months and months and months, if not years, what will happen is, nobody will work for less than $50,000 in this country, because you can get that for not working.”
Senator Paul, who introduced legislation to repeal the so-called “Affordable Care Act,” recently spoke to why ongoing deficit spending will inevitably hamstring American Democracy.
“Well, where are they getting the money? They’re going to borrow it from you. They’re going to borrow it from your kids. They’re going to borrow it from China,” the Kentucky senator added.
Given that China knowingly inflicted the COVID-19 crisis on the rest of the world, it borders on national security insanity to slip deeper into debt with the communists. However, the powerbrokers in the Democratic Party are actively trying to move our capitalist-democracy toward socialism.
Leading voices on the left, such as Vermont Senator Bernie Sanders, and New York Representative Alexandria Ocasio-Cortez (AOC), have pulled presidential nominee Joe Biden to their cause. The Biden Campaign has already agreed to another $2 trillion in deficit spending to implement the Green New Deal that could create permanent reliance on the Chinese Communist Party for economic support.
Despite the borrowing death spiral the U.S. has entered, Speaker of the House Nancy Pelosi is pushing for another coronavirus package to the tune of $3 trillion. If passed, the country would suffer a $6 trillion loss in 2020 while incentivizing workers to stay home.
This is simply not sustainable, and cannot be allowed to continue.
