Skip to comments.Rand Paul: 'We Have No Money. There's No Rainy Day Fund, There's No Savings Account'
Posted on 07/15/2020 5:50:23 PM PDT by RandFan
(CNSNews.com) - As congressional Democrats push another multi-trillion coronavirus relief package, Sen. Rand Paul (R-Ky.) is warning we've run out of money.
"Well, we have no money, Neil," Paul told Fox News's Neil Cavuto on Tuesday.
"There's no rainy day fund. There's no savings account. It's not like we go over to the Federal Reserve, open the safe, and we find out, oh, we have all this money we can give to people.
"The $3 trillion we have already sent to people because of this government-mandated depression has been borrowed. Where are they going to get another trillion dollars? They're going to borrow it.
"And so I think it's a really, really rotten thing to do. What you have to do is look at the source. The source of the economic depression is the government and the government shutdown of the economy.
"The government, and particularly the governors, need to get out of the way, let the economy open up, and let individuals assess their risk and act accordingly."
Paul criticized the extra $600 in unemployment insurance given to people already collecting such benefits in the last $2 trillion coronavirus relief bill.
"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.
"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."
Paul said the Republicans' idea of giving people a bonus to return to work is "only slightly less stupid" than the Democrats' hoped-for extension of unemployment insurance.
"Well, where are they getting the money?" Paul asked. "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. It's a ridiculous notion that we just keep passing out money.
"Let's get rid of the root cause of this depression. Sometimes, we don't know exactly the cause of the depression. In this one, we do know the cause, the government. The government shut the economy down. The government needs to get the hell out of the way and let us all go back to work, and let each and every one of us assess the risk and make decisions accordingly."
House Speaker Nancy Pelosi (D-Calif.) is making the rounds on television, promoting the Democrats $3-trillion HEREOS Act, which Republicans have rejected as nothing more than a messaging exercise, a laundry list of agenda items that have nothing to do with the coronavirus, as Sen. John Thune put it.
Senate Republicans reportedly are working on a less expensive relief package of their own.
At her July 10 news conference, Pelosi made it clear that Democrats will insist on more than a trillion dollars in any future relief bill.
What doesn't measure up is: Oh, it can only be a trillion dollars, Pelosi said.
No, we need a trillion dollars for state and local, she said. We need another trillion dollars, another trillion dollars for Unemployment Insurance and direct payments. Something like that, but probably not as much for the testing, tracing, treatment, etcetera.
So, a trillion dollars is: Okay, that is an interesting starting point, but it doesn't come anywhere near, she said.
He is right on this.
I wish he and the few other people who actually grasp this had been as vocal when the give-away insanity began in the first place.
And everyone who just couldn’t wait until they got their ‘free government money’ a couple months ago is just as complicit in destroying the economic future of this nation as GWB and 0bama did with their ‘bailouts’ and ‘quanitative easing’.
When Rand Paul is right, hes really right
I believe we just ran out of Other People's Money, and like my ex, Nan thinks that as long as she has checks in the check book, she still has money...
Realistically, that $1200 was taking the change out of the dead man’s pockets
So say those that lost their jobs due to this virus fake pandemic.
Democrats do rotten things. The swamp does rotten things. Really, really rotten things. Trillions of rotten things. Glad I'm old; the future isn't looking pretty.
Apparently you can just make more money whenever you need it. The only “borrowing” is from a tomorrow that never comes.
We’ve all known that for decades.
Until inflation appears...
Give the money to me, I’ll have it, things will be perfect.
How many trillions has the federal Reserve robbed us of over the years?
It must be near 10 trillion (half the national debt)
Can’t we just add a Zero to our money?
I’m glad Rand is bringing attention to the insane spending, but I won’t be a Rand fan until he recognizes the drain on Americans that 30+ million fraudulently documented foreigners is.
He doesn’t want to deport the immigrants ... I dont think anyone does.
It has been rumored Trump can do what businesses do- renegotiate debt , not quite declaring bankruptcy but if has sense. Our $22 trillion debt is split up roughly 60/40....$13 trillion owed to the Federal,Reserve, the other to US Treasury. We can not default to Treasury, but as the Federal Reserve is a PRIVATE company, it can be renegotiated. I believe our interest payments are around $200 billion a day to the Fed, renegotiate ( default) and bingo- we go to $12,$15 etc trillion in total debt. Experts claim it would only “ hurt” for about 3 years, USD would crash, T bills crash, bonds crash, a total, huge, RESET....start over with say only $14 trillion in debt.,dollar goes from current 96, down to say 50, nations flock to buy our goods....
Immigrants are people who apply for, pay for, wait for and comply with the documents that make them immigrants.
People who break in or overstay visas are illegal aliens.
Nobody is perfect ... sadly.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.