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’s an idiot if he conflates immigrants with illegal aliens.
They should pass a law striking the word “trillion” from all bills and official correspondence and press releases.
It is 3 thousand billion dollars.
Oh, I missed the best part, as the world’s reserve currency loses its status, gold is naturally revalued , some of the experts say the value would be from $5K oz to $20K...that’s why it is so important to audit our gold reserves, many say our reserves ( supposedly the largest in the world, Russia and China is second,) have been sold off to a fraction. IF we have the 800,000 million oz ( from memory) our dollar bounces back in value.
There is a perverse incentive for people not to work. Congress including the GOP and everyone who voted for it (not Rand) are responsible!
True...but we are pushing 25trillion in debt and by whatever smoke and mirrors used, inflation is not a deal.
Everything I thought I knew about economics is wrong, I guess.
It’s coming... the laws of economics have not changed. We can’t predict the future. Just prepare the best you can..
Rand! Rand! We have a printing press!
Tell that to Zimbabwe, Venezuela, etc...
We are going to imitate Venezuela in more ways than just inflation when this really gets going.
Most of us may need to think less about retirement and more about simple survival.
Have you done any serious ammo shopping? IMO it’s worse now than the months leading up to Hillary’s non election. If the Rats can’t fraud Old Joe into the White House, it’s going to get rather dicey. And if they do manage that it’s going to be open season on us. Literally.
” Rand Paul: ‘We Have No Money. There’s No Rainy Day Fund, There’s No Savings Account’”
Would YOU need any of that if you had a printing press?
Another pelosi spendathon. Trump will sign this one too. He is falling in the polls despite the newly minted 600,000 h1bs, the release of crimnilas from prison, and wearing a mask in public.
Pelosi’s got to bail out the postal service the back bone of mail in voting
He's preaching to a choir of people who don't care.
I’m disappointed in Trump signing these bills... arggh.
Everything else he is doing great but maybe he should listen to Rand more.
The US money system is crap. But compared tot he rest of the world, we are golden...........................
We woke up one morning and read in the newspapers the USSSR was bankrupt. It happened that fast.
“I believe our interest payments are around $200 billion a day”
You might want to recalculate that thought.
I love Rand Paul but I think Trump has big plans for the Federal Reserve and part of it is bankrupting them by sticking them with these two stimulus packages.
Rand Paul, the sanest man in Washington.
Rand Paul 2024.
And after that?
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