- 23 Dec 2020 06:31
#15144670
Conservative Libertarian Rand Paul spoke against the COVID-19 bill, speaking against the economic ideas and mentality behind this type of spending, and calling Republicans in his Party hypocrites.
US lawmakers have reached a deal for a $900 billion relief package for the coronavirus pandemic and associated shutdown.
Where is this money going to come from?
The annual US budget is $4.79 trillion.
Just to put that into perspective, $900 billion is nearly 19 percent of $4.79 trillion.
The US already has way too much debt already.
This $900 billion package includes $600 billion in direct payments to Americans and $300 in enhanced unemployment for the next 10 weeks, according to House Speaker Nancy Speaker and Senate Minority Leader Chuck Schumer.
The deal also includes $25 billion in direct rental assistance and extends the eviction moratorium, $82 billion for education funding, $45 billion for public transit systems and $13 billion for increased food stamps and child nutrition benefits. There were also benefits for small business owners, including $12 billion for minority-owned or very small business, plus $15 billion for theater operators and small venue owners through Save our Stages Act.
You'll notice Rand Paul specifically goes out of his way in the speech to lambast the economic theory of MMT.
Some day - it might not be soon, could be decades longer - people like Rand Paul are going to be proved right. The US will end up in a nasty financial situation, perhaps an imminent debt crisis.
Where suddenly the US will need large amounts of money to pay off its debt and no one else will want to continue to lend. This could lead to sudden huge levels of inflation, devastating to the economy, or it could permanently ruin the credit rating of the country. Meaning if there's a future war or emergency, the country won't be able to borrow. Probably would cause all sorts of other bad stuff that I am not going to go into here.
Conservative Libertarian Rand Paul spoke against the COVID-19 bill, speaking against the economic ideas and mentality behind this type of spending, and calling Republicans in his Party hypocrites.
US lawmakers have reached a deal for a $900 billion relief package for the coronavirus pandemic and associated shutdown.
Where is this money going to come from?
The annual US budget is $4.79 trillion.
Just to put that into perspective, $900 billion is nearly 19 percent of $4.79 trillion.
The US already has way too much debt already.
This $900 billion package includes $600 billion in direct payments to Americans and $300 in enhanced unemployment for the next 10 weeks, according to House Speaker Nancy Speaker and Senate Minority Leader Chuck Schumer.
The deal also includes $25 billion in direct rental assistance and extends the eviction moratorium, $82 billion for education funding, $45 billion for public transit systems and $13 billion for increased food stamps and child nutrition benefits. There were also benefits for small business owners, including $12 billion for minority-owned or very small business, plus $15 billion for theater operators and small venue owners through Save our Stages Act.
You'll notice Rand Paul specifically goes out of his way in the speech to lambast the economic theory of MMT.
Some day - it might not be soon, could be decades longer - people like Rand Paul are going to be proved right. The US will end up in a nasty financial situation, perhaps an imminent debt crisis.
Where suddenly the US will need large amounts of money to pay off its debt and no one else will want to continue to lend. This could lead to sudden huge levels of inflation, devastating to the economy, or it could permanently ruin the credit rating of the country. Meaning if there's a future war or emergency, the country won't be able to borrow. Probably would cause all sorts of other bad stuff that I am not going to go into here.
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