OPINION: Do you remember reading about the massive loan of twine King George III made to the Continental Congress? Perhaps you recall that Abraham Lincoln financed swimming pools for the Army of Northern Virginia? Okay, I know you are familiar with all the lederhosen we borrowed from the Third Reich in 1943? No? Perhaps there is a reason, despite none of those things ever happening, that you can’t seem to bring it up.
It is likely unrecalled because it is counterintuitive to borrow unnecessary resources from a strategic rival. That goes double for one that very possibly just unleashed a deadly virus in your general direction.
But that’s what Nancy Pelosi wants to do in her latest economic stimulus bill. Her $3 trillion coronavirus legislation passed in the Democrat House on Friday. But it faces a battle in the Senate, as Majority Leader Mitch McConnell criticized stipulations in the package, particularly aid to liberal wild-spending states, as well as other progressive wishlist items such as “checks specifically for illegal immigrants,” that he called a “totally unserious effort,” to pass new measures in the midst of this crisis.
Former Trump national security aide K.T. McFarland commented as well on a Sunday show on Fox Business, “The United States runs a trillion-dollar deficit every year and that’s when the economy was terrific. Now what are we going to run? Three, four, five trillion-dollar deficit. Where’s the money coming from? It’s coming from abroad. Who are we going to borrow it from? The largest foreign debtor. The country that buys the most American debt. It’s China.”
Objective reporting for the educated American.
China is actually in second place behind Japan for holding the majority of the U.S.’ debt. We owe them $1.09 trillion through February of 2020. So granted, we already owe them a boatload of cash. Must Pelosi make it worse by tacking on another $3 trillion? She seems to think so.
Pelosi: “The interest rates and the prospect of access to credit has bolstered the stock market. We intend to use those interest rates to bolster the American people,” said the clearly mentally degenerating House Speaker on Friday.
McFarland does not agree, “They want to take this crisis that they’re responsible for and they want to come out the other side of it with America greatly– even more greatly– in debt to them.They’re buying up our companies, our industries right now at fire-sale prices and at the same time they’re not helping at all with the recovery of the world.”
True, there will likely be another multi-billion dollar stimulus bill and, as McFarland points out, the Chinese will indirectly fund it. Because of that, shouldn’t we make sure every dime of it is necessary, given the kind of leverage that debt gives the Chinese over our financial future?
However, Pelosi and the Democrats don’t see it that way. More wacky green spending, more benefits and cash for illegal aliens, and less of what we need, like business liability insurance, make this bill a measure designed to be a grab bag of liberal goodies, not an effective fight against the economic consequences of a deadly pandemic. The bill will be watered down to gruel by the Republicans in the Senate. As well it should be.
This opinion piece was written by PoliZette Staff on May 19, 2020. It originally appeared in LifeZette and is used by permission.
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