Sen. Rand Paul (R-KY) says the Coronavirus aid money being spent by the government is making us more dependent on China. That it’s time to stop government bailouts and reopen the country for business.
“We went from about a $24 trillion debt to about a $28 trillion debt in one fell swoop. There are some people arguing that it may be as much as $30 trillion before the year is over. So, this is a big problem and we are crazy just to say ‘oh free money, free money, let's take it’ - and not understand that this borrowing makes us more dependent on China”, Paul said during a livestreamed townhall on Tuesday.
“So the irony is - the virus came from China and now we're becoming more dependent on China for borrowing money from them. So there's something very sick about this whole thing. And the only way it gets better is to open up.”
“You know, if we give you twelve hundred dollars that we borrow from China - what if we give you a $12,0000 and borrow it from China? In the end, I don't think the economy recovers even if we give you one hundred and twenty thousand, because the only way it recovers is we have to let you get back to trading and going out in public and going to stores.
It's not a lack of money that’s devastating us. It's a lack of commerce. “
“But the dollars that we're spending on all this are borrowed or printed,” Paul added. “There is no savings account. There is no money in Washington. We're borrowing it from China and our interest payments are going to go through the roof.”