Sen. Rand Paul (R-KY) blasted the $2.3 trillion government spending bill — $900 billion of which is dedicated to coronavirus relief — criticizing Republicans for voting to print money with impunity. He warned Congress is essentially perpetuating lockdowns by handing money to states with leaders implementing rules that are “arbitrary and unscientific.”
Both the House and Senate passed the 6,000-page coronavirus relief and spending bill on Monday, which Paul said makes “modern monetary theory look like child’s play in comparison,” labeling the legislation a “deficits don’t matter disaster.”
“This bill is free money for everyone,” he said, explaining how “free money” is not the answer to the nation’s economic issues:
“And yet if free money were the answer, if money really grew on trees, why not give more free money? Why not give it out all the time? Why stop at $600 per person? Why not $1,000? Why not $2,000?” Paul continued, pondering when someone will point out the dollar “no longer has value.”
“Maybe these new free money Republicans should join the everybody-gets-a-guaranteed-income caucus. Why not $20,000 a year for everybody? Why not $30,000? If we can print up money with impunity, why not do it?” he asked.
“The treasury can just keep printing the money. That is, until someone points out that the emperor has no clothes and that the dollar no longer has value,” Paul continued.
“To s0 called conservatives who are quick to call out the socialism of Democrats, if you vote for this spending monstrosity, you are no better. When you vote to pass out free money, you lose your soul and you abandon forever any semblance of moral or fiscal integrity,” he said, assessing that the difference between parties is “less Adam Smith versus Marx and more Marx versus Engels.”
The Kentucky Republican further explained the country’s fiscal situation, noting the nation brought in $3.3 trillion last year and spent $6.6 trillion. The deficit was a “record-busting $3.3 trillion,” he said, explaining there is no more coronavirus bailout money and that such extraordinary spending habits have been “going on for decades.”
“Today’s money is gone, so Congress is spending tomorrow’s money,” he said, noting that the country finds itself $27 trillion in debt today with no cuts, offsets, or prioritization in Congress.
“Spend all this money and leave the future to figure itself out,” Paul said, adding that Congress is essentially perpetuating the lockdowns by supporting states implementing rules that are “arbitrary and unscientific.” Governors, Paul said, are picking winners and losers while family businesses are being wiped out.
“The need for help is real … but it’s clear that government has worsened the economic damage and acted as the biggest obstacle to economic recovery,” Paul added.
President-elect Joe Biden reacted to the passage of the by essentially calling for more spending:
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