Washington, DC – On Sunday, White House trade advisor Peter Navarro indicated that President Trump is ready for the next coronavirus aid package. The Democrats have proposed the $3 trillion Heroes Act and Sen. Majority Leader Mitch McConnel has suggested a $1 trillion aid package. It seems that President Trump wants to land somewhere in the middle.
The comments were made on Fox Business on Friday and have largely escaped reporting over the weekend due to continued protests and another shooting in Atlanta. Navarro suggests that the President would be looking for a focus on manufacturing jobs in the medical supply and pharmaceutical industries.
It’s also expected that another aid package would include another round of payments to individuals and potential aid to local and state governments. There are a lot of other suggestions that have been made, including payroll tax cuts and hazard pay for front-line healthcare workers.
With each round of aid that is passed, the national debt continues to creep higher. At the time of this writing, the national debt is over $26 trillion. To put this into perspective, the US Gross Domestic Product, the measure of the economic output of the United States, was $21.43 trillion in 2019.
I certainly understand that there may be a need for additional assistance for the US economy, but one has to start considering the long term effects of the moves. For example, the $600 per week that the federal government added, has been one of significant discussion. The Democrats pushed for this in the first plan, and it seems the Republicans failed to realize the symbolism of the measure. This amount is equivalent to $15 per hour, the federal minimum wage that Democrats are seeking.
There has been significant concern about American workers preferring to stay on government assistance at this rate, rather than returning to work. Some have even suggested adding a return to work bonus into the new aid package.
I support the measures to encourage US manufacturing and purchasing as we move forward. We do need to focus on becoming more self-dependent rather than depending on China. It is more advantageous for our economy and for the American people as a whole.
The big issue is that we cannot continue to pile on more national debt expecting money to just be there. Republicans and Democrats alike have ignored the national debt far too long. We simply cannot print money to pay for whatever we want without making our money worthless. At this rate, a roll of toilet paper will be more valuable than a picture of Benjamin Franklin on an American bill.
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