If China had declared war on the US none of you would say a word about this spending. This China Virus is doing more damage to the US, and the World, economy then any war in our history.
Yes we all wish this was not necessary. Yes, we wish this was a clean bill without the usual pork vote buying tactics. Well welcome to the messy workings of legislative politics in a Constitutional Republic.
People have to deal with the world as it is right now, not as they wish it would work. We can go back to the ideological wars in 30 days.
Corporations employ tend of millions of people. Corporations are everything from your local privately own gas station down the street to massive operations like Ford or Delta Airlines.
Corporations have debt they have to play just like people. For example, When they build a new store or plant, they borrow money to finance the capital expense. In addition, they do not usually pay cash for daily supply delivers. Those are purchased are made on credit with 15-30-45-60 days to make payment. All those debt payments still have to be made even thought the Government shut them down or put a lock down on their customers.
Here is an example. I work for a Food Manufacturing corporation that employs about 5,000 people nation wide. Due to the loss of business from the slow down, they just cut all Executive and Sr Management salaries 20%. If this goes one 2 more weeks, they will cut middle management salaries, if it goes on a month they have to cut all salaries. After that they start laying off worker bees like me and shutting down production lines. Why? Because they have to have the money to make their debt payments now and hope they can make it up to employees later.
We are an “Essential Business” not shut down like the Airlines or the Car companies. The US, and the World, are on the brink of a financial crisis like nothing seen since the 1929.
Those credit bills have to be paid even if they are shut down by Government order. The people supplying them need to be paid so they can pay their creditor and so on and so on.
If they are not paid, this will trigger a cascading financial default on scale with what happened in 1929.We not talking about just crashing our economy here, we talking trashing the worlds economy if this is not addressed
And all of the debt prior to that through multiple Presidencies?
It is a trend. While we can have a rational debate regarding the current crisis and I would likely agree with many of your points, there is no denying that our debt was even continuing with the best economy we have had in my lifetime.
We must get control of entitlement spending. We must have a plan to retire the debt. Instead, we have politicians who think deficit spending is normal in good times and necessary in slim times.
Where does it end? I am fine with it in times of war, but how will all of this impact my children who are too young to vote? Our politicians kick the can on our debt because it is the expedient thing to do and to do otherwise would almost guarantee their electoral defeat.
I do not want the economy to tank. However, there is nothing about this virus that justified some of the CRAP they put in the bill or tried to put in the bill.