Statement Regarding the CARES Act
Covid-19 didn’t kill our economy. Government policies, however well intentioned, did. In just a few weeks, they derailed the most prosperous and promising economy of our lifetimes and put us in imminent danger of permanently destroying millions of American jobs.
The CARES Act will much more than double the current deficit, which is already unprecedented and unsustainable. It threatens to destabilize the fiscal structure of our federal government, suppress future economic growth and create fiscal pressures that will take decades to unravel.
But in order to deal with the future problems this bill creates, we must first deal with the immediate crisis by arresting the damage caused by recent actions that have laid waste to our prosperity and plunged our nation into a sudden and deep recession.
The government has created a liquidity crisis for both employers and families. Employers’ revenues have plunged, giving them the Hobson’s choice of firing employees, selling assets in a fire sale or defaulting. Jobs temporarily lost will quickly become jobs permanently lost. They need ready access to capital, and the core of this bill does so. Families face a… Read More