The U.S. economy is sinking, and some on the far left have a preposterous plan to prevent Americans from drowning in more unpaid bills and debt: Stay home and don’t worry about anything. The government will send you a check for $2,000 every month.
If only it were that easy.
Since the onslaught of shutdowns to flatten the curve and prevent the nation’s health care system from being overwhelmed, more than 30 million Americans have lost their jobs. The unemployment rate has skyrocketed to 14.7 percent. Families throughout the United States are struggling to buy food and pay their bills because the government will not let them return to work.
To date, Congress has allocated more than $2.4 trillion in coronavirus-related economic aid. From the CARES Act to the Paycheck Protection Program, Congress has tried to keep businesses afloat and employees on payrolls. Obviously, as the most recent unemployment report shows, this stopgap strategy is not working.
Perhaps we should pause and reassess the necessity of the draconian shutdown strategy. After all, we have flattened the curve, and at this point it does not seem that health care facilities are in danger of being overrun. Wouldn’t it make a lot of sense to focus on how to safely reopen the economy so Americans can return to work and retain their self-reliance?
Yet, according to prominent Democrats in Congress, instead of smartly reopening the economy, we should double-down on Keynesian economics and just print more money than ever. In other words, Americans ought to stay home and get “paid” by the U.S. government.