Genesee News

While discussion of further COVID-19 relief packages from Congress continues, some are raising questions of whether another CARES (Coronavirus Aid, Relief, and Economic Security) Act would only kick the economic can down the road for someone else to have to pick up.

Stephen Moore, an economist at the Heritage Foundation and economic advisor to Presidential Donald Trump, recently appeared on WJR’s "The Frank Beckmann Show" to discuss how federal relief packages will affect the growing national debt and future government spending.

As the show began, Beckmann and Moore discussed the constant growth of the national debt, currently ticking away at a rate of $10,000 per second. In the time they would be on the air talking, Moore noted that the national debt would grow by approximately $3 million.

Stephen Moore, Economist | Heritage Foundation

Speaker of the House Nancy Pelosi (D-CA) recently said she wants another $2.2 trillion relief package, according to Moore.

“We’re spending trillions of dollars, Frank, like it’s candy right now. Trillions!” Moore told Beckmann. 

While it sounds good to talk about providing money to individuals and businesses hit hard by the economic crisis created by restrictions related to the coronavirus, all that money has to come from somewhere, Beckmann told Moore.

Moore said that some of the aid is actually creating new problems as well, such as people making more money to stay on unemployment than they would if they went back to work.

“Most people on unemployment benefits are getting substantially more for not working than going back on the job,” Moore told Beckmann. 

Moore said that Trump has been right in his stance to try to restrain additional spending on relief packages. The solution to the economic problems facing the country is simple: Open the economy.

“Let the businesses open up,” Moore told Beckmann. “Let people go back to the stores.”