Senator Rand Paul asked via Twitter on Sunday if Congress’ massive, unhinged borrowing of $6 trillion could put the U.S. on the same path as Venezuela which has entered hyperinflation and is printing 1,000,000-Bolivar bills.
The outspoken Republican tweeted: “New 1,000,000 bolivar note in Venezuela worth 53 cents. Will US be the next Venezuela with Congress borrowing over $6 trillion in one year?”
The senator’s comments followed the Senate’s passing of President Biden’s $1.9 trillion COVID-19 relief bill by a razor-thin margin of 50 to 49. Even moderate Republican Senator Mitt Romney of Utah was alarmed by the pork-laden, Democratic wish list that just passed. Among his concerns is the $350 billion bailout for states which are in deep debt because of mismanagement, in some cases before the pandemic.
“We’re going to be asking the American people to allow us to borrow money from China and others, pass that on to our kids and grandkids so that we can send money to states like California and mine that don’t need the money,” Romney declared. “That doesn’t make any sense at all.
Venezuela has long been in an economic downward spiral due to corruption, oil prices, the pandemic, and politically-induced hyperinflation. The new banknotes just issued worth 1 million bolivars are actually worth 53 cents. Many Venezuelans have turned to U.S. currency out of desperation.
From Bloomberg:
While the dollar has gained ground, Venezuelans continue to rely on bolivar bills for public transportation and to purchase subsidized fuel. The Caracas subway recently issued an electronic payment system after it routinely stopped charging passengers due to cash shortages.
President Nicolas Maduro has said he plans to move to a fully digital economy this year, following three years of hyperinflation that have prompted the nation’s mint to issue higher-denomination notes that are quickly rendered all but useless. Inflation soared 3,000% in the last 12 months, according to Bloomberg News’s Cafe con Leche Index.
BCV amplía Cono Monetario vigente con incorporación de tres nuevos billetes https://t.co/IppXQItxz1 #BCV 🇻🇪 pic.twitter.com/WgDavsmLob
— Banco Central de Venezuela (@BCV_ORG_VE) March 5, 2021
Republicans have charged that only 9% of the relief bill making its way through Congress has anything to do with the pandemic.
The Wall Street Journal claims the rest of the bill contains “bailouts for Democratic constituencies, expansions of progressive programs, pork, and unrelated policy changes,”
“I voted against this bill today because it could further wreck the economy and ignite inflation. This legislation includes a host of non-COVID-related left-wing policies,” Senator Richard Shelby (R-AL) declared in a statement.
Senator Ted Cruz was furious concerning the legislation. “Instead of working in a bipartisan manner to open our schools, bring back small businesses, and help struggling Americans get back on their feet, Democrats chose to pander to their radical liberal base with partisan handouts,” Cruz said, slamming the Democrats in a statement.
“This bill is stuffed with pork, with only nine percent of the almost $2 trillion going toward actual and urgent COVID relief,” he added, positing that the legislation “shockingly provides COVID relief checks to illegal aliens and criminals behind bars,” the Texan senator opined.
“I proposed two amendments to close these loopholes. Democrats voted in lockstep to ensure illegal aliens and prison inmates would still qualify for these rebates,” Cruz noted.
The National Republican Senatorial Committee stated, “It’s clear. The American people called for targeted relief, but Senate Democrats delivered their far left, radical wish list instead.”
#ICYMI: Yesterday @SenateDems pushed through their so-called “COVID relief” bill full of wasteful spending to bail out blue states and fund for their liberal pet projects.
Read more here: https://t.co/yrg7sKB6im
— Senate Republicans (@NRSC) March 7, 2021
As of February 2020, the United States is $23.3 trillion in debt.
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