An opinion piece on Real Clear Politics is slamming the Democratic COVID-19 relief bill because, the columnist says, the huge cost could be more detrimental to the state of Illinois than beneficial.
The article, by Richard Porter, said that Illinois will receive over $25 billion from the federal government to help fight the coronavirus outbreak and help those who have suffered financially.
But Porter warned fellow Illinoisans that the huge amount of cash they will be getting could eventually put them in a hole that they’ll never be able to get out of.
He said that nothing is free and that the huge amount of money that Illinois will get will have to be repaid by the federal government through “higher future taxes or a devalued dollar,” situations that would not benefit Illinoisans.
He also said that the Democrats’ plan to have the Federal Reserve buy the debt in the open market with new dollars will only lead to the government ending up in more debt. He explained that creating dollars could lead to the devaluation of that currency.
Porter used Venezuela as an example wherein a million bolivars is practically worthless. Porter added that if the United States isn’t careful, it would definitely fall into the same trap that Venezuela fell into.
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