The CARES Act has been passed by Congress and signed by the President. That means relief is coming your way in the form of an economic relief payment. For many people, this will be help that is very much needed. Workers that have been furloughed, laid-off, or unemployed can’t get this money fast enough. Graciously, many utilities and creditors are offering options such as no late fee if you can’t pay on time due to the Coronavirus. Even with such generous offerings, the bills eventually must be paid.
That brings me to my concern about the Coronavirus stimulus checks: Eventually the bill must be paid. Are we, the people of the United States, pillaging our children’s future in exchange for minimal relief today? As of April 1, 2020, the national debt, as reported by TreasuryDirect.gov, has topped $23.7 trillion, and unfortunately, that’s no April Fool’s joke. After the CARES Act takes full effect, our national debt will be well over $25 trillion.
Are we too far gone? Is there no hope left for a fiscally-sound American future?
Those questions are hard to answer presently, but I know what my personal answer is in this mess. When the direct deposit hits my bank account, I will not send that money back. I will use it to stimulate my family’s economy, and thus, the economy around me. Look at any store, and we can see basic economics in play. Demand for many products has risen significantly, and supply is short. Those two criteria alone will drive prices higher and higher in the free market economy by themselves. Nevertheless, the infusion of new money into the national economy will initially help at first, but the larger money supply will drive inflation at a rapid pace. The hard-earned money I already possess will buy less. Our personal money supply will need a boost. That’s why I’m okay with using the stimulus money.
However, once economic stability has reemerged, it must be the duty of us all to eradicate this debt as quickly as possible. We must make smart economic choices personally and then rally behind government leaders who will hold equally responsible standards.
America cannot keep asking the generation behind us to pay for us. Freedom is only one generation away from bankruptcy.