House Speaker Nancy Pelosi’s proposal for extremely large state bailouts to help the economy recover from the coronavirus crisis would enslave the United States to Beijing by forcing even more borrowing from China, political commentator KT McFarland told Fox News’ “The Next Revolution.”
The $3 trillion coronavirus bill passed by the Democratic majority in the House on Friday would “enslave us, not just the next generation but America forever after. If we come out of this and the Chinese are the world’s dominant economic power, we can just kiss it all goodbye… democracy, American independence, free market systems,” McFarland said.
"The United States runs a trillion-dollar deficit every year and that's when the economy was terrific. Now what are we going to run? Three, four, five trillion-dollar deficit," McFarland said, explaining that China is the country that buys the most of American debt.
Pelosi has argued that low-interest rates are an incentive to borrow more for relief and that "The interest rates and the prospect of access to credit has bolstered the stock market.. [and] the American people.”
But McFarland insisted that China has "weaponized a virus" and "they want to take this crisis that they're responsible for and they want to come out the other side of it with America greatly - even more greatly - in debt to them."
The House bill faces an uphill battle in the Senate, where the Republicans have a majority and have criticized stipulations in the relief package, especially aid to struggling states.
Brian Freeman ✉
Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.
© 2024 Newsmax. All rights reserved.