Johnson on Covid Funds: This Isn’t Monopoly Money

Senator calls for targeted relief to those who need it as debt climbs higher

WASHINGTON – U.S. Senator Ron Johnson (R-Wis.) continued to press for more targeted Covid relief in an interview with CNBC’s “Squawk Box” Thursday.

Excerpts from the interview are below and video can be found here.

“I certainly want to help people that are financially struggling through no fault of their own because of Covid. It’s one of the reasons I voted for the $2.2 trillion CARES Act. We’ve now appropriated, we’ve authorized about $4 trillion in aid, but we did it in a shotgun approach. And we don’t have an unlimited checking account. We’re $27 trillion in debt. At the end of this fiscal year it will be over $29 trillion.”

“Many, many, many of those individuals [receiving checks] have been working, they’ve been getting a paycheck, they’re not financially struggling. Why would we be giving checks to people that truly don’t need it? Again, we should have gone back to the drawing board, we should have targeted this relief.”

“The lack of targeting, the lack of thoughtful consideration given to mortgaging our children’s future by another $464 billion. I know it sounds good, it feels good to give away money. Everybody loves benefits. Somebody has got to be thinking about the effect of this on our future generations.”

“We did it fast. We did it massively so the markets wouldn’t collapse. We had to do that. I don’t think even at that time it had to be $2.2 trillion. But we just had to lard out another $900 billion, and now people are talking about another $464 billion like this is Monopoly money. It’s not. This is a mortgaging of our children’s future. There is going to be a point in time where we have a debt crisis and it is not going to be pretty.”