Published on 03-18-2020
Categories: From Chuck
Dear Fellow Americans and our Elected Leaders,
We are living in a time where America’s health, way of living, prosperity, and economy are under attack. The COVID-19 crisis may change our country in ways we never imagined. Will it change us for the better, or for the worst? That is the key question that lies before us.
This is a time for decisive leadership. It is time to set aside political differences. We live in a dangerous time where our two political parties cannot agree on the time of day, let alone work together to do what is needed to move our country forward during this crisis. I love America and I’m tired of hearing excuses for why they can’t work together to solve the fundamental problems we have. I cast my vote every election to send our representatives to Washington to solve problems, not to create stalemate. There are no winners or losers in this game. You and we are all losers at this moment. Unfortunately, so too is our country.
COVID-19 may be the final test for our country. Can we come together to make the tough decisions to solve the threat or are Congress and the Administration going to muddle around for the next several months fighting over minor differences and unrelated issues while this crisis worsens? If we let that happen, we should throw all of you out of office in the next election.
We can afford to defeat COVID-19 and support our already strong economy. The rate at which the Treasury can borrow money for 10 years was 0.94% today, less than 1%. I’m not a fan of federal debt – at some point we may have to pay it back, or the cost of funding it could go up. But the US Treasury could borrow $1 Trillion today for 10 years to spend on solving these issues. What would that cost? -- $18.8 billion dollars annually – about the cost of a new aircraft carrier. Borrowing $2 Trillion would only cost $37.6 billion annually for 10 years. These are insignificant numbers for the US economy.
We need a President that has the vision to put this forward, and a Congress that can work together, across the aisle, without regard to special interests, to determine how best to use these funds to weather this crisis and emerge stronger than ever before. I have plenty of ideas on how I would use these funds to solve the problem, but I don’t get a vote until November.
I’m left with hoping our political leaders are more concerned about the American people and the American economy than their own personal and political interests, or their own chances of being reelected.
It is time for our political leaders to stand up and be accountable for results. This is no game. Our lives and our livelihood are at stake.
President/CEO, Coastal Credit Union