Sen. Ron Johnson, R-Wis., says Congress should not try to combat the lingering economic threat China has become with legislation allocating money the country doesn’t have.
Johnson told “Spicer & Co.,” “My problem with this bill is that once again, the first thought on just about everybody's mind here in Washington, D.C., in terms of how do you fix the problem is you throw money at it, and so I just don't believe that spending close to one quarter of a trillion dollars of money that we don't have, further mortgaging our children's future, is going to solve the problem.”
The Senate on Tuesday passed, 68-32, an expansive bill called “The Innovation and Competition Act.” It is aimed at reinvigorating America's technological footprint to counter China. The bill now heads to the House, where it faces a competing bill and a somewhat cloudy future, USA Today reported.
Johnson, who is on the Senate Committee on Commerce, Science and Transportation, thinks one of former President Donald Trump's many accomplishments is that he did convince everybody that China was a “real malign threat,” and “so there is broad bipartisan recognition of that fact and support for conquering China,” he said.
The bill, if passed, would apportion at least some funds to the National Science Foundation, and some of their studies are just preposterous, he said.
Johnson told Newsmax that money is “going to be flowing through the National Science Foundation, which is often produced some of these studies that are just ridiculous — and you know [they are already] starting to double their budget and then you know [there’s] funding that goes through colleges and universities without controls, by the way, in terms of where that money is actually going to be spent.”
He feels our advantage against China is our private sector.
The U.S. private sector, he argued, "allocates capital more efficiently than essentially a planned economy,” but under President Joe Biden, “we're moving into a government industrial type of policy.”
“It's just simply not going to work, and it's going to waste a quarter of a trillion dollars,” he said.
“Well, I think the Biden administration is doing what it's been doing since the first day, if Trump was for it, they're against it, if Trump was against it they’re for it," he said. "I mean it really seems almost that simple, and unfortunately — that destructive — when you take a look at what they've done.”
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