Varney: Coronavirus crisis shouldn't be financially abused
'Give states money. But put strict conditions on it'
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FOX Business’ Stuart Varney, in his latest “My Take,” argues that the Democrats are using coronavirus funding as an excuse to bail out the states.
“Never let a good crisis go to waste,” Varney said. “Sen. Schumer is using it to get bailouts for state governments. Something the left has wanted for years. The virus presents the perfect opportunity: ‘Look what it’s done to us! Give us the money!’”
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Senate Minority Leader Sen. Chuck Schumer of N.Y., walks on Capitol Hill in Washington, Friday, Jan. 3, 2020. (AP Photo/Susan Walsh)
Varney noted that Senate Majority Leader Mitch McConnell said he favors state bankruptcies over more federal assistance.
“McConnell doesn’t see it that way,” he said. “Instead of sending federal money, and racking up the debt, he would rather see them declare bankruptcy.”
But Varney said it's the "big Democrat states that have their hands out" asking for bailouts even though their finances were a mess before the pandemic hit.
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Varney noted that Illinois is running out of money. It spends almost a quarter of its budget on worker pensions.
“Governor Pritzker refuses pension reform. Illinois is broke,” he said. “The state senate president wants $41 billion of which $15 billion would be a no-strings-attached cash handout! And there would be another $10 billion for government worker pensions! Perfect, we pay, and Illinois solves its self-inflicted problem, which has nothing to do with the virus.”
Varney said Michigan has received $3 billion, while New York has received $5 billion, with both states asking for more money.
New York Gov. Andrew Cuomo speaks during a news conference against a backdrop of medical supplies at the Jacob Javits Center that will house a temporary hospital in response to the COVID-19 outbreak, Tuesday, March 24, 2020, in New York.(AP Photo/Joh
“Gov. Cuomo says the virus has left him with no funds for reopening,” Varney said. “We shouldn’t be paying to fix New York’s underlying problems that have already left it chronically in debt.”
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Varney noted that when Schumer called for state bailouts, he referenced essential workers, like police, fire-fighters and bus drivers, needing money.
“Help for those people is fine,” Varney said. “But taxpayers should not be funding runaway pension costs or any pre-existing financial problems. That’s out-of-bounds.”
Varney believes states like New York, Illinois, Connecticut, New Jersey and California have the responsibility to fix their own financial issues.
“Give states money. But put strict conditions on it. States get it only to meet virus expenses,” he said. “Let’s not allow this crisis to be financially abused!”