US exports dropped by 64% last quarter, the largest collapse I have ever seen. Exports support 22,000 good-paying jobs in Idaho, meaning that without action, the global economic crisis occurring right now will destroy thousands of jobs in our state. To prevent this, I’m urging Senator Jim Risch and Senator Mike Crapo to cosponsor the Support for Global Financial Institution Pandemic Response Act.
The math is simple: Other nations can’t keep buying our goods like they want to unless they have the money to do so. In global economic meltdowns, the International Monetary Fund often issues a special type of reserve currency to nations around the world to keep them stable, thus giving our trade partners access to the resources necessary to continue buying Idahoan goods. This bill will allow them to do so again, all without adding a single penny to the national debt!
Already, the trouble brewed up by coronavirus has cost Idaho billions. Any business person would look at a proposal for a global stimulus at no cost to them and realize that it’s too good of an offer to pass up. I hope that our Senators are wise enough to realize this too.