weather icon Clear

WAYNE ALLYN ROOT: We’ll need a Marshall Plan to save the US economy

All my life, four words have best described me: conservative, libertarian, capitalist and contrarian. Keeping those in mind, I have great questions and doubts about what roads we have chosen to combat coronavirus. I think it’s our right and duty to ask questions in a free society.

I just don’t know if virtually banning business and commerce — literally destroying Las Vegas, one of the world’s great cities; leaving millions unemployed, frightened and unsure how to pay bills; and potentially starting a Great Depression — was the right path for stopping this deadly virus.

And I believe many Americans and Las Vegans left jobless overnight would agree. They’re in shock, and they’re scared. And no one gave them a choice.

But debate can come later, after we’ve recovered from this nightmare. And by then, we may find out that this was the right choice. And we’ll all be thankful.

But now I bring solutions for America. I hope President Donald Trump is listening.

Let’s start with Wall Street. We need an executive order to institute the “uptick rule.” This is not a ban on short-selling. But it limits short sellers from betting on the destruction of the U.S. economy. It allows “sharks” and foreign governments — who don’t have our best interests in mind — to sell a share of stock short only after someone else has bought a share.

If we don’t do this now, soon America’s middle class, small investors and pension owners will lose their life savings or have their retirements wrecked forever.

Now on to the middle class. I’ve advocated for weeks now a trillion-dollar Marshall Plan to save U.S. employees, many of whom are now jobless. If we are to prevent a Great Depression, we must infuse cash immediately into every American’s hands. President Trump appears ready to do this.

Now on to small business, the economic engine of America. I see President Trump is ready to inject billions into business. But will this be aimed only at banks, Wall Street and politically connected billion-dollar companies? What about small businesses?

The majority of economic and job growth comes from small companies with 20 or fewer employees. Millions of us will face going bankrupt in the coming weeks. What we need is $250,000 to $1 million no-interest loans to get back on our feet. The government must provide it because the banks never will.

Lastly, I see President Trump is supporting a “rescue plan” designed by Nancy Pelosi and the Democrats. It’s filled with pork and waste. But worst of all, it demands that small businesses with 500 or fewer employees pay for 14 days sick leave for every employee with coronavirus. This would drive every retail store, restaurant, bar and gym in America out of business. We’re already at death’s door. By all means, pay 14 days for any employee sick with coronavirus, Mr. President … with the government’s money.

No small business can afford to pay employees for not working. Mr. Trump should veto this bill if that clause isn’t removed. I know the president loves small business. He shouldn’t inadvertently damage it.

Contact Wayne Allyn Root at Wayne@ROOTforAmerica.com. Hear or watch the nationally syndicated “Wayne Allyn Root Show” from 3 to 6 p.m. daily at 790 AM and at 8 p.m. every night on Newsmax TV (Cox cable channel 96).

Don't miss the big stories. Like us on Facebook.