(*This transcript was compiled from uncorrected Closed Captioning.)
NO AMOUNT OF MONEY, NOT ALL THE MONEY IN CHINA WILL SAVE US FROM OURSELVES. OUR ONLY HOPE OF RESCUING THIS GREAT COUNTRY IS TO REOPEN THE ECONOMY. IF YOU PRINT UP BILLIONS OF DOLLARS AND GIVE IT TO PEOPLE, THEY'RE UNLIKELY TO SPEND IT UNTIL YOU END THE QAWRNT. -- QUARANTINE.
THE GOOD NEWS IS THE SCIENTIFIC COMMUNITY HAS FACTS INSTEAD OF CONJECTURE. THE MODELS THAT USED 3.4% MORTALITY WERE FORTUNATELY VERY WRONG.
RANDOM SAMPLES NOW, THOUSANDS OF PEOPLE HAVE NOW BEEN TESTED FOR ANTIBODIES FOR I AM COMMUNITY TO -- FOR IMMUNITY TO CORONAVIRUS. THE NUMBER OF PEOPLE WHO HAVE ALREADY DEVELOPED ANTIBODIES TO THE CORONAVIRUS IS 25 TO 50 TIMES HIGHER THAN THE NUMBER THAT IS BEING REPORTED AS INFECTED. THIS IS GREAT NEWS. THIS STUDY MEANS THAT THE MORTALITY RATE MAY WELL BE 25 TO 50 TIMES LESS DEADLY THAN PREVIOUSLY THOUGHT. THE VIRUS IS STILL DANGEROUS, AND WE SHOULDN'T IGNORE THE RISKS, BUT WE SHOULD PUT THOSE RISKS IN PERSPECTIVE. THESE RANDOMIZED TESTS INDICATE THAT INSTEAD OF A 3.4% MORTALITY THAT THE RATE COULD BE AS MUCH AS ONLY A TENTH OF A PERCENT OR TWO-TENTHS OF ONE PERCENT.
WE NOW HAVE SCIENTIFIC EVIDENCE FROM RANDOMIZED STUDIES THAT WE CAN CONTINUE THIS DISEASE WITHOUT THE DHAHRAN -- DRANCONIAN LOCKDOWN OF THE COUNTRY.
SO TODAY I RISE IN OPPOSITION TO SPENDING $500 BILLION MORE.
THE VIRUS BAILOUTS HAVE ALREADY COST OVER $2 TRILLION. OUR ANNUAL DEFICIT THIS YEAR WILL APPROACH $4 TRILLION. WE CAN'T CONTINUE ON THIS COURSE. NO AMOUNT OF BAILOUT DOLLARS WILL STIMULATE AN ECONOMY THAT IS BEING STRANGLED BY QUARANTINE.
IT IS NOT A LACK OF MONEY THAT PLAGUES US BUT A LACK OF COMMERCE. THIS ECONOMIC CALAMITY ONLY RESOLVES WHEN WE BEGIN TO OPEN THE ECONOMY.
OPENING THE ECONOMY WILL REQUIRE AMERICANS TO RISE ABOVE PARTISANSHIP, TO UNDERSTAND THAT DEATHS FROM INFECTIOUS DISEASE WILL CONTINUE BUT THAT WE CANNOT INDEFINITELY QUARANTINE. MAKE NO MISTAKE ABOUT IT, THIS HAS BEEN A DIFFICULT MONTH FOR OUR COUNTRY. FOR MANY OF US, WE HAVE NOT SEEN A GREATER CHALLENGE.
I'M ENCOURAGED TO SEE HOW OUR COMMUNITIES HAVE RESPONDED. IN KENTUCKY, WE HAVE SEEN TREMENDOUS COLLABORATION. PEOPLE FROM ALL WALKS OF LIFE HAVE COME TOGETHER TO HELP EACH OTHER. WE HAVE WORKED TO IDENTIFY AND SUPPLY ADDITIONAL PROTECTIVE GEAR, MASKS AND GLOVES TO PROTECT OUR DOCTORS AND NURSES WHO RISK THEIR LIVES ON A DAILY BASIS. UPS HAS SET UP AN AIRLIFT OPERATION OUT OF LOUISVILLE THAT INCLUDES A HEALTH CARE FACILITY FOR FEMA. IT ALLOWS FEMA TO MAKE DELIVERIES FROM ANYWHERE IN THE COUNTRY. OVER THREE MILLION MASKS AND OTHER EQUIPMENT HAVE BEEN SHIPPED TO THE LOUISVILLE AIRPORT BY UPS. WE HAVE WORKED WITH FACILITIES TO PRODUCE HAND SANITIZEER. WE HELPED REPATRIATE AMERICANS TRAPPED OVERSEAS. WE HAVE SEEN COMMUNITIES HAVE BANDED TOGETHER TO SUPPORT NEIGHBORS, BUSINESSES AND THOSE IN NEED. WHEN PROTECTIVE EQUIPMENT WAS IN SHORT SUPPLY WE DISCOVERED A WAY TO USE INDUSTRIAL MASKS AND SUPPORTED LEGISLATION THAT ALLOWED THEM TO BRING 30,000 SOME ODD MASKS INTO THE COMMUNITY. WHEN THE F.D.A. WOULDN'T APPROVE COVID TESTS, WE INTRODUCED LEGISLATION THAT CIRCUMVENTED THE F.D.A. AND RED TAPE TO GET TESTING DONE QUICKER.
OVER THE YEARS, THE U.S. ACCUMULATED MORE THAN $23 TRILLION IN DEBT, THOUGH, SPENDING MONEY THAT WE DO NOT HAVE, BORROWING FROM OUR KIDS AND OUR GRANDKIDS' FUTURE. THE GARGANTUAN FEDERAL BAILOUT THAT JUST PASSED OVER $2 TRILLION BRINGS US CLOSER AND CLOSER TO A POINT OF NO RETURN, A POINT AT WHICH THE WORLD LOSES CONFIDENCE IN THE DOLLAR, A POINT AT WHICH OUR DEBT BECOMES AN EXISTENTIAL THREAT TO OUR SECURITY. THE UNITED STATES WAS ALREADY HAVING TO BORROW SIMPLY TO PAY OUR PROMISES TO SENIOR CITIZENS. THE U.S. IS BORROWING ABOUT $1 TRILLION A YEAR JUST TO PAY FOR EVERYDAY OBLIGATIONS. THIS IS BEFORE THE PANDEMIC BAILOUT. THE U.S. WAS ALREADY BORROWING NEARLY $2 MILLION EVERY MINUTE. WITH THE RECENT $2 TRILLION BAILOUT, WE ARE BORROWING FASTER THAN WE HAVE EVER BORROWED BEFORE.
HAD WE PRACTICED SOUND BUDGETING IN THE PAST, WE WOULD HAVE BEEN BETTER, SIGNIFICANTLY BETTER POSITIONED TO WEATHER THIS STORM. CONGRESS' FAILURES IN THE PAST COUPLED WITH THE PANDEMIC CRISIS COULD SERIOUSLY JEOPARDIZE OUR ECONOMIC FUTURE. IN THIS MOMENT WE NEED TO THINK CAREFULLY ABOUT WHAT WE DO NEXT. TO STOP THE THREAT OF THE VIRUS COMMERCE HAS BEEN DISRUPTED, BUSINESSES HAVE CLOSED AND MILLIONS HAVE LOST THEIR JOBS. RIGHT NOW THAT NUMBER IS OVER 20 MILLION UNEMPLOYED. THE JOB LOSSES WILL CONTINU
