How Do We Start The Economy Again?

Summary

Summary of "Verdict with Ted Cruz" Episode: "How Do We Start The Economy Again?"

Release Date: April 3, 2020
Host: Senator Ted Cruz
Guest: Michael Knowles
Podcast: Verdict with Ted Cruz

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Introduction: The Dual Crises

The episode opens with Michael Knowles highlighting the severe economic downturn caused by the COVID-19 pandemic. He states, "[...] 10 million Americans have lost their jobs in two weeks. At what point does this shutdown become economically untenable?" (00:48). Senator Ted Cruz responds by acknowledging the simultaneous public health and economic crises, emphasizing the government's role in exacerbating the economic downturn through policies aimed at addressing the health emergency.

Balancing Public Health and Economic Stability

Cruz elaborates on the delicate balance between combating the virus and mitigating economic fallout. He points out, "We have got two disasters that are playing out simultaneously. We've got the public health crisis, and it is real [...] At the same time, we've got an economic crisis that's playing out" (00:48). He underscores the necessity of defeating the pandemic to end the economic calamity, asserting that "when we defeat the disease" the economic situation will improve (01:55).

The Challenge of Policy Decisions and Leadership Accountability

The discussion shifts to the challenges faced by leaders in making policy decisions that balance health and economic concerns. Cruz uses a hypothetical scenario to illustrate the immense pressure on leaders: "Would you wanna be the mayor who said, okay, everybody go back to work, everyone go back to the restaurant. And then two weeks later, 500 people die in your city?" (03:37). He emphasizes the importance of listening to scientific experts to avoid overwhelming the healthcare system.

Criteria for Easing Restrictions

When asked about the government's criteria for lifting shutdown measures, Cruz shares insights from his conversations with Dr. Fauci and Treasury Secretary Steven Mnuchin. He explains, "We're looking at cases, we're looking at hospitalizations, we're looking at those who are in critical conditions, and we're looking at deaths" (05:42). Cruz acknowledges the uncertainty in predicting the pandemic's trajectory, noting that even as some indicators improve, others may still be on the rise.

Critique of Media Reporting and Accountability for China

Cruz criticizes the American mainstream media for uncritically reporting on China's handling of the pandemic. He claims, "We do know the Chinese Communist government, they tried to cover up this outbreak [...] So imagine a different world when this outbreak first started in Wuhan, if the Chinese government had brought in health experts, if they'd quarantined the first people, we could have stopped maybe this epidemic from becoming a pandemic" (09:38). He calls for accountability, suggesting that the virus's proximity to the Wuhan Institute of Virology raises questions about its origin.

Personal Anecdote: April Fool's Day Amid Quarantine

Shifting to a lighter tone, Cruz shares a personal story about celebrating April Fool's Day with his family during quarantine. This segment illustrates the human side of political figures coping with unprecedented circumstances, highlighting the universal challenges of lockdowns.

Audience Q&A: Financial Relief Measures

1. Social Security Tax Returns

A listener, Mimi, asks about the need for Social Security recipients to file a new tax return. Cruz responds, "That was a stupid policy. It was a stupid idea. A number of us were quite critical of it. And thankfully yesterday treasury rescinded it" (16:12). He commends the Treasury Department for reversing the requirement, ensuring that vulnerable individuals receive relief without additional bureaucratic hurdles.

2. 401(k) Required Minimum Distributions

Another listener, JJ, inquires about the possibility of relaxing required minimum distributions from 401(k) plans due to the depressed stock market. Cruz affirms, "The answer is yes. And that was in the bill that passed Congress" (17:22). He explains that the legislation halts required distributions and lifts penalties for accessing retirement savings, providing greater financial flexibility during the economic crisis.

3. Small Business Administration (SBA) Relief

Concern is raised about delays and confusion surrounding SBA loan applications. Cruz offers reassurance: "It is supposed to be live and starting as soon as tomorrow, as soon as Friday" (18:25). He advises small business owners to visit the SBA website and consult local lenders, explaining that loans up to $10 million are available and may be forgiven if used for payroll, rent, or utilities, effectively converting them into grants.

Federal Borrowing and National Debt Concerns

Addressing questions about the federal government's borrowing limits, Cruz acknowledges the unprecedented nature of the crisis: "Last week, Congress spent $2 trillion in an afternoon. I mean, that's nearly 10% of our total national debt" (20:47). He defends the massive expenditure as necessary, emphasizing the unanimous Senate support and the critical need to support businesses and prevent further economic deterioration.

Impact on the Presidential Election

The conversation turns to the upcoming presidential election amidst the pandemic. A listener question about Joe Biden's potential competency issues leads Cruz to speculate on possible Democratic responses, mentioning, "I've heard more than a little speculation that get to the convention, Democrats are going to want to pull the plug and abandon ship" (23:30). He highlights the potential for leadership scrutiny, stating, "The longer this crisis continues, the more the question for every voter is going to be what leader do I trust to lead this country in a time of crisis" (25:40).

Conclusion

Michael Knowles wraps up the episode by summarizing the discussions and emphasizing the uncertainty surrounding the pandemic's duration and impact. He encourages listeners to stay informed and anticipates addressing more questions in future episodes.

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Notable Quotes:

• Economic and Public Health Crises:
  "We have got two disasters that are playing out simultaneously. We've got the public health crisis, and it is real [...] At the same time, we've got an economic crisis that's playing out." (00:48)

• Balancing Health and Economy:
  "When we defeat the disease, that's when the economic calamity is gonna end." (01:55)

• Leadership Accountability:
  "Would you wanna be the mayor who said, okay, everybody go back to work, everyone go back to the restaurant. And then two weeks later, 500 people die in your city?" (03:37)

• Media Critique:
  "The American media just parrot propaganda. I, I don't think is helpful." (08:27)

• Social Security Relief:
  "That was a stupid policy. It was a stupid idea. [...] thankfully yesterday treasury rescinded it." (16:12)

• Small Business Support:
  "That loan, if you use those loan proceeds to pay for payroll for your employees, to pay for mortgage or rent for your business, or to pay for utilities, that amount of the loan that is paid for, that is used for those purposes, will be forgiven." (19:05)

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Final Thoughts

This episode of "Verdict with Ted Cruz" delves into the multifaceted challenges posed by the COVID-19 pandemic, exploring the intersection of public health measures and economic impacts. Senator Cruz provides his perspective on government policies, media reporting, and the broader implications for leadership and the upcoming election. Through audience questions, he offers practical information on financial relief measures, emphasizing the government's efforts to mitigate the crisis's economic fallout. The discussion underscores the complexity of navigating unprecedented times and the critical need for informed, balanced decision-making.

Transcript

[Michael Knowles]

3.3 million Americans lost their jobs two weeks ago. Another 6.7 million Americans lost their jobs last week. And we have got at least another month of shutdown to go. This is VERDICT with Ted Cruz. Welcome back to Verdict with Ted Cruz. I'm Michael Knowles. SENATOR OF I'm sorry to be joining you in these unpleasant conditions. I was hoping by now we could be doing shows in person again. Instead, we are quarantined and the economy is collapsing all around us. So we've got so much to get to. 10 million Americans have lost their jobs in two weeks. At what point does this shutdown become economically untenable?

[Ted Cruz]

Well, we've got two disasters that are playing out simultaneously. We've got the public health crisis, and it is real. The numbers keep growing, the fatalities keep growing, and that all of us are struggling to deal with that. At the same time, we've got an economic crisis that's playing out. And the economic crisis is caused by the government's policies put in place to deal with the public health crisis. That economic crisis is producing devastation. 10 million people have lost their jobs in the last two weeks. Small businesses are shutting down one after the other after the other. Restaurants, bars, nail salons, movie theaters. People are hurting and we don't know how long this is gonna last. That being said, we're seeing, I think the federal government, the legislation that was passed last week will begin to provide some much needed relief to a lot of people who are hurting. But we gotta get through this crisis. We've gotta defeat the pandemic. That's when the economic calamity is gonna end, when we defeat the disease.

[Michael Knowles]

Well, because I noticed that there's this balance that people are trying to strike. And yet you hear some people, like New York Governor Andrew Cuomo who said if we can save just one life, then all of these policies will have been worth it. But of course, people die in economic collapse as well. Suicides spike, drug overdoses spike. So is there any push within the government, people that you're talking to, that perhaps, as we've heard, the cure might be worse than the disease here?

[Ted Cruz]

Look, of course there is. I mean, there's very real debate. I mean, if we're looking at two, three months from now, 20%, 25%, 30% unemployment, I mean, those are Great Depression numbers. You and I have never been alive for that. I mean, if we end up destroying our domestic economy and destroying the international economy, that legacy could last a long, long time. And you're right that that kind of poverty and suffering will Also take lives that inevitably, when you see economic devastation, you know the consequences of that are going to be with an increased poverty, you're going to have increased depression, increased suicides, substance abuse. All sorts of problems flow from economic devastation. So there is a trade off that has to be made. But on the public health side, look, my view is we need to listen to the science and the physicians about how to combat this epidemic, how to contain it, so that we don't overwhelm our health system. We haven't seen that happen yet, but we have seen it happen in places like Italy. What is happening in Italy, none of us want to see happen here. And so I think there has to be a balance between the two. We have to see when we've got the virus under control, when it's not spreading at dramatic rates, that's when we're gonna have to be looking to ease up on some of the restrictions. But if we do it early and look, part of the problem is think for a minute about the political dynamics. Let's say, Michael, you woke up tomorrow and you were the mayor of a large city. Would you wanna be the mayor who said, okay, everybody go back to work, everyone go back to the restaurant. And then two weeks later, 500 people die in your city. And they all say it was Mayor Knowles who killed them. The blood is on your hands. And look, and as you know, people will use rhetoric that hot and nasty and personal. The incentives are such. You got a lot of leaders who are struggling with what to do, because you do. You want to save people's lives. But. But there does over time, you. That there has to be a balance.

[Michael Knowles]

Of course, this is what keeps running through my mind when I'm thinking, is President Trump overreacting? Is Andy Cuomo overreacting? Is Gavin Newsom overreacting? Is what if I were in that position? What if any of us were in that position? And you just don't know. None of us can predict the future. A lot of the models are disagreeing with one another. Do you want to be the guy where the headlines all say senator, so and so, or I suppose in this case, governor, president, so and so is responsible for. For killing all of these people? Of course not. However, we don't want this thing to go on forever. And I know initially the President had said that he was hoping this would be over by Easter. Then that became April 30th, then. Now Dr. Fauci is suggesting we might have to maintain the mitigation efforts after April 30th. I think what a lot of people wanna know is not even when is this going to end, but what criteria is the government using to determine when this will end? Is it when there are no more cases? Is it when we're past the top of the curve? Is it when there are no more deaths? What are we looking at?

[Ted Cruz]

Well, I started this morning on a conference call with Dr. Fauci and also with Steven Mnuchin, the Treasury Secretary. And Fauci this morning was talking about how there are all sorts of measures that we're looking at. We're looking at cases, we're looking at hospitalizations, we're looking at those who are in critical conditions, and we're looking at deaths. And we want to see each of those indicators start to slow. The rate of new cases, the rate of new hospitalizations, the rate of new deaths. But each of those is a lagging indicator to the other. So even as we begin to see, hopefully, a decline in new cases, the rates of deaths is typically lagging several weeks behind. And so we may see those numbers, one set of numbers going down while another is still on the upswing. But one of the challenges is testing. Still. There are not that many people who've been tested, so we don't know really how widespread things are. We have the numbers from the United States. The United States is starting to test more widely. It was a big problem 3 weeks ago Getting a test. It's still challenging in some circumstances getting tested, but we're doing a lot more testing, which is one of the reasons our numbers are going up. It's clear there are places like New York City, the outbreak there is serious, and it's concentrated. You have a lot of people close in a close geographic location. And the challenge is, listen, I've asked the cdc, I've asked the medical experts over and over again, okay, how long is this going to last? Is this another two weeks, four weeks, six weeks, eight weeks? What are we talking about? The simple answer is they don't know. They have lots of models, but the models, if you adjust the variables even slightly in terms of the rates of contagion, how many people have. Makes a massive difference in terms of how widespread this is. So listen, when the president said that he hoped everything would be open by Easter, I think that was a perfectly good aspiration to say, listen, we all wanna get back to work. We wanna get back to normal. And you saw the media kind of lose their minds about it. And obviously, if the numbers are spiking and more and more people are getting sick, nobody is Going to step in and say, all right, all right, let's all go. Let's all go to, you know, a basketball game. I mean, that's. That's not going to happen. It's also the case. So, for example, all of the American press really gullibly reported that America has now passed China for infections. Well, that's only because China is absolutely lying about every aspect of this pandemic, including, look, China claims in the last month that their cases went from 80,000 to 81,000. What utter garbage. So it spread like an epidemic and then suddenly halted altogether. I don't think anyone believes that. And to see the American media just parrot propaganda, I. I don't think is helpful. We do know the Chinese Communist government, they tried to cover up this outbreak. They tried to suppress this outbreak that they were complicit in. I think they didn't want to be embarrassed. So. So imagine a different world of when this outbreak first started in Wuhan, if the Chinese government had brought in health experts, if they'd quarantined the first people, we could have stopped maybe this epidemic from becoming a pandemic. We could have held it to a regional location, but instead, they covered it up, and tourists and travelers went from Wuhan all over the world. You had Chinese travelers going to Italy, which produced a big outbreak there. And so their cover up played a big part in the worldwide catastrophe we're seeing right now.

[Michael Knowles]

And speaking of parroting this Chinese communist propaganda, I mean, one of the institutions that did that most persistently and successfully was the World Health Organization. A lot of people were looking to them, and yet for some reason, it would seem that they've installed a patsy to run the who. They covered it up. They didn't send experts over there for months and months. I think the question on a lot of people's minds here is how are we gonna hold people responsible? One, how are we going to ascertain the guilt here? I mean, one study said that China could have reduced the spread of this pandemic by 95% if they had just act three weeks earlier. How are we gonna hold them responsible once this is all said and done?

[Ted Cruz]

Well, look, I think the first step is accountability. We need to find out what happened. We need to find out where the virus originated. We've talked before about how. Where the virus originated is just miles away from the Wuhan Institute of Virology, one of only about three dozen P4 testing facilities that test and contain very deadly viruses. Not only that, we know that at that institute, they weren't just testing viruses. They were testing coronaviruses. And it wasn't just coronaviruses. They were testing coronaviruses from bats. And the odds, I mean, if you think of all the towns, all the cities in the world, the odds that this outbreak just happens to occur miles away from a lab that is testing coronaviruses and bats, those odds are minuscule. Now, here's what a lot of the American mainstream media is. There was a very concerted effort to respond to questions like that by screaming, this is a tinfoil hat conspiracy.

[Michael Knowles]

It's conspiracy theory, right?

[Ted Cruz]

And we know they say that this virus wasn't manufactured, that that was their response. And I'll tell you, that's what the CDC doctors have told me. I asked them early on, look, there were questions about, is this a bioweapon? I asked our doctors, is there any evidence of that? They said, no. They said, looking at the genome and the sequen sequencing, it does not appear to be anything that was manufactured in a lab. It appears to be something that occurred in nature. So that's what the experts have told me. But the next and obvious question is, okay, fine, if it wasn't created in a lab, was this novel coronavirus a virus they were studying at the Wuhan Institute of Virology that they'd gotten from nature, that it occurred naturally in a bat or some other creature that they were studying? And was there some sort of accident? Did someone get infected? Did an animal get infected? Did it somehow get out? There've been numerous stories written in the press before this outbreak about the poor, poor efforts at security and keeping the viruses contained at that particular institution from the Chinese government.

[Michael Knowles]

They more or less admitted it in certain documents that were distributed at that Institute of Virology, rather.

[Ted Cruz]

And so it strikes me as entirely plausible that it accidentally escaped. That explains why the Chinese government would be so embarrassed about it, why they would work so hard to try to suppress any evidence of it, why they would punish the whistleblowers, including the doctor who lost his life to COVID 19, but who first blew the whistle, where the Chinese government came down on him. And that dynamic. And I gotta say, with the exception of a handful of journalists, and I'll give a shout out to Tucker Carlson. I think Tucker Carlson has been courageous in addressing this. I actually called Tucker yesterday as I was going for my walk with my family, I called him on the cell phone. I just said, hey, Tucker, thank you. Thank you for having the backbone to ask these questions. Because most of the mainstream media, they're so desperate, the network executives want to be in the Chinese market. The Chinese market is billions of dollars, and because of the money, they won't raise these questions. And the first step is ensuring that we have accountability, that we know what actually happened.

[Michael Knowles]

You know, I have to tell you, yesterday was April Fool's Day, as you know, Senator. And I was just waiting for that government bulletin to come out and say, hey, guys, it was all a big joke. April Fools, you can all go back to work now. Unfortunately, that didn't happen.

[Ted Cruz]

Well, I will say, last night, as I was going to bed, the girls, you know, called, called me in. Heidi said, come, come in the bed, and she was already going to bed. And as I walked in, Caroline had set a cup of water on the. On the door to dump on my head. Then as I was putting him to bed, it was kind of late. It was about 11:30 at night. I was trying to get him down to bed, and Catherine said, I'm not going to bed until you pull an April Fool's prank on us. So I went to our bathroom, and I got a can of shaving cream and came in and sprayed the girls with shaving cream, which. Which obviously they run and scream and they run into Caroline's room. Then the door opens, and Caroline has a full can of shaving cream she had hidden in her room. So we had a giant shaving cream fight last night. I finally got the girls in bed.

[Michael Knowles]

Note to self, never get on the wrong side of Senator Cruz's daughters. They really sounds like they were planning this out long. April Fool's Day, I think also another bit of evidence that all of us staying at home, whether we're in California or New York or even if we're a US Senator, we're all going a little bit crazy with this quarantine. And so now shaving cream everywhere and a cup of water on Dad's head. When people are cooped up together, I mean, there are only so many things you can do. I'm just binge watching Tiger King.

[Ted Cruz]

Is Tiger King not the most surreal thing you have ever seen? Like, every episode, you're like, all right, it cannot get any more insane. And then the episode ends and you go, go, you gotta be kidding me.

[Michael Knowles]

Tune into the next one. You know, I mean, those are all the positive aspects of it. And I think it is very important in times like this not to panic, not to only look at everything that's awful. We're getting a lot of mailbag questions in because people are sitting around at home. They're not allowed to go out anywhere. And so I think it's important if we can get to as many as we can because there are a lot of specific questions. I obviously don't know the answer to any of them, but possibly, Senator, you do. A first question from Mimi. I heard that if you're on Social Security, you have to file a new and separate tax return. How is that going to work?

[Ted Cruz]

Well, there was guidance that came out earlier this week in which the Treasury Department said that if you hadn't filed a tax return in 2018, if you're on Social Security and you didn't make enough that you had to file a tax return, that you had to file a new special tax return. That was a stupid policy. It was a stupid idea. A number of us were quite critical of it. And thankfully yesterday treasury rescinded it. They said, you don't need to file this special tax return. If you're receiving a Social Security check, you will receive your relief check. That was the right outcome. It's where they should have started, but I'm glad they got there right.

[Michael Knowles]

Of course, you don't want people who are on a fixed income, who are particularly vulnerable to this virus, to be specifically the ones excluded from receiving the relief. That makes a lot of sense.

[Ted Cruz]

That's exactly right.

[Michael Knowles]

From JJ. JJ asks, can required minimum deductions from 401ks be relaxed due to stock market. Due to the stock market being depressed, meaning every year at a certain point, you will have to pull a certain amount of money from your 401k. But if you do it now, obviously we're in the midst of an economic crisis. Is there any way to stop that?

[Ted Cruz]

So good news on that. The answer is yes. And that was in the bill that passed Congress. So the required distributions from 401ks and IRAs are halted for the year precisely for that. That you don't want to force people. If they don't have to withdraw the money, you don't want to force them to do it. But also in the legislation passed last week, there is the ability, if you need to access your retirement savings just for cash flow, to provide for your family. The penalties have also been lifted for accessing those as well. So there are positive policies on both ends on that front.

[Michael Knowles]

Great. Well, for those of us who haven't read every single page of that relief bill, that's very useful information from Mike. When is the Small Business Administration going to provide responses to applications and inquiries? The application format has changed. Nobody's getting any information or updates or Funding. So how can small business owners, who are probably under a lot of constraints right now, get that relief money from the sba?

[Ted Cruz]

So that should be coming. It is supposed to be live and starting as soon as tomorrow, as soon as Friday. And it's being administered, I'd say your resources. I'd go, number one, to the Small Business Administration website. That's one resource there that should be able to answer some questions. And number two, if you're a small business owner, go to your local lenders. The way that this program will be implemented is through local and community banks. And any small business and any business that has 500 employees or fewer will qualify for a guaranteed loan. That loan can be up to $10 million. And that loan, if you use those loan proceeds to pay for payroll for your employees, to pay for mortgage or rent for your business, or to pay for utilities, that amount of the loan that is paid for, that is used for those purposes, will be forgiven. It becomes a grant. Oh, wow. And so that's designed. The whole purpose of that is to keep as many people as possible employed and getting a paycheck. And so it is. And by the way, if you're a small business owner, let's say two weeks ago, you laid off or you furloughed a bunch of employees, you can bring them back and the loans will apply to their salaries as well. So it's designed so if you've already laid off workers, it's not just the workers you have today. If you have workers that you laid off a week or two ago, you could hire them back so that employees will get a paycheck. But from the small business owner's perspective, that amount will be forgiven, will be a grant.

[Michael Knowles]

I'm not seeing that information anywhere. And I know that nobody's read this entire bill. So that is extremely hopeful news and good news for small business owners and for employees of small businesses that even if you're one of the 10 million people who lost your job in the last couple weeks, if you're working for a small business, you can be rehired. There is a path to do that. Next question. Is there a limit to how much money the federal government can borrow without severe consequences? Now, President Trump is talking about a possible infrastructure bill that could. I mean, we're not talking in even 1 trillion anymore. We're talking about many trillions of dollars. Is there a limit where we say we can't do anymore?

[Ted Cruz]

Look, Michael, we don't really know. It depends how bad this crisis gets. Last week, Congress spent $2 trillion in an afternoon. I mean, that's nearly 10% of our total national debt. That is breathtaking. And it's worth noting. In the Senate, it passed unanimously, 96 to nothing. That means Bernie Sanders voted yes and I voted yes, and every senator in between voted yes. I mean, that. And the reason is this is a crisis unlike any we've ever seen. And it's a crisis that the people who are hurting, they didn't do anything to cause this problem. All the restaurant owners, the bar owners, the movie theater owners, they didn't. This is not like tarp. This is not like where the financial firms were taking advantage of the system and created a crisis here. It's not their fault that this worldwide pandemic began. And from a governmental perspective, the costs are coming anyway. So, for example, let's take the loans to small businesses. That $377 billion was appropriated. Well, we could have not done that, in which case those small businesses all would have gone out of business and those employees would all filed for unemployment, and you would have seen more and more employees on unemployment, on welfare. Those are massive government expenditures anyway. And so we made the determination. You know what? We're in a better situation. To try to essentially give a bridge loan to the small business owners to try to keep that business in existence, try to keep them. Hopefully in a few weeks or maybe longer, we will get past this shutdown and go back to work. And we'd like to have as many of those small businesses still viable and as many people still have the jobs that they had a month ago.

[Michael Knowles]

Right, of course. I mean, you've only got bad options here. Right? This is going to have a major cost just by virtue of it being a pandemic. So the question is, do you have that cost and lose all your businesses? You try to keep some of your businesses. Very difficult decision. Last question is a little controversial, but people sometimes forget there's a presidential election going on. I know that it's not exactly in the news these days, but we will elect a president in November. Question is from Twitter, uncomfortably quarantined. What happens if Joe Biden is found to legitimately have competency issues by a physician, yet he was selected as the nominee? What happens then as far as who is on the ballot?

[Ted Cruz]

You know, who knows? Listen, Biden. I'll tell you one of the odd things about Biden. It seems like the guy is in witness protection. I mean, what has happened to him? Where is he? Where's Joe? I mean, it's. Can you recall in your lifetime ever seeing anyone effectively wrap up a nomination and then disappear. I mean, I guess he did, what was it, a Facebook live town hall that he like wandered off the camera and didn't go very well. Look, I like Joe personally, he's an affable guy, but you know, I gotta say, he has slowed down more than a step or two. And I've heard more than a little speculation that get to the convention, Democrats are going to want to pull the plug and abandon ship. I don't know if that happens under their rules. The super delegates, you know, it's interesting that Democratic Party believes in the state and believes in government. So they're much more authoritarian. So they have these things called superdelegates, which are elected officials that are basically free to do whatever they want at a convention. Republicans don't have super delegates. Yeah, no, no, it's interesting. Republicans, Republicans don't have super delegates. Republicans actually follow the votes of the people. The Democrats have a much more top down, power driven system. You know, I've heard interesting speculation about Andrew Cuomo suddenly becoming the dark horse candidate. I don't know it. I will say this. The longer this crisis continues, the more the question for every voter is going to be what leader do I trust to lead this country in a time of crisis and calamity, whether it's a public health crisis or an economic crisis. And I think that issue is likely to become the only issue for the Democrats at their convention and the only issue or at least the dominant issue in November in the general election, of course.

[Michael Knowles]

I mean, that's the theme that everybody's talking about is unemployment. And it could affect a restaurant worker and it could affect the Democratic nominee for President. There's a wide spectrum here and a lot of uncertainty. We will try to clear up more of it next time as things are changing day by day. But that's all the time we have for today. Thank you, Senator. I'm Michael Knowles. This is Verdict with Ted Cruz.

[Ted Cruz]

This episode of Verdict with Ted Cruz is being brought to you by Jobs, Freedom and Security Pack, a political action committee dedicated to supporting conservative causes, organizations and candidates across the country. In 2022, Jobs, Freedom and Security PAC plans to donate to conservative candidates running for Congress and help the Republican Party across the nation.