Granted, the program was put together extremely quickly and in good faith, but I hope we can learn some lessens from it before the next emergency relief bill.
It was fairly complicated to implement, for both businesses and the banks that administered it. And the amount of fraud it spawned was breathtaking.
Probably would have been better just to mail checks to people.
Link: https://www.stlouisfed.org/publications/regional-economist/2022/jul/was-paycheck-protection-program-effective?utm_source=twitter
s to inflation.
helped, don't you think?...btw, there are rumors that DJT's business, and his cronies', benefitted handsomely...just saying.
Link: https://www.usatoday.com/story/news/politics/2020/03/27/coronavirus-trump-objects-oversight-provisions-stimulus-law/2931740001/
What do you think of the rejected proposals for oversight of all the Ukraine aid?
As for Ukraine, if you find corruption or mismanagement on the level of the PPP funding, then please share it...IMO it's not the same...but absent any evidence you're entitled to your opinion.
But whatevs.
Good to have you on record saying that the $50-60 billion in cash and equipment handed to Ukraine is not in danger of any fraud. Naturally, I think you are nuts.
for Ukraine aid...The attached article comments that the Pentagon was up against a fast approaching deadline...not the same situation facing the stimulus bill.
Link: https://www.politico.com/news/2022/05/19/senate-40-billion-ukraine-aid-bill-00033719
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deadline...with "time being of the essence" and both parties, by a substantial margin, were eager to get it passed...not so for the PPP bill...there was plenty of time to include oversight provisions, but Trump actively FOUGHT against them...BIG difference.
Back to you...
But maybe Dems didn't have control of the House back then? Do representatives even vote on bills these days? You tell me.
I posted the fact that Democrats insisted on "Oversight" for that spending, which assumedly would monitor distribution of those funds and help assure they went to places that deserved them...yet, one individual...Donald Trump...actually fought against such controls...I don't know about you, but I see that as at least 'dereliction of duty' and quite possibly the root of all the "Evil".
Now you want to talk about Adam Schiff and Trump's first Impeachment?...where are we headed?...
So, spare me the bullshit about it being Trump's fault. It is government's fault. Both R and D. Too much government creates these problems. Too much needless complexity that nobody has a clue how to manage. The hallmark of government.
there fraud?...Yes, but the Dems sought oversight, while Trump fought against it...I'm given you documented evidence of that...apparently you're really not all that concerned about fraud.
Not doing the Stimulus Packages would have allowed the country to sink and the cost of recovery would have been even higher (per the SF Fed)...if you want to ignore evidence, that's your choice...don't complain to me just because you prefer to be willfully ignorant.
One more thing..."Government" is especially beneficial when major emergencies beset the country...worked with the 2008 Financial Crisis...and now the COVID Pandemic Crisis...expecting a "Laissez-Faire" free market to resolve a sudden system shock is pure fantasy...the money went out...business/unemployment improved...(and then Putin went berserk).
Not sure how many times Keynesian Economics needs to prove itself...think of a Stimulus Package as a 'transfusion' for a patient in the ER suffering from serious blood loss...once the patient is stable, no more transfusions...waiting for his/her bone marrow to produce the volume needed to avoid shock and death instead (i.e. no transfusion) would not be sound medical practice...same with Macroeconomics.
Link: https://www.nytimes.com/interactive/2022/03/11/us/how-covid-stimulus-money-was-spent.html
Like thousands of small businesses, I had zero income for 2-3 months, but still had to pay overhead. The PPP loan - relatively quite small -- provided just enough cash flow to get through that APR - JUN 2020 stretch. I really needed the help, as did almost all of my colleagues who survive upon an "eat what we kill" business platform.
Contrary to the advice of my accountant, I passed on the second round of PPP loans because I did not need the assistance. No doubt plenty of folks accepted funds when they really didn't need the free lunch.
In any event, the program covered more than payroll.
But helpful, I'm sure.
Nevertheless, I hope the lesson learned is that ridiculously complex schemes are difficult to roll out and monitor successfully.
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Is this fraud and will it be prosecuted with the vigor of 1/6?
But, I bet most of the fraud is just people who fired some employees but still qualified for forgiveness in ways that won't trigger audits, etc. So, probably most won't be found and prosecuted, IMO.