America’s Covid job-saving programme gave most of its cash to the rich
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Re: America’s Covid job-saving programme gave most of its cash to the rich
#2This is generally how socialist govt programs work. Give money to the rich and advertise it as helping the poor.
Re: America’s Covid job-saving programme gave most of its cash to the rich
#3The graph showing the PPP loan distribution by income is kind of unsatisfying because there’s a broad range of incomes in the richest 20%. It would be much more convincing if there was more granularity in that graph. The 80th percentile household income is in the low to mid $100k range. If you have children and live in an expensive city, you’re not rich even if there are a lot of people worse off compared to you.
This is not to say that I’m disputing the reporting showing that there was abuse of the PPP program.
Re: America’s Covid job-saving programme gave most of its cash to the rich
#4This is generally how socialist govt programs work. Give money to the rich and advertise it as helping the poor.
Conversely, it also seems to be how capitalist designs work.
I ask: What designs actually help the working class?
Re: America’s Covid job-saving programme gave most of its cash to the rich
#5Don't worry, that money went to job creators and it will definitely trickle down to everyone else!
Re: America’s Covid job-saving programme gave most of its cash to the rich
#6Anything other than direct cash transfers to individual humans is likely to have this effect. Institutions are simply always going to be able to navigate and take advantage of complex government programs better than real human beings.
UBI or stfu.
Time to try some trickle up economics.
Also, for the love of god, let's stop prioritizing saving "jobs" that may or may not be necessary for civilization and start prioritizing real people's well being.
Re: America’s Covid job-saving programme gave most of its cash to the rich
#7Re: America’s Covid job-saving programme gave most of its cash to the rich
#8Re: America’s Covid job-saving programme gave most of its cash to the rich
#9Re: America’s Covid job-saving programme gave most of its cash to the rich
#10This is generally how socialist govt programs work. Give money to the rich and advertise it as helping the poor.
Conversely, it also seems to be how capitalist designs work. I ask: What designs actually help the working class?
None, because you can't get around markets even if you try to regulate them out of existence. As seen in the article countries with good unemployment benefits also have higher rates of unemployment during normal times. And don't forget every job being outsourced to China/Vietnam/Africa.
If you confiscated all of Jeff Bezos' net worth you'd get something like $1000 for each American, once.
The way to help the working class is to ensure economic growth happens, because a rising tide lifts all boats.