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I think PPP saved the economy. We can scapegoat and find problems. But don’t ignore what would have happened in its absence. Companies would reduce spending at

I think PPP saved the economy. We can scapegoat and find problems. But don’t ignore what would have happened in its absence. Companies would reduce spending at the very least or go out of business at the worst. We would have entered a self reinforcing cycle of reduced spending and purchasing creating a depression.

uptown 6y ago
"I think PPP saved the economy." You ain't seen nothing yet.
- digitaltrees 6y ago
  Only if people criticize these initial attempts and prevent more assistance. Yes. This is going to get worse, but government support could continue.
  - luckylion 6y ago
    That's pretty much what people describe when they say "privatize the profits, socialize the losses", isn't it? And you're already preparing to shift the blame towards the people critical of that approach.
    - digitaltrees 6y ago
      Privatizing profit and socializing losses is better applied to more ordinary situations where ordinary business risk is shifted to the public. Here we are taking about the total possible social loss caused by a pandemic, not ordinary business risk. The point is that in society will be more harmed by inaction than supporting businesses.
ryanwaggoner 6y ago
I agree. I'm horrified by the current administration and their handling of the health side of this pandemic, and I'm completely shocked at how well the Federal government and the Federal Reserve have managed the economic side. Between the stimulus checks, the PPP, and the trillions spent by the Federal Reserve to prop up various markets. Yes, many mistakes were made and we'll end up having spent hundreds of billions on fraud and waste, but I don't think people have an inkling of how bad things would have gotten otherwise. All I can say is that I'm glad most of the people commenting here aren't in charge or this country would have completely collapsed. And it still could! I think things will get very dark very fast if Congress doesn't extend at least some of the $600 / week unemployment benefits.
femiagbabiaka 6y ago
depends on your definition of "the economy" -- the average american and small businesses are suffering quite a bit, but the stock market is definitely doing well. it would be interesting to see how many jobs were saved by PPP.

uptown 6y ago

"I think PPP saved the economy." You ain't seen nothing yet.

digitaltrees 6y ago
Only if people criticize these initial attempts and prevent more assistance. Yes. This is going to get worse, but government support could continue.
- luckylion 6y ago
  That's pretty much what people describe when they say "privatize the profits, socialize the losses", isn't it? And you're already preparing to shift the blame towards the people critical of that approach.
  - digitaltrees 6y ago
    Privatizing profit and socializing losses is better applied to more ordinary situations where ordinary business risk is shifted to the public. Here we are taking about the total possible social loss caused by a pandemic, not ordinary business risk. The point is that in society will be more harmed by inaction than supporting businesses.

ryanwaggoner 6y ago

I agree. I'm horrified by the current administration and their handling of the health side of this pandemic, and I'm completely shocked at how well the Federal government and the Federal Reserve have managed the economic side. Between the stimulus checks, the PPP, and the trillions spent by the Federal Reserve to prop up various markets. Yes, many mistakes were made and we'll end up having spent hundreds of billions on fraud and waste, but I don't think people have an inkling of how bad things would have gotten otherwise. All I can say is that I'm glad most of the people commenting here aren't in charge or this country would have completely collapsed. And it still could! I think things will get very dark very fast if Congress doesn't extend at least some of the $600 / week unemployment benefits.

femiagbabiaka 6y ago

depends on your definition of "the economy" -- the average american and small businesses are suffering quite a bit, but the stock market is definitely doing well. it would be interesting to see how many jobs were saved by PPP.