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Because it’s impossible to tell who lost their job this year even though they made six figures in 2019. If we don’t like accidentally giving people who don’t ne
by adamcstephens 6y ago
Because it’s impossible to tell who lost their job this year even though they made six figures in 2019. If we don’t like accidentally giving people who don’t need it money, claw it back at tax time.
edit: the stock market is on fire while small businesses collapse. The market isn’t attached to reality.
- adam_arthur 6y agoExactly, send the money out today, claw it back from those who earned too much in 2020. Small businesses collapse, but government efforts haven't been towards helping them, largely more towards sending out helicopter money to the people. Handing money to people will help all businesses of course, but I'd venture to guess it helped large corporations and brokerages the most. The loan forgiveness program for small businesses was a good step, but it seemed that a lot of smaller businesses chose not to make use of it. I'd guess that in the long run, the traditional small business (retail) will become non-viable anyway though. There are too many economies of scale to be gained by operating under the umbrella of a larger corporation. e.g. Amazon can only justify its massive distribution network and same day delivery due to its size.
- adamcstephens 6y agoThe small business assistance was a pittance compared to what was sent to big business. It was mostly administered by large banks that have "economies of scale" yet were unable to get the money out to small companies. There were also lots of hoops and requirements for the PPP loans, while large corporations got free money without strings. https://twitter.com/matthewstoller/status/899305677457416193 https://twitter.com/matthewstoller/status/899305677457416193