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> More likely is that in 2008, the balance sheet was loans to banks (paid back), whereas in 2019+, the increase was from money being handed to people? Unsurpri

> More likely is that in 2008, the balance sheet was loans to banks (paid back), whereas in 2019+, the increase was from money being handed to people? Unsurprisingly, the lion's share of that money handed out for covid relief wasn't given to people. It was corporations that, once again, walked away with most of it. Going back even further, the 2016 tax bill also provisioned way more money to corporations compared to the time-limited-bone they threw at people. While its fair to say handing out money can cause inflation, lets not kid ourselves about who is really getting that money. https://theintercept.com/2020/12/04/covid-irs-corporation-tax-refunds/ https://theintercept.com/2020/12/04/covid-irs-corporation-ta... https://www.washingtonpost.com/graphics/2020/business/coronavirus-bailout-spending/ https://www.washingtonpost.com/graphics/2020/business/corona... https://www.forbes.com/sites/christianweller/2019/05/30/the-2017-tax-cuts-didnt-work-the-data-prove-it/?sh=6130d91d58c1 https://www.forbes.com/sites/christianweller/2019/05/30/the-... https://www.nytimes.com/2018/01/16/us/politics/banks-are-big-winners-from-tax-cut.html https://www.nytimes.com/2018/01/16/us/politics/banks-are-big...

ChrisLomont 4y ago
>the lion's share of that money handed out for covid relief wasn't given to people. Wrong [1]. 1.8T directly to people, 1.7T to businesses. I'd not call that a lion's share. >It was corporations that, once again, walked away with most of it. And a significant part of that was to pay, you guessed it, people :) Of the 1.7T to businesses, 835B went to paycheck protection program (i.e., people wages) , 85B to a delay (not handout) of employer payroll tax (so this will be paid back by the businesses), and a significant number of loans, not handouts, that have to be paid back. And keeping companies alive, i.e., jobs available, has vastly better long term economic value than simply giving it to people, since at some point those people will really like having a job for a continued income. Tell me again of the 1.8T given to people, how much was loans that have to be paid back? And what is that ratio for the business side? [1] https://www.nytimes.com/interactive/2022/03/11/us/how-covid-stimulus-money-was-spent.html https://www.nytimes.com/interactive/2022/03/11/us/how-covid-...

ChrisLomont 4y ago

>the lion's share of that money handed out for covid relief wasn't given to people. Wrong [1]. 1.8T directly to people, 1.7T to businesses. I'd not call that a lion's share. >It was corporations that, once again, walked away with most of it. And a significant part of that was to pay, you guessed it, people :) Of the 1.7T to businesses, 835B went to paycheck protection program (i.e., people wages) , 85B to a delay (not handout) of employer payroll tax (so this will be paid back by the businesses), and a significant number of loans, not handouts, that have to be paid back. And keeping companies alive, i.e., jobs available, has vastly better long term economic value than simply giving it to people, since at some point those people will really like having a job for a continued income. Tell me again of the 1.8T given to people, how much was loans that have to be paid back? And what is that ratio for the business side? [1] https://www.nytimes.com/interactive/2022/03/11/us/how-covid-stimulus-money-was-spent.html https://www.nytimes.com/interactive/2022/03/11/us/how-covid-...