4 ms·
Anyone remember how the capital-owning class and their pet politicans were blaming inflation on Covid stimulus checks (eg [1])? I want you to remember that whe
by jmyeet 4y ago
Anyone remember how the capital-owning class and their pet politicans were blaming inflation on Covid stimulus checks (eg [1])?
I want you to remember that when you see bills like this one.
Why? Because most of the Covid relief didn't go to individuals. It went to companies. In many cases, the stimulus was to avoid layoffs. Companies laid people off anyway (eg [2]) and used the money for share buybacks. Some governments used the money to build prisons (eg [3]). Biden, before testing positive for Covid, was intending to announce the use of Covid money for increased police funding [4].
My point is that very little of that Covid stimulus made it to consumers but it had a dramatic impact on temporarily eliminating or reducing poverty [5].
Yet giving people money is often viewed as a moral hazard.
Yet we're so willing to give away hundreds of billions to companies while not expecting them to take any sort of haircut on record profits in an era of massive inflation.
Also, let's not forget what happened to Wisconsin and Foxconn [6].
[1]: https://www.cbsnews.com/news/jeff-bezos-joe-biden-inflation-tweet/ https://www.cbsnews.com/news/jeff-bezos-joe-biden-inflation-...
[2]: https://publicintegrity.org/inequality-poverty-opportunity/covid-divide/companies-took-covid-19-aid-they-laid-off-90000-workers-anyway/ https://publicintegrity.org/inequality-poverty-opportunity/c...
[3]: https://www.splcenter.org/news/2022/07/01/alabama-diverts-400-million-covid-funds-to-prisons https://www.splcenter.org/news/2022/07/01/alabama-diverts-40...
[4]: https://apnews.com/article/biden-police-pennsylvania-wilkes-barre-c3d8e3ee5190adde35b1b7932a47dc4b https://apnews.com/article/biden-police-pennsylvania-wilkes-...
[5]: https://www.vox.com/22600143/poverty-us-covid-19-pandemic-stimulus-checks https://www.vox.com/22600143/poverty-us-covid-19-pandemic-st...
[6]: https://www.chicagotribune.com/suburbs/lake-county-news-sun/ct-lns-foxconn-investment-fact-check-st-0202-20190201-story.html https://www.chicagotribune.com/suburbs/lake-county-news-sun/...