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> Who is going to suffer because of the enormous covid handouts and subsequent inflation? Don't know how it played where you live, but in my country, most covi

by tpxl 4y ago

> Who is going to suffer because of the enormous covid handouts and subsequent inflation? Don't know how it played where you live, but in my country, most covid handouts went to the rich, not to the poor. 1. Cash was given to companies they could then give to the people, instead of straight to the people. 2. Cheap/free loans were given to companies/rich people, not poor people, because poor people can't pay off loans so nobody gives them any. The insane stock market profits were the result of this - rich people getting excess money. If it went to the poor people, they'd buy food and shelter, not stonks.

colechristensen 4y ago
In the US 1 & 2 happened in a big way certainly, but there were also large direct payments to people below a certain income along with significantly bumping up unemployment benefits (to the extent that many were making more unemployed than they were when they had jobs)
- remram 4y ago
  How large?
  - asdff 4y ago
    It was only like $1200 for individuals.
    - colechristensen 4y ago
      More for families, many state programs which added to this, hundreds of billions of federal funding to states for responses. And much expanded unemployment payments, +$600 and +$300 *weekly on top of normal unemployment for long periods, as well as significantly expanded eligibility for who could get it and for how long. Plenty of people made more money unemployed for significant amounts of time than they did with their jobs pre-pandemic. Something like 10% of the population was on unemployment for a good while.
      - asdff 4y ago
        The people making more money from unemployment were not high wage earners to begin with. They were struggling to bet by. Look at this breakdown of the sorts of jobs that recieved more in benefits than wages and those that didn't. Skilled labor like nursing saw less earnings even with the CARES act under unemployment. The people who saw substantial gains were in fields like food service, not known to be a field that lets you get by in most high cost of living areas as it is. https://fivethirtyeight.com/features/many-americans-are-getting-more-money-from-unemployment-than-they-were-from-their-jobs/ https://fivethirtyeight.com/features/many-americans-are-gett...
- greedo 4y ago
  The amount of fraud in the PPP program alone might be north of $80B. And the fraud in the other programs isn't inconsequential either. "large direct payments" is a joke, right? $2500 for a family? That's about one month's income for people who had lost their jobs. And many states decided not to extend their unemployment, or to limit it drastically because business interests started to complain about not being able to find enough wage slaves.
  - deleted 4y ago
    [deleted]
clcaev 4y ago
One can so see how pandemic unemployment and other direct payments also substantially benefited existing businesses by not having demand for their goods and services drop, causing a cash crunch in otherwise healthy businesses.

by tpxl 4y ago

colechristensen 4y ago

In the US 1 & 2 happened in a big way certainly, but there were also large direct payments to people below a certain income along with significantly bumping up unemployment benefits (to the extent that many were making more unemployed than they were when they had jobs)

remram 4y ago
How large?
- asdff 4y ago
  It was only like $1200 for individuals.
  - colechristensen 4y ago
    More for families, many state programs which added to this, hundreds of billions of federal funding to states for responses. And much expanded unemployment payments, +$600 and +$300 *weekly on top of normal unemployment for long periods, as well as significantly expanded eligibility for who could get it and for how long. Plenty of people made more money unemployed for significant amounts of time than they did with their jobs pre-pandemic. Something like 10% of the population was on unemployment for a good while.
    - asdff 4y ago
      The people making more money from unemployment were not high wage earners to begin with. They were struggling to bet by. Look at this breakdown of the sorts of jobs that recieved more in benefits than wages and those that didn't. Skilled labor like nursing saw less earnings even with the CARES act under unemployment. The people who saw substantial gains were in fields like food service, not known to be a field that lets you get by in most high cost of living areas as it is. https://fivethirtyeight.com/features/many-americans-are-getting-more-money-from-unemployment-than-they-were-from-their-jobs/ https://fivethirtyeight.com/features/many-americans-are-gett...
greedo 4y ago
The amount of fraud in the PPP program alone might be north of $80B. And the fraud in the other programs isn't inconsequential either. "large direct payments" is a joke, right? $2500 for a family? That's about one month's income for people who had lost their jobs. And many states decided not to extend their unemployment, or to limit it drastically because business interests started to complain about not being able to find enough wage slaves.
- deleted 4y ago
  [deleted]

clcaev 4y ago

One can so see how pandemic unemployment and other direct payments also substantially benefited existing businesses by not having demand for their goods and services drop, causing a cash crunch in otherwise healthy businesses.