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And yet we forgave PPP loans which was $742 billion forgiven vs $400 billion for student loan forgiveness. This is, in essence, transferring the debt from peop

And yet we forgave PPP loans which was $742 billion forgiven vs $400 billion for student loan forgiveness. This is, in essence, transferring the debt from people who own businesses to people who - on average - do not own businesses. The _actual_ most regressive invisible tax hike we have ever had but sure. . . yay.

zapdrive 4y ago
- abrackx 4y ago
  yes
- sonotathrowaway 4y ago
  This is hilariously slanted.
- melling 4y ago
  The system doesn’t work if we need to keep subsidizing everyone For example, FEMA subsidizes flood insurance so people can live in flood prone areas. Of course, with climate change, this will cost even more to the taxpayer.
throwawaywu 4y ago
I got 87k in PPP loans. It was forgiven, but it all went to my employees. That's a good thing.
- robbiet480 4y ago
  That’s awesome to hear and is absolutely a good thing! Sadly we’ve also heard a lot of stories of complete misuse and outright fraudulent use of PPP loans. I’m paying for those unless the government gets that money back (after spending hundreds of thousands in legal fees). Whereas as far as I know student loans can’t be misused, at least not to the extent that many PPP loans were.
- xyzzy123 4y ago
  > It was forgiven, but it all went to my employees. Isn't getting their labour for free (well, paid for by the taxpayer) pretty much the same as company owners just being handed that 87k? It's money the company didn't have to spend on wages. Were your employees not able to work? (Not intended as criticism - more of an observation. I don't know the real situation etc).
  - throwawaywu 4y ago
    If the economy and the ability for my employees to work we're the same, then indeed it would have been bonus money for me. However because of covid cash flow issues, I would have had to fire half of my employees without the loan and the payback. That would have sucked for all of us. Frankly, as I see it, the PPP program was better than the alternatives as my employees didn't wind up on unemploymet. In one way the PPP is a bad idea as it doesn't let the market correct itself as well as it might - perhaps my company is too fragile. However, we then to not like to see people starving and losing their homes. Clutters up the sidewalks.

zapdrive 4y ago

abrackx 4y ago
yes
sonotathrowaway 4y ago
This is hilariously slanted.
melling 4y ago
The system doesn’t work if we need to keep subsidizing everyone For example, FEMA subsidizes flood insurance so people can live in flood prone areas. Of course, with climate change, this will cost even more to the taxpayer.

throwawaywu 4y ago

I got 87k in PPP loans. It was forgiven, but it all went to my employees. That's a good thing.

robbiet480 4y ago
That’s awesome to hear and is absolutely a good thing! Sadly we’ve also heard a lot of stories of complete misuse and outright fraudulent use of PPP loans. I’m paying for those unless the government gets that money back (after spending hundreds of thousands in legal fees). Whereas as far as I know student loans can’t be misused, at least not to the extent that many PPP loans were.
xyzzy123 4y ago
> It was forgiven, but it all went to my employees. Isn't getting their labour for free (well, paid for by the taxpayer) pretty much the same as company owners just being handed that 87k? It's money the company didn't have to spend on wages. Were your employees not able to work? (Not intended as criticism - more of an observation. I don't know the real situation etc).
- throwawaywu 4y ago
  If the economy and the ability for my employees to work we're the same, then indeed it would have been bonus money for me. However because of covid cash flow issues, I would have had to fire half of my employees without the loan and the payback. That would have sucked for all of us. Frankly, as I see it, the PPP program was better than the alternatives as my employees didn't wind up on unemploymet. In one way the PPP is a bad idea as it doesn't let the market correct itself as well as it might - perhaps my company is too fragile. However, we then to not like to see people starving and losing their homes. Clutters up the sidewalks.