Thursday, January 20, 2022

Screwed. Again.


A team of eminent bean counters at the National Bureau of Economic Research has concluded 2020's $800 billion Paycheck Protection Program (PPP) was "highly regressive" and that Trump screwed middle- and working-class Americans.

A whopping 75% of the PPP funds went to the top 20% of US households. Most received cash they didn't need.

Only 25% of the funds went into the pockets of Americans who would have lost their jobs otherwise.

The PPP bailout exceeded by $100 billion that which followed the Great Recession, when Lehman Brothers, AIG, Fannie Mae and Freddie Mac imploded.

Economists have since determined that the 2009 bailout—known as the Troubled Asset Relief Program (TARP)—while failing to correct the causes underlying the financial system's collapse, made Wall Street executives richer than ever.

Ironically, the public's bitter memories of TARP's injustice propelled Trump into the White House in 2016.

Four years later, Trump sent billions of PPP dollars to people like Joe Farrrell, a billionaire developer and Trump fundraiser; Kanye West, wealthy rapper and Trump toady; Jeff Koons, a pop artist who holds the world record for the most expensive work ever sold by a living artist ($91.1 million); Tal Tsfany, CEO of the right-wing Ayn Rand Institute; Elaine Chao, Trump's billionaire Secretary of Transportation; and his vile and venal family members, Jared Kushner and Ivanka Trump.

And the little people?

We were screwed. Again.
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