Where Did $800 Billion Go?
Our various governments allocate money. Then the money goes into a black hole. Readers of this column know I tried to find out where Los Angeles City spent $1 billion on homelessness in a recent year and hit a brick wall. As you know our federal government has allocated amounts in the trillions and we never find out where the money goes. Remember President Obama’s “shovel ready jobs?” Where did that money go? There is now a study on the Paycheck Protection Program (PPP), so I decided to dig into it.
The study is available here.
The study was performed by a team at the National Bureau of Research (NBER) headquartered in Cambridge Mass. The study was headed by David Autor who is MIT’S Ford Professor of Economics. Professor Autor was initially responsive especially after I sent him a misrepresentation of the program from a Left-wing author. Unlike the errant Leftist, I have intimate knowledge of the program as I helped some clients make applications and answered hundreds of their questions.
I found fault with the study from the beginning since it did not adequately explain the genesis of the… Read More