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The Covid Relief and Omnibus Spending Package: When Its Too Good To Be True…
Vote Note on the Covid Relief and Omnibus Spending Package: When Its Too Good To Be True…
The covid relief provisions in this bill are immensely popular – they provide $600 direct cash payments to individuals earning up to $75,000, (plus $600 per child), a $1,200 per month bonus to unemployment benefits, and $325 billion in PPP forgivable loans to businesses.
But I cannot in good conscience vote for it. When something seems too good to be true, it usually is.
If the aid were targeted to those who have been devastated by the lockdowns, it might be justified. But the bill makes no such distinction. Neither the personal nor first-time PPP grants are contingent on the recipient being financially harmed by the lockdowns. (Although the second round PPP grants do to some extent). The aid is wholly inadequate for those who were harmed and wholly unnecessary for those who weren’t. In effect, this becomes a massive wealth transfer from victims to non-victims.
For example, the waiter whose income has been slashed will get the same $600 as the government bureaucrat who’s been enjoying a steady paycheck at home. A thriving law firm qualifies for… Read More