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Started By
Message
How much of the $5-6 trillion Covid-19 stimulus/deficit spending was unnecessary?
Posted on 3/14/23 at 9:47 pm
Posted on 3/14/23 at 9:47 pm
I know, none of it was necessary but let's say there was a need to help Americans get through the initial panic shutdowns in early 2020.
I was against Trump's Covid-19 stimulus but when the panic shutdowns started it was too late. My guess is maybe $500 billion to $1 trillion was more than enough to bridge people over for 3-6 months and after that it was a complete shite show give away to people who didn't need the money. I personally have friends with small businesses that got upwards of $250K and they were not affected by Covid-19 at all.
Here's a good indication of how much money was wasted during the Covid-19 hysteria. Tucker reported tonight that SVB had a total of $49 billion in deposits in 2018, by 2021 they had amassed $189 billion in deposits.
Was this ^^^^ all Covid-19 stimulus money? No but you're not gonna convince me a good chunk of the increase in deposits from $49 billion to $189 billion isn't in some way tied back to Covid-19 stimulus/deficit spending.
To answer my OP question, of the $5-6 trillion blown on Covid-19 stimulus, I would guess at least $3-4 trillion was unnecessary.
I was against Trump's Covid-19 stimulus but when the panic shutdowns started it was too late. My guess is maybe $500 billion to $1 trillion was more than enough to bridge people over for 3-6 months and after that it was a complete shite show give away to people who didn't need the money. I personally have friends with small businesses that got upwards of $250K and they were not affected by Covid-19 at all.
Here's a good indication of how much money was wasted during the Covid-19 hysteria. Tucker reported tonight that SVB had a total of $49 billion in deposits in 2018, by 2021 they had amassed $189 billion in deposits.
Was this ^^^^ all Covid-19 stimulus money? No but you're not gonna convince me a good chunk of the increase in deposits from $49 billion to $189 billion isn't in some way tied back to Covid-19 stimulus/deficit spending.
To answer my OP question, of the $5-6 trillion blown on Covid-19 stimulus, I would guess at least $3-4 trillion was unnecessary.
15
Posted on 3/14/23 at 9:47 pm to Bass Tiger
All of it.
Posted on 3/14/23 at 9:49 pm to Bass Tiger
quote:
$5-6 trillion
Posted on 3/14/23 at 9:50 pm to Kegg
quote:
All of it.
Agree...
Posted on 3/14/23 at 9:50 pm to Bass Tiger
Posted on 3/14/23 at 9:54 pm to Bass Tiger
All of it.
Also, follow the money. The politicians, their family and friends made it out very handsomely on those PPP grants...I mean loans.
Also, follow the money. The politicians, their family and friends made it out very handsomely on those PPP grants...I mean loans.
Posted on 3/14/23 at 9:56 pm to Bass Tiger
Money should have been spent to keep old or medically frail ppl as safe as possible.
Some $$ for drug and therapeutic development.
Other than that.... nothing.
Maybe $50-75 billion was necessary.
Some $$ for drug and therapeutic development.
Other than that.... nothing.
Maybe $50-75 billion was necessary.
Posted on 3/14/23 at 10:00 pm to El Segundo Guy
quote:
The politicians, their family and friends made it out very handsomely on those PPP grants...I mean loans.
Adding to my comment, Markwayne Mullin, the former House Oklahoma District 2 Rep (and current US Senator) got $1.4 million for his plumbing business.
OK-1 Representative Kevin Hern got $2.6 million in PPP money.
Oof. All of them are complicit, even Trump for allowing that to happen. frick all of them.
Posted on 3/14/23 at 10:04 pm to Bass Tiger
quote:
$5-6 trillion
Posted on 3/14/23 at 10:07 pm to Bass Tiger
Somewhere between $4,999,999,999,999.99 and $5,999,999,999,999.99
Posted on 3/14/23 at 10:07 pm to Bass Tiger
All of it + interest + capitol gains.
This post was edited on 3/14/23 at 10:11 pm
Posted on 3/14/23 at 11:57 pm to El Segundo Guy
quote:
Adding to my comment, Markwayne Mullin, the former House Oklahoma District 2 Rep (and current US Senator) got $1.4 million for his plumbing business. OK-1 Representative Kevin Hern got $2.6 million in PPP money. Oof. All of them are complicit, even Trump for allowing that to happen. frick all of them.
It would be interesting to see about 25k small businesses audited and see where their 2020/21 revenue with PPP added in compares to pre-COVID19 revenue......I bet that would be very enlightening.
Posted on 3/15/23 at 12:07 am to Bass Tiger
My company got $3m to do business as usual even though business never slowed down. Then they didn't have to pay it back. lol
Posted on 3/15/23 at 12:10 am to Bass Tiger
quote:I agree. With certainty, the final $2T was unnecessary just after Biden took office. Most reasonable economists credit that with at least 3-4% of the overall inflation.
I would guess at least $3-4 trillion was unnecessary.
Posted on 3/15/23 at 5:10 am to Bass Tiger
Given the idiocy of shutting down small businesses and the like it is hard to say but there is no doubt it was a massive mistake and one many of us saw coming. The fact that it was spent without much if any oversight was also predictable and the horror expressed by many after the fact about how much of it was outright stolen may be the most galling thing of all.
In 2019 my wife and I both paid out of social security by August and October respectively. In the first round of stimulus checks we received about $1000...I don't remember for certain but it was close to that. Neither of us had missed a single minute of work and never needed a minutes of leave due to COVID. In other words outside of the same craziness that everyone was dealing with during that period we had not "suffered" any financial hardship....yet the Federal government saw fit to send us a check. We were glad to get it, of course, but there was no need for us to get it...we hadn't been impacted financially in any way...in fact we were both working from home and saving money from not commuting and eating at home instead of in restaurants. We could not have been alone in this....I would bet that the majority of people were in the same boat or at least a similar one. I don't doubt for a minute that some people were severely impacted by COVID and small businesses that people had worked their whole lives to establish were destroyed...that money that was handed back to people in our position may have saved some of those businesses....but in typical fashion politicians lazily just sent everyone some money with no regard to their individual situation and did so with almost no oversight. It is going to be a LONG time if ever before we recover from the foolishness that took place in this country from 2020 til the present day.
In 2019 my wife and I both paid out of social security by August and October respectively. In the first round of stimulus checks we received about $1000...I don't remember for certain but it was close to that. Neither of us had missed a single minute of work and never needed a minutes of leave due to COVID. In other words outside of the same craziness that everyone was dealing with during that period we had not "suffered" any financial hardship....yet the Federal government saw fit to send us a check. We were glad to get it, of course, but there was no need for us to get it...we hadn't been impacted financially in any way...in fact we were both working from home and saving money from not commuting and eating at home instead of in restaurants. We could not have been alone in this....I would bet that the majority of people were in the same boat or at least a similar one. I don't doubt for a minute that some people were severely impacted by COVID and small businesses that people had worked their whole lives to establish were destroyed...that money that was handed back to people in our position may have saved some of those businesses....but in typical fashion politicians lazily just sent everyone some money with no regard to their individual situation and did so with almost no oversight. It is going to be a LONG time if ever before we recover from the foolishness that took place in this country from 2020 til the present day.
Posted on 3/15/23 at 5:13 am to Privateer 2007
quote:
Money should have been spent to keep old or medically frail ppl as safe as possible.
Some $$ for drug and therapeutic development.
Other than that.... nothing.
Maybe $50-75 billion was necessary.
Doing something to prop up small businesses was probably necessary as well. A successful small business does not happen often without a life of dedication...when that business is damaged by politicians it is devastating to the people who spent their lives building that business.
Low income workers were probably also in need of some assistance. Most of us never missed a minutes work and did not need any assistance.
Posted on 3/15/23 at 7:23 am to AwgustaDawg
quote:
small business assistance
Not needed if we don't shut them down.
Posted on 3/15/23 at 7:31 am to AwgustaDawg
quote:
in typical fashion politicians lazily just sent everyone some money with no regard to their individual situation and did so with almost no oversight. It is going to be a LONG time if ever before we recover from the foolishness that took place in this country from 2020 til the present day.
It amazes me how often the collective wisdom and knowledge at the street level has the appropriate answer or path forward when the nation is facing turmoil or crisis….but we are ignored by the ruling elites.
Posted on 3/15/23 at 7:37 am to Bass Tiger
Considering it was riddled with fraud, grift and outright corruption, I would say all of it.
Posted on 3/15/23 at 7:53 am to Bass Tiger
90% of it. Businesses would have stayed open and employees would’ve kept going to work if they didn’t know that daddy government would pay them to stay at home and keep the doors closed. Spend some money on pharmaceutical research and treatments, but you’d never have needed all the stimulus shite if we didn’t shut down the economy for the flu
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