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How Will U.S. Emergency Assistance Be Divided?


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Cruise lines should be bailed out by the country whose flag flies from their ships. 

Is this even a question?  The current economic situation proves the US economy is consumer driven.  When we stop buying stuff, shit collapses.  Yet we keep trying to prop us the businesses, especially

Yes, I am a US citizen and the last time I lived in the US was 1996.  So I guess that makes me an expat. And  the icing on the cake is thanks to productive citizens like you, I have spent my mone

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On 3/24/2020 at 8:26 AM, Jules said:

If you were to place a bet, who, or what, will benefit the most once a bill is passed?  The people or the corporations?

Politicans and lobbyists are not among the choices? The biggest bailout boondoggle ever seems to me to be a vehicle for them to get things they couldn't get any other way.

 

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2 hours ago, Plenipotentiary Tom said:

Politicans and lobbyists are not among the choices?

Politicians and lobbyists always benefit so there was no need to include them in the question. 

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53 minutes ago, Jules said:
3 hours ago, Plenipotentiary Tom said:

Politicans and lobbyists are not among the choices?

Politicians and lobbyists always benefit so there was no need to include them in the question. 

We also knew that Moscow Mitch, in the generous spirit of bipartisanship now prevalent, would block sending money to the states to help them actually hold elections...

https://news.yahoo.com/republicans-block-most-aid-to-help-states-plan-for-presidential-election-amid-coronavirus-pandemic-223136209.html

Republicans block most aid to help states plan for presidential election amid coronavirus pandemic

Instead we have to bail out the multi-national banks and Boeing and probably the fucking cruise lines

Credit where it's due... expanding and backstopping unemployment benefits was a very good move

- DSK

 

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1 hour ago, Jules said:

It looks like the corporations get 25% of the $2T.  Donor class welfare.  Gotta love socialism.

If the house was R it would have been 99%

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On 3/26/2020 at 5:23 PM, Shortforbob said:

What the fuck is that thing. Gas powered fire pit?

This is why we have things like CV19

:pen:

 

1 hour ago, kent_island_sailor said:

The propane industry is not related to Covid19 in any way I can think of????

It's a variation on "That's why we can't have nice things"

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1 hour ago, Sol Rosenberg said:

Remember the Obama era dogwhistle, "Where's my check?"  I wonder how many of the people vomiting that bullshit will be taking the money from this President? 

This money the people who complained about Obama's policy deserve the money! they earned it the hard way! they voted for it! (And praise the lord, they'll do it again, because Trump has been so good to them!)

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“A Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package”

https://www.yahoo.com/news/bonanza-rich-real-estate-investors-122407900.html
 

Why am I not surprised that Kushner and a Trump are likely to be significant beneficiaries.

 

 

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Here's what the workers get:

First Expansion of Unemployment Benefits: Families First Coronavirus Response Act

The Families First Coronavirus Response Act (FFCRA) amended the Social Security Act to allow states greater access to emergency funds to provide unemployment compensation to impacted employees who lose their jobs or have hours reduced due to the coronavirus pandemic. The FFCRA added a total of $1 billion in funds for state unemployment programs. An initial grant will be available to all states to help administer unemployment insurance, so long as the state requires employers to provide notification of the availability of unemployment compensation at the time of separation from work.

Second Expansion of Unemployment: The Senate CARES bill

The Coronavirus Aid, Relief, and Economic Security (CARES) Act (phase 3) also provides greater benefits to impacted workers.

The CARES Act does many things. In relation to unemployment, it has five main applications:
1, Expanded Coverage to Individuals Not Eligible for Unemployment

First, it creates “Pandemic Unemployment Insurance” that will cover those individuals not otherwise covered by traditional unemployment benefits. This includes business owners, self-employed individuals, independent contractors, gig workers and those with a limited work history and history of wages earned. To obtain pandemic unemployment insurance coverage an individual will apply with the state agency where he or she live. The individual must self certify that he or she is otherwise able to work and available for work within the meaning of applicable state law except that the individual is unemployed, partially unemployed, or unable or unavailable to work for one of the following reasons:

  • He or she is diagnosed with COVID-19;
  • He or she has symptoms of COVID-19 and is in the process of seeking a medical diagnosis;
  • A household member has COVID-19;
  • He or she is providing care to a household member with COVID-19;
  • A child or other person in the household for which the individual is the primary caregiver is unable to attend school or daycare due to COVID-19;
  • The individual is unable to reach work due to a quarantine;
  • The individual is unable to attend work because a healthcare professional advised him or her to self-quarantine;
  • The individual is scheduled to commence employment and does not have a job or is unable to reach the job as a direct result of COVID-19;
  • The individual is the sole wage earner in his or her household due to death of the head of household as a result of COVID-19;
  • The individual was required to quit his or her job as a result of COVID-19;
  • The individual’s place of employment closed due to COVID-19; and
  • The individual is self-employed, is seeking part-time employment, does not have sufficient work history, or otherwise would not qualify for unemployment benefits under another state unemployment program.

Individuals who are able to telework with pay or who are receiving receiving sick leave or other paid leave benefits are not eligible.

2. Expanded Coverage to 39 Weeks

Second, state unemployment benefits will be extended for a total of potential unemployment coverage of 39 weeks.

3. Additional Monetary Relief for the Unemployed

Third, all unemployed workers will be entitled to an additional $600 per week for up to a total of four months of unemployment related to COVID-19. Payment of this additional benefit is expected to occur in the first four months of unemployment. This is an exponential increase in the amount of unemployment assistance an individual can receive. In addition to the amount of unemployment benefits to which an individual was previously entitled (which was a percentage of prior compensation variable by state), an unemployed individual will now also receive an additional $600 per week.

This benefit was one reason the bill had trouble passing the Senate on Wednesday night. This part of the bill will cost taxpayers $340 billion dollars. In South Carolina, where the minimum wage is $7.25 per hour this will allow some unemployed workers to receive more compensation than they would have received when they were working. Lindsey Graham, R-SC, and other Republicans argued that the provision could incentivize employers to layoff employees and individuals to fail to return to available work by providing unemployment compensation over and above replacement wages. Attempts to amend this portion of the bill to limit the amount of unemployment available to an amount that would make an individual whole based on last compensation rate in the Senate failed Wednesday night.

4.Waiting Week Waiver

Fourth, to help encourage the remaining seven states that have not yet waived the waiting week requirement to receive unemployment the CARES Act provides funding to states for the coverage of this initial week of unemployment

5. Help for Nonprofits

Fifth, nonprofits, government agencies and Indian tribes will be reimbursed for half of the costs they incurred related to unemployment.

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For small businesses and non-profits:

Incentives to Retain Employees

In addition to these benefits, the act contains incentives to keep individuals employed and off of unemployment.

Forgivable Loans for Small Businesses and Nonprofits

To help small businesses avoid layoffs, the bill provides for over $375 billion in loans, much of which would be forgiven if workers are kept on the payroll. The loans are expected to provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven, which would help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis. This proposal would be retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls.

This provision should help small businesses hit with the payment of unexpected sick leave and expanded family medical leave under the FFCRA afford to pay those benefits without laying off employees or closing their businesses. This is a reality of many small businesses hit simultaneously with increased unexpected expenses from expanded employee benefits and decreased profits. Loans will be available 15 days after the bill is signed into law.

Any small business, 501(c)(3) nonprofit, a 501(C)(19) veteran’s organization or tribal business with not more than 500 employees may apply. This includes sole-proprietors, independent contracts, and other self-employed individuals. This loan will also be available to businesses with more than one physical location that employ more than 500 employees per physical location in certain industries if their gross annul receipts are below threshold limits. It also waives affiliation rules normally applicable to franchises in the hospitality and restaurant industry. A formula is provided by which the loan amount is tied to payroll costs incurred by the business to determine the amount of the loan.

Employee Retention Credits

Section 2301 of the act provides a refundable payroll tax credit for 50 percent of wages (up to $10,000 per employee) that an employer paid each calendar quarter during the COVID-19 crisis. The credit is available to businesses whose operations were fully or partially suspended during the COVID-19 crisis or whose receipts declined by more than 50 percent when compared to the same quarter in 2019. The credit allowed will not exceed the applicable employment taxes in any one quarter. If the amount of the credit does exceed the limits, the excess will be treated as an overpayment and will be refunded.

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Short-time work/ workshare plans

States are also encouraged to expand workshare or short-time compensation (STC) programs. Workshare programs are currently available in the following states: Current states with work share include: Arizona, Arkansas, California, Colorado, Connecticut, Florida, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, ebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Vermont, Washington, and Wisconsin. The CARES Act encourages the remaining states to adopt workshare programs as a complement to unemployment programs.

Like the partial benefit provisions of state unemployment laws, short-time compensation or shared work programs allow an individual who is employed for a portion of the week to collect unemployment benefits on top of his or her regular pay. The purpose of the plans are to encourage an employer to avoid layoffs by reducing the number of regularly scheduled hours of work for all, or a group of, individuals during disruptions to regular business activity. Whereas partial benefit formulas look at an individuals’ earnings, a workshare plan looks at the hours of work and provides individuals a pro-rata share of weekly benefits based on the reduction in weekly hours of work.

Employers must submit an STC/workshare plan to the state for approval. The employer’s plan must be consistent with employer’s obligations under applicable federal and state laws. Further, the affected employees’ workweeks must have been reduced by at least 10 percent, and by not more than the percentage, if any, that is determined by the state to be appropriate, but in no case more than 60 percent. Moreover, the STC/workshare plan must provide that employers will maintain health benefits and retirement benefits for affected employees, despite the reduced hours.

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Corporate Assistance

Loan Programs Central to CARES Act Stimulus

The CARES Act’s economic stimulus package includes more than $500 billion of federal funding across three basic categories: (i) grants and direct lending dedicated to specific nonfinancial industries, such as the airline and national security sectors; (ii) a significant expansion of eligibility and other aspects of lending programs administered by the Small Business Administration, and (iii) funding for several lending programs administered by the Federal Reserve. Financings under these programs place a number of requirements on the businesses that receive federal aid.

Loans, loan guarantees and other investments under the CARES Act will be subject to supervision, audits and investigation by a special inspector general who will keep Congress informed through quarterly reports. A congressional oversight committee also will be formed to monitor implementation of such financings under the legislation and to report to Congress on a monthly basis. Businesses will not be eligible to obtain loans or investments under the CARES Act if 20% or more (by vote or value) of the stock is owned by members of Congress, the Trump administration, or their immediate family members or spouses.

Stimulus Has Indirect Influence on Dealmaking

Any meaningful reduction in the magnitude or uncertainty of the COVID-19 pandemic should facilitate dealmaking; however, the risk will remain substantial, and the benefits of the legislation’s programs will not be realized evenly among industries or among companies within specific industries. M&A practitioners must read the fine print. In performing due diligence on an acquisition target, buyers should carefully assess whether the target qualifies for direct assistance and the timing and terms of any such assistance. If it does not qualify for any direct assistance, buyers should consider whether the target will indirectly benefit from others receiving direct assistance (e.g., customers or suppliers). Buyers also need to assess the conditions or restrictions attached to any such assistance and whether these would apply to the buyer's broader enterprise if it acquired the target. Companies that are already under contract to be sold and in need of the assistance provided by the stimulus should be mindful of the terms of their acquisition agreements. These agreements should be carefully reviewed to assess whether applying for, or receiving, assistance would breach any representation, warranty or interim operating covenant, and, importantly, the rights and remedies of the buyer for any such perceived breach.

Capital Markets Perspective

Although the CARES Act provides significant financial assistance through loans (described in greater detail above), ultimately many of these businesses are expected to require additional government assistance or other financing, including potentially by accessing the capital markets. This includes small businesses, which are typically more inclined to rely on credit facilities but may view a challenging lending environment as a reason to consider alternatives, including equity offerings in reliance on Regulation A or Regulation D under the Securities Act of 1933, as amended.

The act’s broader mandate — (at least) $454 billion for the Federal Reserve to provide liquidity to the financial system — includes a facility to purchase certain new issuances by eligible issuers, potentially enabling these issuers to successfully market securities offerings that may otherwise be too costly or lack adequate investor interest in current market conditions. Notably, the act does not limit purchases to debt obligations.

In the longer term, funds allocated under the act for health care spending, including funding for research, vaccines, therapeutics and diagnostics, could help spur innovation, new technologies and growth in biotech businesses (e.g., a February 2014 White House report associated spending in clean energy and health information technology under the 2009 American Recovery and Reinvestment Act with growth in these industries). The act also includes specific allocations for certain telehealth networks and technologies, as well as expanded Medicare coverage for telehealth services. Any such innovations or growth could potentially result in future capital-raising activities, such as private financing rounds and initial public offerings.

Real Estate Measures

While the CARES Act provides certain measures that directly impact real estate, the vast majority of its provisions are designed to economically buttress individuals, businesses and hard-hit industries in an effort to enhance their ability to remain solvent and cover operational expenses, including rent and debt service. The provision of monetary relief through the act in the form of emergency cash infusions, financing availability, loan forgiveness/forbearance, tax benefits and supplemental awards is designed to help owners, landlords, operators, borrowers and tenants survive. Despite the provision of this relief, loans, leases and other contracts likely will need to be restructured and renegotiated. Property owners, operators and lenders will need to collaborate to make this happen. The more significant real estate-specific measures in the legislation include the following:

i. The correction of a drafting error in the Tax Cuts and Jobs Act that will allow businesses to write off costs associated with improving buildings instead of depreciating such improvements over the 39-year life of a building.

ii. Except with respect to vacant or abandoned property, a prohibition on foreclosures of all federally backed mortgage loans (which include loans encumbering residential real property designed principally for the occupancy of one to four families) for a 60-day period commencing on March 18, 2020.

iii. Until the sooner of the termination date of the coronavirus national emergency or December 31, 2020, borrowers of federally backed mortgage loans (which include loans encumbering residential real property designed principally for the occupancy of one to four families) facing economic difficulties as a result of the coronavirus can seek up to 360 days of forbearance.

iv. Until the sooner of the termination date of the coronavirus national emergency or December 31, 2020, multifamily borrowers of federally backed multifamily mortgage loans (which include loans encumbering residential real property designed principally for the occupancy of five or more families) that face economic difficulties and were current on their loan payments as of February 1, 2020, can seek up to 90 days of forbearance. These borrowers may not evict or charge late fees or penalties to tenants during the forbearance period.

v. For 120 days from the date of the act, residential landlords cannot recover rental units or charge fees or penalties resulting from the nonpayment of rent in the event that a landlord’s mortgage is insured, guaranteed or assisted in any other way by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae, Freddie Mac, the rural housing voucher program or the Violence Against Women Act of 1994.

vi. Appropriation of funds to prevent, prepare for and respond to the coronavirus, in the U.S. or internationally, including:

a. $1.25 billion for Tenant-Based Rental Assistance, which includes providing additional funds for public housing agencies to maintain normal operations.

b. $1 billion for Project-Based Rental Assistance.

c. $4 billion to allow state and local governments to combat the spread of COVID-19 among the existing homeless population and to prevent individuals and families from becoming homeless, including, without limitation, through the provision of temporary emergency shelters by leasing existing property, temporary structures or other means.

d. $685 million for the Public Housing Operation Fund to provide additional funds for public housing agencies to maintain normal operations.

e. $275 million for the Federal Buildings Fund to remain available until expended.

Bank Regulatory Relief

The CARES Act includes a number of provisions designed to support financial institutions during the COVID-19 pandemic. It authorizes the Federal Deposit Insurance Corporation to further guarantee obligations of solvent insured depository institutions and depository institution holding companies provided that any such guarantee must terminate no later than December 31, 2020. The legislation does not set the maximum amount to be guaranteed. The legislation also temporarily authorizes the Office of the Comptroller of the Currency to exempt any transaction from its lending limits, if the exemption is in the public interest.

In addition, a financial institution can elect to suspend, during a covered period, requirements under U.S. Generally Accepted Accounting Principles for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a troubled debt restructuring, and the federal banking agencies must defer to the financial institution's determination. The covered period begins on March 1, 2020, and ends the earlier of December 31, 2020, or 60 days after the date on which the national emergency declaration related to coronavirus terminates. The legislation also permits an insured depository institution, bank holding company or any affiliate thereof to temporarily delay measuring credit losses on financial instruments using the new Current Expected Credit Losses (CECL) accounting standard until the earlier of December 31, 2020, or the date on which the coronavirus-related national emergency declaration terminates. Finally, in addition to providing additional financial support for the Federal Reserve's lending programs, as discussed above, the legislation would temporarily suspend the statutory limitation on the use of the Exchange Stabilization Fund for guarantee programs for the U.S. money market mutual fund industry. Any such guarantee must terminate not later than December 31, 2020.

Community banks also will receive support. The act requires the federal banking agencies by interim final rule to temporarily reduce the Community Bank Leverage Ratio (CBLR) for qualifying community banks to 8% and provides for a reasonable grace period if a community bank's CBLR falls below the prescribed level. The interim final rule would expire at the earlier of December 31, 2020, or the date on which the national emergency declaration related to coronavirus terminates.

The legislation also includes a number of consumer-oriented provisions, including a foreclosure moratorium and a consumer right to request forbearance. In general, the act prohibits foreclosures on federally backed mortgage loans for a 60-day period beginning on March 18, 2020, and provides up to one year of forbearance for borrowers under federally backed mortgage loans who have experienced a financial hardship related to the COVID-19 pandemic. Similarly, the legislation includes a 120-day moratorium on eviction filings with respect to certain properties, including where the property is subject to a federally backed mortgage loan. Federally backed mortgages include those purchased or securitized by Fannie Mae or Freddie Mac; insured by the Federal Housing Administration, the U.S. Department of Veterans Affairs or the U.S. Department of Agriculture (USDA); and directly issued by USDA. The legislation also includes consumer-oriented protections with respect to multifamily properties with federally backed loans.

The CARES Act also establishes the Office of the Special Inspector General for Pandemic Recovery, which will conduct, supervise and coordinate audits and investigations of the making, purchase, management and sale of loans, loan guarantees and other investments made by the Treasury Department under any program established by the Secretary of the Treasury through the legislation. Separately, the law establishes a Congressional Oversight Commission to conduct oversight of implementation of certain provisions of the law by the Treasury Department and the Federal Reserve. These two oversight mechanisms are similar to those included as part of the 2008 Troubled Assets Relief Program.

FDA-Related Concerns

The CARES Act also includes several important provisions that specifically implicate U.S. Food and Drug Administration-related regulatory requirements, including:

National Academies Report: National Academies will study the manufacturing supply chain of drugs and medical devices and provide recommendations to Congress. The study will assess dependence on critical drugs and devices sourced from outside the United States.

Respiratory Protective Devices: The Public Health Service Act is amended to include respiratory protective devices as Covered Countermeasures if they are approved by the Occupational Safety and Health Administration and determined by the Department of Health and Human Services (HHS) to be a priority for use during a public health emergency. It also provides liability protection for manufacturers of respiratory protective equipment.

Review of Drug Applications: FDA is required to prioritize and expedite review of drug applications and inspections of drugs that are deemed life-supporting, life-sustaining, intended for emergency use or surgeries, and critical during a public health emergency.

Drug Shortage Provisions: The legislation expands the Food, Drug and Cosmetic Act’s (FDCA) current provisions to require manufacturers of covered drugs to report disruptions in the supply of active pharmaceutical ingredients. It also adds drugs that are critical to the public health during a declared public health emergency to the list of covered products subject to the reporting requirements. Additionally, the legislation requires manufacturers of covered drugs to develop redundancy risk management plans and directs FDA to prioritize and expedite review of drug applications and inspections of drugs that could help mitigate or prevent a shortage.

Production Volume Reports: Manufacturers of drugs registered with FDA under Section 510 of the FDCA are required to report to FDA on an annual basis the amount of product manufactured for commercial distribution.

Device Shortage Provisions: Manufacturers must submit to FDA information about a device or device component shortage if HHS determines this information is needed during, or in advance of, a public health emergency.

Strategic National Stockpile: The Strategic National Stockpile is required to procure certain medical supplies and devices, such as personal protective equipment and other supplies.

Over the Counter Drugs: The legislation reforms the regulatory process for over-the-counter (OTC) drug monographs allowing the FDA to designate or approve changes to OTC drugs administratively, rather than going through a full notice and comment rulemaking. The legislation includes provisions on sunscreen ingredients and establishes a user fee program beginning in fiscal year 2021 for OTC drug products.

Coverage of Testing and Preventative Services: Insurers are required to provide coverage (without cost sharing) for all diagnostic tests for SARS-CoV-2 or COVID-19 provided that: (i) the test has been approved, cleared or authorized under the FDCA; (ii) the test developer intends or has requested authorization for emergency use; (iii) a state has authorized it and notified HHS; or (iv) HHS has deemed it appropriate. For such tests, insurers must pay either the rate specified in a contract or the price listed by the provider. During the emergency period, HHS may impose a penalty on any provider of a diagnostic test for COVID-19 that does not publicly disclose the price of their test on their website.

Tax Implications

The new legislation lifts certain deduction limitations imposed by the Tax Cuts and Jobs Act (TCJA). Corporate taxpayers may carryback Net Operating Losses (NOLs) arising in 2018-2020 for up to five years (under the TCJA, no carrybacks were allowed); and for 2020 and years prior, corporations and pass-throughs may fully offset their income using NOLs (the TCJA imposed an 80% cap). Additionally, for 2019-2020, taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income plus business interest income (30% limit under the TCJA). Taxpayers may also elect to use their 2019 adjusted taxable income for determining their 2020 interest deduction.

Two mechanisms limit adverse tax consequences resulting from the Treasury’s new authority to make advances to businesses. (See "Loan Programs Central to CARES Act Stimulus.") First, any such advances are treated as debt for tax purposes, enabling borrowers to deduct the related interest payments. Second, Treasury may make rules so that its equity investments do not cause a Section 382 ownership change, which might otherwise limit the use of NOLs and certain other tax attributes.

For employer payroll tax payments that would otherwise be due before January 1, 2021, 50% of such payments are now due December 31, 2021, with the remainder due December 31, 2022. Additionally, employers severely impacted by COVID-19 (either subject to a shut-down order or incurring a 50% decline in gross receipts) are eligible for a refundable payroll tax credit of 50% of wages paid to certain employees, with limitations. (See "Compensation-Related Provisions.")

The act also accelerates the use of corporate alternative minimum tax credits, makes Qualified Improvement Property generally eligible for 15-year cost-recovery and 100% bonus depreciation, raises the corporate charitable deduction limit to 25% of taxable income, and provides that forgiveness of “Paycheck Protection Program” loans is not taxable income.

Compensation-Related Provisions

Limitation of Certain Employee Compensation

The act provides certain limitations on compensation payable by passenger air carriers, cargo air carriers, businesses critical to maintaining national security and any other business that receives a loan or loan guarantee under the act (a Loan Recipient). It also places limits on compensation payable by air carriers and certain contractors who provide services to air carriers that receive financial assistance to be used for continuation of the payment of employee wages, salaries and benefits (a Payroll Assistance Recipient).

For Loan Recipients, these limitations apply for the period commencing on the date that the company enters into an agreement with the Secretary of Treasury and ending on the first anniversary of the date that the loan or loan guarantee is no longer outstanding. For Payroll Assistance Recipients, these limitations apply during the two-year period beginning March 24, 2020, and ending March 24, 2022. During the applicable restricted period, no officer or employee of a Loan Recipient or Payroll Assistance Recipient whose total compensation exceeded $425,000 in calendar year 2019 (a Covered Employee) will receive: (i) total compensation during any 12 consecutive months exceeding his or her total compensation from the Loan Recipient or Payroll Assistance Recipient in 2019, or (ii) severance pay or other benefits upon termination of employment that exceeds twice the maximum total compensation received by the Covered Employee in 2019. In addition, during the restricted period, any Covered Employee whose total compensation exceeded $3 million in calendar year 2019 may not receive total compensation during any 12 consecutive months in excess of the sum of (i) $3 million and (ii) 50% of the excess over $3 million of the total compensation received by the Covered Employee in calendar year 2019. For purposes of the act, “total compensation” includes salary, bonuses, stock awards and other financial benefits.

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The Federal Government Is Spending $60 Billion To Keep Mostly Empty Commercial Planes Flying Over the U.S.
 

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It's no secret that the coronavirus pandemic has been particularly devastating for the airline industry, with the number of passengers paying to fly falling by as much as 95 percent compared to this time last year.

Air carriers' financial pain proved enough of a justification for Congress to include $60 billion in financial assistance to the industry as part of the $2.3 trillion economic relief package it passed last week.

This aid isn't without strings, however. Airlines are being asked to maintain a minimum level of service to qualify for emergency government funding. The result has been companies running nearly-empty, money-losing flights just so they can avail themselves of taxpayer support.

...

 

Billions and billions of boondogglin' bucks. We have long paid farmers to not farm, not sure why they didn't figure out to pay airlines to not fly.

A few heretics think pissing away a couple of trillion dollars that we don't have is not a great answer, but they just don't know how to use a panicdemic properly.

For example:
 

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One of the other dissenters was Rep. Justin Amash, the Michigan independent who left the Republican Party last summer because he felt that it no longer represented his libertarianish philosophy. On Friday, Amash, who consistently criticized the CARES Act for giving the lion's share of the money to corporations and other special interests rather than individuals, officially submitted a no vote.

Here are two tweets posted yesterday afternoon by the Democratic Congressional Campaign Committee (DCCC), "the official campaign arm of the Democrats in the House of Representatives":

Congressman Justin Amash officially submitted his 'no' vote in the congressional record on the bipartisan coronavirus relief bill that puts #FamiliesFirst amid the COVID-19 pandemic. #MI03

"During a national crisis, it's unfortunate that Congressman Justin Amash would once again adhere to an extreme, out-of-touch ideology, even when it means risking the health, well-being, and economic security of thousands of #MI03." —DCCC Spokesperson @Court_Rice

Thirty minutes later, the National Republican Congressional Committee (NRCC), "a political committee devoted to increasing the number of Republicans in the U.S. House of Representatives," posted these two tweets:

Congressman Justin Amash officially submitted his 'no' vote in the congressional record on the bipartisan coronavirus relief bill that puts #FamiliesFirst amid the COVID-19 pandemic. #MI03

"During a national crisis, it's unfortunate that Congressman Justin Amash would once again work against President Trump, even when it means risking the health, well-being, and economic security of thousands of #MI03." —NRCC Spokeswoman @CarlyAtch

To which Amash replied: "There's about as much independent thinking here as there is in Congress."

 

Nope, no reason to see any similarities between the Duopoly parties there. None at all. Well, except the whole blessed bipartisan unity in exploiting the panicdemic to boondoggle recklessly.

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They say if you fly Delta, it doesn't matter whether you want to go to heaven or hell, you're going to have to connect in Atlanta to get there.  

Well, a taxpayer funded windfall like this means that the airline industry had to travel through K street on the way to the Hill.  

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1 hour ago, Sol Rosenberg said:

They say if you fly Delta, it doesn't matter whether you want to go to heaven or hell, you're going to have to connect in Atlanta to get there.  

Well, a taxpayer funded windfall like this means that the airline industry had to travel through K street on the way to the Hill.  

I think they were far from alone. Hundreds of pages and trillions of dollars in a "must pass" boondoggle tells me that everyone's pork was served up.

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It seems to me that those who espouse the 'Too big to fail' bull shit are also the most staunch defenders of rapacious capitalism.  

There is a fuck ton of money looking for a home out there, if Boeing fails, if a bank fails, if the airlines fail, there are plenty of wealthy greedy bastards that can smell a bargain that would snap up the failed business at a bargain price so they could be come even wealthier.  If I were a billionaire, I would snap up American Airlines or whoever at 20 cents on the dollar all day long.

But having the government step in is almost as lucrative and a lot easier, so that's just fine with them too.  

Fucking hypocrites are all for capitalism until socialism works better.

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On 3/24/2020 at 5:26 AM, Jules said:

If you were to place a bet, who, or what, will benefit the most once a bill is passed?  The people or the corporations?

I do not understand the federal government collecting taxes from us, using that money to buy medical supplies from the private sector, then giving the supplies to the private sector so the private sector can rip off states that have to purchase the supplies with more tax dollars.
5:35 PM · Apr 3, 2020·Twitter Web App
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Trillions and trillions of boondoggling bucks again. Sigh.

Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

On 4/5/2020 at 4:58 PM, Mismoyled Jiblet. said:

It’s almost like you’ve been cheering on the gridlock.

Damn, I was shooting for "exactly like" not "almost."

I think the fact that a TeamD politician will face opposition from TeamR when proposing new boondoggling but the same process doesn't work so well the other way explains why Pelosi looks about half as bad as Trump on exploiting the panicdemic to rush through more and more spending.

The Coronavirus Stimulus Is Full of Wasteful Spending

And the next one is likely to be more of the same.

But the spending on questionable government programs is less troubling to me than the idea that the taxpayers will end up owning airlines.
 

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...These loans come with their own set of requirements. Most significantly, the CARES Act gives the Treasury Department the power to demand equity in these airlines in return for loans, which it can hold for up to five years. (The government would not get any voting power with these shares.)

"What is the government going to pay per share on this? Right now, the share price is very low, at the level of support they are holding out, you could potentially have the government be significant, major equity holders in these carriers," says Scribner.

That puts both airlines and the Treasury Department, not to mention taxpayers, in a tough position.

If the government requires airlines to hand over a large equity stake in their companies, it will end up holding a significant stake in these airlines. Given that USDOT is already dictating airline operations, this all starts to look a lot like the nationalization of the industry, which could then take years to unwind.

On the other hand, if the Treasury Department demanded little in the way of equity from airlines, it would end up risking a lot of taxpayer dollars on these loans with little collateral to show for it.

Interestingly, Congressional Democrats and airline employee unions are urging Treasury Secretary Steve Mnuchin to offer very generous loan terms to the airlines, reports the Times. They fear that if the government drives too hard a bargain, the airlines will walk away from both the CARES Act's loans and grants, and instead start laying off workers.

 

That fear can be summed up as a fear that they'll act like businesses that wish to survive instead of flying empty planes around.

 

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I hope that Sunshitter gets a bailout, but just enough to level the thing.  We are going to have a 1/8 finished shell of building festering on our shoreline  for a long, long time.

My bro in law is a commercial property usury salesman.  He said it will sit for a few years and then someone will buy it cheap.  I'm sure that the exposed rebar will not corrode during its hibernation.

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  • 4 weeks later...

It turns out that the answer to the topic question is:

Nobody knows or cares
 

Quote

 

Congress has authorized more than $3.6 trillion in new spending in response to the COVID-19 pandemic. Now lawmakers are already discussing plans for more pandemic spending—with perhaps as much $1 trillion directed to cash-strapped city and state governments.

Before spending another dollar, Congress should finish the important work of making sure someone is keeping an eye how the largest pile of government cash in American history is being spent.

The $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act contained three levels of oversight: a new inspector general position at the Treasury Department, an independent Pandemic Response Accountability Committee to coordinate the efforts of several other inspectors general within the executive branch, and a bipartisan congressional commission.

More than a month later, each has already been hamstrung by a combination of apathy and partisanship.

...

 

Piling trillions upon trillions is so much fun, who can be bothered with oversight?

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Trump's wealthy friends look to cash in during coronavirus crisis

Quote

 

Fracking billionaire and Trump donor Harold Hamm was among an elite group of oil and gas executives who met with the president in early April to press for federal help, including access to big loans for businesses hurt by the coronavirus pandemic. It prompted Trump afterwards to promise to “make funds available to these very important companies”.

Major Trump ally Tommy Fisher, who last year landed a $400m Army Corps of Engineers contract to build 31 miles of Trump’s border wall in Arizona, in April received another $7m from the army – despite an active investigation by a Pentagon watchdog into allegations of favoritism after Trump reportedly pushed for Fisher.

Another big Trump donor, Mike Lindell, the chief executive of MyPillow and the chair of Trump’s campaign in Minnesota, got red-carpet treatment from Trump at a press briefing in late March. Lindell then praised Trump, hailing him as “chosen by God” as the president touted the firm’s efforts to make thousands of face masks.

 

https://www.theguardian.com/us-news/2020/may/03/trump-coronavirus-wealthy-friends-donors-backers

 

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32 minutes ago, Steganographic Tom said:

Nobody knows or cares
 

" More than a month later, each has already been hamstrung by a combination of apathy and partisanship. "

I'm shocked, shocked and appalled, to find gambling in this establishment!!!  Let no crisis go to waste.. and stuff.   Wrapping yourself in a metaphorical hospital gown really isn't much different than wrapping yourself in a metaphorical flag. 

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20 minutes ago, Steganographic Tom said:

Piling trillions upon trillions is so much fun, who can be bothered with oversight?

As long as they have enough paper and ink, why stop printing money and handing it to the fat cats?  It's fun and a lot easier than building an economy the old fashion way.

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  • 2 weeks later...

It's not like anyone saw this as possible, or likely.....

After $5 billion bailout, United Airlines chief urges workers to leave voluntarily or face layoffs

Would someone remind me what the conditions were for these big corporations to receive our tax dollars? 

Of course, President Trump shitcanned the IG in charge of monitoring our money.

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11 hours ago, Bus Driver said:

It's not like anyone saw this as possible, or likely.....

After $5 billion bailout, United Airlines chief urges workers to leave voluntarily or face layoffs

Would someone remind me what the conditions were for these big corporations to receive our tax dollars? 

Of course, President Trump shitcanned the IG in charge of monitoring our money.

The conditions were a panicdemic that made trillions in new borrowing and spending urgently necessary.

Or maybe you're talking about the new rules to put the least fiscally responsible people in America in charge of airline employment?

Quote

"United Airlines has advised us they are looking to reduce all employees who work under the passenger service—including reservations—and fleet agreements to part-time to save money," Mike Klemm, president of the union's District 141 in suburban Chicago, said in a Friday memo. "Money for a company that has over $10 billion on hand today — that will have between $8 and $10 billion at the end of June and between $4 and $6 billion at the end of September."

And flat broke before Christmas at that rate, it would seem. Then all will be well because those workers won't have to wonder whether United Airlines will keep paying them to do... uh... nothing.

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On 5/3/2020 at 7:28 AM, cmilliken said:

I'm shocked, shocked and appalled, to find gambling in this establishment!!!  Let no crisis go to waste.. and stuff.   Wrapping yourself in a metaphorical hospital gown really isn't much different than wrapping yourself in a metaphorical flag. 

The metaphorical flag covers your metaphorical ass better.

 

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  • 3 weeks later...

Do You Feel $9,000 Richer, Punk?
 

Quote

 

As Congress squabbles over the next multitrillion-dollar phase of coronavirus relief, it's worth asking the question: Do you feel $9,000 richer since March?

Unless you were an early investor in the vaccine-chasing Moderna Therapeutics, the answer is likely "no." And yet the estimated $3 trillion price tag on the first four batches of COVID-19 stimulus, divided by 330 million increasingly underemployed U.S. residents, equals $9,000 per capita, which has ended up where government payouts usually go: to entities with better connections than you.

...

 

The part I bolded is a pretty good and perfectly predictable answer to the thread topic question.

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  • 3 weeks later...

How the Panicdemic boondoggle is being divided is still unclear, but it's clear that more boondoggling is always required.

The Federal Government Spent Nearly $3 Trillion on Coronavirus Relief. Oversight Has Been a Mess.
 

Quote

 

...At least four representatives—two Republicans and two Democrats—have what Politico describes as "close ties" to businesses that have received federal relief funds, meaning that the companies are run by or employ members of their families. As Politico notes, there are likely more beneficiaries in Congress, but a lack of transparency in how the funds are being disbursed makes it impossible to know for sure.

...

Meanwhile, as Bloomberg reports, the oversight efforts that were put in place are still struggling to come together. There are at least three oversight bodies, each facing staff and managerial issues. Brian Miller, a White House lawyer who the president picked to be special inspector general for pandemic recovery, wasn't sworn in until June 5. The Congressional Oversight Commission, meanwhile, requires bipartisan support for its leadership position; so far, no chairman has been announced. And in April, Trump kept Pentagon inspector general Glenn Fine from leading the Pandemic Response Accountability Committee, a multi-agency group of inspectors general who were also tasked with keeping tabs on federal spending. 

That group released an initial report this week warning that loan efforts were subject to fraud and abuse. Some of that may already be happening: In May, the Department of Justice charged an Atlanta-area reality star with fraudulently using a $2 million loan, backed by federal relief funds, to buy jewelry and pay child support. The loan was intended to support jobs at a trucking firm. 

...

It's sadly predictable that the largest emergency spending program in modern U.S. history would be difficult to track and would prove susceptible to fraud and abuse. Just as predictable: The Trump administration appears poised to ask for even more. 

Peter Navarro, a top White House economic adviser, recently said the administration is looking to hand out another $2 trillion. Although it's not clear whether the rest of the administration agrees with Navarro's precise ask, it seems reasonably likely that at least one more massive spending bill will come down the line this summer. Before the federal government ponies up another trillion or two, it would be nice to have a better idea about the first $3 trillion was spent.

 

A trillion here, a trillion there.

 

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On 3/25/2020 at 6:22 AM, B.J. Porter said:

And one reason the schools are horrid is all the selfish asscarrots that don't want to pay for them, then bitch about illiterate clerks that can't make change.

image.png.2d503dd9a59c76c1339930b979bdaba0.png

I just hope SS can pay for a well educated private nurse to wipe his arse.

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How Will U.S. Emergency Assistance Be Divided?

Well, the dead got their share.

Quote

More than 1 million stimulus payments totaling nearly $1.4 billion were sent to deceased Americans during the federal government's unprecedented emergency spending in response to the COVID-19 panicdemic.

...

The small business loans distributed as part of the CARES Act stimulus are another situation where the government's rush to get money out the door may have led to mistakes. The Paycheck Protection Program backed more than 4.6 million loans totaling over $500 billion, but the GAO found that many borrowers were not given proper guidance on how the loans would operate, including what rules would make a business eligible for loan forgiveness once the panicdemic had passed.

...

"Because of the number of loans approved, the speed with which they were processed, and the limited safeguards, there is a significant risk that some fraudulent or inflated applications were approved," the GAO concludes.

The Treasury Department is refusing to disclose vital information about loan recipients, which will only make accountability measures more difficult to implement.

Fast-tracking the direct payments and other aspects of the coronavirus response  might have caused money to be wasted, but other reports indicate that the stimulus package accomplished its goal. Stuffing billions of dollars into the economy caused the poverty rate to fall even as millions of Americans were kept out of work by COVID-19 outbreaks, according to a report from the University of Chicago. Meanwhile, Commerce Department data shows that personal income rose by about 10 percent during April.

Still, the full cost of the CARES Act stimulus will be felt for years to come. That one-time infusion of cash has caused the expected budget deficit for 2020 to quadruple from about $1 trillion to nearly $4 trillion.

Should he win, one benefit of a Biden Presidency would probably be that at least some people will care about things like quadrupling the deficit again.

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  • 2 weeks later...

How Will U.S. Emergency Assistance Be Divided?

Among lobbyists, advocacy groups, and congresscritters, of course. Oh, and Kushners.
 

Quote

 

...Politico reports that PPP borrowers included companies owned or founded by members of Congress, as well as the educational arms of the Congressional Black Caucus and the Congressional Hispanic Caucus. Several lobbying firms, technically barred from receiving loans if over half their revenue comes from lobbying, also benefited from PPP.

On the executive side of things, the Daily Beast reports that several companies linked to the family of White House Special Adviser (and President Donald Trump's son-in-law) Jared Kushner received PPP loans.

That list includes Observer Holdings LLC, a media company once owned by Kushner himself and currently held by an investment firm run by his brother-in-law. The Beast reports that hotels owned by Kushner Companies, a real estate investment firm owned by members of Kushner's family, also received PPP loans.

Aspiring presidents have had their turn at the trough too. Clothing brand Yeezy, which is owned by rapper and recently announced presidential candidate Kanye West, received a loan of between $2 million and $5 million. (The SBA did not release exact loan amounts.)

Even advocacy groups have been cashing in, including some noted critics of profligate government, spending such as Americans for Tax Reform and the Ayn Rand Institute (ARI).

The latter's acceptance of government aid provoked a lot of jeering on Twitter about the alleged hypocrisy at play, although ARI has said since late May that it would gladly accept PPP loans as an effective return of stolen goods.

Other free market organizations have taken a different approach.

"Central to this mission is our view that the scope and power of government should be limited. Our ability to make that case with credibility and integrity would be irreparably compromised if we accepted a loan right now," wrote Peter Goettler and Robert Levy, president and chairman of the Cato Institute respectively, of their refusal to apply for PPP funds in a Wall Street Journal op-ed. (The Reason Foundation, which publishes Reason, also declined to apply for a PPP loan.)

The list of PPP beneficiaries also includes progressive watchdogs like Public Citizen Foundation, the research and litigation wing of Public Citizen Inc., which received between $350,000 and $1 million from the program. Just yesterday, the group released a report on lobbyists with connections to the Trump administration benefiting from coronavirus relief funds.

Public Citizen notes on its website that it takes "no government or corporate money, which enables us to remain fiercely independent and call out bad actors." Like nearly all the organizations mentioned here, including Reason Foundation, Public Citizen benefits from other tax breaks and incentives, including those that encourage charitable giving.

NBC News reports that 43 Planned Parenthood affiliate organizations received between $65 million and $150 million in PPP loans. Congressional Republicans have argued that these affiliates are too closely tied to the national Planned Parenthood organization to qualify for the small business program. The SBA has demanded that these affiliates return the PPP money they received.

NARAL Pro-Choice America Foundation, an advocacy group, and the National Abortion Federation, which represents abortion providers, also both received PPP loans.

...

 

 

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Congressional Republicans have argued that these affiliates are too closely tied to the national Planned Parenthood organization to qualify for the small business program. The SBA has demanded that these affiliates return the PPP money they received.

 

Of course they did.

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5 minutes ago, Grrr... said:

Congressional Republicans have argued that these affiliates are too closely tied to the national Planned Parenthood organization to qualify for the small business program. The SBA has demanded that these affiliates return the PPP money they received.

 

Of course they did.

I think they're right about that. State ACLU affiliates seem to me closely tied to the national group. So do state NRA affiliates.

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1 hour ago, Cacoethesic Tom said:

I think they're right about that. State ACLU affiliates seem to me closely tied to the national group. So do state NRA affiliates.

There is a pretty major difference between the NRA and Planned parenthood.  Planned parenthood provides necessary medical services (and I'm not talking abortion) to in-need patients, and even scale the patient charges based on income.

Comparing them to the ACLU is more accurate, since the ACLU provides legal services in many cases where people couldn't otherwise afford them.

The blah blah about Kushner and other Republicans being linked to some of the money is silly - the folks in Washington have their fingers in hundreds of pies, and are always going to be the recipients of corporate welfare due to the sheer number of companies they are involved with.

I guess my comment was more related to the world of big government and all the handouts that the government has given to huge companies, some of which still have large amounts of cash in the bank and are laying people off.  Yet republicans suddenly get all conservative when the money goes to the 'wrong' people because of way in which the republicans apply their highly questionable ethics.

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21 minutes ago, Cacoethesic Tom said:

You mean like the NRA?

No, not like the NRA, but I don't expect you to be able to see the difference.  I guess it comes down to the importance you assign to guns, and I'm not going there with you.

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2 hours ago, Grrr... said:

No, not like the NRA, but I don't expect you to be able to see the difference.  I guess it comes down to the importance you assign to guns, and I'm not going there with you.

Providing legal services to protect the rights of those who can't afford them seems pretty similar to me. I guess it comes down to the unimportance of one particular right to you, a place you just went.

It may surprise you to learn that I side with the ACLU on the DISCLOSE Act and have never forgiven the NRA for their betrayal on that issue, which is why I have never joined. I've said repeatedly that the first amendment is our most important. Yes, even as applied to organizations like ACLU Inc and NAACP Inc.

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  • 3 weeks later...

A trillion here, a trillion there...

Quote

 

Republicans ready the CARES 2 Act. Republican leaders in the Senate, White House Chief of Staff Mark Meadows, and U.S. Treasury Secretary Steven Mnuchin spent the weekend putting the "finishing touches" on the next round of coronavirus-related spending, Meadows told reporters on Sunday night. Senate Majority Leader Mitch McConnell is slated to introduce it this afternoon.

...

For a little bit on how the first round of federal COVID-19 spending has gone in practice, see these past Reason stories:

 

On 5/30/2020 at 6:11 AM, Cacoethesic Tom said:

has ended up where government payouts usually go: to entities with better connections than you.

I expect the answer to the thread topic question hasn't changed since May.

 

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  • 1 month later...
  • 2 weeks later...

How Will U.S. Panicdemic Assistance Be Divided?

A billion for new war toys
 

Quote

 

The Washington Post, which uncovered the questionable spending, reports that "hundreds of millions of dollars from the fund" went to "projects that have little to do with the coronavirus response," including:

$183 million to firms including Rolls-Royce and ArcelorMittal to maintain the shipbuilding industry; tens of millions of dollars for satellite, drone and space surveillance technology; $80 million to a Kansas aircraft parts business suffering from the Boeing 737 Max grounding and the global slowdown in air travel; and $2 million for a domestic manufacturer of Army dress uniform fabric. […]

Hundreds of millions of dollars also flowed to several large, established companies, such as GE Aviation, a subsidiary of General Electric, which received two awards worth $75 million in June. A subsidiary of Rolls-Royce received $22 million to upgrade a Mississippi plant.

In addition, "10 of the approximately 30 companies known to have received" DOD money "also received loans through the Paycheck Protection Program, another relief package created by the Cares Act," points out the Post.

...

"We need to always remember that economic security and national security are very tightly interrelated and our industrial base is really the nexus of the two," said Ellen Lord, undersecretary for acquisition and sustainment, in a statement.

The agency was far from the only entity to put CARES Act money to questionable ends, or the only failure of federal lawmakers and agencies to properly oversee that spending—a lot of which ended up going to bail out state-favored industries and to pet projects with questionable relation to fighting disease or dealing with economic hardships.

But the government giving out masses of money to buy military gear and calling it a life-saving attempt to help the American people through the coronavirus pandemic is probably the most egregious perversion of the concept of public health.

...

 

TeamD congresscritters want to investigate whether this was proper panicdemic procedure.

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  • 2 months later...

More and more Panicdemic Pork
 

Quote

 

...

Well, the 5,593 page behemoth has finally been released to the public, as well as to the curious legislators who are supposed to vote on it. Just printing this monstrosity was a nearly fatal task: The file containing it was so unwieldy that it kept crashing Congress's computers.

The main thrust of the bill is to provide $600 per person to people below a certain income threshold and to expand the Paycheck Protection Program for various businesses. But that's not all—not by a long shot.

For instance, the bill also instructs the Smithsonian Institution to create two new identity-based museums: one for women, and one for Latinos. (The legislation refrains from using the phrase "Latinx.") The bill also takes a position on the reincarnation of the Dalai Lama, expressing that in the view of the U.S. government, "the wishes of the 14th Dalai Lama, including any written instructions, should play a key role in the selection, education, and veneration of a future Dalai Lama." The bill includes a provision prohibiting any federal funds from being used by the Association of Community Organizations for Reform Now (ACORN), an activist group that no longer exists in the United States. It attempts to normalize U.S. foreign relations with Sudan, criminalizes illegal streaming, and creates a plan for building a Theodore Roosevelt presidential library in North Dakota.

...

 

If we're ever going to get this panicdemic under control, it's vital that we consider the Dalai Lama, ACORN, and Teddy Roosevelt.

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15 minutes ago, roundthebuoys said:

I thought it was $900B.  Is it really $2.5T??

A trillion here, 1.6 trillion there, and pretty soon you're talking about fake money. If the world realizes this and we lose reserve currency status...

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1 minute ago, Polytelum Tom said:

A trillion here, 1.6 trillion there, and pretty soon you're talking about fake money. If the world realizes this and we lose reserve currency status...

If it's truly $2.5T and we (probably not even me) are getting $600, what a fucking joke.  And I don't think AOC lies.

Edit: I just heard there is an additional $1.4T that is in the bill not considered "stimulus", but it's in there for all kinds of other supplemental shit.

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8 minutes ago, roundthebuoys said:

If it's truly $2.5T and we (probably not even me) are getting $600, what a fucking joke.  And I don't think AOC lies.

Edit: I just heard there is an additional $1.4T that is in the bill not considered "stimulus", but it's in there for all kinds of other supplemental shit.

Nothing attracts pork like a must-pass bill. Especially one that won't be read before the vote.

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58 minutes ago, roundthebuoys said:

If it's truly $2.5T and we (probably not even me) are getting $600, what a fucking joke.  And I don't think AOC lies.

Edit: I just heard there is an additional $1.4T that is in the bill not considered "stimulus", but it's in there for all kinds of other supplemental shit.

2.5 trillion divided by 330 million Americans equals $7,575 to every man, woman and child in the US.

2.5 trillion divided by 205 million working-age Americans equials $12,147 each.

Just sayin.

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31 minutes ago, Nice! said:

2.5 trillion divided by 330 million Americans equals $7,575 to every man, woman and child in the US.

2.5 trillion divided by 205 million working-age Americans equials $12,147 each.

Just sayin.

We can't go giving that kind of money to average folk.  They won't know how to handle it.

Best give it to the rich, and it will "trickle down" to us.  One of these days....

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4 hours ago, Nice! said:

2.5 trillion divided by 330 million Americans equals $7,575 to every man, woman and child in the US.

2.5 trillion divided by 205 million working-age Americans equials $12,147 each.

Just sayin.

How much is it divided by 1% of the population?

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6 hours ago, roundthebuoys said:

I thought it was $900B.  Is it really $2.5T??

The 900 billion Covid relief bill got combined with the 2.39 trillion 2021 Omnibus Spending Bill (that funds the Government until September), because they ran out of time. It's causing a shitload of confusion & bad takes in the media & on social media. 

Plays right into the R "government is fucked up" line.  Coincidence, or the reason Mitch ran the clock?  Either way, I'm sure Purdue & Loeffler will milk it for all it's worth.

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6 hours ago, frenchie said:

The 900 billion Covid relief bill got combined with the 2.39 trillion 2021 Omnibus Spending Bill (that funds the Government until September), because they ran out of time. It's causing a shitload of confusion & bad takes in the media & on social media. 

Plays right into the R "government is fucked up" line.  Coincidence, or the reason Mitch ran the clock?  Either way, I'm sure Purdue & Loeffler will milk it for all it's worth.

What makes you think facts have a place here?  

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Just now, Sol Rosenberg said:

Remember the outrage when Congress passes a bill longer than a square of toilet paper? Those were the days. 

I used to be a fan of line item veto.  Then...Trump. Of course, it would have kept him busy for a long time if bills were carefully written.  

In 1976, we changed to US fiscal year to allow Congress enough time to finish their work and get the various budget authorization and appropriation acts in place.  IIRC, the next year was the only time they made the deadline.  I'm still a proponent that congressional pay should stop once they miss a deadline and not start again until they have "caught up."  

 

 

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3 minutes ago, Innocent Bystander said:

I used to be a fan of line item veto.  Then...Trump. Of course, it would have kept him busy for a long time if bills were carefully written.  

In 1976, we changed to US fiscal year to allow Congress enough time to finish their work and get the various budget authorization and appropriation acts in place.  IIRC, the next year was the only time they made the deadline.  I'm still a proponent that congressional pay should stop once they miss a deadline and not start again until they have "caught up."  

 

 

There are so many things to fix. These people can’t afford to waste time doing their jobs. They need that time for fundraising. 

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7 hours ago, SloopJonB said:

How much is it divided by 1% of the population?

There aren’t enough zeros available for that calculation!

But it’s only about $6700 +/- if what is meant by 1% of the population.

If the context is the top 1% in income or wealth (definitions vary)then we are in the neighborhood of about $150 million

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