By now the media has been running hour after hour of just how much the new stim plan is needed to protect the people of the US……..well that is bullshit.
Of course that is just my opinion.
But for full disclosure here is the monumental piece of work…all 883 pages of it.
Yikes, the text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been released (full pdf below). The Senate took H.R.748 stripped it out, and replaced the text with this bill. The full 50 page senate record of the activity is available here.
Digging in now. However, at first blush the size of the spending seems to be a considerable state budget deficit bailout [similar to how Obamacare removed the healthcare pension liabilities from unions]. Here’s the BILL:
In fact, the paltry bill does nothing for 80 percent of workers, exempting both large employers and small companies that claim hardship. Members of Congress argued that allowing paid sick leave would encourage sick employees to stay home—which is precisely the purpose of the program. As a result, workers will be forced to choose between going to work sick and endangering their coworkers or forcing their families to go hungry.
Nothing will be done for workers threatened by the deadly pandemic. But when it comes to bailing out the banks and propping up share values, there is no limit to the resources the government is willing to mobilize.
In case you still do not understand this thing…..maybe this will help…..
more than $2 trillion that has already been pledged to backstop the values of financial assets held by major banks, Congress is debating an additional $2 trillion bailout package.
The vast majority of that proposal consists in various handouts to business in the form of a payroll tax holiday and loans, including measures specifically targeting the airline and other industries. Less than $50 billion of the bill funds emergency measures to combat the pandemic. Just one company, Boeing, is demanding a bailout larger than every public health measure contained in the bill.
While the Republicans and Democrats haggle over details of the bailout, they agree that 1) massive sums of money must be funneled through the major corporations; 2) that no measures be taken that limit or threaten the wealth of the executives and large investors; and 3) that the interests of the capitalist profit system and private property will remain unmolested and unchallenged. The banks and large corporations will not only continue to rule. These institutions and their executives and large shareholders are to emerge from the crisis richer and more powerful than ever.
The New York Times declared in an editorial published yesterday, “The only practical way to limit mass unemployment, and to preserve previously viable companies, is for the government to pump money into the private sector.”
If you prefer a graph to make it simpler….
$2.3 trillion in total funding was allotted as follows:
- 54% to corporations and small businesses through loans, grants and tax cuts
- 26% to workers and families, including 2% to safety net services
- 8% to hospitals and other health-related spending
- 7% to state and local governments
- 1% to education services
- 4% to other services