Someday we’ll learn that centralizing power centralizes benefit.
Brad Polumbo conveys a should-be-unsurprising finding from an MIT study:
The federal government has spent an astounding $42,000 per federal taxpayer on so-called “stimulus” efforts since the pandemic began. Where did all that money go? Well, as it turns out, one of the biggest stimulus programs, the Paycheck Protection Program, failed miserably. …
The analysis shows that even though 93 percent of small businesses received loans from the program, only between 2-3 million jobs were preserved. The program spent an astounding $170,000-$257,000 for each job it helped preserve! That’s, erm, a lot more than most of those jobs even pay.
Moreover, the study finds that only 23 to 34 percent of the program’s dollars went to workers who would’ve otherwise lost their jobs—meaning the vast majority went to “business owners and shareholders.” (Oh, and a whole bunch was lost to fraud, too).
Some business owners got to take some nice vacations with the money, that’s for sure.