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July 7, 2020 | Dead Weight: More Government Subsidies for ‘The Haves’

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel ( Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog:

Debt-funded government subsidies that further enrich ‘the haves’ are not economic stimulus but rather dead weight with a negative multiplier effect that reduces productivity and critical investment for years to come.

Billionaires, country clubs, private jet companies and Kanye West all received millions in government funding under the Paycheck Protection Program, according to the Small Business Administration.

The PPP loans and grants were part of the $2 trillion CARES Act, which President Donald Trump signed into law this spring. The loans were designed to help small businesses hurt by the coronavirus pandemic to retain or rehire employees. Yet according to a list of individuals and companies that received loans or grants of more than $150,000, recipients included large companies and billionaires that had access to other sources of capital and have recovered quickly from the pandemic.
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July 7th, 2020

Posted In: Juggling Dynamite

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