The House of Representatives voted on and passed another Virus
Relief Package. This one for another $3 trillion. It has happened so
often these days that I am not even stunned by the amount. I lie,
I am staggered by the amount. My mind cannot comprehend numbers
of this magnitude. Our country will face a debt of five trillion
dollars, let me say that again five trillion dollars. And CBS news
estimates the total cost to the nation at $19 trillion.
What are we getting for this? A piecemeal handout directed shotgun
style to whomever. Everybody gets money, whether they need it or
not. The L A Lakers get money, large food service franchises are
getting money, I got a check. Did I need that check? No, I did not
need that check. And I venture to say that neither did the L A Lakers.
But the poor family who doesn't pay taxes because they don't make
enough money to give 10% to the government, they will not receive
a check because the government doesn't know who they are. And
unless they contacted the IRS before last Wednesday, they won't be
eligible for a check until September.
The stimulus also called for giving the unemployed a supplemental
check amounting to $600 in addition to their unemployment check.
In most cases that would mean that folks would be getting more money
as unemployed as they were when they were working. Not much of
an incentive to return to work, is it?
There appears to be no oversite on how and who is receiving these
payouts. During the last relief package, passed in 2009, called the
Economic Stimulus, the government handed out $787 billion in
bailout money to corporations. That seems like chump change today.
Many of those corporations used that money to buy back their stock
and park the cash in overseas accounts. It did however, prevent the
recession from turning into a full-blown depression. So we were told.
Other countries are passing stimulus packages also, however they are a
bit different. The UK is paying companies to keep their employees
on the payroll, to prevent wholesale unemployment. Canada has
passed an unemployment package to continue thru June, July, and
August, called the Federal Wage Subsidy, which pays 75% of a workers
salary up to $847 a week.
Canada also, has just passed a stimulus package for corporations, but
it comes with strict conditions. Specifically, any firm applying for
the loans must impose limits on dividends and executive pay, and
agree to abide by Canada's climate change goals. Also any firm
convicted of tax evasion will not be eligible. It is explicitly stated that
this money is a loan of last resort, not a bailout.
The money is available to all large for-profit businesses, including
oil and gas companies and non-profits like airports. But the companies
must have significant operations in Canada. To avoid loaning to firms
who have been engaged in tax avoidance and tax evasion, the companies
must provide the government with their complete financial structure
when they apply. To quote P M Trudeau, "I think Canadians expect
companies that get support from public dollars to have been responsible
around paying their fair share of taxes." Wow, now there is a great idea
for you.
The companies receiving the government loans would be required to
publish annual climate-related disclosure reports showing they support
national climate goals.
What a way to run a country!
I'm just sayin'
