designed to keep businesses afloat to pay their employees
My example was a business that did not need the PPP loan to keep the business afloat but got that money anyway. It was to juxtapose the above poster arguing why aid isn't needed for these working class people because they have been able to buy cars before, while rich people allow other rich people to benefit from government subsidies even though they have been and are currently able to finance their submarines. Even if not all of rich people directly benefit from the bailout, they support their fellow rich people, and in turn will get support in the future, unlike you and I unfortunately.
to pay their employees
I think you may have skimmed over the comment too fast so I will relink it. things like mortgage interest, rent, utilities, supplier costs and expenses for operations. They payed a privately owned company, so a guy as he owns that company, for much more than his employees.
wanderer
9mo ago
I think the non-legal reasons of this post are less reflective of some of these working peoples lives.
$10-20k is exactly the range lower middle class people should be able to pay off!
60% of Americans Now Living Paycheck to Paycheck and now have to make loan payments that will accrue in interest as they don't have the money to pay down the principle upfront. I believe it would have been significant for them.
The problem area seems to be those with high debt (which this wouldn't have made much of a dent in anyway)
20k is a significant sum of money for most working Americans but especially to young people just starting out with high debt accruing interest and a mid to low income. For every year they can't pay that 20k down at 5-8% interest, it's another 1k minimum added on top. A high debt(>60k) maximum repayment period is 30 years, so 20k early could turn into 50k-68k in total relief. The average student loan debt is currently $37,338 meaning for both the average and above average borrower, it would be significantly impactful.
They pay off cars in that range just fine, all the time
I'd say multimillionaires in the 1% are better able to pay off their doomed submarines. Didn't stop the government from granting Oceangate $447,000 in PPP Loans all forgiven by the American taxpayer, and not just for payroll but for things like mortgage interest, rent, utilities, supplier costs and expenses for operations. Bailouts for the rich, pull yourself up by your bootstraps for everyone else. Because they know how to work the system for mutual benefit.
That could be true, but that is also the least charitable interpretation of these people/families plight. As is the opinion that it is survey data thus unreliable.
More than half of Americans (58%) describe themselves as living paycheck to paycheck
Americans Rely on Credit Cards to Make Ends Meet As 64% Admit to Living Paycheck to Paycheck
two different surveys from 2023 for reproducibility, as all I see are surveys for paycheck to paycheck data. Full disclosure, on one of the surveys only about a 1/4 believe they would benefit from student debt forgiveness, 14% don't know. I actually don't doubt that they are living pay check to paycheck but perhaps the disagreement is that the phrase implies they aren't able to afford to put money away after rent,food,childcare,ect. at the most minimal level possible as opposed to where they live or currently spend? Zip codes would have been valuable to collect, as it is possible someone making 100k as a single person living in a rural area is misrepresenting themselves vs. a couple each making a 50k in a San Francisco type city where they work, struggling with rent and child care costs.
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