The 1970s are not an appropriate analog for the present. The nature of the inflation is entirely different. Then, it was pressure caused by manipulated fuel prices (OPEC) that affected every sector of the economy and a hugely expensive war combined with expanded social programs. Today, it is transitory gaps in the global supply chain due to the pandemic combined with early retirements (a recent study found that 90% of the workers who quit and haven't come back are over 55 and retired early, and that of the retirees, only a third as many as normal came back, primarily due to workplace health concerns).
As for the PPP, Bob C has it right: it was intended to jack money into peoples' pockets immediately. If you spent it on payroll and some other door-opening expenses (like rent up to 25%), the loan was forgiven. If not, it was 1% interest repayable starting after a year.
I also would add that the ethics/morals arguments are meritless at their core because everyone can and does have a different interpretation of the concepts, which renders them amorphous and meaningless for argument. I think healthy people who refuse to get vaccinated are morally responsible for thousands of unnecessary deaths and billions in wasted hospital care. Someone else certainly disagrees. I don't believe in these sorts of squishy non-standards because we are a nation of laws. There is lawful and there is unlawful behavior, period. If someone behaves lawfully and you don't like it, change the law. Hate the game not the player.
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01-08-2022, 08:59 AM
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