A new report by the Federal Reserve Bank of St. Louis revealed that American taxpayers ended up paying $4 for every $1 in wages and benefits that workers received as a result of the Paycheck Protection Program (PPP).
Just The News reports that the study also revealed how the PPP ultimately did not protect jobs that were at risk of disappearing during the pandemic, and that money overwhelmingly went to wealthier households rather than middle- and low-income households.
The study, titled “Was the Paycheck Protection Program Effective,” was written by co-authors William Emmons and Drew Dahl. They concluded that, while “the PPP was a very large and very timely fiscal-policy intervention, saving about 3 million jobs at its peak in the second quarter of 2020 and distributing $800 billion well within two years of the onset of the COVID-19 crisis,” the program ultimately “was poorly targeted, as almost three-quarters of its benefits went to unintended recipients, including business owners, creditors and suppliers, rather than to workers.”.........To Read More.....\
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