A Tweet is making the rounds right now:
The Covid corporate bonus bailout costs about $18,000 per citizen.
So Congress is taking $18,000 from you, giving $16,800 to corporations and giving you back a check for $1,200.
My reply to the Facebook friend who posted the Tweet:
It's not that simple.
First, given the current political landscape, where a minority of 44% of the population have 53 Senate votes to the 66% of us who have 47, compromise—that is, weakening the recovery legislation—was inevitable.
Second, most of the money going to corporations will actually go to normal people. The legislation keeps people on salary and in health insurance instead of being laid off. (Don't get me started on the link between employment and health insurance. That stop-gap ploy to get around WWII salary caps outlived its usefulness by 1955. But it won't go away until we control the Senate.)
Third, I completely support the phase-out that means people like me won't get a single cent of the recovery money for the simple reason that other people need it more. So not everyone gets $1,200; only about 80% do.
Fourth, taxes don't work like that. On average, the recovery act might cost $18k per taxpayer (not per citizen—let's unpack that word choice later). But most people don't pay $18k in taxes. I don't know the exact proportions, but as a percentage of tax, though the $2.2 trn recovery package takes a lot of tax revenue, it's still only a proportion of what an individual pays.
Fifth, most of the corporations getting bailouts are small businesses. Anecdotes aren't evidence, but I will provide one anyway: A good friend of mine owns a used-book shop. She has no employees. She spends 60 hours a week in her shop. Her entire inventory is donated. The State of Illinois closed her business a week ago, and she doesn't know when she can reopen. She's getting a couple thousand bucks from the recovery legislation. You really want to claw that back because it's a corporation getting the money?
Sixth, I commend to the OP the story of Herbert Hoover's steadfast belief that the market would fix the problems revealed by the 1929 crash and subsequent depression. And then go read about the Capitol Hill Babysitting Co-op, which demonstrated better than any textbook why printing money in a liquidity crisis can save marriages.
Finally, my sincerest hope from this disaster is that people finally understand elections matter. What politicians say matters. What they do matters. When my lot were screaming to the heavens that the Republican Party were no longer able to govern, let alone be a responsible opposition party, 48% of the electorate said they didn't care what he said, only how he made them feel. And here we are.
I have a degree in history. That doesn't give me any special ability to fix these problems. But wow, does it help me understand their magnitude.
I just binge-watched the Netflix series Travelers, which postulates that the fate of humanity rests on the 21st century. I'm starting to agree.