Dear Readers, usually I am careful on this blog to avoid sounding strident or provocative to the point where some of you won’t bother to read it. But today I feel that I must speak out about the absolute urgency of our common crisis moment here in America.
The Covid-19 pandemic has devastated the American economy during the past six weeks. Congress has passed several unprecedented economic recovery bills, which they touted as helping everyday Americans and especially small businesses to get through the emergency intact. Yet, it is coming out into the public that a large percentage of the billions of dollars designed to help small businesses and their employees, is instead (once again) lining the pockets of corporations and billionaires who are siphoning off the money from the ones who cannot survive without it. Read the Forbes magazine article here.
“We’re not going to be able to check all the loans before they go out the door because there’s over 26,000 of these loans, but before we forgive these loans, we’ll check every single one over $2 million,” Mnuchin pledged on Tuesday. “I encourage everybody to look at this and pay back these loans now so we can recycle the money if you made a mistake.”
More than 220 public companies have applied for at least $870 million in small business loans, according to data analytics firm FactSquared.
Under the $2.2 trillion CARES Act, The Paycheck Protection Program was originally allocated $349 billion for emergency small business loans, but that funding was quickly exhausted amid overwhelming demand that has often caused glitches in the system. Despite weeks of controversy around the PPP, another $310 billion was injected into the program thanks to the latest $484 billion coronavirus relief bill passed last week. “–Forbes magazine
Among ALL of the immense lessons Covid-19 has been teaching us, this particular one is definitely in the top 3 for people to pay attention to. We watched as giant corporations consolidated their wealth during the 2008 Great Recession. We saw predatory companies buy up smaller ones, including many banks. During the past 12 years, wealth consolidation by the wealthiest corporations and CEOs has gone from terrible to inconceivable. It is inconceivable that literally a handful of humans’ net worth is more than well over half of the population of the United States combined. Let that sink in for a moment.
Watching the news spectacle coming from Washington DC each day during the pandemic, many of us feel by turns angry, frustrated, sad, devastated, or perhaps even resigned to the ineptness and absurdity we are hearing from the POTUS and his administration. One author from Ireland commented about it this way (from Commondreams.org) :
The gifted Fintan O’Toole offers a fresh, brilliant, devastating perspective on a time when the sense of America as a great country “has all but evaporated.” Now the epicenter of a pandemic, he describes a nation “locked down with a malignant narcissist who, instead of protecting his people from Covid-19, has amplified its lethality. This is not mere ignorance – it is deliberate and homicidal stupidity,” he writes. “It is one thing to be powerless in the face of a natural disaster, quite another to watch vast power being squandered in real time – willfully, malevolently, vindictively, often in the recurring horror show of briefings in which all the neuroses that haunt the American subconscious dance naked on live TV.”
The question most of us wonder is, Where do we go from here? When will the citizens finally awaken out of the nightmare of what life in America has become for the majority of us? Isn’t it way beyond time to open our eyes and squarely face the obscenity of unbridled greed and power-mongering being flaunted right before our faces? And then say: NO MORE. EVER AGAIN. The hundreds of millions of people who continue to suffer due to monstrous inequity by the power elite deserve better. The Covid-19 pandemic is showing us our collective neuroses like never before. May we each have the deep courage and strength to finally, creatively, and loudly point it out, protest, petition our members of congress, and most importantly, to vote for real, structural change to the status quo. The criminals must be permanently stopped, and the time is NOW.