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A Fresh Look at Where $5.7 Trillion in Stimulus Money Went (Think Fraud)

Add it all up and there was $5.7 trillion across 5 separate pandemic stimulus programs. Let's discuss how the money was spent.
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$5.7 in stimulus. Image from video clip.

$5.7 in stimulus. Image from video clip.

New Rule: American Kleptocracy | Real Time with Bill Maher (HBO)

Except where noted, the following images are video clips.

Improper Payment Rate Department of Labor

$1.63 billion could have been paid improperly, attributable to fraud, likely higher

$1.63 billion could have been paid improperly, attributable to fraud, likely higher

Fake Farms

Hundreds of PPP Loans went to fake farms.

Hundreds of PPP Loans went to fake farms.

Tom Brady's Company Received $960,000 PPP Loan

Tom Brady's TB 12 Company Received a $960,000 PPP Loan

Tom Brady's TB 12 Company Received a $960,000 PPP Loan

"Almost none of the money was used to feed children."

"Almost none of the money was used to feed children."

New York Times Claim

Only about a quarter of the money spent went to wages that would have been lost.

Only about a quarter of the money spent went to wages that would have been lost.

The Real Heroes 

Senators Joe Manchin and Krysten Sinema put an end to the nonsense

Senators Joe Manchin and Krysten Sinema put an end to the nonsense

Bill Maher Quotes

  • "You might want to look at how much of the trillions of dollars of in free government Covid relief money was just flat out stolen. 
  • "All told $5.7 trillion laid out
  • "Let's just look at what happened after the forever flu hit America and Washington's answer was a mountain of money and a sign that said come steal it.
  • "ID.me stands by it's estimate of $400 billion in fraudulent claims ffor unemployment insurance. That's almost half of it. 
  • "$2 million got sent to one address. What was the job that guy was out of?
  • "Republicans at least used to pretend to be the mean old men who watched your money. But now, nobody from either party even pretends to.
  • "Defunding the police is a bad idea. So is de-policing the fund.
  • "Kanye West received $2 million so he could continue to make the worlds ugliest shoes
  • "There's an old adage that government cannot transfer money except by means of a leaky bucket. I get that. But when it's all holes it's not a bucket anymore. 
  • "The New York Times says it was effectively a windfall for businesses, on the whole a wealthy group

Maher's Conclusion

"Shouldn't liberal democrats be the ones most upset about this?" asked Maher.

"If I say the government takes our money and wastes it, people say you sound like a conservative. But I haven't changed, the hole to bucket ratio, that changed."

In reference to senators Joe Manchin and Krysten Sinema, Maher commented: "These two are seen as the bad guys in their party because they looked at another multi-trillion spending bill and wondered if government was up to the task of taking all that money and not just having it siphoned off by grifters and for bulls**t."

"Would it surprise you that $6.4 billion in that program earmarked for carbon reduction doesn't actually mandate any carbon reduction?"

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Where Did It Go?

Where did the money go? Where it always goes: Those with first access to it, the already wealthy, the politically connected, and fraud.

It would have been easy for me to get money, legally, but I didn't. Those with business checking accounts had first access.

I am aware of wealthy fund managers getting money to allegedly make payroll. Yeah, right. 

By the time gig workers out of a job got access, the funds were all used up. I had many suffering friends who really did lose their jobs but had no access because they did not have a business account at a bank.

How Much Free Money Stimulus Still Hasn't Been Spent?

Income and spending data from the BEA, chart by Mish

Income and spending data from the BEA, chart by Mish

On April 22, I asked How Much Free Money Stimulus Still Hasn't Been Spent?

My article discussed only the direct cash, not the other waste. 

I concluded about $2 trillion (unadjusted, and not annualized) still hasn't been spent.

Four Measures of Inflation

CPI data from the BLS, PCE data from the BEA, chart by Mish.

CPI data from the BLS, PCE data from the BEA, chart by Mish.

CPI Rips Higher to 8.5 Percent From a Year Ago, the Most Since 1981

For discussion of the above chart, please see CPI Rips Higher to 8.5 Percent From a Year Ago, the Most Since 1981.

And this administration has the gall to claim it's programs did not add to inflation.

Please watch the video. It will be an eye opener for most.

This post originated at MishTalk.Com.

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