Tag Archives: Paycheck Protection Program

The Cost Of Bidenomics

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On Monday, The Daily Signal posted an article that provides some insight into the actual state of the American economy.

The article reports:

Small-business bankruptcies are up 61% on the year. It is a cackle-nomics miracle.

The data comes from bankruptcy analyst Epiq, which reports that commercial filings for Chapter 11 bankruptcies soared to 4,553 so far this year.

Meanwhile, total corporate bankruptcies are also rising, hitting the highest since the COVID-19 pandemic, according to S&P Global Market Intelligence, which is hitting especially hard in retail, with a parade of chains going under this year, including Red Lobster and its beloved endless shrimp. Never forget what they have taken from us.

What’s causing it? Simple: Inflation, high interest costs, and COVID-19 loans.

Inflation, of course, drives up business costs to the point they have to hike prices, which chases consumers out.

High interest rates are well-known to strangle business. In fact, that’s why the Fed does them, to strangle household spending enough that federal spending has inflation all to itself.

And then the COVID-19 loans: During the pandemic, the Small Business Administration pumped out 4 million loans—worth about $380 billion—in so-called economic-injury disaster loans. Note these were separate from the Paycheck Protection Program loans, where $800 billion were handed out to bribe voters into lockdowns.

While many of the PPP loans were fraudulent—actually, most of them, according to NPR—96% of those loans were forgiven.

Incidentally, one gang member recently killed in a Baltimore shootout had, it turned out, an outstanding PPP loan for a nanotech company. Not a joke.

Thing is, those $380 billion in injury loans actually do have to be paid back.

And it turns out a lot of companies can’t. Eighty percent are still outstanding—$300 billion—so, we’re probably just seeing the tip of the injury-loan bankruptcies.

As Tim Walz stated at a recent Pennsylvania rally, “We can’t afford four more years of this!”

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What Corruption?

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The New York Post posted the following headline today, “Art gallery repping Hunter Biden received $500K federal COVID loan, records show.

The article reports:

The Georges Berges Gallery initially received a $150,000 COVID “disaster assistance loan” from the Small Business Administration last year, according to public records.

But the loan was recently “revised,” with the SBA approving a further $350,000 to the SoHo gallery this summer, records show.

The approval came on July 26, in the lead-up to Berges’ exclusive marketing of 15 paintings by the president’s scandal-scarred son, public records show.

In addition to the COVID disaster assistance loans, the SoHo gallery received nearly $80,000 in two payments in April 2020 and February 2021 under the SBA’s Paycheck Protection Program, funds meant to help businesses keep up with paychecks to employees during the pandemic.

All tolled, $580,000 in taxpayer-funded COVID relief aid was doled out to a gallery with only two employees, according to SBA records.

Berges declined to specifically respond to repeated queries from The Post on whether the Bidens interceded in his loans; if any of the government cash went directly to Hunter Biden as a salary or stipend; or if any of it was used to market his artwork.

It’s really a shame we don’t have a Justice Department that deals with corruption in high places and holds federal office holders accountable. It scares me that we have let government corruption reach this level without anyone doing anything about it.