We've made a big mistake in dealing with a cash flow crisis by introducing massive new debt
I'm pleased to read that Republican leaders in the White House and on Capitol Hill want to take a pause before enacting more coronavirus stimulus spending.
Thinking about the coronavirus debt that my grandchildren will have to endure is already starting to keep me up at night.
But what really had me in cold sweats was when I found myself anxiously waiting for a Paycheck Protection Program loan, or PPP loan, to provide assistance to my struggling company.
I pondered, with deep angst, that after shedding myself of welfare dependency some 35 years ago, suddenly I find myself back in business with government.
Back when I was on means-tested welfare programs, the rules were "Don't work. Don't save. Don't get married," and my rich uncle in Washington would reach into someone else's pocket and provide me security and stability on his government plantation.
Now politicians are setting up commissions and oversight to allegedly assure compliance with the rules for the trillions of coronavirus stimulus dollars allocated.
I say allegedly because, sadly, it is largely a show with a storyline that we tell ourselves, pretending that politicians can design trillions in spending programs that are targeted and efficient and can be overseen to assure that it's all done right.
The PPP program consists of some $349 billion in loans that will go to millions of businesses around the country.
Each of these businesses is unique. What does my Washington, D.C., nonprofit have in common with a dry cleaner or a restaurant? What does my organization of 12 employees have in common with a business of 500, the largest that qualifies for PPP loans?
Yet, the rules for using the PPP loan are the same for everyone.