Quote:
Originally Posted by ajjohnsonsoxfan
I think stimulus funds played an oversize role in the run up in prices. Think about all the business owners in the US (google says approx 31.7 million). There were two rounds of stimulus rounds available to business owners that allowed them to keep workers with funds mandated to cover payroll expenses. The calculation was 3x your monthly payroll amount. So for example if your business employed 75 people with a monthly payroll of $375k you got two checks for $1,250,000 each. $2.5M total. For those business owners who were unaffected by the pandemic, that was just free money to spend spend spend. Hence the huge price increases. What cards would you buy with $2.5m? :-)
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AJ, this is totally accurate, although I dont know anyone who used the money on cards; I understand most put it into stocks or larger/second homes, both of which have appreciated significantly.
When that all went down, numerous banks and lawfirms approached me asking if they could acquire stimulus for my company. My answer was, we dont need it, we are doing fine. Many said, it doesnt matter, its there for the taking. Or, more politically correct, just get it to be safe bc you never know. I did not take a dime of business stimulus and I was given no personal stimulus check. I think people who took the business money knowing they didnt need it should go to jail for theft. Doing that is as unpatriotic as storming the Capitol (yup, I went there).