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https://www.nber.org/papers/w29669
This particular statement stands out: "PPP’s breakneck scale-up, its high cost per job saved, and its regressive incidence have a common origin: PPP was essentially untargeted because the United States lacked the administrative infrastructure to do otherwise."
Caring about fiscal responsibility means supporting the state capacity necessary to ensure that public programs are effective and working as intended.
@maxt I’ve been doing a fellowship at the Lincoln Network this year and about half of our presenters’ main tl;dr wind up being “the US government used to be good at X until Congress decided to eviscerate funding for resource Y.”