Last week, Dave Portnoy, founder of Barstool Sports and an unabashed critic of federal and state government restrictions on small businesses during the Coronavirus, announced the establishment of the Barstool Fund. The fund’s goal is to help small businesses that have continued to pay employees during the tough financial conditions imposed by virus restraints.
Mr. Portnoy, reportedly worth $100 million, hasn’t lost touch with the self-made, hard-working small business owners who stand to lose everything. They, he maintains, are not greedy capitalists often portrayed by the left, but are gritty, creative entrepreneurs.
Many in corporate America publicly and loudly donated to social justice causes (like Black Lives Matter), attempting to appease and support Marxist groupthink. Portnoy’s sympathies, instead, are with the neediest – the inappropriately marginalized small business owners.
“These people aren’t going out of business because they’re not successful or not making money. It’s because they have no other choice. They’ve been dealt a hand that nobody could play.
Congress Finally Steps Up
On Sunday, the four leaders of the House and Senate, up against a tight deadline and a potential government shutdown, finalized another major rescue package – $900 billion – for the American people.
The Good News?
The spending blowout will limit potential abuse by the incoming administration and the Federal Reserve, as the WSJ notes.
Credit here to Pennsylvania Sen. Pat Toomey, who held firm on limiting the Fed’s maneuvering room without a new act of Congress. Democrats are claiming victory, but that’s face-saving spin.
The Bad News?
The biggest fiasco is another round of checks—this time $600—to most Americans who earn up to $100,000. This will have little or no economic impact since it won’t change incentives; it also isn’t focused on the neediest. The personal savings rate in October was 13.6%, about twice as high as before the pandemic, with $2.4 trillion on the sidelines.
Another blunder is three more months of $300 in federal enhanced weekly unemployment benefits. This plus-up will allow half or so of workers to earn more by not working and slow the labor market recovery once the vaccine rollout gets underway since they will have less incentive to find work.
Introducing The Barstool Fund
If you are a small business that needs help staying in business because of covid email us your story to barstoolfund@barstoolsports.com. We will try to help as many people as we can. pic.twitter.com/9BS8HeyHaq
— Dave Portnoy (@stoolpresidente) December 17, 2020
To donate to the Barstool Fund, click here.
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