Both Trump and Biden deserve blame for this:

Melvin C. McDowell @lemmy.world to United States | News & Politics@lemmy.ml – -12 points –
3

What was Biden supposed to do while he wasn't in office? PPP is entirely Trump running his usual grifts, and giving money to the already wealthy with no questions asked.

Granted spending exploded under Trump but it has been maintained at an unnaturally high level under Biden.