U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-09-2020, 03:43 AM
 
3,069 posts, read 2,455,531 times
Reputation: 7687

Advertisements

Quote:
Originally Posted by BugsyPal View Post
Yes, there will likely be another round of "stimulus" checks; Pelosi, Schumer, McConnell and His Orangeness's team are working out the parameters now.

Since 2008 recession these must pass economic stimulus bills are both pork and social spending. GOP takes care of theirs and democrats do same for their team.

It is like a feeding frenzy; but when there feeding trough is full no one wants to miss out. Especially since it is essentially borrowed money that by time bill comes due most if not all who voted for will be out of Congress, or dead.

Democrats just handed every breathing adult with a SSN a check for $1200 or whatever, this includes those on SS, SSDI, veterans, homeless, recently incarcerated (or released).

On GOP side there were changes in tax laws favorable to wealthy (especially real estate sector), banking/finance, and of course that huge nearly $400 cash slush fund that will be handing out money to everyone from religious houses of worship to large multi-state franchises such as In and Out Burger.

By making sure everyone gets a taste it neutralizes opposition, this makes it easy to do same again..
You hit the nail right on the head. Both parties have their own agenda and number one on the list is getting re-elected. As always, we need a third party. Trump is more of a populist than anything and there has been progress.
Reply With Quote Quick reply to this message

 
Old 04-09-2020, 06:30 AM
 
178 posts, read 54,915 times
Reputation: 346
If the Coronavirus wipes out a huge portion of the prison population and the elderly, this is "the" answer to our budget problems. Social security? Medicare? Baby boom health care? Overspending on prisons?
Wow, all taken care of.
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 07:19 AM
 
23,360 posts, read 16,075,092 times
Reputation: 16866
Quote:
Originally Posted by jacktravern View Post
Are you sure it was EVERY BREATHING ADULT?

And whether rich or not, you should've benefited from the tax cut too unless you're always broke, or you were getting away with embellishing deductions and you can no longer do it. I'm far from wealthy, but saw my check get higher, and at least 3 of my tax brackets dropped, I'm good!
Yes, unless they don't have a SSN or a few other quibbles; yes, every adult qualifies for a check.


Eligibility

"In order to receive the benefit, an individual must have a work-eligible Social Security number. He or she cannot be the dependent of another taxpayer.

The relief applies to both people without incomes and those whose sole income is derived from a benefit program, like Social Security. " https://www.foxbusiness.com/money/co...s-what-to-know


https://www.nbcnews.com/politics/con...hecks-n1177266


What if I have no income?

"There is no minimum income threshold. Even if you make $0 you qualify for the $1,200 payment. But in practice, this will not always happen. Low-income people may not pay taxes or have a Social Security number. People who are unhoused may not have a bank account or fixed address to send the payments to. At least 3.4 million people who qualified for assistance in the 2008 stimulus bill did not receive payment, and that aid had a $3,000 minimum income threshold."

https://www.buzzfeednews.com/article...s-1200-qualify

Those who haven't filed a 2018 or 2019 tax return can do the latter (and federal tax deadline has been extended beyond April 15th to sometime in June) now and get a check. That is unless you run afoul of one of the limited number of disqualifications.
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 08:05 AM
 
Location: Northern Maine
10,118 posts, read 15,732,392 times
Reputation: 10372
Second round of stimulus checks? They are still trying to plan a first round.


At the end of George Bush's term he sent $600 stimulus checks to social security recipients. We spent our $1,200 on an economic stimulus wood splitter.

When Obama got in, he sent out $300 checks to buy ammunition.
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 08:49 AM
Status: "Mi amigo es mi fan." (set 4 days ago)
 
2,831 posts, read 799,272 times
Reputation: 4071
Quote:
Originally Posted by Taggerung View Post
I really feel like this monetary/financial system is in its endgame. When you have the central banks buying up every "asset" and throwing around trillions of dollars like it's nothing, I think it's safe to assume that the currency is approaching its death.
I think we see major deflationary pressures resurface later in 2020 into 2021. Cash will be king during this period. Huge deflationary bust coming. But moonshot in stocks first. I posted about my "moonshot" stock call in the investing forum when the DOW was at 19K. Manic up, then manic down.

Central banks will use the coming crisis to usher in digital currencies. Physical dollars scare the hell out of the Fed because people are hoarding them across the world = more deflationary pressures. They want complete control over an all-digital currency. They have been warming the sheeple up to the idea for a long time now, and are even using the virus as an excuse to go all-digital. Convenient isn't it?
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 10:11 AM
 
1,910 posts, read 708,760 times
Reputation: 6067
I am not likely to ratchet back my RMDs.. but accelerate them.
When the administration changes hands, and eventually it will, watch for taxes that go to the moon, Alice!
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 10:22 AM
 
2,600 posts, read 990,345 times
Reputation: 6538
Quote:
Originally Posted by PamelaIamela View Post
I am not likely to ratchet back my RMDs.. but accelerate them.
When the administration changes hands, and eventually it will, watch for taxes that go to the moon, Alice!
I think the biggest tax increases will occur at the local and state levels. Unlike the feds, they can’t print money.
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 10:58 AM
 
1,910 posts, read 708,760 times
Reputation: 6067
Quote:
Originally Posted by TimAZ View Post
I think the biggest tax increases will occur at the local and state levels. Unlike the feds, they can’t print money.
I think you are correct.
But don't dismiss the rise in Federal taxes that will likely also occur.
How soon, how much, and how pervasive... who knows?
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 11:27 AM
 
Location: NYC
16,388 posts, read 10,583,780 times
Reputation: 19289
Quote:
Originally Posted by Mindraker View Post
If the Coronavirus wipes out a huge portion of the prison population and the elderly, this is "the" answer to our budget problems. Social security? Medicare? Baby boom health care? Overspending on prisons?
Wow, all taken care of.
Survivor benefits still exist so it may solve the long term problem but I doubt the total death will be substantial enough. It is estimated that we will have about 30-60k deaths by year's end which is less than auto fatalities in the US.
Reply With Quote Quick reply to this message
 
Old 04-09-2020, 02:27 PM
 
Location: Heart of flyover America
643 posts, read 255,042 times
Reputation: 1222
Quote:
Originally Posted by heart84 View Post
I think we see major deflationary pressures resurface later in 2020 into 2021. Cash will be king during this period. Huge deflationary bust coming. But moonshot in stocks first. I posted about my "moonshot" stock call in the investing forum when the DOW was at 19K. Manic up, then manic down.

Central banks will use the coming crisis to usher in digital currencies. Physical dollars scare the hell out of the Fed because people are hoarding them across the world = more deflationary pressures. They want complete control over an all-digital currency. They have been warming the sheeple up to the idea for a long time now, and are even using the virus as an excuse to go all-digital. Convenient isn't it?
Certainly a massive deflation wants to happen, but it will never be allowed. The only way it could happen is the central banks and governments were honest and did everything right- no bailouts, no QE, no currency creation, no stimulus. LOL.

As for a new digital currency- I doubt anyone would have any confidence in it. And if people have no confidence in a currency, it's worth nothing.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top