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Damm! Poor people have NEVER had it so good!! I helped a customer apply for Medicaid and collect his UE and work income. He makes $10/hr and works about 20-22 hrs/wk. He told me that he doesn’t even make $1,000/mo. Texas UE max is $521/wk. He gets $95/wk in Tx UE PLUS $600/wk. If he had his regular job, he’d make about $8k for the remaining 9 months of the year plus his SS check of $1,300/mo. If he continues on the gravy train for the rest of the year, he would make $95/wk for 39 weeks ($3,705) + ($600/wk x 18 weeks) = $14,505!! $6,405 MORE than working PLUS his SS check. If he qualifies for the state Medicare Savings Program, he could add another $144/mo to his income. Have the poor ever had it so good?
If being so poor is so great, become poor.
Also, the $600 a week is for 4 months. I don’t know why your projections through the end of the year include it the entire time.
Damm! Poor people have NEVER had it so good!! I helped a customer apply for Medicaid and collect his UE and work income. He makes $10/hr and works about 20-22 hrs/wk. He told me that he doesn’t even make $1,000/mo. Texas UE max is $521/wk. He gets $95/wk in Tx UE PLUS $600/wk. If he had his regular job, he’d make about $8k for the remaining 9 months of the year plus his SS check of $1,300/mo. If he continues on the gravy train for the rest of the year, he would make $95/wk for 39 weeks ($3,705) + ($600/wk x 18 weeks) = $14,505!! $6,405 MORE than working PLUS his SS check. If he qualifies for the state Medicare Savings Program, he could add another $144/mo to his income. Have the poor ever had it so good?
It is a slow day in the small Saskatchewan town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her services on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves. No one produced anything. No one earned anything... However, the whole town is now out of debt and now looks to the future with a lot more optimism.
It is a slow day in the small Saskatchewan town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her services on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves. No one produced anything. No one earned anything... However, the whole town is now out of debt and now looks to the future with a lot more optimism.
Also, the $600 a week is for 4 months. I don’t know why your projections through the end of the year include it the entire time.
What’s so dumb about it? He will do much better than if he works. The calculations incl the $600 that stops at the end of July. The normal $95/wk rate goes to the end of 39 weeks. Plus the $1200 free money. Hot Damm.
Issue the $2,000/month to every family below $500,000 and every single below $250,000 AGI on a 2019 return. That weeds out the obvious fat cats anywhere in the country.
Give the remainder $2,000/month in a UBI fashion with no regard to last year's income. Do not count the $2,000/month as income against a 2020 return. The issue with the "administration" below a certain upper middle class income level is that this situation is fast-moving - the guy making $120k in a cushy software job in a reasonably high COL area could be out on his ass between the time he is evaluated and when the money is actually disbursed. With 22 million job losses in three weeks, you can't parse it - you have to cover everyone with money now, reduce the administrative overhead, then recoup it above a certain threshold down the line.
If the person is making above a certain amount, indexed to local COL, then recoup the UBI as an amount on their 2020 return next year in 2021. $100k here in small town TN is not the same as $100k in Manhattan. The $100k guy in Manhattan shouldn't have the UBI clawed back on a tax return - the $100k guy in Kingsport ought to have at least some of it clawed back. Make this provision loud and clear at the outset.
What’s so dumb about it? He will do much better than if he works. The calculations incl the $600 that stops at the end of July. The normal $95/wk rate goes to the end of 39 weeks. Plus the $1200 free money. Hot Damm.
Yes, that’s what tax policy is used for. To incentivize certain behaviors. They want people to stay home, one way to do that is to pay them more to not work than work while the shutdown is in place.
Again, if you think being poor is advantageous, you’re free to take up the lifestyle at anytime.
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