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It might come to a point where the Feds will have to bail out a few states. Some states by law need to have a balanced budget and cities running out of $ if unemployment stays bad, they might run out, they will have to cut public services like police, EMT, etc. to balance it. The economy will get worse with states budget shortfalls. Just hope unemployment improves somewhat in the next few short months.
If the US gov bails out a few states, it's going to have to bail them all out. It would be tremendously unfair otherwise.
Last edited by Taggerung; 05-03-2020 at 02:25 PM..
Recession as bad and maybe a bit worse than 2008. I don't see all these people their jobs back. I wouldn't be surprised if we were at 10-12% unemployment after reopening. And, it is pretty clear many people are broke and couldn't even make it 1 month without various forms of assistance. Actually, they are worse than broke, they are in deep debt. I see bankruptcies going up and, eventually, foreclosures.
nothing has changed for me except the government is sending me money I don't need. Covid 19 has been a big nothingburger to me.
Same, but I learned a lot in 2008 about how people should be prepared for 6-12 months of no income because you can't predict when circumstances will change or how bad they can get. I didn't even lose my job or anything in the last recession but it spooked me to see what was going on.
nothing has changed for me except the government is sending me money I don't need. Covid 19 has been a big nothingburger to me.
Tuesday is Giving Day and a great opportunity to donate to the non-profits in your community. Even though you may not need the money, it can still go to people who do. It isn't a "nothingburger" for everyone.
Well....I work for a city department, and I do know that department heads have been asked to identify 25% in potential budget reductions. Which usually means hours and services, but with the last recession, we also had a lot of jobs cut. (Some were eventually restored, others were not)
It's funny. My workplace eliminated cubicles last year in favor of more open desks and collaborative spaces. This past week the dividers went back up.
We have a cube farm without appropriate distancing. The "back in office" date has been consistently been pushed back, and upper management has said rearranging workspaces is a big part of that.
So where are your posts about all the large corporations that pay zero income tax? And how subsidizing those large corporations is stealing money from taxpayers? And how everyone and every entity should pay its share for the services our government provides?
Where are your posts about all the corruption in corporations? The things they've done to hurt employees physically, that has cost the country trillions? Like asbestos. And the corruption in false accounting to shore up their stock values?
Where are your posts about wealthy people paying a lower net rate of income tax than the lower middle class? About that being theft from the American taxpayer, because of exemptions & deductions they paid for with donations to politicians?
Where are your posts about the corporations that are getting multiple millions of stimulus dollars when they don't need it, having a heckuva lot more money than that sitting in banks...depriving small businesses from getting what they need to prevent their losing their businesses? (Shake Shack & another business returned the millions they got, so hopefully that money would get to the small businesses that money was intended for.)
Where are your posts complaining that the "common people" (that's what Trump calls us all) can't get virus tests, but the privileged can. No questions asked. If you have money or connections, you and yours get all the tests you want. They don't even have to have symptoms.
You don't complain about these things that really matter. That strike at the heart of democracy and that fly in the face of everything our Founding Fathers thought they had prevented. Instead, you lose sleep over the worry that Cathy Cashier is getting $100 a month more than you think she should, for 4 months.
Some people.....I swear...
All I know it the tech companies hve created close to 1Million jobs in India than in the USA in teh last 20 years. People should start demanding more from them.
Somewhere I remember seeing Warren Buffett s taxable income is some 120 million and he paid 38 million in taxes...Not sure where , but last week Berkshire s cash pile rose to 137 Bn. Even if he owns 20% of the company, its 27Bn.
Apple is now a darling of Trump for bringing a couple billions into USA, but bulk of their stash is outside.
If Fed is made of banks, then they surely made money by loaning out a couple trillions to the US Public. May be that s the reason the stock markets are jubilant.
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