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 05-26-2020, 04:03 PM
 
5,226 posts, read 2,905,753 times
Reputation: 6753

Advertisements

Quote:
Originally Posted by vicky3vicky View Post
Our counry can not afford to extend it, and we have no way of knowing how many jobs will be available by that date. Would they extend the extra money, maybe $250 extra a week rather than $600 or nothing.

I see states that are reopening but the businesses are often unwilling or able to reopen. I am afraid of some real chaos and much suffering after July.
If the Republicans do not extend the $600/week, they will suffer big losses in November. The Republicans will get the blame for it in the eyes of the voter since they are the incumbent party. Perception is reality. Unemployed conservative voters will stay home, changing the composition of the electorate.

Unemployment is at ~20% right now. Both people with McJobs and people with white collar, decent paying jobs are getting laid off. In fact, the white collar workers have it worse than the people who had McJobs. The people with McJobs will get hired sooner before the white collar workers, because interviewing for a McJob is so much easier. There is no demand. Unemployed people do not have cash to make extravagant purchases. Consumer sentiment is weak. Jobs are the answer. Until jobs are available, there needs to be artificial, Keynesian like stimulus. Consumer spending props up an economy.

Quote:
Originally Posted by JustMike77 View Post
Apparently, the $ 600 bonus is keeping some people from returning to work though their jobs are available. This is one of those unforeseen circumstances which occur when a safety net becomes a hammock.

https://www.msn.com/en-us/foodanddri...PLK?li=BBnb7Kz
This is so hideously uninformed and ignorant. Sure, the low wage service sector employees are better off. However, the white collar layoffs need the $600 just to replenish their salaries. Also, the white collar workers need to absorb their own ACA healthcare costs. The white collar workers need the $600/week through at least the end of 2020, because white collar job interview processes take far longer. The average bartender, server, and line cook will have a job before the average laid off marketing professional. The layoffs in white collar were permanent layoffs, whereas the service sector was more furloughed.
Reply With Quote Quick reply to this message

 
Old 05-26-2020, 04:19 PM
 
Location: Raleigh NC
15,104 posts, read 9,260,381 times
Reputation: 10751
Quote:
Originally Posted by RJ312 View Post
If the Republicans do not extend the $600/week, they will suffer big losses in November. The Republicans will get the blame for it in the eyes of the voter since they are the incumbent party. Perception is reality. Unemployed conservative voters will stay home, changing the composition of the electorate.

Unemployment is at ~20% right now. Both people with McJobs and people with white collar, decent paying jobs are getting laid off. In fact, the white collar workers have it worse than the people who had McJobs. The people with McJobs will get hired sooner before the white collar workers, because interviewing for a McJob is so much easier. There is no demand. Unemployed people do not have cash to make extravagant purchases. Consumer sentiment is weak. Jobs are the answer. Until jobs are available, there needs to be artificial, Keynesian like stimulus. Consumer spending props up an economy.



This is so hideously uninformed and ignorant. Sure, the low wage service sector employees are better off. However, the white collar layoffs need the $600 just to replenish their salaries. Also, the white collar workers need to absorb their own ACA healthcare costs. The white collar workers need the $600/week through at least the end of 2020, because white collar job interview processes take far longer. The average bartender, server, and line cook will have a job before the average laid off marketing professional. The layoffs in white collar were permanent layoffs, whereas the service sector was more furloughed.
how many of the unemployed are in white collar jobs?
how many of those are expected to be permanently lost jobs?
what is the average wage of those people?
Reply With Quote Quick reply to this message
 
Old 05-26-2020, 04:26 PM
 
80,166 posts, read 78,518,791 times
Reputation: 56679
Quote:
Originally Posted by BoBromhal View Post
how many of the unemployed are in white collar jobs?
how many of those are expected to be permanently lost jobs?
what is the average wage of those people?
Easy answer ...no one knows
Reply With Quote Quick reply to this message
 
Old 05-26-2020, 06:52 PM
 
Location: Buckeye, AZ
31,254 posts, read 17,641,610 times
Reputation: 11348
Quote:
Originally Posted by Eeko156 View Post
Federal unemployment will not be extended. MCConnell is adamant about that. With the market beginning to rally, it is unlikely any federal unemployment will be extended (they don't give a s*it about the food lines).

The FUI of $ 600 is based roughly on the national median income, which clearly, millions of Americans are working far below. Hmm. Imagine that - people not wanting to work for minimum wage during a pandemic.
The stock market and the real economy are two different things. Using the "'strength' of the stock market" for an indicator of the economy is off. The stock market is on outlook and people buying up stock (partially due to it being lower) not actual numbers showing how strong a company is. Plus small business is not included.

I have to wonder how much of this is with the extra money expected to be spent. If it is and it stops, I wonder if it will then tank most of the stocks?
Reply With Quote Quick reply to this message
 
Old 05-26-2020, 08:13 PM
 
Location: On a Long Island in NY
7,794 posts, read 8,889,834 times
Reputation: 7290
Quote:
Originally Posted by Eeko156 View Post
Federal unemployment will not be extended. MCConnell is adamant about that. With the market beginning to rally, it is unlikely any federal unemployment will be extended (they don't give a s*it about the food lines).

The FUI of $ 600 is based roughly on the national median income, which clearly, millions of Americans are working far below. Hmm. Imagine that - people not wanting to work for minimum wage during a pandemic.
The stock market isn't really indicative of how main street and the average person is doing. This is the whole problem with the American conservative economic view, they don't understand that many people live paycheck to paycheck and can't really put money aside for savings. They sure as heck don't have money invested in the stock market either.

The majority of recent layoffs were of people making less than $40,000/year .... and many of those jobs might not come back. A payroll tax cut or a capital gains tax cut isn't going to do squat to help these people.

If I was Mitch McConnell I would throw Dems a curveball and introduce a temporary UBI until unemployment returns to normal levels (ie <5%). The usual GOP solutions of tax cuts aren't going to solve the problems we're facing today. If McConnell thinks he can sit back and end the Federal unemployment assistance and block further stimulus checks he is delusional. The Republicans are going to be wiped out in November if he keeps on this path.
Reply With Quote Quick reply to this message
 
Old 05-27-2020, 01:50 AM
 
Location: Ft. Myers
19,731 posts, read 12,843,133 times
Reputation: 41601
Two things are going to seriously affect the outcome of the upcoming election. First off, what the GOP does relative to supporting extensions on the relief funds, and secondly, if this virus starts claiming a significant increase in deaths caused by relaxing the restrictions.

There is a lot of time between now and November for things to go south, and Trump knows it.
Reply With Quote Quick reply to this message
 
Old 05-27-2020, 05:06 AM
 
Location: Pennsylvania
16,280 posts, read 5,612,964 times
Reputation: 13075
Quote:
Originally Posted by vicky3vicky View Post
I keep seeing food banks with crazy long lines, and that is now, with the majority[ not all, I know] unemployed receiving the $1200 stimulus and an extra $600 a week on their unemployment. I am not an economist, but I am very concerned about what will happen to many [most?] of these unemployed people when the the $600 a week surplus expires.

Our counry can not afford to extend it, and we have no way of knowing how many jobs will be available by that date. Would they extend the extra money, maybe $250 extra a week rather than $600 or nothing.

I see states that are reopening but the businesses are often unwilling or able to reopen. I am afraid of some real chaos and much suffering after July.

I am on a lower but adequate retirement income. We are doing fine. right now we are giving to 2 different food banks and though we ussually go out to dinner only once or twice a year, the past 2 months we have been ordering "to go" meals every other week to support businesses.

I don't know what else I can do personally, and I am having trouble sleeping worrying, about what the future will be for our young people,for our country.

What do you all think about this? I'm hoping I'm being paranoid.
People of means need to step up and support the food banks.
Reply With Quote Quick reply to this message
 
Old 05-27-2020, 05:10 AM
 
Location: Boston
12,976 posts, read 3,737,209 times
Reputation: 9229
there will be an opportunity to receive stimulus check, however the rules/incentives will change, checks will provided to those who return to work, not to those who remain at home.
Reply With Quote Quick reply to this message
 
Old 05-27-2020, 07:02 AM
 
5,226 posts, read 2,905,753 times
Reputation: 6753
Quote:
Originally Posted by WIHS2006 View Post
If I was Mitch McConnell I would throw Dems a curveball and introduce a temporary UBI until unemployment returns to normal levels (ie <5%). The usual GOP solutions of tax cuts aren't going to solve the problems we're facing today. If McConnell thinks he can sit back and end the Federal unemployment assistance and block further stimulus checks he is delusional. The Republicans are going to be wiped out in November if he keeps on this path.
This analysis is generally correct. What Mitch McConnell doesn't understand is that plenty of conservative leaning, white collar workers were laid off during the pandemic. These white collar workers have had to rely on Democrat programs for survival. They've had to obtain ACA protection for their healthcare. Now, McConnell wants to take away their life line.

News to McConnell-the people getting laid off are not just leftists and non-voters with low wage service sector jobs.

I would not make the UBI for all. Only the unemployed should be getting assistance.
Reply With Quote Quick reply to this message
 
Old 05-27-2020, 09:08 AM
 
Location: Buckeye, AZ
31,254 posts, read 17,641,610 times
Reputation: 11348
Quote:
Originally Posted by WIHS2006 View Post
The stock market isn't really indicative of how main street and the average person is doing. This is the whole problem with the American conservative economic view, they don't understand that many people live paycheck to paycheck and can't really put money aside for savings. They sure as heck don't have money invested in the stock market either.

The majority of recent layoffs were of people making less than $40,000/year .... and many of those jobs might not come back. A payroll tax cut or a capital gains tax cut isn't going to do squat to help these people.

If I was Mitch McConnell I would throw Dems a curveball and introduce a temporary UBI until unemployment returns to normal levels (ie <5%). The usual GOP solutions of tax cuts aren't going to solve the problems we're facing today. If McConnell thinks he can sit back and end the Federal unemployment assistance and block further stimulus checks he is delusional. The Republicans are going to be wiped out in November if he keeps on this path.
Yes especially when stocks cost a lot. Apple stock is currently $314.34, Disney stock is $120.19, Facebook is $221.98, Google is $1,400.65, Microsoft stock is $176.92, Target stock is $114.43, Tesla is $790.77, Toyota is $125.11, and Walmart stock is $ 121.91. These are roughly 8AM PDT so they will likely change. And often times you need multiples of any stock to actually get your money's worth. Unless you are a mark for a company, I doubt you'd typically buy say Ford, GM, Honda or WWE stock.

I don't see Sen. McConnell pushing a second stimulus. I heard he wants a stimulus bonus for when you return to work. The problem being is that not everyone is being told to return to work or are able to return to work due to the lack of considerations to make workplaces safer. Let's remember warehouses, food plants and car factories have seen a rather high amount of Covid-19 spread no matter where you are because of close quarters. The Republican response is keep people working and get them back to work.

Quote:
Originally Posted by don1945 View Post
Two things are going to seriously affect the outcome of the upcoming election. First off, what the GOP does relative to supporting extensions on the relief funds, and secondly, if this virus starts claiming a significant increase in deaths caused by relaxing the restrictions.

There is a lot of time between now and November for things to go south, and Trump knows it.
Trump bungled a lot of the virus. That is why we are at 100k deaths. I'm not saying Trump is a murderer persay, but he is guilty of being too late and not taking it seriously. Lots of the cases we ended up with came from European spread, not Asian spread. Instead Trump blames just China even though he had his China ban...

Arizonans see right through that. Sen. McSally actually lost ground in polls after her blame China ad dropped. Trump nationally has slipped in polling and favorability with the blame China ads.

Quote:
Originally Posted by RJ312 View Post
This analysis is generally correct. What Mitch McConnell doesn't understand is that plenty of conservative leaning, white collar workers were laid off during the pandemic. These white collar workers have had to rely on Democrat programs for survival. They've had to obtain ACA protection for their healthcare. Now, McConnell wants to take away their life line.

News to McConnell-the people getting laid off are not just leftists and non-voters with low wage service sector jobs.

I would not make the UBI for all. Only the unemployed should be getting assistance.
Yep, just like 2008/9 when people were out of work and couldn't find work due to the credit crunch. Economic slumps is apolitical and so is this virus. These two things don't care where you lean, they are equal opportunity offenders. The Republicans in Washington and a number of states continue to put their heads in the sand and it is just going to make things worse.
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