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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
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.
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.
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?
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?
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?
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.
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.
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.
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.
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.
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
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
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.
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