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Old 05-24-2020, 08:08 PM
 
769 posts, read 498,235 times
Reputation: 4410

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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.
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Old 05-24-2020, 08:46 PM
 
Location: Guadalajara, MX
7,988 posts, read 3,830,151 times
Reputation: 15043
The lines at food banks are the exception, it looks like a lot of people but in overall not that much most people are able to put bread on the table just fine.

Cue taggerung rolling in squelching about life as we knew it is over in 3, 2, 1, ....
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Old 05-24-2020, 09:19 PM
 
226 posts, read 180,839 times
Reputation: 208
I see feds putting people back to work with infrastructure projects and social programs to get Americans on their feet. I bet you'll start hearing plans for high speed regional train projects. Plans for more hospitals.... Etc simply I see the Fed telling Americans to back to work with a hard hat. Is the work long range temp work of course but it's a more logical bandaid until people can figure it out
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Old 05-25-2020, 10:22 AM
 
7,005 posts, read 4,228,929 times
Reputation: 6696
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.
They'll probably extend it as is. The government can afford it. They'll just have to waste less of our money on other stuff.
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Old 05-25-2020, 10:31 AM
 
82,884 posts, read 80,371,588 times
Reputation: 58864
Many people love four letter words that start with F ... FREE AND FOOD .

you likely have many getting food simply because it’s free whether they really need it or not ....

I know quite a flew people that will have jobs waiting once the 600 runs out ...employer s are not expecting business to boom day one and so many welcome the chance to bring back staff slowly after they open
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Old 05-26-2020, 01:53 PM
 
4,635 posts, read 3,455,331 times
Reputation: 4481
The economy can't survive long-term in purgatory. Economy can't sustain repeated economic slowdowns and start ups. Companies are just too leveraged. However, what we can survive is more national debt if repeated economic slowdowns are required.

With an election year in the background, you can't afford for the US to be sitting idle. You're already starting to see that in the last couple of weeks (civil unrest). My travel and hobbies have diminished considerably. I'm just working and going home most of the time. Picking up to go from restaurants is my social outing, outside of work.

I think you'll just see the Fed's balance sheet continue to expand until we get to some form of normalcy (somewhat diminished normalcy). There's a lot of moving pieces, so no one can stake conclusions, just ideas.

My personal thought is that if the curve doesn't appear to be flattened enough, we'll have to reconsider current phases in areas most impacted. At this moment, a second round of stimulus money is unlikely. However, things could change depending on how new infections and death tolls have changed.

However, if they want to continue with a staggered economy, the fed will have to step in and intervene. As mentioned above, there's too many companies highly leveraged, because funds remained cheap for too long. Interest rates have a history of dictating who can and who cannot bare the market. When rates are low long-term, many more projects can be supported, as the debt coverage ratio is better supported. 100-200 bps can be the difference maker in a deal cash flowing or being more asset/guarantor dependent.
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Old 05-26-2020, 02:04 PM
 
Location: Los Angeles
3,995 posts, read 2,692,959 times
Reputation: 12205
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
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Old 05-26-2020, 02:07 PM
 
82,884 posts, read 80,371,588 times
Reputation: 58864
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
It is crazy ..i only worked One day a week and I am getting 2x what I made from unemployment
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Old 05-26-2020, 02:17 PM
 
Location: Buckeye, AZ
32,757 posts, read 18,115,462 times
Reputation: 11807
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
SOME people. Mostly those that are say GameStop employees, theme park employees, sit-down restaurant workers or work other service sector jobs. That said i know that only a fraction of workers actually returned to their jobs. Largely due to social distancing measures and reduced demand. I mean why have all waiters and busters when you only have 25% occupancy or as many people at a theme park when occupancy is capped.
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Old 05-26-2020, 02:59 PM
 
2,645 posts, read 1,245,672 times
Reputation: 3473
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.
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