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Old 06-15-2020, 05:07 PM
 
Location: Wartrace,TN
6,200 posts, read 9,702,447 times
Reputation: 12196

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Quote:
Originally Posted by RJ312 View Post
There is no choice. Debt concern is foolish right now. The economy is based on consumer sentiment and spending. The unemployed are a large block right now. The unemployed need to be bailed out like the banks were bailed out in 2008. When the unemployed consumer loses over 50% of their income and the private sector can't employ them (which it is so unhealthy right now that it can't), consumers will stop spending and there will be more layoffs.
On the other hand it has been reported that 80% of the people collecting unemployment are earning MORE no than they did at their previous employment. I still think the check from the taxpayers should never be 20 to 30% LESS than the person could make working. Without an incentive to work people will be happy to sit at home collecting a check. Furthermore how do low wage workers feel about others making more than they do sitting at home? People are going to get angry about that.
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Old 06-15-2020, 05:34 PM
 
Location: Wartrace,TN
6,200 posts, read 9,702,447 times
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Quote:
Originally Posted by flying_pan View Post

Again, standard of living going down during a crisis is a norm, not an exception.
I agree. A crisis should never be comfortable. Is there some sort of expectation that others should pay for something YOU should have been preparing for all along? No rainy day fund because the taxpayers have your back? Spend every penny you make because the tax payer has your back?
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Old 06-16-2020, 06:38 AM
 
1,956 posts, read 1,070,006 times
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Quote:
Originally Posted by Wartrace View Post
I agree. A crisis should never be comfortable. Is there some sort of expectation that others should pay for something YOU should have been preparing for all along? No rainy day fund because the taxpayers have your back? Spend every penny you make because the tax payer has your back?
Why wouldn't that mindset apply to corporate bail-outs and Feds buying back corporate bonds? Where was the "rainy day fund" for these companies? Why is it only the low-wage worker that is expected to have this?
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Old 06-16-2020, 09:11 AM
 
Location: Wartrace,TN
6,200 posts, read 9,702,447 times
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Quote:
Originally Posted by Eeko156 View Post
Why wouldn't that mindset apply to corporate bail-outs and Feds buying back corporate bonds? Where was the "rainy day fund" for these companies? Why is it only the low-wage worker that is expected to have this?
Did I ever write that I approved of the corporate bailouts and the expansion of the federal reserve balance sheet? All this "stimulus" is wrong in my opinion.
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Old 06-16-2020, 10:42 AM
 
Location: Tennessee
27,594 posts, read 20,591,792 times
Reputation: 33426
Quote:
Originally Posted by RJ312 View Post
There is no choice. Debt concern is foolish right now. The economy is based on consumer sentiment and spending. The unemployed are a large block right now. The unemployed need to be bailed out like the banks were bailed out in 2008. When the unemployed consumer loses over 50% of their income and the private sector can't employ them (which it is so unhealthy right now that it can't), consumers will stop spending and there will be more layoffs.
This, this, and this.

If they don't have money, it's just going to add to the civil unrest.
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Old 06-16-2020, 11:04 AM
 
Location: On a Long Island in NY
7,794 posts, read 8,889,834 times
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Quote:
Originally Posted by Serious Conversation View Post
This, this, and this.

If they don't have money, it's just going to add to the civil unrest.
The way I see it is either we keep the expanded unemployment benefits, send out more stimulus checks to everyone making less than a certain amount, or do some combination of both (ie: stimulus checks only for those on Social Security, non-filers, and others who don't qualify for unemployment).

Currently the Republicans oppose all 3 of those options although there have been some recent statements from White House Senior Economic Advisor Kevin Hassett and Treasury Secretary Mnuchin indicating that Trump is open to additional stimulus checks.
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Old 06-17-2020, 08:23 PM
 
22,345 posts, read 8,991,434 times
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Quote:
Originally Posted by ericp501 View Post
PPP is running low which means more layoffs could be coming to a main street near you. In addition, the additional $600 a week in unemployment provided by the federal government is set to run out end of July. That means an out of work husband and wife are going to lose $4,800 a month. Anyone else thinking this could get really ugly really fast???
Reality is arriving soon.

A large % applauded the lockdown. Massive job cuts were the result.

No one should have thought of this as anything except a short-term, unearned bonus.
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Old 06-18-2020, 09:25 AM
 
1,956 posts, read 1,070,006 times
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Quote:
Originally Posted by Wartrace View Post
Did I ever write that I approved of the corporate bailouts and the expansion of the federal reserve balance sheet? All this "stimulus" is wrong in my opinion.
Sorry, I misinterpreted. I thought the post was directed at individuals, but I see it could refer to anyone getting stimulus, including corporations.
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Old 06-18-2020, 05:50 PM
 
Location: Wartrace,TN
6,200 posts, read 9,702,447 times
Reputation: 12196
There is moral hazard in keeping the federal government 600 dollar per week supplement alive. As I stated earlier 80% of the people receiving this payment are making more on unemployment than they did working. It is a "no lose" incentive to not look for new employment until it is shut off.

We need to extend state unemployment benefits as was done during the 2009 crisis. There is no reason to pay people more than that for not working.
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Old Yesterday, 08:30 AM
 
1,956 posts, read 1,070,006 times
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Quote:
Originally Posted by Wartrace View Post
There is moral hazard in keeping the federal government 600 dollar per week supplement alive. As I stated earlier 80% of the people receiving this payment are making more on unemployment than they did working. It is a "no lose" incentive to not look for new employment until it is shut off.

We need to extend state unemployment benefits as was done during the 2009 crisis. There is no reason to pay people more than that for not working.
Then they were making too little to start with.

I would only consider it a "moral hazard" if corporations were not receiving funds.

The moral hazard is that 40% of our workforce doesn't make a living wage.
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