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i think the goal is to get money in the economy fast....evidently we are all Keynesian... and figuring out who is working still and who isn't would take too much time.
I thought the goal was to allow everyone to continue to be able to pay for food, housing, and utilities. Silly me.
Is this suppose to stimulate the economy or to help people who were not allowed to work during the quarantine?
I was of the impression it was the latter. Which would mean people could pay utilities, buy food, might help cover rent/mortgages (depending on housing costs of the area).
I was of the impression it was the latter. Which would mean people could pay utilities, buy food, might help cover rent/mortgages (depending on housing costs of the area).
I was of the impression it was the latter. Which would mean people could pay utilities, buy food, might help cover rent/mortgages (depending on housing costs of the area).
Agree. It's not meant to be an economic boost, but a safeguard.
Yes, a $1000 check won't help anyone because it doesn't pay for much of anything. I think the COVID-19 protection plan we have in place is a lousy one. We are deliberately causing an economic depression. And for what? Closing all these businesses is not going to fix the problem anyway. People will still get COVID-19 and die. Meanwhile, people will also die from hunger and homelessness. Consider what the homeless go through. They die from exposure and illness. I'm in medical and furloughed. My wife is prn medical and her job is threatened. Millions of jobs are at risk. This lousy idea will affect every industry, not just hospitality and travel.
If people can't work, they don't drive so they don't buy gas. They don't take vacations. They don't go to the doctor for routine visits. They don't get haircuts, new clothes, gifts, restaurants, or movies. They don't pay for child care, electric bills, car payments, insurance, student loans, or even mortgages. They don't buy appliances, cars, or homes. And it won't solve the problem because we can't quarantine ourselves long enough anyway. Families and businesses will go bankrupt. We then lose people both to the virus and poverty.
We should quarantine the immunocompromised and elderly only who are less likely to be working anyway, everyone else continue working their jobs as before, let the illness run through us since it is mild for most of us, and any of us who get it and need hospitalized will be able to get medical treatment since we're protecting the people most at risk. In the meantime we can support ourselves financially. But this approach is moronic and will ultimately fail.
Definitely a desperation move, but desperate people do desperate things. A slug of consumer spending helps to offset a deflationary trend developing in the bond markets (think subprime auto loans) and may keep more small businesses open. If that little coffee shop shuts down, more than likely it will never reopen. Its debts are written off — more deflation. TPTB want to limit that.
I actually looked through the entire article. It is heavily dependent upon how a state gets it's revenue. For instance in Texas, without state income taxes, it is way more regressive than say New Jersey.
Nope. NJ has a higher real estate/property tax rate than TX. So does IL. Like I said, you can't cherry-pick data. You have to look at the total local, state, and federal tax burden by income level as a whole.
Not sure why you aren't understanding the fact that in the US, the total local, state, and federal effective tax rate by income level is very progressive and not flat, at all.
(That chart is interesting in that it includes how federal excise taxes and the corporate income tax affects each income group. Most people don't realize that corporate income tax is included as overhead in the pricing formula for goods/services and is therefore embedded in the price of everything we buy. Corporations don't actually pay it. It's passed on to the end users/consumers. It's a hidden tax on whoever buys/rents a corporation's goods/services/etc., including those in the bottom income quintile.)
While state and local taxes are mildly regressive.
The combination of the two -- the total local, state, and federal effective tax rate by income level -- is still very progressive.
The top 1% pays a total effective tax rate of 37%
The middle quintile pays... 22%
The bottom quintile pays... 14.3%
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How Will Giving Americans a $1000 check help the economy if just about the entire economy is shut down
