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Don't forget the $500 for the kiddies! Free hot dogs and balloons too at Uncle Don's Used Cars 'Going out of Business' sale.
"We're not crazy... we're sick, sick to make a sale before this November. Come on down, bring your wife and we'll dicker!!!"
So if people can’t go out to spend how will this proposed stimulus help?
It is supposed to be covering bills. Car notes, rent or mortgage payments, credit cards, utilities don't take a holiday. Some are putting it on hold for the next month or so, but that isn't the full story.
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Originally Posted by hawk55732
Is this suppose to stimulate the economy or to help people who were not allowed to work during the quarantine?
That was my thought. Though I feel the problem is they are doing economic fixes day by day and month by month rather than just saying "the month after the virus ends to be a pandemic." This is both the check issue and the banks, creditors and utility companies. Doing it month by month is an issue that don't reassure people when we hear that the pandemic can easily last well into summer.
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Originally Posted by Scooby Snacks
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.
Of course many jobs are at risk. This is partially why it went from pay for just the sick, quarantined and those tending to sick to a nationwide thing. Things have drastically changed and many are out of work either temporarily or entirely. Marriott, Walt Disney Company have terminated workers. MGM Hotels could be looking to do that. Schools are closed and plans are not entirely set. Movie theaters haven't said if the workers are done. This is a lot bigger than those closed in shelter in place, the sick, quarantined or tending to sick.
I do disagree about the quarantine of immunocompromised and elderly only. That is a bit unrealistic and why we need to stay at home and work from home if possible until this gets figured out. We have seen many have the virus and be rather healthy carriers for lack of better words. Many of the NBA players with the virus aren't sick and it spread through them playing. So if someone has it, we could be in for issues if we only quarantine the elderly and immunocompromised. I've had allergies flare up due to a series of low pressure fronts that have come in during this. For the last two+ weeks I've had headaches and a lot of sneezing, some coughing. I sometimes wonder if I got people sick. That said, headache isn't a tell for Covid-19, not even the normal flu. I only called out two days and one was only because both employers last week said to stay at home if you are sick.
Also a LOT of new information shows while it is mild for most, there is a good amount the cases are moderate. It may not be severe as everyone thinks it is (namely the hospital bed issue), but to say that it is mild for most of us is foolish. The moderate cases could get worse and that is why we are trying to flatten the curve. Your idea would make the curve too much for the hospitals and we'll need tent city hospitals like China had.
Even if this is done to keep the economy afloat, it would be a catastrophe.
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Originally Posted by TimAZ
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.
Yep, Trump is feeling the election is slipping based on how he is handling the crisis. He hasn't done much of a good job with it at all. Often it is by him not going far enough. This is the only thing he is going far and then some. That said, it sounds like the Freedom Dividend will be means tested. Pelosi and Schumer are getting hammered on Twitter over it. #PeopleVsPelosi and #PeopleVsSchumer are trending.
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Originally Posted by Leo58
If the latter, then why not target those people specifically, instead of sending checks out to everyone? A lot of people are working from home, or have jobs that are not impacted, or are wealthy. Why send these people $1000?
The problem is it will take too long to figure it all out. Sending $1,000 to everyone is quicker and has less red tape. That said, means testing adds red tape to it. Me, I honestly need it to cover this week. I was supposed to work and only worked six hours (time and half pay so 9) due to parents pulling kids from spring camp and camp being reduced by a day in general due to the state telling us 11th hour to reopen due to the school closures. Anything over that is going directly to pay-down bills and savings (tax bomb prep and vacation.)
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Originally Posted by Indigo Cardinal
I'd read somewhere that they are going to cap it based off of income. The debate I saw was whether it could be capped at $75,000 a year (meaning if you make more than that, as I do, no check for you), or $100,000 a year (meaning I would get a check, since I don't make that much.)
They were and that is means testing. That said it looks as if single people like me regardless of income level will get hosed on it.
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Originally Posted by columbusboy8
The $1,000 may be "pennies" to some people, but it's "$1,000's" to those really in need! Come on people, quit questioning and bashing EVERYTHING our president does!!
Exactly. Everything over what I need to equal what I would get paid for my job that I couldn't work this week. It looks like I need roughly $375. Anything over is gravy and going into paying off bills and savings.
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Originally Posted by Annandale_Man
Because its OUR money too. It would take months to determine who is "not impacted" or is not unemployed. The cash needs to go out now to have any impact and to help people who work "paycheck to paycheck" and don't have any way to feed themselves. I doubt most did not get any notice that their job was about to end so that they could prepare.
The money could be "clawed back" at the end of the year using the tax code. There could be a question such as "Where you unemployed for more than X number of days due to the Chinese Flu?". If you answer, "no", your tax liability would be increased by $1000.
The issue is determining who was impacted is tough. I got it this week by not working (school is in Spring Break, but I would be working Spring Camp right now), yet next week I'm paid but not working AFAIK. The school district has been back and forth on what the classified hourly staff will be doing and if they'll even need to show up. At one point it was no work, no pay. At another point it was we have elective work that you'll get paid for if you show up and if not: no work, no pay. Right now, I think it is we are covered but it is rather fuzzy still.
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Originally Posted by Cape Cod Todd
It does seem like a ridiculous proposition to send everyone $1000 but for many it could be a life line they can use to get them through this tough time and on to next months round of bills without falling behind.
I heard a stat recently that something like 60% of people don't have $400 saved that they could use for an emergency and that is rather shocking so this $1000 could be a real windfall for them. One does have to wonder for these people that fall into that 60% if they will spend the money on things they really need like food, rent or if they will buy a carton of smokes, a large screen TV, booze and a pile of scratch tickets?
I think the $1000 is meant to help people not so much the economy.
The $400 saved up is believable mainly because everyone has an issue that takes that money from their pockets. Let's say that you had $2,500 in savings and then your check engine light comes on. The code you car gives is an EVAP issue. That will run $1,800. If you pay out of pocket, that leaves you $700 in savings. You go to the doctor for $100 and they give you $200 headache medicine, that is about $300, depending on health plan. You are left with that $400. That is because of bad luck. For many, when it rains, it pours.
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Originally Posted by k350
It will pay obligations, so at least a month's housing or half of it.
Not everything is shut down, you can buy food, a lot of retail is still open in the US, online shopping also is open 24/7.
When things do all open back up, there will not be as much of a shock on trying to get the economy up and running, sort of like priming the pump.
Yep. Obligations are not exactly taking a holiday. Credit cards and car payments aren't freezing interest payments.
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Originally Posted by Jon998877
No, I would rather the money not be sent.. but as it is, at least I am being treated fair for once, and the money will go right into an ETF..
OK and would you want to further crater the economy with defaults like what happened during the Great Recession. Cause that is exactly how you get defaults.
As I understand it, the amount of the check will be proportionate with how much someone makes and how big the family is, but none of that has been finalized.
Some say $1000 (x2 checks) isn't enough, but tell that to the person that has lost all of their income or is trying to get by on unemployment. Every little bit helps.
Frankly, it is just my wife & me, and we don't need the money. She is an RN at a local hospital (which is scary) and still working. I'm retired and have a decent income from various sources. Whatever we get we will use to support our local businesses once the 30-day Nevada shut down is lifted in mid-April.
As I understand it, the amount of the check will be proportionate with how much someone makes and how big the family is, but none of that has been finalized.
Some say $1000 (x2 checks) isn't enough, but tell that to the person that has lost all of their income or is trying to get by on unemployment. Every little bit helps.
Frankly, it is just my wife & me, and we don't need the money. She is an RN at a local hospital (which is scary) and still working. I'm retired and have a decent income from various sources. Whatever we get we will use to support our local businesses once the 30-day Nevada shut down is lifted in mid-April.
I think the problem is that the two checks at this point, wouldn't prove to be enough. Trump claims it can last well into summer. Two checks wont go that far enough if that is the case.
It's really sad that many are okay with the USA giving billions to other countries for aide, but have a fit when our tax money goes to us.
I'm all for helping people who are hurting. But the corporations are going to get way more than the few billion given to households. None of this will come without our paying a step price for it.
This virus seems to be impacting your thought process.
There is no law anywhere stopping people from going outside- just keep distance from others.
Grocers and pharmacies are open for business. Online pharmacies continue to process orders.
In my neck of the woods, restaurants are open for curb side service and fast food has the drive thru going on. Most of these restaurants are small, locally- owned operations.
Amazon is hiring at least 100,000 to keep up with demand.
I stopped at a handful of gas stations the past 2 days, all of them had long lines for the cashier, some were around 15-20 people deep...all of them standing right next to each other!!
Its like people are oblivious, they dont even care whats going on.
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