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Its not about whats kind, or even a sympathy for your fellow man. Some estimates say that we are going to drop a simply insane amount of GDP. Almost all of it self inflicted.
The reasons we bailout companies is that we can see that the problem they are having now will go away. And we can simply loan it to them and get it back later. Or any other number of reasons that make sense in softening the blow. Sometimes its unfair. But another way is to basically throw money at that bottom that is then used to more naturally stimulate the economy.
But really a lot of time its distributed in ways that are not efficient in achieving the stated goals. And we've been seeing a lot of that. Weve seen outright criminal activities.
We need a reasonable and thoughtful response. Invest more in fraud detection up until for every dollar you spend finding fraud, at what point does that cross a 1-1 threshold? thats where you stop, along with maintaining some customer happiness here. IE find a good balance between finding fraud, but also not harassing innocent people.
Use a team of economists to produce their best recommendations for review over a week long session.
The GOP put in some fun things in there. Like buying some F-35A jets. The navy also got a couple vessels. Oh and the FBI building got added in. The GOP is filling this with pork hoping they can pressure the Dems to sign by holding the economic health of the county hostage. Democrats submitted a plan months ago. And the GOP refused to even discuss it.
This is shameful in how poorly our leadership is functioning. The best way to stimulate a economy through this sort of thing is by stimulating the bottom. Yeah, its debt we pay for later, but it also means that when later arrives we actually have the income to pay it. And yeah,it can feel unfair. Would everyone prefer just a basic income? Maybe. Maybe not. It would have to be tied to a metric such as unemployment rate perhaps.
About the above, it is sad that conservatives don't realize what the federal unemployment money's purpose was, to keep the economy rolling. The externality was that those making minimum wage to working poor salaries made less than federal unemployment. The fact is with the Republican plan, we look to re-enter a recession regardless of what the economic picture looks like. The Republican Party thinks now is the time to reopen when states are reopening and schools open for fall. As we saw with Texas, Florida, Arizona and California; all spiked when they reopened. That said, a good amount of it happened due to not wearing masks. It will be interesting to see how mask wear effects new case spread.
If $600 a week is enough to dissuade millions of Americans from going back to work, that is proof that there is an income crisis in America.
How can America rank a respectable (yet disappointing) 13th in the world in per capita income, yet Americans working full time making less than ~$15.00/hr cannot afford a 2-bdrm apartment in any state in the country without a second income.
Minimum wage workers (really most under even $13.00/hr or more in high CoL states) cannot afford a 1-bdrm apartment in any state. Ever had a roomate in a 1-bdrm? It used to be we shook our heads when we heard about Mexican immigrants living like that. Now it is 20-something white Americans from middle class backgrounds, many working jobs that 30-50 years ago you could buy a house and raise a family on while your wife stayed at home to raise the kids.
This controversy over the unemployment compensation rate is troubling to say the least. This is not the sign of a wealthy, developed nation.
If $600 a week is enough to dissuade millions of Americans from going back to work, that is proof that there is an income crisis in America.
How can America rank a respectable (yet disappointing) 13th in the world in per capita income, yet Americans working full time making less than ~$15.00/hr cannot afford a 2-bdrm apartment in any state in the country without a second income.
Minimum wage workers (really most under even $13.00/hr or more in high CoL states) cannot afford a 1-bdrm apartment in any state. Ever had a roomate in a 1-bdrm? It used to be we shook our heads when we heard about Mexican immigrants living like that. Now it is 20-something white Americans from middle class backgrounds, many working jobs that 30-50 years ago you could buy a house and raise a family on while your wife stayed at home to raise the kids.
This controversy over the unemployment compensation rate is troubling to say the least. This is not the sign of a wealthy, developed nation.
For those of you that is hopeful that Democrats will force renewal of $600 federal unemployment, i got some bad news for you. "
Washington (CNN)House Majority Leader Steny Hoyer said Tuesday that Democrats are willing to agree to a new coronavirus stimulus package that doesn't include an extension of an extra $600 in weekly unemployment benefits, saying the party's position is not "$600 or bust."
For those of you that is hopeful that Democrats will force renewal of $600 federal unemployment, i got some bad news for you. "
Washington (CNN)House Majority Leader Steny Hoyer said Tuesday that Democrats are willing to agree to a new coronavirus stimulus package that doesn't include an extension of an extra $600 in weekly unemployment benefits, saying the party's position is not "$600 or bust."
The $1200 one time payment and the $600/week unemployment bonus did exactly what it was intended to for -- keep the economy rolling.
Nearly everyone I know used this money to fix up their house, buy a different vehicle, purchase furniture, etc.
And yes, several make more on unemployment than they would have if their job had not disappeared.
That said, they all would rather go back to work. They know this is short-term.
They just don't want to risk death to do it.
Exactly.
In my state, even with the $600/mo, that caps total UI benefits at the level of making ~$50K/yr. and that's assuming benefits continued for the entire 52 weeks.
How many people are out of work that made more than ~$50K/year?
How much more would it cost us taxpayers for the .gov to figure out who makes more or less than that number and adjust their additional fed benefits accordingly? How long would that effort take?
I know people that it took 6+ weeks for them to receive their first UI payments, even after it was approved.
This isn't as easy as people want to make it sound.
I think it should be relative to where you live. In FL $275 is all you get per week in reg unemployment. We are a services tourist state, its not touristy with a pandemic.
Most in Fl who live in the larger cities work 2 or 3 jobs,,, rent is no less than $1000 a mo. Daycares are closed. its all very scary especially for those of those who KNOW people who have died or are ill.. Its very easy to say whats what, if you are NOT affected.
If $600 a week is enough to dissuade millions of Americans from going back to work, that is proof that there is an income crisis in America.
How can America rank a respectable (yet disappointing) 13th in the world in per capita income, yet Americans working full time making less than ~$15.00/hr cannot afford a 2-bdrm apartment in any state in the country without a second income.
Minimum wage workers (really most under even $13.00/hr or more in high CoL states) cannot afford a 1-bdrm apartment in any state. Ever had a roomate in a 1-bdrm? It used to be we shook our heads when we heard about Mexican immigrants living like that. Now it is 20-something white Americans from middle class backgrounds, many working jobs that 30-50 years ago you could buy a house and raise a family on while your wife stayed at home to raise the kids.
This controversy over the unemployment compensation rate is troubling to say the least. This is not the sign of a wealthy, developed nation.
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