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600/week of FEDERAL unemployment ONTOP of their state unemployment.....
My daughter works part time at a restaurant (while in school)..her lazy BF refuses to go to college, refuses to get a license, refuses to look for a better job, so now instead of working collecting about 250/week (only a part time job) he sits at home collecting 50% from the state (about 125) PLUS 600 a week from the federal side..... he states he will NOT return to work until he has to....and he is saving NOTHING (even though he lives at home with his mommy)
giving states who ALREADY had budget deficits due to poor management a bailout
there is 3..I could go on but I have some things I need to get done
The CARES Act - passed as law - authorized $2T in "spending". $500B of that hasn't even been "spent" in the form of capital to be used to back up loans to large corporations. Loans, not grants. Think the 2009 bailout, when the Banks, etc actually paid the money back.
Major actual cash out/never see again:
1. $300B in direct stimulus (the $1,200/$2,400 per couple plus up to $1K for kids). Had an income cap. No direct economic impact from COVID needed - ie, even retirees received this. Completely "free money"
$250B for the "$600/wk" benefit (along with extending all UI benefits for 26 weeks) for ~ 4 months.
2. $350B in PPP loans, later increased to $660B which has not all been funded (deadline last Friday)
3. $100B to hospitals, plus $40BB in PPE. Think of this - in PPE alone with 5MM total cases and a 20% hospitalization rate that's $40K in PPE alone per hospitalization. For hospitals, at 1MM patients - that's 100K/hospitalization. IOW, a LOT of this money better not have been spent yet.
4. $150B given to the states. That's actually not very much - $455/person when I'd spitball the average spent by states is $5,000.
Since the end of March passage, cases leapt and deaths did too, but deaths peaked in early May as "expected".
So, $2T (plus $310B more in PPP) was thrown at the issue. Almost half an entire year of Federal spending ($4.8T in 2020). And not more than $1.5T has been spent.
so why, if we're past the worst of the health toll, would we need to have an EVEN LARGER stimulus bill?
Why, if the unemployment rate peaked at the end of May and has dropped back to 2010 level (with wages up) do we need to spend EVEN MORE than 5 months ago? Why, if economic recovery seems to be happening from $2T in spending would we now need to push COVID spending to > a FULL YEAR of Federal spending?
Re: underlined bold: if you're gonna compare this fiasco to that imbroglio, don't forget to note that millions of Americans lost $9.8 trillion in real property. Real American people lost their homes; they weren't bailed out.
Now this one. How many folks will end up living in trump-styled 'hoovervilles'?
600/week of FEDERAL unemployment ONTOP of their state unemployment.....
My daughter works part time at a restaurant (while in school)..her lazy BF refuses to go to college, refuses to get a license, refuses to look for a better job, so now instead of working collecting about 250/week (only a part time job) he sits at home collecting 50% from the state (about 125) PLUS 600 a week from the federal side..... he states he will NOT return to work until he has to....and he is saving NOTHING (even though he lives at home with his mommy)
giving states who ALREADY had budget deficits due to poor management a bailout
there is 3..I could go on but I have some things I need to get done
It’s a trial run for UBI. Get non-productive members of society used to collecting $4000 a month for doing nothing. Then you will force businesses to pay low-skilled people $50,000 a year to entice them back, and businesses can’t afford that. Force small businesses to close, and there are fewer employers - and more people on UBI.
First the states had to not use CARES monies in a legal way to have the money to front the illegal Trump plan (since it is spending around Congress. FYI. I would say that about any politicians doing that.) In fact many states need more leading to the Republican plan.
I have no idea what this means. What I know is the ~$40B cost of the $100/$400 obligation for the states is in undisbursed funds from CARES. 40B of $150B is unspent. Can you try to explain what you're talking about?
Here's an example for Oregon. The difference between 2.45B and the 1.6B in the quote below sms to be that larger cities/counties could get their own funds directly. Th 1.6B is the Oregon Gov's
Oregon’s $1.6 billion local government allocation is a cut of $150 billion being made available to state, local and tribal governments through the CARES Act’s Coronavirus Relief Fund. The money can’t be used to make up lost revenue, according to the U.S. Department of Treasury. It can only be used to cover unbudgeted expenses due to COVID-19 that occur between March 1 and Dec. 30.
Quote:
mkpunk: As for the $600 vs $400 debate, most people didn't get the option to return to work and some did but got furloughed again as the sunbelt reopened and closed.
I really have no idea what this means. But understand this is the MAIN issue that you'll see some give on in DC, if only people will use facts.
We know on March 1 that unemployment was about 3% and so those people wouldn't have had a COVID economic impact nor be paid the $600. Unemployment quickly peaked at 16% and is now back to 10%. And wages increased, which means overall that folks weren't going back to work for less. So, primarily we are talking about that 7% gap.
this I can actually understand, but what's the real near-term impact? I'm quoting this part of the article only because it attempts to put a national $ figure on it. Each state has its own gas tax, so I really don't feel like trying to figure out the loss to 50 different states.
But using NC, our total collections annually are $2B. Our taxes are at least "average" at 36 cents/gal (we rank #15) So even if for an entire year driving was off by 50% then our revenue loss would be $1B.
So how is there a legitimate claim of $1B/state lost?
Quote:
Starting in March, states started seeing their biggest loss in gas tax revenue in decades as some had to defer billions in repair projects, saying they were short $50 billion in funding.
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I cannot give a concrete answer on evictions. There are some cases where people got money and then the money was taken back due to alleged fraud and accounting errors. https://www.12news.com/article/news/...b-c28f35b23183 If you got money while unemployed and then got hit with being a potential fraud case you might have been able to pay bills but now are not. I highly doubt people socked away the money and didnt pay rent unless there was a rent holiday or deal worked out.
the AZ article attempts to make it clear - some people that moved during COVID, and then applied for UEI from the state thy left were flagged as being fraudulent. It sucks, but there's no real # put on these cases, and they are being worked through the system to recover the benefits.
When you have seen "up to 45MM losing their housing", that's just a BS "what's the absolute worst it could possibly be?" figure. That includes every person late for rent on th 1st of the month AND every mortgage that was past due.
The first time this topic was discussed, we used an article from some rent-tracking company. Even in good times, 10% of people don't pay rent. But the stats showed that even though the "didn't pay on time" percentage ballooned in April/May, the % that didn't pay ANYTHING by the end of the month was very small - like 5%.
And here's the thing - just think about it - what do landlords gain by evicting people that are affected economically by COVID that paid on time until April 1 and have paid SOMETHING each month? Who would they replace them with?
If you haven't heard it already, Trump just signed an executive order to suspend the payroll tax.
THIS FUNDS YOUR SOCIAL SECURITY AND MEDICARE.
Trump said the employer portion of the payroll tax would be deferred from Aug. 1 through the end of the year, though the move would not directly aid unemployed workers, who do not pay the tax when they are jobless, and faces bipartisan opposition on Capitol Hill.
“If I win, I may extend and terminate,” Trump said, repeating a longtime goal but remaining silent on how he’d fund the Medicare and Social Security benefits that the 7% tax on employee income covers. Employers also pay 7.65% of their payrolls into the funds.
If you value your life and wellbeing- dump him in NOV.!!
Typical 'language" , "Trump's ATTACK on SS"
When dems want to modify or change thing they NEVER use words like" "attack". it is usually word like "improve", etc.
Re: underlined bold: if you're gonna compare this fiasco to that imbroglio, don't forget to note that millions of Americans lost $9.8 trillion in real property. Real American people lost their homes; they weren't bailed out.
Now this one. How many folks will end up living in trump-styled 'hoovervilles'?
No one knows.
I'm not sure I understand. I've just found figures all over the place, but 7MM foreclosures and $6T in "home value" are claimed.
I never lost my house, but I guess the price dip from 2008-2012 I could claim a 20% "loss in value". Of course, my value has since recovered, so are you going to give me credit for that?
I'm not sure I understand. I've just found figures all over the place, but 7MM foreclosures and $6T in "home value" are claimed.
I never lost my house, but I guess the price dip from 2008-2012 I could claim a 20% "loss in value". Of course, my value has since recovered, so are you going to give me credit for that?
Think you missed the point.
Some folks lost their homes. Some folks were living with relatives until they got back on their feet. & so on.
Other folks? They became 'foreclosure kings' & were afterwards appointed Treasure Secretary:
Treasury Secretary Mnuchin: Do not call me the 'foreclosure king'
It’s a trial run for UBI. Get non-productive members of society used to collecting $4000 a month for doing nothing. Then you will force businesses to pay low-skilled people $50,000 a year to entice them back, and businesses can’t afford that. Force small businesses to close, and there are fewer employers - and more people on UBI.
I wouldn't say it is non-productive at all. What we saw was not just lower income people cut (in fact many of them were either kept on or brought back the quickest) while we had some store managers take the same furloughs and would see a drastic paycut. Not all store workers, movie theater workers, restaurant workers get paid pauper wages.
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