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The downside is the last time the stimulus checks went out, everything increased in price, especially food. The $2.50 Chips Ahoy were suddenly $2.99.
I told my husband they'll be partying tonight in town with drugs and alcohol, so $600 won't go far.
The only thing that will save the country is for people to get back to work! Of course, what is happening is the exact opposite of trying to save the country.
So, how much toilet paper, rice and beans will $600 buy?
People are not going back to work UNTIL there is a demand for the goods and services they produce. That’s how the market works. The virus and the economy are inextricably connected. Ex: I’m NOT going into an establishment that is packed with people. PERIOD. I will leave (as I already have) establishments that do not enforce mask requirement. So, I just avoid people whenever possible. As a result, I have not spent a lot of money in the past few months.
So, I don’t expect the economy to get back to normal until the virus is REALLY under control.
I hate to tell you this, but the Trump tax cuts were always going away for individual taxpayers - it is part of the original bill. If anything, Biden and a D congress would be more likely to make them permanent.
Most Trump supporters already knew that the personal earned income tax cuts were going away starting next year.
They have been planting stories to make it look like Biden will be to blame for the inevitable increase. 'Priming the pump' so to say with bad information. It is disingenuous of course, but it is the kind of claim intended not to inform, but to poison the well on a Biden presidency and hold the disaffected Trump base together.
We all know the the small (as it turned out) tax break most individuals received is not the main cause of the serious budget problems we have been witnessing in the Federal budget. It is the estate tax elimination (Huge for families like Mercer, Adelson, Trump and Kushner), the enormous and unmerited corporate tax cuts and the business expense tax break which benefit foreign firms as well as domestic firms and very wealthy investor families and which represents the lion's share of the new deficits.
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