$1T stimulus

[healey36]

Opposite in Maryland...the unemployment application system here was brand new, and it tanked too. Probably the sheer volume of folks trying to access the system is crushing it (isn't that a common strategy of hackers, swamp the system with transaction volume?). Ten days or so ago Hogan said they were working around the clock to get it fixed, and yesterday he announced it was fixed. Haven't independently confirmed that, but my understanding is it can be turned around in less than a day now. If you need phone help, however, you're still screwed.

[HONDO74]

I Like This

A trio of liberal senators, including former presidential rivals, introduced new coronavirus relief legislation Friday to provide recurring $2,000 monthly payments to most Americans during the pandemic.

Sens. Kamala Harris, D-Calif., Bernie Sanders, I-Vt., and Ed Markey, D-Mass., argue the one-time payment of $1,200 provided in the previous coronavirus legislation, known as the CARES Act, didn't go far enough to help families reeling from the health and financial crisis.

"The CARES Act gave Americans an important one-time payment, but it’s clear that wasn’t nearly enough to meet the needs of this historic crisis," said Harris, a former 2020 Democratic White House contender. "Bills will continue to come in every single month during the pandemic and so should help from government."

The three senators introduced the Monthly Economic Crisis Support Act on Friday that would provide a $2,000 monthly check to every individual with an income below $120,000 throughout the pandemic and for three months once it concludes.

Married couples who file jointly would receive $4,000. Families would get $2,000 per child up to three children.

"If we can bail out large corporations, we can make sure that everyone in this country has enough income to pay for the basic necessities of life," Sanders said in a statement.

[Rufus T. Firefly]

"If we can bail out large corporations, we can make sure that everyone in this country has enough income to pay for the basic necessities of life," Sanders said in a statement.

Well, if the economy is going to come back, people w/o jobs are not going to be spending money in an economy that's 70-80% consumer supported. If they spend that on what they need and pay the bills, buy food and gas and utilities, then that should actually get the economy moving.

OTOH, I suspect that the concussed repubes will respond with something along the lines of "who are these little people and why haven't they all died off yet?"

[robert.]

"If we can bail out large corporations, we can make sure that everyone in this country has enough income to pay for the basic necessities of life," Sanders said in a statement.

OTOH, I suspect that the concussed repubes will respond with something along the lines of "who are these little people and why haven't they all died off yet?"

The meek shall inherit the earth. Right after we eat cake.

[up148]

This will just become another sticky wicket. With the election coming up its going to be a race to see which party can give the most away and socialist like Sanders ought to be loving it. I can understand paying people who lost their jobs or waiting to go back to work, but paying people who still have jobs and making what they did pre-Covid sounds pretty risky to me.

[Rufus T. Firefly]

This will just become another sticky wicket. With the election coming up its going to be a race to see which party can give the most away and socialist like Sanders ought to be loving it. I can understand paying people who lost their jobs or waiting to go back to work, but paying people who still have jobs and making what they did pre-Covid sounds pretty risky to me.

I agree in part - it's too wide sweeping; but there are 30+ million w/o jobs that are probably running out of money just to pay rent, utilities, and basic food. A $2,000 monthly check to every individual with an income below $120,000 when the median income in the US is ~$50k seems generous.

[up148]

Very generous. And I don't see why anyone earning $75-120K per year and is working needs this stimulus.

[robert.]

Very generous. And I don't see why anyone earning $75-120K per year and is working needs this stimulus.

It’s a flaw in human nature. If someone else gets it i must gave it toi.

[HONDO74]

Very generous. And I don't see why anyone earning $75-120K per year and is working needs this stimulus.

It’s a flaw in human nature.

It's called GREED. One of the 7 deadly sins....

Seven deadly sins list
Lust
Gluttony
Greed
Sloth
Wrath
Envy
Pride

[Rufus T. Firefly]

Very generous. And I don't see why anyone earning $75-120K per year and is working needs this stimulus.

And there's the rub --> and is working

As for it being greed, those folks have not asked for it either nor been consulted, so slapping them with an accusation is baseless.

This is poor planning by Sander, et. al.

Then again, it's all in the details. Where do you draw lines and how do you draw them. What we do know is that the Gov't is terribly inept at doing this sort of thing.

[HONDO74]

How Many people here actually need the $1200 stimulus money. I don't need it. In fact the majority of will be sent back to the IRS. I took a big lump sum income distribution last year and didn't get enough tax taken out of it so I owe some more.

And the rest of it I am already helping others in need by giving money for them to buy food with.

[Rufus T. Firefly]

How Many people here actually need the $1200 stimulus money. I don't need it.

Nor do I. Probably not all that many percentage wise of our generations.

I would imagine that the majority of all those folks that got all those jobs over the past couple of years do. Low paying jobs w/o benefits at a level that requires you to have 2 or more of them to make ends meet and now having none probably puts them over the edge of need. We're probably looking at a lot of 25-45 year old people here.

In fact the majority of will be sent back to the IRS.

Maybe not. Depends on actual income this year - some might be out of a job for 6+ months -- $1200 is not a lot to pay rent and utilities. That won't cover a 1 bedroom apartment round here.

I took a big lump sum income distribution last year and didn't get enough tax taken out of it so I owe some more.

Should have adjusted withholding and/or quarterly payments.

And the rest of it I am already helping others in need by giving money for them to buy food with.

Been doing that for years for my son who would be otherwise probably be unemployed right now, except he managed to jump ship to another job that's got a little protection attached to it. IT support for WebEx..........

[healey36]

I suspect it will be 8-10 years to get back to where the economy was, and by then we’ll be due for the next kick in the teeth (whatever that might be). The notion that this will be a V-shaped recovery seems overly optimistic. These things have a way of culling some of the excesses in the system, which unfortunately nails the folks at the bottom and middle of the food-chain the worst.

When some more of these companies start folding, then maybe we’ll get the rest of the 30-40% market drop we’re due for.

[Roy]

I don't think the economy took much of a hit, during the Spanish flu. I gather that it was over pretty quickly. My grandparents lived through it, but never even mentioned it.

[HONDO74]

I don't think the economy took much of a hit, during the Spanish flu. I gather that it was over pretty quickly. My grandparents lived through it, but never even mentioned it.

The Spanish flu (1918-20): The global impact of the largest influenza pandemic in history
https://ourworldindata.org/spanish-flu- ... in-history

Pandemic Economics: Lessons From The Spanish Flu In 1918
https://www.forbes.com/sites/pedrodacos ... 584656797a

How can we save lives and the economy? Lessons from the Spanish Flu pandemic
https://www.weforum.org/agenda/2020/04/ ... -1918-flu/