Impacts of the $2T Coronavirus Relief package

OllieC

OllieC

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Mar 11, 2013
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I’m far from a financial wizard, however from the outside looking in, I find this package jeopardizing my kid and my potential grandkids future.....drastically. Don’t get me wrong, this printing of money, borrowing & redistribution of wealth has been going on for a few decades, but this seems like it could potentially put us over-the-top and to the point of no return.

I’m not following how $1200 per person or $2400 per family and $500 per child is going to stimulate the economy when most restaurants, bars, entertainment venues & small business’s are closed? If we get anything (my kids check), we’re just going to put it in the 529. What else are we suppose to do? This is what Government “doesn’t” want us to do, SAVE.

Why can’t unemployment insurance and unemployment benefits work? Why can’t this stimulus focus on keeping business’s and corporations afloat.....only! Why all the other crap buried in this bill? It’s as if the Government is trying to break this country. That’s at least the feeling I’ve gotten.

Everyone has enough doom and gloom, so please, I’m not trying to pile onto that, however this is the kind of thing that has me questioning this administration. I feel President Trump is doing a fine job with the Wuhan coronavirus response, but what’s this garbage of a rushed stimulus package? This type of spending was suppose to stop. The 2008 stimulus was a complete disaster.

What say you?
 
I’m with you.
Rewarding or supplementing business to keep employees on the payroll makes way more sense. Especially with real checks and balances on them.
Not only for salary, but many still have employer provided or subsidized health insurance. It would leave business better able to jump back in the game when things clear up too.
Extension of unemployment benefits is good too.
The direct checks are probably the least effective way to stimulate things, especially if workers keep getting checks and unemployment is shored up, but Dems would never go for a bill that would only help business and nothing direct to individuals.
They’ve made demonizing business a big part of their platform.
 
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Woody said:
Pelosi said that if we give to much to people we can just take it back next year at income tax time. See Ollie....no big deal.
Click to expand...

That’s exactly what they’ll do.
 
At this point i would be happy with no change in WH. I think they are doing a great job.
 
Woody said:
Pelosi said that if we give to much to people we can just take it back next year at income tax time. See Ollie....no big deal.
Click to expand...
Pelosi also said we had 500 million US citizens who would lose their jobs when she was pushing the 2009 economic relief package. Not once, but twice. There seems to be a math problem in congress.
 
It’s going to be an anchor tied around our neck for decades. Taxes will be going up, they have to. Should have a line on the 1040 to allow people to donate to pay off the debt. Let those mouthy billionaires put their money where their mouth is.
 
OllieC said:
Pelosi also said we had 500 million US citizens who would lose their jobs when she was pushing the 2009 economic relief package. Not once, but twice. There seems to be a math problem in congress.
Click to expand...
Not that she's the only one but I've developed a great dislike for her.
 
OllieC said:
I’m far from a financial wizard, however from the outside looking in, I find this package jeopardizing my kid and my potential grandkids future.....drastically. Don’t get me wrong, this printing of money, borrowing & redistribution of wealth has been going on for a few decades, but this seems like it could potentially put us over-the-top and to the point of no return.

I’m not following how $1200 per person or $2400 per family and $500 per child is going to stimulate the economy when most restaurants, bars, entertainment venues & small business’s are closed? If we get anything (my kids check), we’re just going to put it in the 529. What else are we suppose to do? This is what Government “doesn’t” want us to do, SAVE.

Why can’t unemployment insurance and unemployment benefits work? Why can’t this stimulus focus on keeping business’s and corporations afloat.....only! Why all the other crap buried in this bill? It’s as if the Government is trying to break this country. That’s at least the feeling I’ve gotten.

Everyone has enough doom and gloom, so please, I’m not trying to pile onto that, however this is the kind of thing that has me questioning this administration. I feel President Trump is doing a fine job with the Wuhan coronavirus response, but what’s this garbage of a rushed stimulus package? This type of spending was suppose to stop. The 2008 stimulus was a complete disaster.

What say you?
Click to expand...
It’s classic cloward/piven. Overwhelming and collapsing the system so a new one can be put in its place
 
Why are people who are still working getting a check if they fall in the limits? Give it to people who lost there jobs and business to get on there feet. I'm still working and if I qualified I would give it to someone who needs it.
 
This

upload_2020-3-29_12-36-19.jpeg
 
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I'm still working, and will be getting a reduced check. But I am in the cabin of that boat above, bailing furiously to keep it afloat. Trying to raise as much cash as possible to stick around. This ain't going to be easy.
 
We don’t qualify for the free 1200 each.
More importantly:
We’re also very lucky in that this mess hasn’t effected our household income at all. I’m retired now and my pension and social security checks are still rolling in.
My wife is salaried and normally works 4 days a week. She’s been working more like 5 1/2 days a week from home. No extra money, but no salary reduction either.
Like everyone else, we’ve taken a loss in the market, but it’s only a paper loss for us. We’re both several years away from taking mandatory IRA distributions, and investments outside the IRA’s are going to wind up going to our kids.
We count our blessings and thank God that we were able to plan and save for a comfortable retirement.
Meanwhile, I know plenty of people who aren’t so lucky.
Some who are retired and depend heavily on their IRA to supplement their income.
Even worse, others who have either lost their jobs or their business is in the $hitter.
What I don’t understand is why people who have had their income source severely impacted by this are getting checks for up to $1200.00 each and even more money if they have qualified kids.
Wouldn’t those billions be put to better use if they were used to extend the length of time impacted people can collect unemployment?
I know that a portion of the 2 trillion dollar bill goes to that already, but some of these folks are really screwed and may be out of work for a very long time.
I agree with Senators Graham and Scott that making unemployment more than a person took home when they were working was a mistake, but there is nothing wrong with the feds stepping in to make people whole with a solid check exactly equal to what they were getting when they were working for a while.
It also seems like a waste of money to send money to people that haven’t had their paychecks impacted by all of this.
What the hell am I missing?
 
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JVM225 said:
We don’t qualify for the free 1200 each.
More importantly:
We’re also very lucky in that this mess hasn’t effected our household income at all. I’m retired now and my pension and social security checks are still rolling in.
My wife is salaried and normally works 4 days a week. She’s been working more like 5 1/2 days a week from home. No extra money, but no salary reduction either.
Like everyone else, we’ve taken a loss in the market, but it’s only a paper loss for us. We’re both several years away from taking mandatory IRA distributions, and investments outside the IRA’s are going to wind up going to our kids.
We count our blessings and thank God that we were able to plan and save for a comfortable retirement.
Meanwhile, I know plenty of people who aren’t so lucky.
Some who are retired and depend heavily on their IRA to supplement their income.
Even worse, others who have either lost their jobs or their business is in the $hitter.
What I don’t understand is why people who have had their income source severely impacted by this are getting checks for up to $1200.00 each and even more money if they have qualified kids.
Wouldn’t those billions be put to better use if they were used to extend the length of time impacted people can collect unemployment?
I know that a portion of the 2 trillion dollar bill goes to that already, but some of these folks are really screwed and may be out of work for a very long time.
I agree with Senators Graham and Scott that making unemployment more than a person took home when they were working was a mistake, but there is nothing wrong with the feds stepping in to make people whole with a solid check exactly equal to what they were getting when they were working for a while.
It also seems like a waste of money to send money to people that haven’t had their paychecks impacted by all of this.
What the hell am I missing?
Click to expand...
I feel like we’re in the same boat as you. We don’t qualify for the stimulus check but how much will our taxes go up for all this wasteful spending? As for the loss in the market. That doesn’t concern me whatsoever. We took a huge hit in 2008 and then in the next year and a half it all came back and then some.
 
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My pension is only $400 a month, the balance is my investments in property and equities. So no guarantee. We are fine though.
However if we do not put folks back to work it will be the demise of what we know today.
The governments program that guarantees pensions will not be able to back stop the failed investments to back it up. There is no doubt the longer this goes the more dicey it gets in my opinion.
 
The only thing really hurting us is we have several vacation rentals that unfortunately will not be able to rent out until this China virus situation is over. Fortunately we don’t owe anything on them except property taxes.
 
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