Biden's Stimulus- He's Screwing Us Already

[Tiger Teeth]

Oh God, please let it stop.

[KillerGoose]

(02-26-2021, 01:59 AM)BFritz21 Wrote: They haven't even gotten all the money out to schools from the last bill, and not to mention that only 5% of the bill is used this year and the rest is spread out in future years.  I thought it was supposed to be for Covid relief?  

To my knowledge, it is supposed to be for COVID relief, with a hung chunk being towards paying individuals. I’m not sure where you’re getting that 5% number, but I can tell you it is likely false. Nearly $1 trillion of the bill is for unemployment benefits and individual payouts. Those are going to go out very quickly once the bill passes. There is also a sizeable chunk for vaccine distribution and production. I’m not going to act like I 100% know when they’ll utilize that money, it doesn’t make any sense to me to not utilize it now.

[*Nately120*]

The ultra rich made enough to be set for thousands of lifetimes in the mere 4 years Trump was in office, what's your excuse?

[BmorePat87]

(02-26-2021, 03:45 AM)BFritz21 Wrote: In this interview in the first minute, including pointing out that the increased minimum wage will, according to the Congressional Budget Office, cost 1.4 million jobs, like I pointed out in another thread and was laughed at for using common sense.

I just read the section of the bill related to education, and it doesn't say that, despite Mitch saying it does. Mitch is a politician known for lying profusely. 

The funds expire after 2023 and it states that no less than 5% has to go to direct student interventions. It also states that states need to return any money they do not use within a year so it can be given out to other states. So I think Mitch is trying to twist this to say that only 5% is guaranteed to be spent this year, but even that is incorrect.

The funding will be handed out this year. Any state that fails to use it will return their money, and it will go to other states to use. The bill allows for this money to remain on hand for the Dept of Edu to award up until 2023. It doesn't mean that 95% of it is appropriated for spending from 2022 onwards. 

The minimum wage is not part of this since it cannot be added per Senate rules, but the CBO is not full proof in their estimates, and economic experts are split on the impact of minimum wage hikes. 

[fredtoast]

(02-25-2021, 10:16 PM)BFritz21 Wrote: I lost 11 grand today from the money that's set to take care of me for the rest of my life.  

The Dow Jones average is up over FOUR THOUSAND POINTS since Biden won the election.

[Au165]

(02-26-2021, 02:56 PM)fredtoast Wrote: The Dow Jones average is up over FOUR THOUSAND POINTS since Biden won the election.

Yes but the Brad Fritz index is down 11k and that is the true deciding factor of if Biden is ruining the economy or not.

[*Nately120*]

(02-26-2021, 03:43 PM)Au165 Wrote: Yes but the Brad Fritz index is down 11k and that is the true deciding factor of if Biden is ruining the economy or not.

The title of the thread is that Biden is screwing us...US!  I've been violated and I don't even know it.

[BFritz21]

By the way, here's Forbes saying the stimulus bill won't help the economy, but I assume that they're just Biden hating Trump supporters that don't know what they're talking about, right?

Quote:Eventually, pushing too much money into people’s hands—when productive capacity cannot match the spending—will prove inflationary. Early signs in inflation may show in 2021 and be clearly evident by the end of 2022 and certainly by 2023.

[fredtoast]

(02-26-2021, 06:57 PM)BFritz21 Wrote: I was killing it since Biden was elected, UNTIL THIS STIMULUS PASSED, WHICH IS WHAT THIS THREAD IS ABOUT AND HOW I LOST MONEY BECAUSE OF THE STIMULUS, AND HOW IT WILL SCREW THE ECONOMY!

The stimulus has not passed.

[fredtoast]

(02-26-2021, 07:04 PM)BFritz21 Wrote: By the way, here's Forbes saying the stimulus bill won't help the economy, but I assume that they're just Biden hating Trump supporters that don't know what they're talking about, right?

Actually you don 't care about the economy.  All you care about is the value of your stock portfolio.

And no matter what any opinion piece says in Forbes the stimulus package passed last year by the Trump administration PROVES that these types of stimulus payments will inflate the stock market.

[BFritz21]

(02-26-2021, 07:16 PM)fredtoast Wrote: The stimulus has not passed.

Wow.

The point of this post was how Biden's plan will screw us all and that's what my post was about, and this entire thing is under the assumption that it would pass and how Biden doesn't care about the damage it will cause.

[BmorePat87]

(02-26-2021, 07:04 PM)BFritz21 Wrote: By the way, here's Forbes saying the stimulus bill won't help the economy, but I assume that they're just Biden hating Trump supporters that don't know what they're talking about, right?

That writer said the same thing about a potential stimulus in October. He’s not biased he just has his own opinion that’s opposed to Keynesian economics, under any president.

Experience suggests he’s wrong.

[BFritz21]

(02-26-2021, 07:19 PM)fredtoast Wrote: Actually you don 't care about the economy.  All you care about is the value of your stock portfolio.

And no matter what any opinion piece says in Forbes the stimulus package passed last year by the Trump administration PROVES that these types of stimulus payments will inflate the stock market.

Make assumptions and make personal attacks.

Most would be suspended for doing so and, in fact, you've tried to have me suspended for much less, so why's it ok for you to do?

You think all stimulus plans are the same and, even if they were, you think they'd all work the same at different points in time?  Or was that just a personal attack and you think I'm too stupid to look at it objectively?

As for the first personal attack and assumption, yes, I lost money, and I don't like it, but I have enough money to last me, so it's not that big of a deal.  I'm upset because I want to see the country thriving because everything is better when everyone is doing well.

Keep trying.  It's getting amusing. 

[BmorePat87]

And to note, all spending causes inflation. That’s not a surprise side effect. Once the economy gets going again, then you raise interest rates and take other steps to control it.

[*Nately120*]

(02-26-2021, 07:35 PM)BFritz21 Wrote: I'm upset because I want to see the country thriving because everything is better when everyone is doing well.

When was the last time everyone in this country was doing well?  

[SunsetBengal]

(02-26-2021, 07:40 PM)Nately120 Wrote: When was the last time everyone in this country was doing well?  

Well, those absolute statements are rather tricky.  I'm not sure that there's ever been a time, in any Nation, where everyone was doing well.

[*Nately120*]

(02-26-2021, 07:52 PM)SunsetBengal Wrote: Well, those absolute statements are rather tricky.  I'm not sure that there's ever been a time, in any Nation, where everyone was doing well.

Welp, maybe it's just the OP's time to hold the head while other people diddle the monkey. 

[BFritz21]

(02-26-2021, 07:40 PM)BmorePat87 Wrote: And to note, all spending causes inflation. That’s not a surprise side effect. Once the economy gets going again, then you raise interest rates and take other steps to control it.

But that's natural inflation.  Just giving out money for nothing isn't natural and doesn't drive economies.

(02-26-2021, 07:40 PM)Nately120 Wrote: When was the last time everyone in this country was doing well?  

Obviously everyone can't be doing well but there can be more people doing well, and just giving out things for free isn't a way to do it because someone has to pay for it and there ends up being less for everyone in the long run.

(02-26-2021, 07:55 PM)Nately120 Wrote: Welp, maybe it's just the OP's time to hold the head while other people diddle the monkey. 

You think I'm the only one that's going to suffer from this or is suffering from this?

[CJD]

Yea, giving out free money doesn't solve anything (other than poverty and avoidable death, but no one cares about that).

What they need to do is TAKE money from people and then use that money to help the economy.

#taxtherich

[Belsnickel]

(02-26-2021, 08:49 PM)BFritz21 Wrote: But that's natural inflation.  Just giving out money for nothing isn't natural and doesn't drive economies.

What about any of this is "natural?" That's a very weird word to use for it. Also, yes, it does drive economies. Money spent by the government increases the GDP. Money spent by consumers increases the GDP. Money given by the government to consumers that is then spent will increase the GDP which is the economic measure. Not the market. The market is not the measure of the economy.