COVID-19 Stimulus

[NATI BENGALS]

Bunch of good stuff and a bunch of bad stuff they say.

Is this going to turn out good or no?

[*michaelsean*]

(03-26-2020, 08:10 AM)NATI BENGALS Wrote: Bunch of good stuff and a bunch of bad stuff they say.

Is this going to turn out good or no?

From what I could tell it’s pretty impressive. I’m not sure what the bad stuff is that’s being referred to. I’ve just read a general overview.

[Belsnickel]

I'm a wonk/bureaucrat, and with that comes the understanding of political realities with any public policy. I don't think this is the best policy that could have been crafted and I think there are things in it that are superfluous, but I'm optimistic about what it will mean for the economy in the short-term.

What I am pessimistic about is what will happen in the long term. There were warning signs for our economy before this happened and this isn't going to resolve all of those problems. Also, from my understanding of the payments going out, they are pre-payments of tax credits for 2020 taxes. This means that tax liabilities will be higher this time next year resulting in fewer refunds and smaller refunds. What will that do to the economy at that time when we may still be needing recovery? Will people be able to pay amounts owed? Because that happens after the election it isn't a big concern for the elected officials in Washington at the moment.

So while I am optimistic, it is a verrrrrrrrrry cautious optimism.

[*michaelsean*]

(03-26-2020, 09:44 AM)Belsnickel Wrote: I'm a wonk/bureaucrat, and with that comes the understanding of political realities with any public policy. I don't think this is the best policy that could have been crafted and I think there are things in it that are superfluous, but I'm optimistic about what it will mean for the economy in the short-term.

What I am pessimistic about is what will happen in the long term. There were warning signs for our economy before this happened and this isn't going to resolve all of those problems. Also, from my understanding of the payments going out, they are pre-payments of tax credits for 2020 taxes. This means that tax liabilities will be higher this time next year resulting in fewer refunds and smaller refunds. What will that do to the economy at that time when we may still be needing recovery? Will people be able to pay amounts owed? Because that happens after the election it isn't a big concern for the elected officials in Washington at the moment.

So while I am optimistic, it is a verrrrrrrrrry cautious optimism.

Can you explain that?  are you saying people who receive the federal part of the unemployment in essence have to pay it back?  I know several people who have applied, and I'd hate to see them blindsided.

[Belsnickel]

(03-26-2020, 11:40 AM)michaelsean Wrote: Can you explain that?  are you saying people who receive the federal part of the unemployment in essence have to pay it back?  I know several people who have applied, and I'd hate to see them blindsided.

I'm referring to the $1200/person checks being sent out, not the unemployment benefits.

[*michaelsean*]

(03-26-2020, 12:05 PM)Belsnickel Wrote: I'm referring to the $1200/person checks being sent out, not the unemployment benefits.

  OK thanks.

[Goalpost]

Unemployment claims came in at 3.28 million. I think the record was like mid 600,000, The data from the virus is horrible. The data with the economy is equally so. There is a lot of people to take care of, of which everyone agrees is no fault of their own. If anything this bill helps sentiment but we won't know for a few months whether this worked.

[Benton]

Personally?

My taxes have yet to be filed (still at the CPA) so they'll likely base it off my 2018 return... before I started a business and GOP tax changes ate up a chunk of revenue, when I made more money. Soooo... likely I won't be getting anything

Nationally?

I'm optimistic. More money at the base level is the best way to boost the economy. They included a lot of unnecessary (in my opinion) money for big industry bailouts, but if you really want to improve the economy, put a few thousand dollars in the hands of people who will buy cars, toasters, towels, beer, etc. Companies and the stock market are going to keep moaning losses, but at the end of the day, any dollars back to consumers is going to get spent buying those products. No, not multi-million dollar plane contracts, but other products. And, really, that's what drives the economy. For a business owner, it's better to sell one million dollar airplane, profit-wise, than 100,000 $10 toasters. But economically, there's more people who benefit from those $10 toasters.

[*michaelsean*]

(03-27-2020, 01:21 AM)Benton Wrote: Personally?

My taxes have yet to be filed (still at the CPA) so they'll likely base it off my 2018 return... before I started a business and GOP tax changes ate up a chunk of revenue, when I made more money. Soooo... likely I won't be getting anything

Nationally?

I'm optimistic. More money at the base level is the best way to boost the economy. They included a lot of unnecessary (in my opinion) money for big industry bailouts, but if you really want to improve the economy, put a few thousand dollars in the hands of people who will buy cars, toasters, towels, beer, etc. Companies and the stock market are going to keep moaning losses, but at the end of the day, any dollars back to consumers is going to get spent buying those products. No, not multi-million dollar plane contracts, but other products. And, really, that's what drives the economy. For a business owner, it's better to sell one million dollar airplane, profit-wise, than 100,000 $10 toasters. But economically, there's more people who benefit from those $10 toasters.

Where are they going to buy all this stuff? These checks won’t boost the economy outside of businesses that are already open. People aren’t going to be holding on to that money for a month or two.

[HarleyDog]

I don’t see as much spending for goods as some. I think the majority will be spent on utilities, Dr bills and/or a house payment or two. Of course your going to see a rise in tv sales that’s for sure.

[GMDino]

(03-27-2020, 10:31 AM)HarleyDog Wrote: I don’t see as much spending for goods as some. I think the majority will be spent on utilities, Dr bills and/or a house payment or two. Of course your going to see a rise in tv sales that’s for sure.

Couple things:

1) Harley is spot on.  This will help the utilities and mortgage holders and landlords more than than the folks getting the money.  But some will "waste" it by getting items they don't "need" because...

2) It's been shown that "poorer" people spend the money when they get it more than "richer" people who will save it.

Giving money to the lower income people will keep the economy going a bit more.  Always has.  That's why I never got the lure of supply side (trickle down) unless you were already at the top.

[NATI BENGALS]

I would love to feel good about something my federal government was doing. A rush job led by Munchkin and turtle man... throw in Pelosi and all of the lobbyists. While the prez goes up and spews horseshit every night..... Lowest confidence level ever in my leadership.

We don’t even know the scope of the problem and we are just dumping the most money ever into some some giant clusterfuck of bill.

Idk what’s in it. Haven’t read it.

I read somewhere that said it was going to stop payroll taxes. Meaning Medicare and Social Security go unfunded.. Sounds like a terrible idea. I hope it was some bullshit I read

[*Nately120*]

I know neo cons who will accept this and have filed for unemployment. None of them have sold their fancy phones or cancelled their Netflix yet, however.

[Benton]

(03-27-2020, 10:22 AM)michaelsean Wrote: Where are they going to buy all this stuff?  These checks won’t boost the economy outside of businesses that are already open. People aren’t going to be holding on to that money for a month or two.

Stores are still open. The internet is still open. 

[SunsetBengal]

(03-27-2020, 10:22 AM)michaelsean Wrote: Where are they going to buy all this stuff?  These checks won’t boost the economy outside of businesses that are already open. People aren’t going to be holding on to that money for a month or two.

It'll boost the economy in my home.  Wife and I will likely pool our money together, throw in a little that I've been holding onto, and pay off a bad debt that I've been sitting on since the "big recession" days.  Getting that off my credit history will likely enable me to refinance my truck at a much better rate, saving me over a couple hundred per month.

[Belsnickel]

(03-27-2020, 06:59 PM)SunsetBengal Wrote: It'll boost the economy in my home.  Wife and I will likely pool our money together, throw in a little that I've been holding onto, and pay off a bad debt that I've been sitting on since the "big recession" days.  Getting that off my credit history will likely enable me to refinance my truck at a much better rate, saving me over a couple hundred per month.

Exactly what the government doesn't want you to do.

[Benton]

(03-27-2020, 06:59 PM)SunsetBengal Wrote: It'll boost the economy in my home.  Wife and I will likely pool our money together, throw in a little that I've been holding onto, and pay off a bad debt that I've been sitting on since the "big recession" days.  Getting that off my credit history will likely enable me to refinance my truck at a much better rate, saving me over a couple hundred per month.

(03-27-2020, 07:23 PM)Belsnickel Wrote: Exactly what the government doesn't want you to do.

Exactly, Matt.

Sunset, for the good of your country, go out and blow that cash on some new balance sneakers, pbr, some steaks and, hell, get you a new grill to fire them up on.

Don't be responsible with it, blow that cash like a meth head in a toothbrush store.

[SunsetBengal]

(03-27-2020, 07:23 PM)Belsnickel Wrote: Exactly what the government doesn't want you to do.

Who cares what the 'Gubment wants.  I see an opportunity to give myself a $1/hr take home raise, I'm going for it!

[CKwi88]

My household has really not been financially impacted by this whole deal, at least until taxes skyrocket so the taxpayer can pay for this bailout. Either way, it'll be nice to get 3k from Uncle Sam. I'll probably put it in the market when the time is right.

[Belsnickel]

(03-27-2020, 07:59 PM)SunsetBengal Wrote: Who cares what the 'Gubment wants.  I see an opportunity to give myself a $1/hr take home raise, I'm going for it!

Oh, I don't blame you. We will pay down debts, ourselves. It's just always one of those funny things to me because the government does this in the hopes that people will just spend the money. Paying down debts with the money undermines their efforts because it doesn't boost the economy as the stimulus intends.