Did I miss something?

I can't for the life of me come up with the name of even one regular working taxpayer that said " A stimulus package totaling 2 trillion dollars is just what this country needs ", the only ones saying it are politicians. Anyone that can chime in and tell me why this is a good idea for the country?

 

In fact, there are many people that worked in businesses such as the restaurant/food industry and the airline industry that have lost their jobs during this pandemic. Even worse, many small businesses have taken such a hit they may not ever be able to come back. So there are certainly individuals and businesses that might greatly benefit from the injection of a little capital right now.

Having said that, I was watching the "cutoff" levels for the checks they sending out and I agree with you that it's ludicrous. Does someone that makes $75,000 a year and still has their job really need a check for $1200? I think they would have done far better (and spent far less) if the individual part of the aid package had been targeted at those that are really in trouble right now. For example, people that have lost their jobs during the pandemic or that really don't make enough to be able to afford buying a few weeks worth of food/supplies to hunker down during the crisis. I know quite a few people for which the $1200 check is meaningless. Sure, they'll take it, because they know they'll have to pay back even more than that in taxes later. Nonetheless, they don't NEED it, so I agree with you that a blanket government handout was not well thought-out. We will likely be paying for this stimulus package for at least 10 to 20 years.

 

Ned, all to often I see my tax dollars going to "people who really need it" these people are also sucking everything they can off the system. Is there people who really could use it of course there is.

For example, I have a brother in law with four kids, he works odd jobs for cash and his wife does not work. They do not contribute at all and every year they get $8-10K back when they do their taxes. Not to mention other hand outs. I have offered him jobs with the company I work for that is $60/hr in compensation. He says "do I have to piss clean?" So becauae he cant stop smoking weed and put his family first we support him. I see this all the time, able bodied people who won't work and on paper they "really need help"

 

My wife and I just wrote a $6051 check to cover the taxes we could not write off. When I hear someone bragging about a $5000 plus "return", it makes me want to collect their front teeth. More often than not they did not pay anywhere the amount of what they got "back". It is nothing more than a welfare check. When I grew up there was a stigma attached to receiving welfare but now they brag about it.

 

Simple! A blanket check is the fasted way to get money to the people that need it. If it only went to the low income and people that were laid off it would take forever to identify them and get them a check.

 

Geo S Patton. "...an imperfect plan implemented immediately and violently will always succeed better than a perfect plan". Case in point w execution - fairly fast.

 

Let's see, I remember a long haired hippy type on O'Riely's show a couple years ago on Fox that was bragging about using his food stamps to purchase lobster, and now I'm going to give the POS a check for $1200? I must be the biggest sucker born.

 

Nope. We'll never pay for it. We've got $22 Trillion in outstanding debt instruments and I'm not aware that we have ever paid down the principal balance.

We will however pay the vig. Forever.

And if you thought this Wuhan virus wreaked havoc on the economy, wait until interest rates creep up to something approaching historically normal. The announcement from the Federal Reserve will be, "Hold my Corona beer and watch this."

 

As my friend down under might say, "Bugger!"
And thats what the doers are getting and will continue to get from the do nuffins in our fair land.

 

Personally I believe this should go to the people who really need it, the unemployed and low income people but unfortunately this will only be a temporary fix. The real problems lay ahead since we are headed for hyper inflation after this crisis eases. Read the history of Germany after WWI, the German Mark sunk so low that it took a suitcase filled with money to purchase a loaf of bread.

The national debt is beyond control. The only way to reconcile it is to declare insolvency which means the Federal Government will not be able to borrow and have to function within the tax revenues it collects. It also means that at some point the dollar will have be significantly devalued and perhaps new currency issued with some Federal affordable exchange rate for current dollars held. It will be ugly. That nest egg might look like like a grain of sand.

There have been several books written about this - predicting an economic collapse due to excessive deficit spending. As early at the 80's two congressmen (Graham and Rudman) wrote a book warning about this - can't recall the title but I read it. Seem like fantasy at the time but not now. More recently, the book "After Shock" was written predicting a economic collapse due to excessive deficit spending then triggered by some catastrophic event. I would submit that 22 trillion dollars is significant deficit spending and we are facing a potential catastrophic event with COVIR-19, the likes of which we have never seen since the Black Plague.

Mankind will survive but the world might look a lot different that it is now.

 

And cost more. There have been studies and means testing often costs more than just giving the money to everyone. The abuse rate is lower than the admin costs.

This also solves the 1099 / "gig economy" people who can't really clearly delineate if they have a job in the traditional sense or not. A LOT of people won't qualify for unemployment insurance, so this end runs that.

And, it's dirt cheap compared to much of the world. There are big countries going to the tax returns and guaranteeing 75% of your salary for a few months (so far), making (with reimbursement to the landlords, etc) the next few months of rent, utilities, etc. free. And today I got a letter about a power shutoff. Admin messup with my bank, but when I — with great credit history and never failing to pay them before for 20 years — missed payment, the next day: SHUTOFF NOTICE.

Sure sure, debt. But everyone is going to have that. I worry that by under-reacting with the stimulus, we're gonna be miles behind during the recovery period, become a real also ran in the world economy.

 

Those 3 million+ who have filed for unemployment in the last week are saying it.

 

A lot of people seem to be saying that the world will look different. I don't think it will. I think it will be business as usual just as it has always been. WW I should have changed the world. WW II should have changed the world. Korea should have changed the world, Vietnam should have changed the US. 20 years of war in the middle east should have changed the US. The economic collapses of the great depression, Y2k, the housing crisis of 2008 should have changed the US. Nothing changes anything. Man is an animal and rarely a rational animal as Aristotle believed. He/She will continue to procreate, hunt and gather. So it has always been, so it will always be.

 

ya'll feeling it. ?

 

I just filed my taxes- gotta pay in $12,500. I wont be getting a check but i figure why its such a blanket is so they could get it out fast. If it was typical politics it would finally make it out in december if then. People need it right now (some do) but i think it should have been tied to unemployment. I also agree with the ones that didnt want to bulk up unemployment and nobody goes back to work

 

Ouch, writing that check hurts. I've had to write those in the past myself. Now that I'm retired, I'll never write another. Not sure if that is good or bad. Having to write that kind of check is the right kind of problem to have.

 

Looks like Im paying in 10K. At least i get a few more months on that. I know they had to get this money out fast and this is why itsa blanket thing, but I wonder what 1200 or 2400 will really do. If a family is really up against it living paycheck to paycheck how long will that last. Another Week? i guess most of them will get unemployment because they got layed off and that will be enough to keep them going a few months. But the unemployment is enough $ in some places they dont need the extra fed 600-- seems like feds could have figured that out pretty quick. Now the money for the hospitals is needed and more. im not working now so Ive been wondering if i can volunteer at one but am scared ill get the bug doing it. How about some of this stuff about museums ect getting money from this bill. wats up with that. More than the 1200 what bothers me is there is always Pork in these bills for big business that doesnt need it at all. That usually makes the 1200 that somebody gets who doesnt wanna work look like peanuts .

 

Since I have to split the $1200 with my wife; I am just going to look at it as a thousand rounds each, of 9mm and 223.

 

Exactly, if you feel bad about getting your check, donate it to a church or some such. They will see that it gets to the people that really need help.

 

Why would you both not get it?