Pelosi also said another package would probably be needed. They all seem to agree that this will likely carry the economy for only 3 months.
OT: Economic Recovery
- Thread starter Jtung230
- Start date
That is what QE is supposed to do. It has worked like a charm since 2012.
It never ceases to amaze me that over on the CE Board, you have a fair number of people who tout this over and over as indication of a strong economy.
Meanwhile we just had 3.2 million unemployment claims, millions of businesses temporarily shut-down and millions of Americans who unless they get a check in the next few days are going to be unable to pay their April bills.
I am glad that all of our 401(k)s and IRAs are going back up, but so what? It isn't doing anything for the average American.
Just watching the market shows on TV yesterday, they kept pressing the notion that the market had likely already factored in the oncoming #'s. The 10K point drop was all about the expected hit the economy would take. So when the hit comes the market doesn't drop.
So right now it's reacting to the expected recovery, and right now the expectations are running optimisitcally. In the weeks ahead we will see if the reality meets the current expectations. Time will tell.
I just heard that it could take up to 3 weeks for this money to go out. Hopefully the increased unemployment benefits kick in before then and everyone waives late fees for mortgage, rents etc. until this money goes out. Hopefully everyone is going to do their part and if you are getting some of this stimulus money and don't really need it you go out to eat locally an extra time or two or anything else possible to suppose the small business in your town.
I'm not disputing the unemployment numbers are huge, but I'm thinking a good chunk of those are retailers laying off their people specifically so they can collect unemployment, and will hire them back after we can leave our homes again. The average American does well when there is high consumer confidence and I think a fair amount of that comes from a rising stock market. Kicking the can down the road is what our government does best though but at some point, to use a football analogy, we're going to outkick our coverage, that I agree with.
Q2 and Q3 reporting season hasn't happened yet. the market may think that they priced in the drop, but until reporting season happens, its just speculation. and i think Q3 will be worse than Q2.
The market has, without question, factored in a hit, it lost 1/3 of it's value.
But I do think the current high optimism, is probably going to need to come to grips with the reality of this not being as quick a rebound as some are touting.
I expect further volatility moving fwd.
People are forgetting we're still in the early stages of the largest public health crisis in 102 years at a minimum. We'll likely see even further restriction on the economy over the coming weeks when the deathtoll is expected to balloon and I highly doubt that has been fully priced into the initial drop.
It's pretty obvious we're on a 2 month clock to get this sorted out to where we can get 50%-75% of the currently furlough/laid off workforce back to work. At the end of those 2 months civil unrest begins and snowballs rapidly from there. That sounds dramatic but American culture today is VASTLY different than in the past. This isn't 1913-1955 where the world witnessed one global catastrophe after another in quick succession. People today are used to immediate gratification and have a historically low tolerance for true hardship. Of course, people can also shed those behaviors and come together collectively to get through tough times without social unrest. Fingers crossed we peak in April.
It's pretty obvious we're on a 2 month clock to get this sorted out to where we can get 50%-75% of the currently furlough/laid off workforce back to work. At the end of those 2 months civil unrest begins and snowballs rapidly from there. That sounds dramatic but American culture today is VASTLY different than in the past. This isn't 1913-1955 where the world witnessed one global catastrophe after another in quick succession. People today are used to immediate gratification and have a historically low tolerance for true hardship. Of course, people can also shed those behaviors and come together collectively to get through tough times without social unrest. Fingers crossed we peak in April.
I have read that if the IRS has your bank wiring instructions, you could get $$$ by April 1st. But who knows?
I hope you are right but the house is going to pass this tomorrow and the government is going to get them out in 5 days including a weekend. Good luck with that. LOL
My parents are retired so they are getting it, I have friends with kids so they are getting money (I believe the $500 per child is regardless of income), and there are plenty of people at work who are getting it so yeah I know people getting it.
I know people who got laid off so I expect the extra $600 in UI will be helpful to them. I don't know everyone's finances, but I have to imagine that I know a lot of people making less than $99k a year (teachers and whatnot), though in my immediate area of DT JC, I would expect no one is getting the $1,200.
They will use 2019 AGI first if you already filed. I did early MArch and got my refund direct deposit in the 3 weeks estimated.
Pretty much everyone I know is retired, older, younger kids just starting out...so pretty much everyone I know is getting a FULL allotment.
I'm shocked they included fully retired folks as they didn't get hit at all but I guess that's the "stimulas" part.
It's tax free money too and not like the "advance" (IIRC) done previously years ago ...
Which is pretty much my point. Nobody in my neighborhood makes less than 99k, that I'm aware of. Maybe one of my brothers-in-law fits the bill, but I'm pretty sure his wife makes more. I "know of" people who probably make under 99k, but nobody in my immediate circle.
Pretty sure the guy on the property behind me makes way more. I mean, what with all the Porsches and stuff. Unfortunately, my drone hasn't caught a picture of his W-2 yet.
That well off people tend to have well off friends and live in areas with other well off people is not news. I'm more than aware that what is normal for me, and the people in my neighborhood, is way outside of the norm for the country, or even the state.
Even with all that, with relatives, old school friends, teachers, etc. I can think of more than few people I know and spend time with who will be getting a check.
Most retirees don’t have that income. In addition, Trump is killing N.Y. and NJ but lot of people down South in his voting base made less than $75k
Blame the Dems for the income cap on payouts. It's all due to them.
IMO, it's the forced austerity for state and local governments that's going to be hard to recover from.
The number isn't 99k for married filers; I believe the cap is doubled, regardless of whether one or both spouses work.
Retail demand and revenue will explode once the hysteria ends. Probably a 3-4 month recovery.
There are plenty of families in NY/NJ making 150k or less. And more making under 200k, which is the top cap.
Many making in that range or above probably weren't laid off from their jobs either.
Also, do you really think the Democrats would support this without a cap? In this instance, I happen to agree with them.
The money needs and should go to everyone. People who make more, have larger mortgages and higher bills. A lot of these people have been laid off as well.
Why not send everyone a monthly check until this situation is over? If you want to have a cap than do it this way.
- Everyone under the cap gets in tax free.
- Everyone over the cap has to count it as income and pay taxes on it nest year.
Americans of every economic class are hurting and having this money would help.
On what basis do you think it would it be a 3-4 month recovery? Data points, economist analyses, or just news channel yammering?
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