[SERIOUS] What do people think of direct cash payments (US stimulus package)?

[BADecker]

I've read that Egypt uses simple coriander essential oil to control diabetes, because they are too poor to buy insulin.

[squatz1]

long theymos post

I agree with a good amount of what is here. Always happy to see a long Theymos post as well. Starting with the money printing side of things, I've read a good amount of articles and such talking about how this isn't going to cause inflation beyond typical levels due to the fact that spending is HEAVILY depleted here. One of the things that would typically happen in a time like this, without any government intervention, would be deflation. But we don't live in a world anymore where government intervention is foreign -- the only REAL data point we can use in the Modern Era is the Obama Stimulus package and the Great Recession, which saw inflation peak around 3.5 percent even with an 800b+ stimulus package.

These two circumstances obviously aren't exactly the same as I do think there were some tax decreases in the Obama stimuls packages. See here for info on what exactly those were - https://www.thebalance.com/what-was-obama-s-stimulus-package-3305625

Couldn't agree more when you talk about businesses getting bailouts and expecting bailouts. That's something that was talked about after the bank bailouts, that banks were taking on increased risk b/c of the fact that they knew the government would bail them out. If you know you have a free pass, is it really your fault if you use it? I'm not going to talk about the fact that the government actually did profit from the bailouts, because they could've used this money more effectively -- lowering taxes for the middle class.

Very interesting tracker for the bailouts is going to be here, by ProPublica - https://projects.propublica.org/bailout/

Businesses that are in industries that are VERY susceptible to this sort of thing should be ready for this to happen. Plus the fact that these companies have been highly profitable for decades and have been taking this cash and rewarding shareholders with it. Money that they COULD'VE set aside to ensure that they were ready for a black swan event.

Even though we're having this great discussion here, politicians are still only going to care about the short term job losses b/c the voters care about the short term. When most Americans can't afford a $400 expense, politicians are going to focus on ensuring that they have a stable income, even if it's not the best choice. In a perfect world you'd be rewarded for being ready for a black swan, not being rewarded for doing the opposite. But we're not in that world I guess.

[suchmoon]

In a perfect world you'd be rewarded for being ready for a black swan, not being rewarded for doing the opposite.

The problem with being ready, particularly from a business perspective, is that you would be at a disadvantage vs competition for 99 years out of 100 when a black swan event doesn't happen if you e.g. keep massive cash reserves, don't borrow, insure up the wazoo etc. In other words such a business probably wouldn't survive to reap the benefits. Should the government mandate extreme preparedness so that no one is at a disadvantage? Or just bail them out when it happens, i.e. act as a last resort insurer/lender.

[BADecker]

I'm all ready for the big fiat crash. Hope my funds get here shortly, so I have time to buy more gold, silver and Bitcoin before they literally go to the moon.

[squatz1]

In a perfect world you'd be rewarded for being ready for a black swan, not being rewarded for doing the opposite.

The problem with being ready, particularly from a business perspective, is that you would be at a disadvantage vs competition for 99 years out of 100 when a black swan event doesn't happen if you e.g. keep massive cash reserves, don't borrow, insure up the wazoo etc. In other words such a business probably wouldn't survive to reap the benefits. Should the government mandate extreme preparedness so that no one is at a disadvantage? Or just bail them out when it happens, i.e. act as a last resort insurer/lender.

You're without a doubt right, I did forget to mention that I think providing loans to these companies as very low interest rates is alright, though I don't agree with massive cash infusions.

I don't think the government should mandate this sort of thing, though I don't think you should be able to run to the government for xb when you've spend somewhere close to that on share buybacks in the recent years. Just using American Airlines as an example here, look at what they've spent on buybacks - https://ycharts.com/companies/AAL/stock_buyback

Loan guarantees and loans at low interest rates are fine IMO. With some strings attached relating to how they're spending this money and oversight. I'd rather not see these companies push this cash into buybacks.

[BADecker]

I am seeing at https://www.youtube.com/watch?v=5g4u1LJQ7_k that some countries are going to be lifting aspects of the lockdowns by April 14. That's 2 days before stimuluses should be starting. I sure hope they don't cancel the stimulus money.

[BADecker]

It's the 12th. Many reports have said that the payments could start by the 16th - when taxes are normally due, or thereabouts? We don't have long to wait for reports to start coming in one way or the other.

Has there been an official update on the date that I have missed?

[BADecker]

I was so hoping it would be coming soon. Drat! I wanted to buy a little chunk of property away from the big crowds. And I'm almost out of air from holding my breath.

But one thing is for sure. It our stimulus checks don't come, after everything government promised us, why would we believe that government is on our side in anything? Since government allows us to form our own PMA, and essentially set up our own government thereby, right within this government, we better do it before the BIG shtf. But maybe we should do the PMA thing even if we get our checks.


When Will I Get My STIMULUS CHECK??? You Probably Won't!

Today, Luke and returning guest John Sneisen (The Economic Truth) address one of American's most prevalent concerns: When they'll get their stimulus check.

Watch as the guys break down why millions of Americans are unlikely to receive their checks anytime soon, and what that $1.2k/American means for the economy at large.

Thanks for watching Change The News & don't miss Luke and John talking about the military's response to the crisis over on We Are Change right after this!

When Will I Get My STIMULUS CHECK??? You Probably Won't!

https://www.youtube.com/watch?v=UL8XUmygauM

[squatz1]

It's the 12th. Many reports have said that the payments could start by the 16th - when taxes are normally due, or thereabouts? We don't have long to wait for reports to start coming in one way or the other.

Has there been an official update on the date that I have missed?

IRS has a website that you can use to track the progress of the coronavirus payments. See here - https://www.irs.gov/coronavirus/economic-impact-payments

I know they stated somewhere that people who were on social security and filed their 2019 taxes already, are going to be first in line to getting their stimulus check payments. Just wanted to update people here.s

[BADecker]

Looks like there is movement. I'll have to check my bank account.


IRS Deposits First Batch Of Coronavirus Stimulus Payments To Broke Americans

"#IRS deposited the first Economic Impact Payments into taxpayers' bank accounts today," the IRS tweeted.

"We know many people are anxious to get their payments; we'll continue issuing them as fast as we can."

The stimulus payments are the centerpiece of the $2.2 trillion rescue package to cushion the country during a collapse in economic growth triggered by the pandemic. A much broader disruption of the payments is expected this week.

Those who make $75,000 or less are expected to receive $1,200 checks. Married couples who make less than $150,000 will be issued $2,400 checks and $500 per child under 17.

A press release via the House Ways and Means Committee Republicans said the first round of payments would be made into people's bank accounts who are eligible. The first round of payments could provide some form of relief for about 60 million people. Those who don't use direct deposit will receive a check in the mail, that is expected to begin on April 20.

The IRS will base incomes from 2018 and 2019 tax returns to process the payments.

During the 2008 financial crisis, the government issued direct deposit stimulus payments that were distributed over three weeks, while paper checks took about ten weeks.

[vickersja]

I agree that many Americans need help right now, and that help is coming.  According to this article, there isnt a ton of pork in it, which surprised me.  

https://nypost.com/2020/03/27/heres-a-breakdown-of-the-2t-coronavirus-bailout/

I really hope those loans to industries remain loans.  I am not a fan of bailing out the airlines again via grants.  

Mine is pending for Wednesday. 

[BADecker]

I agree that many Americans need help right now, and that help is coming.  According to this article, there isnt a ton of pork in it, which surprised me.  

https://nypost.com/2020/03/27/heres-a-breakdown-of-the-2t-coronavirus-bailout/

I really hope those loans to industries remain loans.  I am not a fan of bailing out the airlines again via grants.  

Mine is pending for Wednesday. 

Your bailout?!?!?!?!?     

[vickersja]

I agree that many Americans need help right now, and that help is coming.  According to this article, there isnt a ton of pork in it, which surprised me.  

https://nypost.com/2020/03/27/heres-a-breakdown-of-the-2t-coronavirus-bailout/

I really hope those loans to industries remain loans.  I am not a fan of bailing out the airlines again via grants.  

Mine is pending for Wednesday.  

Your bailout?!?!?!?!?    

HAHA.  I have been a taxpayer since the age of 16.  I see it is a kickback for being a productive member of society.  Makes me feel better about it.  

[BADecker]

I agree that many Americans need help right now, and that help is coming.  According to this article, there isnt a ton of pork in it, which surprised me.  

https://nypost.com/2020/03/27/heres-a-breakdown-of-the-2t-coronavirus-bailout/

I really hope those loans to industries remain loans.  I am not a fan of bailing out the airlines again via grants.  

Mine is pending for Wednesday.  

Your bailout?!?!?!?!?    

HAHA.  I have been a taxpayer since the age of 16.  I see it is a kickback for being a productive member of society.  Makes me feel better about it.  

Are you 17, yet?     

[TECSHARE]

I agree that many Americans need help right now, and that help is coming.  According to this article, there isnt a ton of pork in it, which surprised me.  

https://nypost.com/2020/03/27/heres-a-breakdown-of-the-2t-coronavirus-bailout/

I really hope those loans to industries remain loans.  I am not a fan of bailing out the airlines again via grants.  

Mine is pending for Wednesday. 

LOL not a ton of pork in it. It is literally 98.6% pork. The 1.4% accounts for the checks people will be getting.

[AlmostThere]

Short term consideration:
1) It will help some people bridge over.
2) It will increase confidence and morale that the crisis will pass over, lowering the impact on economy (as opposed to a panic crash)
3) Judging "who needs it most" is always trouble. Flat payment is fair and goes well with keep it simple principle.

Long term consideration:
1) Giving everybody money does not make everybody richer. It is just a fake number. It is going to show, just later.
2) The real damage to production (supply chains, businesses) was done. Printing money covers it up and does not change that.
3) As it always goes with "boosting the economy", it only bridges over problems, not fixing them, and grows the bubble.
4) The loans incurred in this time - by households, businesses and whole states, worldwide, will have to be paid. Nominally, everybody is more rich, why in reality, everybody incurred hard damage. This will eventually show. Hard to say how exactly, but as some for of crisis in the coming years.

[BADecker]

That reminds me. I didn't check my bank account today yet.     

[squatz1]

I agree that many Americans need help right now, and that help is coming.  According to this article, there isnt a ton of pork in it, which surprised me.  

https://nypost.com/2020/03/27/heres-a-breakdown-of-the-2t-coronavirus-bailout/

I really hope those loans to industries remain loans.  I am not a fan of bailing out the airlines again via grants.  

Mine is pending for Wednesday. 

LOL not a ton of pork in it. It is literally 98.6% pork. The 1.4% accounts for the checks people will be getting.

I wouldn't say its that much. Good amount of money going out to small and large businesses if you're smart enough to apply for either the EIDL or the Paycheck Protection Loan, both are fully forgivable and allow people to continue paying payroll to keep employees on.

Unemployment benefits have been beefed up by the US government, giving people another $600 a week on top of whatever your state was giving you, to ensure that the millions of people who have filed for unemployment are able to pay their bills and such, as this is an unprecedented situation where no one is able to find work for the coming months if you got laid off.

While yes, it's expected that there is going to be some beef. But the stimulus checks aren't the only things that regular everyday people are getting here. Many things people can get to keep them afloat.

[Lorence.xD]

I don't live in USA but according to what I have read, this stimulus package is not enough for a single household, the reason that I think about the stimulus not being enough is that overtime the cost of living increased drastically for the past decade and there is also the inflation rate that increased the prices of products. I can't represent  what my country is doing and I am not saying they are doing a good job or not but I think that focusing more on relief operation would rather be helpful, in my city, including the financial help, the city welfare divisions are also giving away 4-day worth of food packs depending on how many family is living in the house.

[Tash]

It's the universal basic income scheme.
You know who also has it, the pigs in the pigstall.
Free food, roof over the head, company....paradise, until day x.