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Started By
Message
Emergency Money for the People Act
Posted on 4/29/20 at 12:20 pm
Posted on 4/29/20 at 12:20 pm
I hear more and more people discussing this. This is the $2,000 a month for 6 to 12 months plan. It got me thinking, if something like this happened how would they ever take it away? This would essentially be the start of Universal Basic Income, wouldn’t it. Once inflation kicked in you would destroy people’s financials if you quit giving it out.
If this did pass how fast will inflation rise? Would a Big Mac meal be $15 in a month or two or would it take longer? How fast would automobile prices go up? Maybe if it took inflation longer than a year to kick in it could be taken back, but I just can’t see it taking that long for prices to skyrocket. Am I wrong?
If this did pass how fast will inflation rise? Would a Big Mac meal be $15 in a month or two or would it take longer? How fast would automobile prices go up? Maybe if it took inflation longer than a year to kick in it could be taken back, but I just can’t see it taking that long for prices to skyrocket. Am I wrong?
Posted on 4/29/20 at 12:22 pm to cssamerican
Would everyone get it this time or just the poors?
Posted on 4/29/20 at 12:23 pm to PsychTiger
$130,000 for and individuals and $260,000 for a couple in current form
This post was edited on 4/29/20 at 12:24 pm
Posted on 4/29/20 at 12:24 pm to cssamerican
It actually becomes Monopoly Money at that point. Just add a zero.
Posted on 4/29/20 at 12:25 pm to cssamerican
So you have grandma, mom, sissy, and bubba all in a house and you send them 8,000 dollars a month.
Forget 15 dollars for a Big Mac, You won't ever see a Big Mac again.
Forget 15 dollars for a Big Mac, You won't ever see a Big Mac again.
Posted on 4/29/20 at 12:33 pm to cssamerican
This will crush most businesses. People just won’t come to work. Why would they?
Posted on 4/29/20 at 12:34 pm to cssamerican
quote:
$130,000 for and individuals and $260,000 for a couple in current form
Yeah, I'm gonna need them to pump that number up a bit more.
Posted on 4/29/20 at 12:36 pm to cssamerican
Pelosi: “We need to give people a guaranteed income until they go back to work”
That’s basically a quote from Pelosi. (I paraphrased)
Hint: they won’t go back
That’s basically a quote from Pelosi. (I paraphrased)
Hint: they won’t go back
Posted on 4/29/20 at 12:37 pm to cssamerican
We are at much more risk of a deflationary issue than an inflationary one at this time.
Posted on 4/29/20 at 12:39 pm to cssamerican
quote:
if something like this happened how would they ever take it away?
Like the Income Tax, which was such an onerous concept to the founding fathers that it took a CONSTITUTIONAL AMENDMENT to legalize?
... and was sold to the American people as only temporary, just to get us through WW1?
Posted on 4/29/20 at 12:42 pm to cssamerican
Libs can't get the "rob the rich" side of the deal done so the other way they accomplish that is to devalue their dollar by overproducing currency. Doesn't need to be said, but this is a terrible idea. The middle class will absolutely get crushed with this.
Posted on 4/29/20 at 12:45 pm to VoxDawg
Vox...
I was taught the Income Tax was put in place because of Prohibition.
The Fed. Govt. made all its money from taxes on Alcohol, but when prohibition was put in place, those revenues went away, thus the case for income taxes.
Have I been taught wrong?
I was taught the Income Tax was put in place because of Prohibition.
The Fed. Govt. made all its money from taxes on Alcohol, but when prohibition was put in place, those revenues went away, thus the case for income taxes.
Have I been taught wrong?
Posted on 4/29/20 at 12:45 pm to cssamerican
quote:
how would they ever take it away
Bingo.
Posted on 4/29/20 at 12:47 pm to WhiskeyThrottle
quote:
The middle class will absolutely get crushed with this.
Not sure about the current middle class. Debt remains static so it becomes a considerable less percentage of your income, and most middle class people currently hold a decent amount of debt. You are probably right about future middle class getting squeezed out of existence, but do we really care about our kids and grandkids?
This post was edited on 4/29/20 at 12:50 pm
Posted on 4/29/20 at 12:51 pm to LafTiger
quote:
I was taught the Income Tax was put in place because of Prohibition.
Not that I can tell.
quote:
The origin of the income tax on individuals is generally cited as the passage of the 16th Amendment, passed by Congress on July 2, 1909, and ratified February 3, 1913; however, its history actually goes back even further. During the Civil War Congress passed the Revenue Act of 1861 which included a tax on personal incomes to help pay war expenses. The tax was repealed ten years later. However, in 1894 Congress enacted a flat rate Federal income tax, which was ruled unconstitutional the following year by the U.S. Supreme Court because it was a direct tax not apportioned according to the population of each state. The 16th amendment, ratified in 1913, removed this objection by allowing the Federal government to tax the income of individuals without regard to the population of each State. For additional information on taxation in the United States, see the section on taxes on the web site of the U.S. Department of the Treasury.
https://www.loc.gov/rr/business/hottopic/irs_history.html
Although I must confess that my current look into confirmation into the temporary nature of it thru WW1 appears to be just as anecdotal, since the ratification date of 1913 predates the Great War considerably.
Posted on 4/29/20 at 12:52 pm to cssamerican
If the government begins to just print money and give it to people I won't bother filing or paying my taxes anymore....
And I'll also start planning my exit somewhere; to salvage as much of my savings as I can before the dollar collapses
And I'll also start planning my exit somewhere; to salvage as much of my savings as I can before the dollar collapses
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