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re: Will the rich unemployment benefit in the stimulus bill delay economic recovery??

Posted on 3/29/20 at 3:12 pm to
Posted by ynlvr
Rocket City
Member since Feb 2009
5308 posts
Posted on 3/29/20 at 3:12 pm to
Add Kennedy Center musicians to the Unemployment Lines. They were furloughed within days of the signing of the $25 million payoff.
Posted by jimdog
columbus, ga
Member since Dec 2012
6636 posts
Posted on 3/29/20 at 3:13 pm to
Horrible unless of course you are trying to save the businesses and their customers (us) who make up the American economy. There is pretty much a consensus among the responsible experts and pols that it needed to be done. But I guess we could ignore all that and take the opinion of a crackpot on an internet board. Your hero's on the left wanted and got their way to expand unemployment to the extent it was expanded.
Posted by davyjones
NELA
Member since Feb 2019
35108 posts
Posted on 3/29/20 at 3:16 pm to
There's no doubt about it, it'll be no shortage of slackers living only in the moment and doing backstrokes in their newly obtained pile of free money. However it just dawns on me that this category of folks will likely be of a certain description, or thereabouts....no kids to worry about and no serious debt to speak of. I feel like that group is probably markedly smaller in comparison to the group that does have those and other ongoing financial stresses.
Posted by Keltic Tiger
Baton Rouge
Member since Dec 2006
21563 posts
Posted on 3/29/20 at 3:23 pm to
"So...if you draw SS & still work..." Yep.And as noted La. is one of only 4 states that takes that reduction.With that low of a weekly rate, that reduction usually results in zero State benefits being paid out. I can not address employers not having to pay unemployment taxes or not, but I do know when I do officially retire, my SS benefits will go up by the additional money I have earned & "put" into the system. And the meaning of the word "stimulus" does explain this additional Fed benefit perfecrly.
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 3:28 pm to
quote:


Horrible unless of course you are trying to save the businesses


What is it about having to compete with the government for labor is good for businesses?

quote:

Your hero's on the left


Do you see how stupid that statement is??

You are calling a poster among the most diligent posters advocating for small government and individual liberty a leftist while you advocate for a massive expansion of government.

Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 3:30 pm to
quote:

There's no doubt about it, it'll be no shortage of slackers living only in the moment and doing backstrokes in their newly obtained pile of free money.


More than you think.

Everybody in Katrina impacted Louisiana will tell you that had we had to depend on local labor sitting at home drawing to rebuild we would still have blue tarps everywhere.

Posted by SSpaniel
Germantown
Member since Feb 2013
29658 posts
Posted on 3/29/20 at 3:34 pm to
quote:

Yep.And as noted La. is one of only 4 states that takes that reduction.With that low of a weekly rate, that reduction usually results in zero State benefits being paid out. I can not address employers not having to pay unemployment taxes or not, but I do know when I do officially retire, my SS benefits will go up by the additional money I have earned & "put" into the system.


IB, can you shed some light on the bolded part? Just doesn't seem right that the state would reduce benefit while at the same time collecting the UE Insurance on those same earnings.
Posted by Keltic Tiger
Baton Rouge
Member since Dec 2006
21563 posts
Posted on 3/29/20 at 3:41 pm to
"A massive expansion of government"...in a historical period of time never experienced before. How would you solve the country's problems?
Posted by SSpaniel
Germantown
Member since Feb 2013
29658 posts
Posted on 3/29/20 at 3:55 pm to
quote:

How would you solve the country's problems?



Why, relaxing all tariffs and buying more from China, of course.
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 4:01 pm to
quote:

How would you solve the country's problems?


quote:

.in a historical period of time never experienced befor


I would not change the rules for sun screen manufacturers.

I would not make staying home more lucrative than working.

I would not worry about the Kennedy Center.

I would concentrate on areas where the out breaks are most concentrated--down to to the neighborhood.

I would relax FDA regs on drugs and devices.

I would deploy the National Guard or similar labor to airports and gathering places to check fevers so that people sick with whatever illness are not mixing among us.

I would offer a billion dollar prize to the first company that deployed 500,000 quick testing devices similar to the device Abbot just started making.

I would cut spending on defense and other government functions to pay for most of this.

I would give tax CREDITS dollar for dollar to replace any loses they have including wages to people they would otherwise layoff. This would be a huge incentive to keep going on once the limits are lifted. It would also give the businesses a vehicle to use to demonstrate to banks and vendors their viability going forward. Neither banks or suppliers want to cut off these businesses. The credits could be transferable so they will have cash value as soon as they are earned.



This post was edited on 3/29/20 at 4:07 pm
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 4:05 pm to
I damn sure would not put a 5 time failed democrat politician with a lackluster academic career and no actual manufacturing experience like Peter Navarro in charge of "Defense Act Production Coordinator".

Sounds like some position in the former Soviet Union.
This post was edited on 3/29/20 at 4:06 pm
Posted by Bestbank Tiger
Premium Member
Member since Jan 2005
79281 posts
Posted on 3/29/20 at 4:05 pm to
quote:

Well, for many recipients it will not provide incentive to return to work until used up




Joke's on them if they abuse the boost in unemployment compensation. They'll end up having to scramble to find a job 4 months from now and will have to settle for the first offer.

The smart people will start looking as soon as the shelter in place orders are lifted and will be able to be more picky.
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 4:08 pm to
quote:


The smart people will start looking as soon as the shelter in place orders are lifted and will be able to be more picky.


Yes the smart ones will.
Posted by SSpaniel
Germantown
Member since Feb 2013
29658 posts
Posted on 3/29/20 at 4:10 pm to
quote:

lackluster academic career


What does this even mean?
Posted by 1609tiger
Member since Feb 2011
3733 posts
Posted on 3/29/20 at 4:15 pm to
Getting more in unemployment benefits than the underlying salary is NEVER a good idea.
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 4:18 pm to
It means he was in academia as a professor and his career was of no particular distinction.
Posted by Swoopin
Member since Jun 2011
22045 posts
Posted on 3/29/20 at 4:20 pm to
I share the concern- but I think propping up consumer demand (by keeping everyone’s money coming in) is a lot more critical than the labor shortage it may create as far as stabilizing the economy goes
Posted by SSpaniel
Germantown
Member since Feb 2013
29658 posts
Posted on 3/29/20 at 4:21 pm to
quote:

he was in academia as a professor and his career was of no particular distinction.

And this is important because? And by that I mean... who gives a crap?
Posted by KiwiHead
Auckland, NZ
Member since Jul 2014
35981 posts
Posted on 3/29/20 at 4:23 pm to
I'll sympathize with your concerns, but I think maybe at the margins this will happen but the recovery will not be a truly symmetrical V
Posted by I B Freeman
Member since Oct 2009
27843 posts
Posted on 3/29/20 at 4:27 pm to
Who gives a crap that an ill experienced person has the power to deploy the Defense Production Act???

Well I would hope we all would.
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