COVID Economy

[GooooMarquette]

Very sorry Dish. I hope the move is short-lived.

[tower912]

Poop.  Good luck, dish.

[MU82]

Never fun, Dish. I hope things get better for you quickly.

[ZiggysFryBoy]

I got RIF’d this morning (along with 800 other people). It sucks, really sucks. To those of you who have lost jobs this year, I feel your pain.

Will get through this, but pretty bummed out (I was having a great sales year, even with Covid).

Hey, you got your gambling to fall back on.   

Seriously, hope you got a good severance, can enjoy the holidays with your family, and get a new gig soon.

[Jockey]

We all hope for the best for you, Dish.

[Billy Hoyle]

I got RIF’d this morning (along with 800 other people). It sucks, really sucks. To those of you who have lost jobs this year, I feel your pain.

Will get through this, but pretty bummed out (I was having a great sales year, even with Covid).

sorry to hear it. I've got friends in similar situations and my entire department was cut down to four days a week.

[reinko]

Dish, not sure what kind of sales you are in (I’m in SaaS), but PM me, and if I can do anything at all, just holler.

Stay strong, my man

[GooooMarquette]

Typical person yanked $12,000 from 401(k) during coronavirus pandemic: Vanguard

https://www.cnbc.com/2020/11/11/the-typical-401k-saver-withdrew-12000-during-coronavirus-vanguard.html

The CARES Act allowed investors to withdraw up to $100,000 from 401(k) plans, individual retirement accounts and other account types, through Dec. 30 in the form of a coronavirus-related distribution. Investors don’t have to pay a tax penalty for withdrawing retirement funds early and get some flexibility around paying income taxes. 

The typical amount withdrawn has increased slightly since May, to $12,000 from about $10,400.

In May, the typical investor withdrew more than half their 401(k) savings in the form of a coronavirus distribution, according to an earlier Vanguard analysis.

---------------

I understand the logic and benefit of allowing people to use 401(k) money in the midst of a crisis. Obviously, the immediate need to put food on the table is paramount if you are on the edge. But IMO the long-term impact could be one of the hidden consequences of the pandemic - more people completely (or mostly) dependent on Social Security in retirement.

[Skatastrophy]

Dish, not sure what kind of sales you are in (I’m in SaaS), but PM me, and if I can do anything at all, just holler.

Stay strong, my man

Younique is not SaaS sales.

[DegenerateDish]

Thanks all, you guys (and gals) are always great. I've said it before, as much as we all go back and forth about whatever (Wojo, football, politics), the MU community is one I'm so proud to be a part of. Appreciate all that have posted or reached out, really means a lot.

[Billy Hoyle]

Thanks all, you guys (and gals) are always great. I've said it before, as much as we all go back and forth about whatever (Wojo, football, politics), the MU community is one I'm so proud to be a part of. Appreciate all that have posted or reached out, really means a lot.

It's a tough time for us all, something not of our doing and out of our control. I was really mad over the one day a week furlough and salary cut but I see colleagues across the country getting similar, if not more cut. My buddy does event planning and used to do 280-300 fundraising events a year, he got let go and wasn't surprised. It's why it is so important for us as a society do what we need to in order to turn this around. Peace.

[ZiggysFryBoy]

Dish, not sure what kind of sales you are in (I’m in SaaS), but PM me, and if I can do anything at all, just holler.

Stay strong, my man

Onlyfans?

[MU82]

Typical person yanked $12,000 from 401(k) during coronavirus pandemic: Vanguard

https://www.cnbc.com/2020/11/11/the-typical-401k-saver-withdrew-12000-during-coronavirus-vanguard.html

The CARES Act allowed investors to withdraw up to $100,000 from 401(k) plans, individual retirement accounts and other account types, through Dec. 30 in the form of a coronavirus-related distribution. Investors don’t have to pay a tax penalty for withdrawing retirement funds early and get some flexibility around paying income taxes. 

The typical amount withdrawn has increased slightly since May, to $12,000 from about $10,400.

In May, the typical investor withdrew more than half their 401(k) savings in the form of a coronavirus distribution, according to an earlier Vanguard analysis.

---------------

I understand the logic and benefit of allowing people to use 401(k) money in the midst of a crisis. Obviously, the immediate need to put food on the table is paramount if you are on the edge. But IMO the long-term impact could be one of the hidden consequences of the pandemic - more people completely (or mostly) dependent on Social Security in retirement.

Agree. Could have serious long-term consequences for thousands upon thousands.

And this, from Yahoo Finance, looks even worse ...

The long-term damage inflicted on the labor market during the COVID-19 pandemic is starting to make itself known.

‌Last Friday, the October jobs report came in better than expected.

Some 638,000 jobs were added back to the economy with the unemployment rate falling to 6.9%. And this drop in the unemployment rate came, encouragingly, as labor force participation rose 0.3% from the prior month.

But October also saw the number of permanent job losers eclipse those on a temporary layoff for the first time since this crisis began, with 3.7 million workers declaring themselves permanently unemployed while 3.4 million see themselves temporarily unemployed. In June, there were 2.89 million permanently unemployed workers. Last October, there were just 1.26 million.

And permanent job losers as a percentage of the total unemployed population continues to rocket higher, hitting 33% in October, the highest level since February 2013. In April, when the majority of folks out of work were furloughed or temporarily laid off, this percentage fell to less than 9% of the unemployed population.

The Job Openings and Labor Turnover Survey, or JOLTS report, for September published Tuesday also showed that overall dynamism in the labor market is declining as well.

Overall job openings remains subdued, totaling 6.44 million in September and down almost a million open jobs from the record levels seen in late 2018 and early 2019.

‌And this ossification of the labor market just a few months into an economic rebound that follows the unprecedented forced shutdown is concerning as COVID-19 cases continue to rise around the country.

‌Especially as lawmakers across the country take action to restrict economic activity in an effort to contain the spread of the virus, as seen in New York on Wednesday.

[reinko]

Onlyfans?

Sorry, not a feet centered channel, so not your thing.

[reinko]

Younique is not SaaS sales.

If I sell a bit more software this month, that Pink Cadillac is mine!

[MU82]

Interesting column from Yahoo's Andy Serwer on U.S.-China relations post-COVID ...

https://au.news.yahoo.com/the-new-us-china-digital-cold-war-124952102.html

One of the top priorities President-elect Joe Biden will have to tackle—right after COVID-19 and shoring up the economy—is our relationship with China, (which of course figures in those two issues as well.) The U.S.-China relationship re-emerged this past week and I suspect will continue to do so as we move towards Inauguration Day.

It was a central tenet of Trumpism that China was demonized and blamed for our economic and societal woes—everything from job losses and trade deficits to fentanyl—and of course the COVID-19 pandemic too. And guess what? In some respects President Donald Trump was spot on, but he so conflated these truths with hyperbole and falsehoods that he undermined his own argument and as such gave ammunition to the Chinese.

Bottom line: Relations between the two biggest economies in the world are a mess right now. (Just this week Trump banned investments in Chinese companies he says do business with its military.) The question is what should Biden, (who late this week was belatedly congratulated by the Chinese for winning the election), do? We need a reset to be sure. But exactly how, and to what end?

One thing’s for sure, we’re never going back to where we were before with China, simply because the Chinese economy has nearly caught up with ours.

[Skatastrophy]

The China trade war is some grand-scale buffoonery by the current administration, resulting in years of bailouts for our nation's farmers.

The US should rejoin the Trans-Pacific Partnership (the partnership negotiations started by George W. Bush, continued by Obama, and hissy-fit withdrawn by Trump but signed by all other member-nations) and be done with it. Get back on the free-trade path, it has been extremely profitable for US businesses and shareholders. This "America first" crap to sell a bygone era to middle America is nothing but a pipe dream, and ending the trade war would be a huge shot in the arm for US companies as we come out of the pandemic.

[MU82]

The China trade war is some grand-scale buffoonery by the current administration, resulting in years of bailouts for our nation's farmers.

The US should rejoin the Trans-Pacific Partnership (the partnership negotiations started by George W. Bush, continued by Obama, and hissy-fit withdrawn by Trump but signed by all other member-nations) and be done with it. Get back on the free-trade path, it has been extremely profitable for US businesses and shareholders. This "America first" crap to sell a bygone era to middle America is nothing but a pipe dream, and ending the trade war would be a huge shot in the arm for US companies as we come out of the pandemic.

We agree, though there has been an appetite from some on both sides of the aisle for warring with China. That Republicans, who always had been for free trade, were so easily sucked in by the soon-to-be-ex-prez was mildly surprising at first. But only at first.

[jesmu84]

TPP is terrible for multiple reasons.

What's good for business and shareholders is not necessarily good for US citizens. Remember that the majority of US citizens are not involved in the stock market.

[Skatastrophy]

TPP is terrible for multiple reasons.

What's good for business and shareholders is not necessarily good for US citizens. Remember that the majority of US citizens are not involved in the stock market.

What's good for business is literally good for US citizens.

[jesmu84]

What's good for business is literally good for US citizens.

Disagree, and that's fine.

Most companies that would profit from TPP or the like are global, which may have minimal material effect on the US

[Eldon]

TPP is terrible for multiple reasons.

What's good for business and shareholders is not necessarily good for US citizens. Remember that the majority of US citizens are not involved in the stock market.

We're listening...

[MU82]

Not good ...

The recipients of a $60.5 million state grant program for businesses and nonprofits hurt by COVID-19 include at least a dozen large companies headquartered in other states, 22 country clubs and golf clubs, eight churches and several advocacy and trade groups like the NC Chamber.

The Job Retention Grants’ requirement that recipients must have kept at least 90% of their pre-COVID staffing levels meant that only a few of the hardest-hit businesses — such as restaurants, hotels, nail salons and bars — got any help.

[shoothoops]

The line to a food bank in Dallas, TX yesterday:

[warriorchick]

TPP is terrible for multiple reasons.
. Remember that the majority of US citizens are not involved in the stock market.

Not true:  https://news.gallup.com/poll/266807/percentage-americans-owns-stock.aspx