COVID Economy

[rocky_warrior]

1. There are a lot of americans who cannot report to their work locations. Where are their fully nationalized wages?

I don't necessarily disagree.  Though I might suggest that it's more important to protect the county than to serve eggs and bacon.  For instance, you want people around to deal with the aftermath of this:
https://apnews.com/article/us-agencies-hacked-global-cyberspying-328b4936f2535418b27cb90afa858489

(also plenty of criticism for how it happened in the first place, but that's another topic for finger pointing)

2. Does this timeline change the though process? https://twitter.com/GunnelsWarren/status/1338705234311442433?s=19

A little more on the defense stuff: https://youtu.be/hxDw9l0Nyh4

That's a lot of crap.  The CEOs begged for the money, but it's their employees that get the benefits of it.  Without it, another bunch of people would be without jobs/health insurance.  So which do you support, keeping people employed, or not?

[Spotcheck Billy]

The CARES act provided up to 10 days pay if you had to miss work to quarantine etc. but that expires this month. Will there be another provision to provide this?

[rocky_warrior]

The CARES act provided up to 10 days pay if you had to miss work to quarantine etc. but that expires this month. Will there be another provision to provide this?

I'd guess this is up to the states.  Colorado did it with their "Healthy Families and Workplaces Act" which is in effect, but starting Jan 1:  "In addition to the paid sick leave accrued by an employee, the act requires an employer, regardless of size, to provide its employees an additional amount of paid sick leave during a public health emergency in an amount based on the number of hours the employee works."

https://leg.colorado.gov/bills/sb20-205

[MU82]

USA Today with a piece about universities seeming to have plenty of $$$ to fire and replace coaches even as they claim COVID-19 has killed them financially ...

https://www.usatoday.com/story/sports/2020/12/17/college-football-coach-firing-costs-rise-much-75-million/3930808001/?fbclid=IwAR0BRnpjF-Z4juCJ3208tkS6PjU3TupC7aJd1g1Ge-cU3F_KeNdlogaxdUk

The University of Arizona athletic department announced some troubling news last month in Tucson.

Because of the COVID-19 pandemic, the Wildcats said they faced $45 million in losses and were forced to make job cuts, including 21 layoffs.

Athletic director Dave Heeke called it “a difficult day of very tough decisions.”

“These challenging economic times have affected all of us,” Heeke said then.

Less than six weeks later, the Wildcats didn’t seem quite as broke. After his football team lost its 12th consecutive game dating to 2019, Heeke fired coach Kevin Sumlin and put Arizona on the hook to pay Sumlin $7.3 million to buy out his contract, half of which is due to Sumlin within 30 days of his termination.

This is part of a surprising trend in recent days. Despite claiming financial trouble during the pandemic, several major college football programs found the huge sums of money necessary to fire coaches for not winning enough games during a truncated season filled with disruption.

[jesmu84]

USA Today with a piece about universities seeming to have plenty of $$$ to fire and replace coaches even as they claim COVID-19 has killed them financially ...

https://www.usatoday.com/story/sports/2020/12/17/college-football-coach-firing-costs-rise-much-75-million/3930808001/?fbclid=IwAR0BRnpjF-Z4juCJ3208tkS6PjU3TupC7aJd1g1Ge-cU3F_KeNdlogaxdUk

The University of Arizona athletic department announced some troubling news last month in Tucson.

Because of the COVID-19 pandemic, the Wildcats said they faced $45 million in losses and were forced to make job cuts, including 21 layoffs.

Athletic director Dave Heeke called it “a difficult day of very tough decisions.”

“These challenging economic times have affected all of us,” Heeke said then.

Less than six weeks later, the Wildcats didn’t seem quite as broke. After his football team lost its 12th consecutive game dating to 2019, Heeke fired coach Kevin Sumlin and put Arizona on the hook to pay Sumlin $7.3 million to buy out his contract, half of which is due to Sumlin within 30 days of his termination.

This is part of a surprising trend in recent days. Despite claiming financial trouble during the pandemic, several major college football programs found the huge sums of money necessary to fire coaches for not winning enough games during a truncated season filled with disruption.

Sports boosters don't care about an economic depression because they live in the corporate oligarch class. They'll get bailed out if they ever face financial difficulty

[The Hippie Satan of Hyperbole]

USA Today with a piece about universities seeming to have plenty of $$$ to fire and replace coaches even as they claim COVID-19 has killed them financially ...

https://www.usatoday.com/story/sports/2020/12/17/college-football-coach-firing-costs-rise-much-75-million/3930808001/?fbclid=IwAR0BRnpjF-Z4juCJ3208tkS6PjU3TupC7aJd1g1Ge-cU3F_KeNdlogaxdUk

The University of Arizona athletic department announced some troubling news last month in Tucson.

Because of the COVID-19 pandemic, the Wildcats said they faced $45 million in losses and were forced to make job cuts, including 21 layoffs.

Athletic director Dave Heeke called it “a difficult day of very tough decisions.”

“These challenging economic times have affected all of us,” Heeke said then.

Less than six weeks later, the Wildcats didn’t seem quite as broke. After his football team lost its 12th consecutive game dating to 2019, Heeke fired coach Kevin Sumlin and put Arizona on the hook to pay Sumlin $7.3 million to buy out his contract, half of which is due to Sumlin within 30 days of his termination.

This is part of a surprising trend in recent days. Despite claiming financial trouble during the pandemic, several major college football programs found the huge sums of money necessary to fire coaches for not winning enough games during a truncated season filled with disruption.

You realize the money isn't fungible right?

[JWags85]

You realize the money isn't fungible right?

Nobody that complains about it seems to. It’s the same as when they put up the same “highest paid state employee in every state” shock and awe graphic.  You can make compelling arguments about paying athletes when examining athletic department revenues and coaches salaries, but continuing to use athletic department expenditures to contrast financial struggles in universities is misguided at best, and dishonest at worst.

I won’t even touch that  worthy booster comment

[jesmu84]

That's a lot of crap.  The CEOs begged for the money, but it's their employees that get the benefits of it.  Without it, another bunch of people would be without jobs/health insurance.  So which do you support, keeping people employed, or not?

I want people employed. But I want them ALL employed. Not just some sectors/donors.

And if they can't work/forced to shutdown due to government mandate, their wages should be paid by that government.

[jesmu84]

Good news!

https://youtu.be/vtVebYg0Tu8

[The Hippie Satan of Hyperbole]

Nobody that complains about it seems to. It’s the same as when they put up the same “highest paid state employee in every state” shock and awe graphic.  You can make compelling arguments about paying athletes when examining athletic department revenues and coaches salaries, but continuing to use athletic department expenditures to contrast financial struggles in universities is misguided at best, and dishonest at worst.

I won’t even touch that  worthy booster comment

Right. They treat it all like it was funded by tax dollars. It’s not.  Very likely none of it was.

Legally it state dollars, but the state is just a vehicle from one entity to another for a specific purpose.

But that’s not as impressive a headline.

[Pakuni]

Thanks for foisting this guy on the rest of us, Wisconsin.
Clearly the solution for those who can't pay the mortgage is lower emission standards.

 The Recount @therecount
Sen. Ron Johnson (R-WI) objects to a relief bill, saying stimulus bills don't stimulate the economy.
He instead proposes “lower regulation” and “a competitive tax system.”


https://twitter.com/therecount/status/1339992007037607936

[Hards Alumni]

Thanks for foisting this guy on the rest of us, Wisconsin.
Clearly the solution for those who can't pay the mortgage is lower emission standards.

 The Recount @therecount
Sen. Ron Johnson (R-WI) objects to a relief bill, saying stimulus bills don't stimulate the economy.
He instead proposes “lower regulation” and “a competitive tax system.”


https://twitter.com/therecount/status/1339992007037607936

Sorry about that, he's the worst.

[MU Fan in Connecticut]

Thanks for foisting this guy on the rest of us, Wisconsin.
Clearly the solution for those who can't pay the mortgage is lower emission standards.

 The Recount @therecount
Sen. Ron Johnson (R-WI) objects to a relief bill, saying stimulus bills don't stimulate the economy.
He instead proposes “lower regulation” and “a competitive tax system.”


https://twitter.com/therecount/status/1339992007037607936

Glad he's not one of my Senators.

[Jockey]

Sorry about that, he's the worst.

He was also the dumbest. Tommy Tuberville will give him a run for dumb, though.

[MU82]

Not all state economies are hurting due to COVID-19.

From the NYT:

As Congress has spent the last few weeks debating aid to state and local governments, a number of states have announced surprising news: Their finances no longer look quite as bad as they had feared in the uncertain early days of the pandemic.

States are still broadly hurting from the economic crisis. But California expects a one-time windfall this fiscal year. Wisconsin said it might still be able to sock away some revenue in its rainy day fund. Maryland nudged up its projected revenues, for the second time this fall. And Minnesota forecasts a surplus.

This good news reflects in part the dire economic expectations of six months ago; even modest numbers look good now compared with the worst fears written into state budgets in the spring. And state officials say they’ll still need federal help as they expect the pandemic’s effects to drag on for years and batter local governments. Federal help, after all, is part of what has buoyed them so far.

The states with rosier forecasts also complicate the political fight in Washington over state aid, which is likely to get pushed into the new year after lawmakers dropped the aid from a year-end stimulus deal nearing completion. Republicans have characterized state aid as a bailout for profligate blue states. But many states that are looking better now have among the most progressive tax structures in the country, and that is part of what has rescued them this year.

[jesmu84]

"Members of Congress were paid $130k to spend 9 months arguing about whether you deserve $600."

[Hards Alumni]

"Members of Congress were paid $130k to spend 9 months arguing about whether you deserve $600."

[Jockey]

The most important part of the stimulus plan?

Executives will now be able to deduct 100% of their often extravagant lunches from their federal taxes.

Finally, some help for everyday Americans.

[jesmu84]

How many people that are struggling financially as a direct result of the virus are going to be made whole by $600/1200?

Seriously, this is a joke.

If the fed can print money for banks/lending/wall street, it can print money for individuals directly effected by the virus.

[Jockey]

How many people that are struggling financially as a direct result of the virus are going to be made whole by $600/1200?

Seriously, this is a joke.

If the fed can print money for banks/lending/wall street, it can print money for individuals directly effected by the virus.

You miss the point.

Rich people make the rules.

[Galway Eagle]

How many people that are struggling financially as a direct result of the virus are going to be made whole by $600/1200?

Seriously, this is a joke.

If the fed can print money for banks/lending/wall street, it can print money for individuals directly effected by the virus.

Yeah that is a huge joke. I mean the cheapest place I ever lived was 500/month and tack on utilities the  600 would barely have gotten me enough groceries to make it through the month. It's unbelievably disappointing that our government would have this be the best they can do

[Jockey]

I hope you people realize that the $600 was pushed by one side who refused to talk more if that was increased.

[The Hippie Satan of Hyperbole]

The $1,200 from last April and the $600 from this bill are not meant to make people whole.  It's stimulus money that is supposed to be spent in a way to generate economic activity.  And it didn't really work because most people stuck it into their savings accounts.

You make people whole through enhanced unemployment benefits until the economy gets back on its feet more naturally.  Until late spring or summer.  I don't think the amount passed is enough IMO.  That is where the focus should be.  Not giving people more money who are largely already whole.

[jesmu84]

The $1,200 from last April and the $600 from this bill are not meant to make people whole.  It's stimulus money that is supposed to be spent in a way to generate economic activity.  And it didn't really work because most people stuck it into their savings accounts.

You make people whole through enhanced unemployment benefits until the economy gets back on its feet more naturally.  Until late spring or summer.  I don't think the amount passed is enough IMO.  That is where the focus should be.  Not giving people more money who are largely already whole.

I think we agree, mostly. That's why I emphasized that any benefits should be for those who have been directly impacted by the virus/shutdowns.

Not all of those impacted have been made unemployed.

[Billy Hoyle]

The most important part of the stimulus plan?

Executives will now be able to deduct 100% of their often extravagant lunches from their federal taxes.

Finally, some help for everyday Americans.

if people are actually going out to lunch that will actually have some benefit to restaurants and restaurant workers, especially those whose business is built around the lunch hour (e.g. downtown, corporate areas).