COVID Economy

[Jockey]

Yeah I think so.  By and large, the US economy fared better in 2020 than Europe did.  Giving people money who don't need it isn't stimulating an economy that is largely shut down.  As 82 mentioned, those people are sticking it in savings accounts or paying down debt.

Giving money to those who are unemployed, and to small business owners to help maintain payroll, seem to be better economic "stimulation" than just cutting checks to everyone.

This is what I have been saying all along. I don't need the money (as I guess is the case for the vast majority on Scoop). Target the $$$ for the people and companies that actually need it. Then it goes back into the economy and is an actual stimulus.

But, sadly, this is Amurica. We are incapable of doing things right, it seems.

[vogue65]

This is what I have been saying all along. I don't need the money (as I guess is the case for the vast majority on Scoop). Target the $$$ for the people and companies that actually need it. Then it goes back into the economy and is an actual stimulus.

But, sadly, this is Amurica. We are incapable of doing things right, it seems.

No problem, besides politics and talking points, give the money away.

How can the government sort out the needy from those not in need?

To get political support you have to give the money to everyone.

Then we have the lawyers, it could be unconstitutional to favor one group over another, equal some thing or other.

When has this country ever been charitable or concerned with the common good besides WW II?

Each man out for himself, winner take all, maximise profit above all, I've got mine screw you, rules don't apply to me, only the strong survive, survival of the fittest, kill or be killed, winning through intimidation, sacrifice is for losers, the end justifies the means, the philosophy goes on.

I used my check to proudly pay part of my estimated taxes, to each his/her own.

[JWags85]

If you are working reduced hours you can collect unemployment under the rules from March. Not sure if that continues under the new law.

Yep. For example, Wisconsin has "work share" which basically means you work reduced hours (up to around 50% of your normal hours) and receive partial unemployment. So you would receive 50% of your standard salary biweekly, and a corresponding unemployment payment weekly.

That was a gold mine for some as it still qualified for the $600 (then $300) unemployment benefit. Not saying it was some swindle, but some could theoretically by working 80%, taking Friday off each week, and getting an extra $2400 (or $1200) a month at the time.

But this Work Share expired as of Friday. I've heard nothing about it renewing as of yet

[The Sultan]

Yep. For example, Wisconsin has "work share" which basically means you work reduced hours (up to around 50% of your normal hours) and receive partial unemployment. So you would receive 50% of your standard salary biweekly, and a corresponding unemployment payment weekly.

That was a gold mine for some as it still qualified for the $600 (then $300) unemployment benefit. Not saying it was some swindle, but some could theoretically by working 80%, taking Friday off each week, and getting an extra $2400 (or $1200) a month at the time.

But this Work Share expired as of Friday. I've heard nothing about it renewing as of yet

Gotcha. Thank you.

[jesmu84]

Thanks for the clarifications.

I certainly don't think we all need stimulus checks. But those actually hurt by the virus or the government response to the virus do need response.

Unfortunately, our infrastructure doesn't allow quick/easy filtering of just those affected and then paying out to only those. It's all or none when talking about direct payments.

[tower912]

Sitting on this one until the taxes are done.

[JWags85]

2 friends of mine both are above the $75K threshold and got scaled down amounts of the $1200 this summer...but both received the full $600 yesterday. Not sure what's up there

[Galway Eagle]

2 friends of mine both are above the $75K threshold and got scaled down amounts of the $1200 this summer...but both received the full $600 yesterday. Not sure what's up there

Do they work on commission or bonuses?

[jesmu84]

https://www.brookings.edu/blog/the-avenue/2020/12/22/amazon-and-walmart-have-raked-in-billions-in-additional-profits-during-the-pandemic-and-shared-almost-none-of-it-with-their-workers/

Somewhat related.. what do people think will be the long term ramifications of ending small-business and giving more power/money to the conglomerates thanks to covid?

[JWags85]

Do they work on commission or bonuses?

Nope, standard salaried work

[forgetful]

2 friends of mine both are above the $75K threshold and got scaled down amounts of the $1200 this summer...but both received the full $600 yesterday. Not sure what's up there

Interesting, the $600 individual stimulus is definitely income scaled.

I believe the dependent stimulus is not income scaled though.

Is it possible that for the first stimulus, they hadn't filed this years taxes yet, so were on old taxes above the threshold, and this years taxes were on a lower income?

[🏀]

Interesting, the $600 individual stimulus is definitely income scaled.

I believe the dependent stimulus is not income scaled though.

Is it possible that for the first stimulus, they hadn't filed this years taxes yet, so were on old taxes above the threshold, and this years taxes were on a lower income?

Dependents were scaled

[The Sultan]

Quick question.  The $1,200 payment from earlier was actually a credit on 2020 taxes that was prepaid.  My understanding is that those who didn't qualify for the $1,200 payment because they were a dependent on someone else's taxes will be able to collect the $1,200 should they now be independent and meet the income qualifications.

Is that the case with this $600 as well?

[forgetful]

Dependents were scaled

Interesting. Do you have a source. All the calculators I found do not scale dependents. And the dependent part of our stimulus was not scaled in this second stimulus. It was in the first.

[MUfan12]

Interesting. Do you have a source. All the calculators I found do not scale dependents. And the dependent part of our stimulus was not scaled in this second stimulus. It was in the first.

FWIW what I assume was our dependent payment was definitely scaled.

[forgetful]

FWIW what I assume was our dependent payment was definitely scaled.

Figured out the details. They are all scaled, but the income threshold changes based on the number of dependents.

Zero: 174k
One: 186k
Two: 198k

For us, numbers wise, it just happened to turn out like it wasn't scaled at all. A fluke of the numbers and scaling.

[shoothoops]

https://twitter.com/FullFrontalSamB/status/1347364744009814019?s=19

White House staffers concerned about job prospects.

[tower912]

Betsy always has selling Amway to fall back on.   

[The Sultan]

https://twitter.com/FullFrontalSamB/status/1347364744009814019?s=19

White House staffers concerned about job prospects.

Thoughts and prayers.

[mu_hilltopper]

Curious, as it appears the next COVID economic relief package will be debated soon, with another $1400 being sent to ~all citizens ..

One thing I haven't read is a phased approach, spreading the dollars out a bit.  Like $500 every two months or something.  Understood, there's costs to sending out checks ..

I imagine the big-ticket industries, automobile,  residential construction, realty .. they'd prefer one big check so people feel immediately flush with cash.   I'd think the rest of the economy would prefer a constant flow of cash.

????

[MU82]

Curious, as it appears the next COVID economic relief package will be debated soon, with another $1400 being sent to ~all citizens ..

One thing I haven't read is a phased approach, spreading the dollars out a bit.  Like $500 every two months or something.  Understood, there's costs to sending out checks ..

I imagine the big-ticket industries, automobile,  residential construction, realty .. they'd prefer one big check so people feel immediately flush with cash.   I'd think the rest of the economy would prefer a constant flow of cash.

????

I'd prefer more of the cash to end up in the hands of people who need it and will immediately put it into the economy vs. those who will invest it - as folks like many of us Scoopers will do.

[jesmu84]

IMO, we shouldn't be focusing on "stimulus" payments as much as emergency funds for those directly financially troubled by covid.

Who cares about big ticket items or stimulating the economy when rent, groceries or other necessity items are needed?

[The Sultan]

I'd prefer more of the cash to end up in the hands of people who need it and will immediately put it into the economy vs. those who will invest it - as folks like many of us Scoopers will do.

IMO, we shouldn't be focusing on "stimulus" payments as much as emergency funds for those directly financially troubled by covid.

Who cares about big ticket items or stimulating the economy when rent, groceries or other necessity items are needed?

Yep and yep. 

Studies have shown that this is better economic stimulus anyway.

[Billy Hoyle]

2 friends of mine both are above the $75K threshold and got scaled down amounts of the $1200 this summer...but both received the full $600 yesterday. Not sure what's up there

My wife and I got a total of $435 from the last stimulus check. Her 2019 income was inflated due to a severance package and being hired to a new job before the severance expired. Meanwhile, this year I'd had to take a one day a week furlough since September but that was not taken into account.

[Warriors4ever]

Billy, I've heard Terry Savage talk about some of these issues on the radio like the one you have, and I think there may be a way to deal with it given you 2020 income.  Maybe take a look at her website.