COVID Economy

[warriorchick]

https://www.tcenergy.com/announcements/2020/2020-10-28-tc-energy-awards-more-than-$1.6-billion-in-american-contracts-to-build-keystone-xl-project-to-create-over-8000-union-jobs-in-2021/

I mean come on.  To suggest that EO had no impact on American jobs is just burying your head in the sand.  There is a sane argument to make for the project and against the project without ignoring reality.

It has a huge impact on my county in Wisconsin.  Its largest employer had a huge contract that was tied to the Keystone pipeline.  Another firm in Eau Claire had a large contract as well.  The cancelling of the project is projected to cost thousands of well-paying union jobs in Wisconsin alone.

[MU Fan in Connecticut]

It has a huge impact on my county in Wisconsin.  Its largest employer had a huge contract that was tied to the Keystone pipeline.  Another firm in Eau Claire had a large contract as well.  The cancelling of the project is projected to cost thousands of well-paying union jobs in Wisconsin alone.

I found this on Google on Keystone and seemed pretty fair.  15-50 jobs mostly in Canada are they only permanent ones and the other 1000's are strictly temporary for less 6-8 months.
https://www.statesman.com/story/news/politics/politifact/2021/01/22/keystone-pipeline-jobs-lost-joe-biden-executive-order-cancel-fact-check/6673822002/

[warriorchick]

I found this on Google on Keystone and seemed pretty fair.  15-50 jobs mostly in Canada are they only permanent ones and the other 1000's are strictly temporary for less 6-8 months.
https://www.statesman.com/story/news/politics/politifact/2021/01/22/keystone-pipeline-jobs-lost-joe-biden-executive-order-cancel-fact-check/6673822002/

Plenty of people here would love to be in a position to scoff at 8 months of guaranteed good pay with the possibility that something else will come up after that.

[ZiggysFryBoy]

Plenty of people here would love to be in a position to scoff at 8 months of guaranteed good pay with the possibility that something else will come up after that.

They'll all just become computer programmers, hey?

[Hards Alumni]

They'll all just become computer programmers, hey?

Hey now, these guys aren't coal miners.

[MU82]

There was little reason for Biden to use an EO to scuttle that pipeline and the thousands of U.S. jobs that went with it. He didn't mean it to be an anti-jobs measure, but that's what it ended up being.

Probably Biden's worst decision as president.

No president is perfect. This one thankfully has done more to effectively deal with the coronavirus in 50 days than his predecessor did in the previous 9 months.

Indeed, for most of those 9 months, the since-deposed president actively and personally put thousands upon thousands upon thousands of Americans' lives and health at risk.

[The Sultan]

???

I am not sure that building pipelines to carry oil somewhere to eventually gets exported is the best way to create jobs anywhere.

[MU Fan in Connecticut]

There was little reason for Biden to use an EO to scuttle that pipeline and the thousands of U.S. jobs that went with it. He didn't mean it to be an anti-jobs measure, but that's what it ended up being.

Probably Biden's worst decision as president.

No president is perfect. This one thankfully has done more to effectively deal with the coronavirus in 50 days than his predecessor did in the previous 9 months.

Indeed, for most of those 9 months, the since-deposed president actively and personally put thousands upon thousands upon thousands of Americans' lives and health at risk.

He did it to undo Trump for undoing Obama.
As Fluffy, building pipelines to carry oil somewhere to eventually gets exported is the best way to create jobs anywhere.
Besides the Canadians rejected their own pipeline from the Tar Sands to Vancouver area.
Now back to COVID.

[MU82]

He did it to undo Trump for undoing Obama.
As Fluffy, building pipelines to carry oil somewhere to eventually gets exported is the best way to create jobs anywhere.
Besides the Canadians rejected their own pipeline from the Tar Sands to Vancouver area.
Now back to COVID.

I agree on why Biden did it. And my last two paragraphs were about COVID.

[MU Fan in Connecticut]

I agree on why Biden did it. And my last two paragraphs were about COVID.

All good.
I was referring to myself, so as to not go off on a "Trump sucks" rant.

[MU82]

Good news, not widely reported, for those who needed to claim unemployment benefits last year due to COVID-19:

Within the American Rescue Plan, there is a provision allowing most recipients to exclude benefit payments up to $10,200 when filing 2020 taxes:

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

I just found out about this yesterday, and shared the info with a couple of very grateful friends who lost their jobs for 6 months last year through no fault of their own. Spread the word.

[The Sultan]

Good news, not widely reported, for those who needed to claim unemployment benefits last year due to COVID-19:

Within the American Rescue Plan, there is a provision allowing most recipients to exclude benefit payments up to $10,200 when filing 2020 taxes:

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

I just found out about this yesterday, and shared the info with a couple of very grateful friends who lost their jobs for 6 months last year through no fault of their own. Spread the word.

What if you already filed and received your refund?  I had a child that filed partial unemployment when his hours were cut and paid tax on the benefit?  File an amended return?

[MU82]

What if you already filed and received your refund?  I had a child that filed partial unemployment when his hours were cut and paid tax on the benefit?  File an amended return?

Yep. It's what CPAs recommend if you want to get that $$$.

[MU82]

What if you already filed and received your refund?  I had a child that filed partial unemployment when his hours were cut and paid tax on the benefit?  File an amended return?

Sultan -

Just saw this in NYT:

The new law made the first $10,200 of unemployment benefits received in 2020 tax-free for people with incomes of less than $150,000, a significant change for many whose jobs were affected by the pandemic. The I.R.S. said last week that it would provide a worksheet for paper filers and coordinate with tax-software companies. The agency also asked those who were eligible for the tax break but had already filed their 2020 returns not to file an amended return until it had issued additional guidance.

[The Sultan]

Sultan -

Just saw this in NYT:

The new law made the first $10,200 of unemployment benefits received in 2020 tax-free for people with incomes of less than $150,000, a significant change for many whose jobs were affected by the pandemic. The I.R.S. said last week that it would provide a worksheet for paper filers and coordinate with tax-software companies. The agency also asked those who were eligible for the tax break but had already filed their 2020 returns not to file an amended return until it had issued additional guidance.

Alright thanks!  I will pass that along.

[MU82]

Alright thanks!  I will pass that along.

A CPA friend of mine says the IRS is now saying that they will automatically issue refunds for those who already have filed, so an amended return shouldn't be necessary.

I am no tax expert and have not checked this out yet, but wanted to let folks know as soon as I heard. Suggest those affected do some checking.

[pacearrow02]

Please.  If we haven't had rampant inflation with all the tax cutting and deficit spending of the last forty years, we certainly aren't going to have it now.

Hopefully just a one month hiccup but inflation rate from Feb to March isn't promising. 

[Skatastrophy]

Hopefully just a one month hiccup but inflation rate from Feb to March isn't promising. 

Meh, CPI is catching back up with the dip it had at the beginning of the pandemic. The jump isn't much if you zoom out a bit

https://fred.stlouisfed.org/series/CPIAUCSL

[Jockey]

Hopefully just a one month hiccup but inflation rate from Feb to March isn't promising.

The Fed would actually like to see a small amount of inflation.

[forgetful]

The Fed would actually like to see a small amount of inflation.

The Fed has a mammoth balance sheet it needs to deal with. It'll be hard to do so without inflation.

[jficke13]

The Fed would actually like to see a small amount of inflation.

Bring on inflation. I'd like to pay my mortgage with inflated dollars.

[jesmu84]

The Fed has a mammoth balance sheet it needs to deal with. It'll be hard to do so without inflation.

There's already rampant inflation in the stock market, housing and healthcare.

[MU Fan in Connecticut]

There should be inflation coming.  Raw materials have sky rocketed the last 4-5 months.  That pass along is coming.  And it will be quite a while before everyone catches up.  Tied in with the world wide container & boat shortage that existed well before the Suez Canal thing made it worse.

[Skatastrophy]

There should be inflation coming.  Raw materials have sky rocketed the last 4-5 months.  That pass along is coming.  And it will be quite a while before everyone catches up.  Tied in with the world wide container & boat shortage that existed well before the Suez Canal thing made it worse.

Raw materials skyrocketed 9+ months ago when the supply chain was first disrupted. Inflation has been 'imminent' for years now with the tax cuts & handouts from the last administration superheating the economy even before the coronavirus stimulus. The Fed/Treasury are confounded as to why there's not much inflation yet, which is why they've softened their inflation target from 'max of 2%' to 'average of 2% over the next few years'.

I'm not a MMT guy, but we should keep printing money for the time being.

[jesmu84]

Raw materials skyrocketed 9+ months ago when the supply chain was first disrupted. Inflation has been 'imminent' for years now with the tax cuts & handouts from the last administration superheating the economy even before the coronavirus stimulus. The Fed/Treasury are confounded as to why there's not much inflation yet, which is why they've softened their inflation target from 'max of 2%' to 'average of 2% over the next few years'.

I'm not a MMT guy, but we should keep printing money for the time being.

https://youtu.be/1HmGLV46L60

Also, I have learned that cpi goods have been spared, so far, from inflation effects. However, inflation has run rampant in other sectors not included in our typical inflation determining measurables.