Help is On the Way! Stimulus Bill!
Help is on the way for those of us that qualify. If you make under 75k or 150k as a couple, you will be getting 1,200 single or 2,400 a couple. Additionally $500 per child. This is huge news and should really help out people struggling pay check to pay check (which is about half of population) Thank you to President Trump and all members of Congress who voted in favor of this. Checks expected in May. Hang in there everyone ??
March 25th, 2020 at 12:23 PM ^
Not really sure how I feel about this. From a micro standpoint, I hope the checks help families / parents stop - at minimum - some of the bleeding caused by the crisis. I live in CA, however, and given the cost of living out here, I'm not sure how long of a runway these checks will provide individuals / families. Nevertheless, I suppose something is better than nothing...
From a macro standpoint, I really wish they would have injected far more money into the banks, corporations, the healthcare industry, and supply-side activities of the national economy. As bankruptcies increase and layoffs further spiral, stabilizing key industries, including the financial sector, etc. is going to be a critical foundational step in order to bring people back to work (which is the best solution - of all - for curing the micro and macro economic challenges).
This seems like a classic Republican / Democrat compromise, which will position lots of elected representatives in the spotlight, but I hope it helps the people that need it the most: business owners and their employees (who may be parents, families, and individuals).
March 25th, 2020 at 12:40 PM ^
I live in CA as well and barely make over the threshold so I will be getting $0. Kind of sucks that this bill doesn't consider cost of living. Throws CA and NY under the bus...
March 25th, 2020 at 12:49 PM ^
That's the point. Remember how the mortgage interest deduction changes in the tax cut were targeted? Notice how Newsom and Cuomo are basically being left to fend for themselves in the current crisis. (Though in NY's case, it's probably because POTUS wants the AG to make a deal on the state investigations). Trump governs by grievance, and coastal elites are just another group on his enemies list, along with foreigners, doctors, scientists, women, the media, and people of color.
March 25th, 2020 at 12:55 PM ^
Did POTUS draft this bill?
Please. The POTUS can’t even draft a birthday card. You really think he had anything to do with this?
That's his point
That's my point. Just trying to figure out HP's reasoning to bring how Trump governs into it.
No, Moscow Mitch did.
March 25th, 2020 at 12:51 PM ^
Was hoping the Dems would push for a reinstatement of the SALT deduction, but no such luck. Would have been the right time and GOPers wouldn't mind it, either.
Yeah a SALT reduction would have been good because of all the high blood pressure it causes.
March 25th, 2020 at 12:30 PM ^
A one-time payment isn't going to do shit. The $600/month bump in unemployment is much more important.
March 25th, 2020 at 12:40 PM ^
This is ridiculous... Going off of 2018 earnings is insane. People's situations have changed in the last 15 months, more or less the last two weeks alone! Some of those who are above the threshold in their 2018 earnings have recently been laid off or had their pay cut by half in some cases and because of going off of 2018 earnings, they're SOL.
Instead of picking who gets a check and who doesn't, they should send checks out to everyone under $300,000 or so (Q1 earnings of a 300k taxable income is what the lower end threshold is now) , if you're above a certain income level when you file your 2020 taxes next year, it's taxable income, if you're not, then it's a stimulus.
Any sort of means testing will have to draw a line in the sand at some point as a point of references. Whether it’s 2018 or Q1, there will be people impacted either way.
I like the idea of giving everyone money and then implementing the means testing as part of the 2020 taxes so people and families impacted still get the stimulus even if 2 yrs ago they were in a better position and you can recover payments to high earners through a tax liability
I think 2018 makes sense since the 2019 tax year isn't complete yet.
Do you really think $300k is a reasonable cutoff? If you make $300k annually (or anywhere near that amount) you should be OK for a month or two. If not, you have no one to blame but yourself.
There's other relief available - like drawing from a 401k with no penalty. And an option to repay it.
Look, I'm not getting a check and I'm Ok with that. Let's help the people who need it most first. No formula would make everyone happy.
March 25th, 2020 at 12:54 PM ^
Checks expected in ... May? WTF people gonna do for 6+ weeks?
Bootstraps apparently.
Out of respect for the META: Politics post from earlier, I'm going to keep my opinions to myself about the irony in all of this.
Either way, glad to see people getting the help they need. I am curious if there's a way to either send the check back if you don't think you need it, or better yet, gift it / donate it to someone who you believe needs it more.
My wife and I are both able to work from home and aren't in immediate danger of losing our jobs. I'm not worried about my mortgage payment or grocery funds, so if a check for us does show up in the mail, I'd rather give it to someone who I know needs it. Or can we donate it to homeless/animal shelters?
Wait, is failing to keep your opinion to yourself whilst claiming to keep your opinion to yourself irony? Is it more ironic if you use the word irony to do it? Where's Alanis Morrissette when you need her?!
The Republican Party hasn't been fiscally conservative in nearly 30 years. We've gone from having one tax-and-spend party and one don't-tax-and-don't-spend party to two borrow-and-spend parties. The only economy difference between the Republicans and the Democrats is how much to borrow and what to spend most of it on.
This bill borrows $6,000 for every man, woman, and child in the US, only to turn around and send less than 30% of it back to the people who will eventually be expected to pay the bill -- if the US doesn't end up defaulting on its debt first. (And if you think this financial crisis is bad, wait unit you see that one!)
The fact that this is being cheered as a win for anybody boggles my mind.
The 30% to the people number is not correct. The unemployment $250 billion is clearly is going to people. The vast majority of the $350 billion for small business which targets maintaining payroll is going to the people. Some portion of the $500 billion for large business (which are loans and some portion, likely most of it will be paid back) will allow a number of companies to survive and layoff fewer employees will also go to the people.
We also need to consider the cost of no action. What will happen to tax receipts if we let all these businesses (small and large) fail?
The bill does much more than the $1,200 per person and $500 per kid everyone is focused on. The biggest thing is unemployment. Using Michigan as an example currently the max is $362 per week or $1,448 per month. The bill adds $600 per week to that. So, the monthly max is now $3,848 for the next four months. That is a substantial increase for people who have lost their jobs. It also opens up unemployment for gig workers such as Uber drivers.
On the small business side (companies with less than 500 employees) it allows companies to borrow up to 4 months of their payroll, rent, mortgage and utility expenses. If the company does not lay off any workers over that period that loan is forgiven. That is going to be very helpful to the businesses that employ 50% of the workforce. That has the potential to keep a lot of people employed and bridge these businesses over the worst of this.
No bill is perfect but these provisions seem strong and helpful.
LOUD NOISES!!
Not impressed. May?! Too late. 1200?! Too little. This bill will just help the economy limp towards the depression.
A lot of people can't wait until May. Whatever happened to them saying they'd get checks sent out within two weeks?
Central Government = Slow.
Goddammit I thought the Republicans were the party of the rich? I'm getting nothing from the government as usual.
Well, they largely are. The big delay in agreeing to this bill was the total lack of oversight for the big business bailouts that was in the Senate’s original version.
Lol. Guess that depends on what you read/watch.
My understanding is that it was pork like $35 million (reduced to $25 million) for the Kennedy Center and similar unrelated items.
That $25 million for the Kennedy Center is designated to helping the center "prevent, prepare for, and respond to coronavirus, domestically or internationally, including deep cleaning and information technology to improve telework capability and for operations and maintenance requirements related to the consequences of coronavirus."
Also, $300 million EACH (reduced to $75 million each) for the National Endowment for the Arts and the National Endowment for the Humanities.
That's $635 MILLION for what!?!? And why is it included in an URGENT bill?
Here in Los Angeles, you can not survive as a single person making $75K.
Too bad there aren't other cities to live in.
I'm in this range. I don't need $2,900. I'll put it in the bank or just donate it. Thanks government? They should probably give more to lower income. A couple making $150k is sitting pretty unless their an asshole that insists on living in San Fran And stepping in human shit for fun. No judgement here btw. I'm an asshole that eats my own shit when Eucalyptus is scarce.
Lets get this signed as soon as possible!
As a student of history, I've studied a lot of decrepit ancien regime states collapse into anarchy in the face of a crisis, but the modern US government is just staggeringly inept, even compared to something like 1916 Russia. Modern states have an amazing array of organizational and technological abilities and a country as rich as the US should have one of the most robust and durable states in the world. Instead, almost every function of the state, besides its police and military functions, have been offered up to the altar of capital. 2-3 million are about to die and millions more will sink further into poverty because the two political parties (which function as a single party) refuse to deviate from radical austerity even in a crisis as bad as this. Incredible that a global hegemon could be such a paper tiger.
It's China's world now. The fate humanity rests with their response to the climate disaster.
Still don't understand what 30 million for the Lincoln Center has to do with the virus? Also $600 additional unemployee benefits @ 20 per hour you make $800 per week. Unemployement would pay you the average person $326, that means you would get $926. Why would you go back to work untill they ran out?
Still don't understand what 30 million for the Lincoln Center has to do with the virus? Also $600 additional unemployee benefits @ 20 per hour you make $800 per week. Unemployement would pay you the average person $326, that means you would get $926. Why would you go back to work untill they ran out?
Still don't understand what 30 million for the Lincoln Center has to do with the virus? Also $600 additional unemployee benefits @ 20 per hour you make $800 per week. Unemployement would pay you the average person $326, that means you would get $926. Why would you go back to work before they ran out?
Yeah a $1200 per adult $500 per child check that will be taxed and won't arrive until some time in May, long after two rent/mortgage payments will have been due. The bill does not freeze rent, mortgage, or utilities payments so yeah we're still fucked.
You'll forgive me if I don't applaud our incompetent President and leaders in the Senate.
And I bet you'll bitch when your check comes and it's wrinkled too.
Suggest you do some reading and listen to actual news.
If you are genuinely concerned, it's highly unlikely that you'll take a big hit of any kind if you fail to make 1-2 mortgage payments. I'm even willing to bet you won't be penalized in any way. (i.e. Any late fees will be forgiven; evictions will be forbidden; credit reports will not reflect badly, etc.)
Same with credit cards and utilities.
March 25th, 2020 at 10:51 PM ^
Are you unemployed? If not, it should be a nice perk!
If you are unemployed, the package calls for a $600 per week boost in your weekly unemployment check. That's $2,400 additional per month in addition to a $1200 - $3,200 initial check. I'd say that's a HUGE boost. So by the end of May a total of $8,000 for a family of 4 who is unemployed. Or $10,400 if 2 adults are collecting unemployment. All within 2 months.
Edit: Should have made it clear that $8,000/$10,400 is in addition to the base unemployment (approx. $1500).
March 25th, 2020 at 10:45 PM ^
Actually that’s not how it works:
https://www.factcheck.org/2020/03/false-claim-of-congressional-pay-raises-in-stimulus-bill/
Next time try doing some research instead of swallowing whatever right wing Rupert Murdoch inspired crap that’s trying to score political points off a terrible situation.
March 25th, 2020 at 10:57 PM ^
Read the 27th amendment to the Constitution and review your post. Then again it sounds like you’re not really a fan of that document.
March 26th, 2020 at 12:15 PM ^
Goddamn, man. Near every single thing you type in here just shows what a stupid twat you really are. Good job. Keep up the stellar work, guy.
I kind of think it should just be tied to unemployment so that people who lose their jobs get it. Don’t see why someone who’s still working would need a random bonus. If you’re still getting a paycheck you can just keep living your life and supporting the same businesses you normally do.
I guess overall there’s not much downside and it will help some people who need it. That said, I want to point out a bunch of people in this thread saying “if you make more than me, and you’re still struggling, then you live outside your means so fuck you, don’t have kids and don’t work in an expensive city”...I think that’s just wrong. You don’t know everyone situation. You could just as easily say anyone who’s ever struggled financially is living outside their means and should budget better and move to the middle of nowhere and live off the land to cut costs.
March 25th, 2020 at 11:05 PM ^
Nice post.
One reason the initial boost makes sense is the idea that it injects money into the "system". Most (or many!) people will find a way to spend that money - even if it's on a bill. Remember that the utility companies, landlords, etc. are all impacted as well. Another reason it makes sense is many people who are employed today will not be in a few weeks. And a TON of people who were just laid off will need money to cover the lag between their last paycheck and 1st unemployment check.
While I agree on your second point, I do think the cap on earnings for eligibility makes sense. But yes, you are 100% correct on the judgmental tirades being inappropriate.
Glad to hear
This is the most liberal bill to pass Congress since the New Deal. It’s past liberal to pure socialism. I think that’s needed right now.
Biggest part of this is actually the unemployment insurance being extended to 1099 people, which includes my wife. Though I am still a little unclear if she qualifies since her boss/owner of the building had to close the building so she is still technically an employee. I assume she would qualify right? And lol at thanking President Trump he had jack shit to do with this. Republicans came up with an orginal plan that lowballed individuals, Democrats countered with a better one for individuals and the two sides actually worked together for once to come to something in the middle. Anything other narrative being pushed is just not reality.