Law House passes round 2 of Corona stimulus checks

[KONG-D'SNT-TAP]

The Government should help our people who need money. I don’t see the problem with this.

If there is always an unending supply of money for the rich and the military, working class families can get something back as well.

 

[A Lurker]

It was never enough for everyone. A certain % of people on unemployment will lose their home, will cease consumer spending, and will default on other payments. When this is a small % of Americans overall, the system is fine. When that number suddenly becomes 5-10x what it was because of more people unemployed, the system collapses.

You explained it better than me, but yes this is my guess as to the reason why.

 

[Holic]

Someone correct me if I am wrong but dont we need to pay this back next year with tax returns being reduced because of it? So say if you were to get 1800 then that means you would now get 600?

A few senate aides have confirmed the checks are not being considered taxable income.

 

[Richmma80]

I still have my first $1200. Stupid people will spend the money on useless crap. The smart people will add it to their savings.

 

[kahiljabroni]

It's fkn stupid just like unemployment increase. 85% of people receiving the stimulus are still working.

 

[Oceanmachine]

I recall there are many poison pills in the House bill. There is amnesty, payments to illegal immigrants, more foreign workers to work in hospitals, questions on how to pay for the 3 trillion, etc. I doubt the House Bill will go far in the Senate, as is.

Tucker: Inside the Democrats' $3 trillion coronavirus relief bill

If Trump cares about reelection he should at a minimum support another round of checks if not more.

Stuff for illegals etc. Its expected the GOP will oppose it. But a bill should surely pass if the President wants it to. It will make the GOP look bad. Tons of right wing voters, maybe not as much as GOP is wealthier and so are its voters but many would benefit from this check.

 

[My Spot]

Gonna be buying an SKS with it and joining my local Socialist Rifle Association.

No AK?

 

[My Spot]

I still have my first $1200. Stupid people will spend the money on useless crap. The smart people will add it to their savings.

Why not buy an AR?

 

[cincymma79]

Beyond parody.



Work is good for your sense of worth, contribution to society, mental wellbeing and makes you appreciate what you spend your money on. Buying those cool sneakers, because you earned them with the sweat off your own brow, makes them much cooler IMHO.

Hey I work for that it I’ll take a year off if you want to pay me

 

[xcvbn]

I don't really understand the increase of 600 dollars in unemployment. How is it different getting unemployment now than a year ago? Did people on unemployment somehow lose unemployment bennies because of coronavirus? It seems weird that some people are making more money staying home than going to work.

Most of them won’t have a job to come back to

Hopefully they save

 

[nostradumbass]

Stop borrowing money on my behalf and pretending I'm cool with it because you give you me a fraction of it, you assholes!

 

[Bunk Moreland]

I’m taking my 1200 and giving it right to Joe Biden. Everyone should do the same. Thanks Donald!

 

[blaseblah]

This has no chance of passing. It has a bunch of democratic wishlist items. Even if it only had the 1200 checks it probably still wouldn't pass as McConnell doesn't seem interested in spending more.

 

[blaseblah]

I don't really understand the increase of 600 dollars in unemployment. How is it different getting unemployment now than a year ago? Did people on unemployment somehow lose unemployment bennies because of coronavirus? It seems weird that some people are making more money staying home than going to work.

Unemployment is for poor people and is supposed to be a temporary fix while the person goes out and looks for a job. Millions of people have been laid off or furloughed and can't go out and find work.

 

[HeffDoesWant]

This is not stimulus, this is economic replacement.

If it was enough before, why isn't it now? Doesn't make sense.

Australia doubled its unemployment benefits on a theory that it's always been a short term help between jobs but in the current climate it's near impossible to get a new job.

 

[A Lurker]

Hey I work for that it I’ll take a year off if you want to pay me

 

[A Lurker]

I still have my first $1200. Stupid people will spend the money on useless crap. The smart people will add it to their savings.

Its actually the exact opposite of what you have said.

 

[Staph infection]

Gonna be buying an SKS with it and joining my local Socialist Rifle Association.

I got my eye on a KelTec KSG, always wanted one but they were overpriced for years. Now they are selling at or below retail.

 

[Hadron90]

I'm talking about the extra 600 only, not unemployment pay all together. Like if the same people got laid off in any other situation, they'd get what they get. The extension, I understand. The coronabonus, I don't.

I don't begrudge anyone getting a benefit, I guess. I just don't really see the reasoning.

That's what I am talking about.

Lets make up some numbers. Say that on average, 10% of people who are unemployed default on their debts. When 3% of the country is unemployed, this means we can expect 0.3% of people defaulting on their debts. This number is manageable, and lenders have built their businesses around expecting this sort of default rate.
Now imagine unemployment suddenly spikes to 30%...3% of the country is now defaulting on their debts. That unexpected 10x increase could have a disastrous domino effect. Now lets say that giving people an extra $600 brings the number of unemployed people who default down to just 1%. That effectively offsets all the risk and avoid catastrophe.

 

[A Lurker]

That's what I am talking about.

Lets make up some numbers. Say that on average, 10% of people who are unemployed default on their debts. When 3% of the country is unemployed, this means we can expect 0.3% of people defaulting on their debts. This number is manageable, and lenders have built their businesses around expecting this sort of default rate.
Now imagine unemployment suddenly spikes to 30%...3% of the country is now defaulting on their debts. That unexpected 10x increase could have a disastrous domino effect. Now lets say that giving people an extra $600 brings the number of unemployed people who default down to just 1%. That effectively offsets all the risk and avoid catastrophe.

Kudos - Very Good Explanation.