Economy What are government finances going to look like in 2021, 2022?

[superpunch]

20-30% unemployment rates (lost income), businesses are shut down (lost transactions), the stock market is down (goodbye capital gains), this is all bad for the average person's finances. No one's talking about the worldwide government's finances though.

We're going to be in a 2-fold position:

1) Increased spending to cover all the COVID 19 related welfare.
2) Decreased tax revenue from the lost income, lost transactions, lost capital gains, etc.

This is going to be really bad in the US. I imagine it will be really bad in places like Portugal/ Italy/ Spain/ Greece too. No one's really talking about this yet but it seems to be a problem that's definitely going to be there.

What are the deficits going to look like?

 

[Not A Theist]

I was just told in another thread that all of this lockdown stuff will actually help the economy come back faster. We'll be fine.

 

[LS1Rx7]

We're the worlds currency. We can print money to inflate away any debts with many fewer consequences then everywhere else. When other countries try to do the same they're much more likely to run into hyperinflation

 

[Oceanmachine]

They should nationalize energy companies to offset tax losses. And lower capital gains much lower so that if people need to sell assets to get by they arent hit with the higher capital gains.

But no nationalizing will happen. Maybe capital gains gets lowered under a GOP controlled Congress.

I expect everyone at large to be poorer and a select few to be wealthier

 

[KONG-D'SNT-TAP]

They should nationalize energy companies to offset tax losses. And lower capital gains much lower so that if people need to sell assets to get by they arent hit with the higher capital gains.

But no nationalizing will happen. Maybe capital gains gets lowered under a GOP controlled Congress.

I expect everyone at large to be poorer and a select few to be wealthier

Millionaires don’t need their capital gains slashed again.

 

[HereticBD]

Hard to say, really. A government imposed depression is unprecedented. Hard to math this one out.

We'll see.

 

[Raptac]

Cut most welfare, raise tariffs.
Majority will rebound but millions will cry for handouts to leech as there used to it.

 

[Philo-Publius]

20-30% unemployment rates (lost income), businesses are shut down (lost transactions), the stock market is down (goodbye capital gains), this is all bad for the average person's finances. No one's talking about the worldwide government's finances though.

We're going to be in a 2-fold position:

1) Increased spending to cover all the COVID 19 related welfare.
2) Decreased tax revenue from the lost income, lost transactions, lost capital gains, etc.

This is going to be really bad in the US. I imagine it will be really bad in places like Portugal/ Italy/ Spain/ Greece too. No one's really talking about this yet but it seems to be a problem that's definitely going to be there.

What are the deficits going to look like?

Fucking horrible.

 

[Oceanmachine]

Millionaires don’t need their capital gains slashed again.

Define millionaire. Many people who may have low net worth of a million or less shouldnt be penalized on property value sales in this time.

Logically we could have lower taxes rates IF we offset the tax cuts with increased revenue and profit from government ran industries. Tons of countries do this. However, for the GOP that is akin to EVIL since only corporations should control the resources of a country even if finite. And that corporations should also be Internationalist and pay little taxes so most of the profit they take from the country goes to a few elites running the show.

 

[HeffDoesWant]

They should nationalize energy companies to offset tax losses. And lower capital gains much lower so that if people need to sell assets to get by they arent hit with the higher capital gains.

But no nationalizing will happen. Maybe capital gains gets lowered under a GOP controlled Congress.

I expect everyone at large to be poorer and a select few to be wealthier

P4p one of the worst ideas ive heard.

Don't cut taxes on unearned income.

 

[Jorge Luis Borges]

Cut most welfare, raise tariffs.
Majority will rebound but millions will cry for handouts to leech as there used to it.

I think it is a bad time to cut welfare.

 

[Stoic1]

Suggestion: Cut military spending. We can do that in 3 areas:

1) The Army is moving it's initiatives from "Readiness" to "Modernization". That equates to real spending on equipment. That needs to be put on hold for about 5 years. I have no idea how much money that will save because each of these compartmentalized programs is a blank check in many cases. Tightening our belts starts here. Squat hold on what we have.

2) Personnel. The military goes through cycles in growth. It's time to cut down again. That doesn't just mean military personnel. It means contractors, civilians, and those in uniform. If I was suggesting numbers it would be cut 25% of the DOD civilian workforce and 20% of the uniforms.

3) In order to support #2 above without completely burning out the remaining force we need to re-structure ourselves. If you look at the map we have bases and missions across the globe at all times. Time to stop that. Europe needs to pull it's own weight. Saudi, Afghanistan, and Africa can all suck dicks and go without the US. All of those small missions that continually sap strength need to stop. While we are at it we can put a moratorium on the defense spending for other countries - looking at you Israel.

And I saying that as a person in the military.

 

[Oceanmachine]

P4p one of the worst ideas ive heard.

Don't cut taxes on unearned income.

It can be offset if nationalized. And it isnt unearend. people who work their asses off flipping homes or rebuilding properties and or their own homes and then sell them are taxed on the labor of their own work that they were already taxed on every year via property tax and sales tax on materials used in construction etc.

 

[SalvadorCollie]

Buying a house in the next month, and we’re already paying almost 40k more than it was worth last year. Property is only going to go up is how my lady justifies it.

inflation is no joke.

 

[SalvadorCollie]

government finances were trash before Corona. I’m scared to see how bad it’s going to get if we don’t open up the country.

Probably why Democrats don’t want us to open, so they can blame the 4 year increase of debt on Republicans.

 

[superpunch]

government finances were trash before Corona. I’m scared to see how bad it’s going to get if we don’t open up the country.

Probably why Democrats don’t want us to open, so they can blame the problem on Republicans.

I'm kind of getting the same feeling. It seems like the shutdown hasn't become a question of good policy, but a question of fuck Trump. It's starting to look like the democrats want to intentionally damage the economy so they can blame it on Trump.

 

[SalvadorCollie]

I'm kind of getting the same feeling. It seems like the shutdown hasn't become a question of good policy, but a question of fuck Trump. It's starting to look like the democrats want to intentionally damage the economy so they can blame it on Trump.

party means dick to me, but the feud at the price of its citizens makes me rage. Government is supposed to work the other way around.

 

[superpunch]

party means dick to me, but the feud at the price of its citizens makes me rage. Government is supposed to work the other way around.

It's so obvious too. A few weeks ago, every car factory in the country except Tesla was already open again. Then the Tesla factory wanted to open again too and it had the support of the federal government, the California state government, and the local city government. But liberals were outraged and calling Elon Musk a murderous maniac just because he's publicly supported some right wing policies lately and he's been associated with Joe Rogan. It's absurd. It shouldn't work that way. Everyone should want what's best for the country.

 

[hillelslovak87]

I'm kind of getting the same feeling. It seems like the shutdown hasn't become a question of good policy, but a question of fuck Trump. It's starting to look like the democrats want to intentionally damage the economy so they can blame it on Trump.

So, they're going to keep their own states shut down in order to make Trump look bad? Get real. He looks like shit because he's shit. Period.

"We'll tank our state economy, which unlike sooooo many red states, is solvent. It'll hurt us for years to come, but it's good strategy to make the cult of personality look bad, because by fucking our own economies up, we'll make him look bad in the long term, which I'm sure his movement is going to be around for. Good move!!!!"

LOL

 

[SalvadorCollie]

It's so obvious too. A few weeks ago, every car factory in the country except Tesla was already open again. Then the Tesla factory wanted to open again too and it had the support of the federal government, the California state government, and the local city government. But liberals were outraged and calling Elon Musk a murderous maniac just because he's publicly supported some right wing policies lately and he's been associated with Joe Rogan. It's absurd. It shouldn't work that way. Everyone should want what's best for the country.