American Rescue Plan Has Passed - Biden to Sign Executive Order Hiking Min. Wage to $15/Hour for Federal Contract Workers. . .Polls: "SPEND MORE!"
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Well, technically, essential workers are working.
Essential workers - screwed once again. As long as the stock market is gaining there will be no stimulus package. They worked very fast and hard when the market was in trouble but now it is just crickets.
Although, blue-collar and lower-income workers have greatly suffered. There was a chart I saw on CNN Business or Bloomberg (can't remember) that showed upper-income workers' employment has practically returned to the same levels pre-COVID. It's off by like just 1 or 2% from pre-COVID levels. On the other hand, lower-income workers are crushed. They are nowhere near back. And, yes, they will be facing eviction, hunger, permanent job losses, higher debt, bankruptcy, homelessness, etc. soon if nothing is done.
It's not just the wealth and employment figures that show great disparities in people's experiences. There is also the health outcomes. Here is one example (Florida): [www.theguardian.com]
The wealthy, who can afford to not work and/or can work from home and also live in less densely populated areas, are seeing less deaths in Florida. The wealthy mostly have done much better:
-stocks rebounded (technology indexes at all-time highs)
-employment rebounded
-health outcomes greatly better
I guess the one factor that tilts against some of the wealthy is age. Those with the most money are often older and the most at risk of bad outcomes for COVID. They may be stuck at home and living in fear.
[www.bloomberg.com]
I'm seeing analysis that we'll have at least the same or higher permanent job losses as the 2008 Global Financial Crisis when all is said and done. The next few months will be a big test, as reopening has begun and already sputtered a bit. Census hirings (a seasonal and temporary one-off) may not inflate future unemployment reports.
Permanent job losses are rising. This has been feared, but somewhat expected too. As PPP loans expire and employers can fire people without fear of jeopardizing their loan forgiveness, as workers once furloughed are now realizing their employer has decided to cut costs and downsize, or as workers come back to businesses that cannot survive anymore in the depressed economic environment, temporary layoffs in the past are becoming permanent.
For reference, there were 13.55 million unemployed workers in the U.S. labor force in August, meaning about 25% consider themselves permanently jobless. By contrast, when unemployment peaked after the last recession in late 2009 at 15.35 million, about 6.82 million were deemed permanent job losers, or roughly 45%. On a percentage basis, August marked the sharpest increase in that ratio on record.
I'm seeing analysis that we'll have at least the same or higher permanent job losses as the 2008 Global Financial Crisis when all is said and done. The next few months will be a big test, as reopening has begun and already sputtered a bit. Census hirings (a seasonal and temporary one-off) may not inflate future unemployment reports.
*forgive my snarky mood - no sleep*
I was thrilled when some of the senators proposed a targeted approach to the issue. This showed some restraint and courage. I was horrified by the enormity of the house proposal and that many people seem to want and demand that massive fed teat
When the Federal Reserve stops bailing out junk-bond rated debt by our largest corporations, then maybe we can talk about giving less to average Americans is how I see it.
No more socialism and back up the Brinks trucks bailouts for corporations and the wealthy and "incremental"-ism and "restraint" for the poor/middle-class, please, Mr. Trump (not that you care, since you're bought by your wealthy donors)!
instead of other, incremental, and/or utterly different approaches to economic change.
If you want austerity and responsibility, let's start with the wealthy/powerful/corporations. They can lead by example. If the money printing stops, it needs to stop for everyone. If it continues, then it needs to continue for everyone.
Edited 2 time(s). Last edit at 09/12/2020 03:44PM by shoptastic.
Those can only be given with individual free-will. It's an interesting question, as all the money in the world cannot buy kindness, love, mercy, etc.
How can our government help us to develop and spread kindness and mercy? If it is not too expensive, can we get some of that?
As for the stimulus news: [www.forbes.com]
Here's what's in the summary list released:
Nancy Pelosi and House Democrats unveiled a revised coronavirus stimulus package proposal earlier today. The relief package is an updated version of the $3.4 trillion HEROES Act that House Democrats passed in May and comes in at $2.2 trillion in cost.
-$1,200 stimulus check
-$600 enhanced federal unemployment through the end of January 2021
-$436 billion in state and city aid to help with budget shortfalls
-PPP extension
-Airline worker relief funding (extending PSP, which ends Sept. 30, to keep workers paid)
-$225 billion toward education & $57 billion toward childcare
-Additional Items: funding for election security, the U.S. Postal Service, worker safety, food security, and coronavirus testing, tracing, and treatment.
Anyone disagree? $2.2 trillion is about the mid-way point for the two sides, so GOP should be satisfied with a compromise in theory if they really want to help the American people. Time is ticking away. . .
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