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3rd Round of Stimulus - $15 Minimum Wage Canned...Biden/Harris Never Supported It...$300 Enhanced UI Extension Goes to House Now

January 25, 2021 09:34PM
I received a card. How does a card become an investment opportunity?

Things are not to be judged good or bad merely because the public think so. - Tacitus
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I’ve noticed that everyone who is for abortion has already been born. - Ronald Reagan
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January 26, 2021 01:14AM
@Shop-et-al wrote:

I received a card. How does a card become an investment opportunity?
What "card" are you talking about? You only need $1.
[twitter.com]
This kid is showing people how to turn $1 into $4k in 3 hours.
[twitter.com]
Another is showing how to double their stimmy in 2 weeks.
[twitter.com]
Or, just take the slow path and make $13K/month like Chad and Jenny. You don't need a graduate school degree to make six-figures a year. Apparently, you just need a few hundred dollars and the Robinhood app and you'll be making more than lawyers and MBA's in no time.

Work? Who needs it? Just sit at home in your PJs, eat donuts, and get rich.
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February 03, 2021 08:08PM

@ wrote:

If we keep adding jobs at the same pace that we added over the past six months, we'll be back to pre-pandemic employment levels in only ::checks notes:: 5 years.
[twitter.com]
This is fantastic news. Meanwhile, those $1,400 checks are getting enough Democratic pushback to have stalled for now.
eta (02/05/21): [www.businessinsider.com]
...overnight Senate voting session got the $1.9 trillion bill approved (Manchin and Krysten Sinema were holdouts that caved)...looks like this could work.

Edited 2 time(s). Last edit at 02/05/2021 01:35PM by shoptastic.
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February 05, 2021 03:31PM

Year-over-year, there are 10M less U.S. jobs available than from the same time last year.

***U3 accounts for those who are unemployed and actively seeking work in the past year.
***U6 (the "true UE rate" ) accounts for those who are unemployed, underemployed (working, but need/want more hours), and discouraged workers in the past year.

***The Labor Force Participation Rate (the "true, true measure of employment" health): 61.4% on blue line/left axis. This takes everyone who is working or seeking work and divides it by the non-institutionalized (incarcerated or psychiatric), civilian working age population. The higher it is, the better. A lower percentage means people have given up and dropped out of the labor force altogether. We are at 40+ year lows.

Yes, we are worse off now (2021) than at the worst part of the 2008-09 Great Recession in terms of the jobs situation. ...Not to worry, we'll return to normal by 2026. sad smiley

Edited 2 time(s). Last edit at 02/05/2021 03:34PM by shoptastic.
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February 18, 2021 05:44PM
Biden admin. extends foreclosure moratorium (previously set to expire end of March) through June 30.
Foreclosure moratorium =/= eviction moratorium, by the way (these are different).
[www.wsj.com]
@ wrote:

WASHINGTON—The Biden administration extended a federal moratorium on home foreclosures for another three months and expanded assistance for people behind on their mortgage payments during the coronavirus pandemic.

The White House said Tuesday that it would extend a ban on home foreclosures for federally backed mortgages through June 30. President Biden had earlier extended the moratorium, which had been set to expire at the end of January, until the end of March in a series of executive actions on his first day in office. [WHAT?]

Homeowners will now be able to receive up to six months of additional mortgage payment forbearance, in increments of three months, for those borrowers who entered forbearance before June 30, 2020, the White House said. Borrowers who enter into such plans can skip payments if they suffer a pandemic-related hardship but have to make them up later.
I previously predicted we'd maybe see FHA bailouts, so that remains to be seen how everything plays out. Everything in America is "frozen" right now (no pun intended - given severe weather systems - as I'm talking about debt payments), so it'll be interesting how everything is resolved when all moratoriums end and the economy "opens" back up to normal. What if people and companies still cannot pay? Massive bailout time?

ETA: Article is weird. Second paragraph quoted looks like a typo. The Biden administration did NOT extend foreclosure moratorium from end of Jan. to end of March in those earlier exec. orders. Those were for evictions. Foreclosures (different) take a year and March (end) was the deadline.........NOW, they ARE extended to June 30. Pretty sure I'm right and WSJ made typo. Feel free to prove me wrong.

Edited 6 time(s). Last edit at 02/18/2021 05:53PM by shoptastic.
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February 22, 2021 09:53PM
Wait. Third round??? I guess I missed something. Oh, well.

sestrahelena
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February 23, 2021 01:42AM
@sestrahelena wrote:

Wait. Third round??? I guess I missed something. Oh, well.
I counted the Dec. 2020 $900B bill as Rd. 2, sestrahelena. So, that means the currently debated $1.9T bill is the third stimulus.

As noted earlier, the Democrats have ZERO need for bipartisan approval (60 majority votes). They can immediately pass it with budget reconciliation (51 simple majority votes with Kamala as tie-breaker) if they wanted to.

"wanted to. . . . ." That's the hang up. Their donors are probably trying to talk them down right now ("Don't you dare give a few dollars to the poor and middle-class or I'll withdraw my campaign contributions next term!") or throw in some tax cuts for the rich ("Okay, public pressure is high, so go ahead and pass the stimulus, but try to sneak in a tax cut for us too like you did with the Dec. stimulus. Keep it quiet, though."). That's how our wonderful oligarchical government works. Even when you have the votes to pass stimulus, you gotta make sure Papa Big Money Donor is happy first.

Edited 1 time(s). Last edit at 02/23/2021 01:46AM by shoptastic.
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March 06, 2021 12:14AM
Small improvement in U3 in today's February unemployment report, while U6 remains elevated (see comparison to last month's chart above).

Black unemployment, unfortunately, rose:

Good signs of crushed retail and leisure coming back to life at least:

-House has passed a version of $1.9T stimulus bill, but Senate is still deciding.
-$15 minimum wage amendment to the stimulus bill was blocked by 8 Democrats
Chris Coons
Angus King
Joe Manchin
Tom Carper
Jeanne Shaheen
Jon Tester
Maggie Hassan
Krysten Sinema

from a 2020 article:
@ wrote:

"If the federal minimum wage in 1968 had kept up with inflation and productivity, it would now be $22 an hour. Instead, it’s $7.25."
[www.nytimes.com]

Edited 6 time(s). Last edit at 03/06/2021 07:10AM by shoptastic.
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March 06, 2021 06:13AM
[www.cnbc.com]
@ wrote:

The deal will extend a jobless benefit supplement at the current $300 per week through Sept. 6, according to NBC News. It will make the first $10,200 in unemployment aid non-taxable to prevent surprise bills. The provision will apply to households with incomes under $150,000 . . .
Democrats aim to approve their latest rescue package before March 14, the day when the current $300 per week unemployment benefit expires. However, the delays Friday threatened its quick passage as the deadline approaches.
Joe Manchin (possibly the most hated Democrat - by his own base - in America) has caved to support extension of $300 enhanced unemployment through September 6. At $1,200/month for 6 months, that amounts to $7,200.

Manchin was considering backing Republican Rob Portman's plan of ($300) $1,200/month for 4 months, which would have been $4,800. The House's original plan of ($400) $1,600/month for 5 months would have totaled $8,000, so this was a compromise I guess. Remains to be seen if it is accepted by the House after kicked back to them.
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March 06, 2021 06:59AM
Yup, pretty much this: [www.youtube.com]
@ wrote:

Joe Biden is in favor of $15 minimum wage. No he isn't. He just had his Vice President vote, no, including on reconciliation. He had his two biggest allies in the Senate vote, no, as a sign of: "Don't get me wrong. I, Joe Biden, from the state of Delaware had my two top allies from the state of Delaware vote, no, because I'm not actually in favor of it." The only way it could be any clearer is if Joe Biden flew a plane over the Capitol with a big banner that said, "I hate $15 minimum wage. I'm lying. I never meant it."
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