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U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

bloomberg.com

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Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#11

Post by marcofatica »

smileysteve wrote: post #10

The restaurants near me have all laid off their staff, closed doors, i suspect they won't pay any outstanding bills; Their rent probably isn't even due yet. I hope that on the reboot we require some "social security" in businesses; healthcare benefits, 2 weeks severance, and retirement savings seem like minimums; Frankly, these requirements should have been included in the 21% tax cut.

If you suspect they won't pay outstanding bills, what makes you think they'll pay severance and health benefits in a downturn?

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#12

Post by lgessler »

marcofatica wrote: post #11
smileysteve wrote: post #10

The restaurants near me have all laid off their staff, closed doors, i suspect they won't pay any outstanding bills; Their rent probably isn't even due yet. I hope that on the reboot we require some "social security" in businesses; healthcare benefits, 2 weeks severance, and retirement savings seem like minimums; Frankly, these requirements should have been included in the 21% tax cut.

If you suspect they won't pay outstanding bills, what makes you think they'll pay severance and health benefits in a downturn?

I think GP means the government should provide these.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#13

Post by hprotagonist »

January 23rd, 2021: President Biden has signed into law the COVID-19 Works Progress Act as the first act of his presidency. It was passed easily in the democratically controlled house and senate the day following his inauguration.

Calling for an immediate federal hiring surge at all levels of the newly implemented public health services, President Biden said “This act will restore salaries, dignity, and comprehensive health coverage with sick leave to our nation’s brave citizens who have by no fault of their own been left out to dry during the initial response to the pandemic. Employing many of the currently unemployed to operate our fast turnaround testing clinics and disease screening centers will drive our economy and our continued fight against this disease.”

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#14

Post by lordnacho »

Here's something I've been thinking about for a few days.

Suppose the government does a massive bailout of everyone. They guarantee jobs, they give everyone money so they don't run out.

And it works. In a few months from now, the economy turns out to have just hit a speed bump and everything is back to how it was.

What does that say about the economy? I mean if we can stop working and basically just lend ourselves money, and we're fine, what else is fine?

Why don't we borrow some money to fix climate change?

What about poverty, why would that exist at all?

Should we have a reckoning with all the people who said austerity was a good idea?

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#15

Post by smileysteve »

lgessler wrote: post #12
marcofatica wrote: post #11

Earlier quoted context omitted.

If you suspect they won't pay outstanding bills, what makes you think they'll pay severance and health benefits in a downturn?

I think GP means the government should provide these.

and if not, require it as an accounting practice like pensions.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#16

Post by phillnom »

hprotagonist wrote: post #13

January 23rd, 2021: President Biden has signed into law the COVID-19 Works Progress Act as the first act of his presidency. It was passed easily in the democratically controlled house and senate the day following his inauguration. Calling for an immediate federal hiring surge at all levels of the newly implemented public health services, President Biden said “This act will restore salaries, dignity, and comprehensive…

Where has Joe Biden been this past week? Bernie Sanders got people to donate over 2 million dollars for coronavirus charities. Joe Biden hasn't show himself to be presidential during this pandemic in the least.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#17

Post by tomcam »

lordnacho wrote: post #14

Here's something I've been thinking about for a few days. Suppose the government does a massive bailout of everyone. They guarantee jobs, they give everyone money so they don't run out. And it works. In a few months from now, the economy turns out to have just hit a speed bump and everything is back to how it was. What does that say about the economy? I mean if we can stop working and basically just lend ourselves mo…

It would all be put on the credit card, like the $23 trillion we owe at the moment. Might be another, let’s say, $4 trillion.

The only ways to get out of that number are defaulting on the debts, which would greatly harm pension plans and other countries, or inflate our way out it, which could easily lead to hyperinflation, which would ruin pension plans and the world economy.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#18

Post by andrekandre »

lordnacho wrote: post #14

Here's something I've been thinking about for a few days. Suppose the government does a massive bailout of everyone. They guarantee jobs, they give everyone money so they don't run out. And it works. In a few months from now, the economy turns out to have just hit a speed bump and everything is back to how it was. What does that say about the economy? I mean if we can stop working and basically just lend ourselves mo…

maybe something along those lines would be mmt?

https://en.wikipedia.org/wiki/Modern_Monetary_Theory

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#19

Post by andrekandre »

hprotagonist wrote: post #13

January 23rd, 2021: President Biden has signed into law the COVID-19 Works Progress Act as the first act of his presidency. It was passed easily in the democratically controlled house and senate the day following his inauguration. Calling for an immediate federal hiring surge at all levels of the newly implemented public health services, President Biden said “This act will restore salaries, dignity, and comprehensive…

please correct me if i am wrong, but i haven’t seen any evidence that joe biden would do such a thing

he’s been pretty against medicare for all on grounds it “costs too much” just as one example, and just recently called for companies to stop stock buy-backs during covid-19 [0] but nothing like that ↑ afaik...

[0] https://www.bloomberg.com/news/articles/2020-03-20/biden-cal...

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#20

Post by nate_meurer »

phillnom wrote: post #16
hprotagonist wrote: post #13

January 23rd, 2021: President Biden has signed into law the COVID-19 Works Progress Act as the first act of his presidency. It was passed easily in the democratically controlled house and senate the day following his inauguration. Calling for an immediate federal hiring surge at all levels of the newly implemented public health services, President Biden said “This act will restore salaries, dignity, and comprehensive…

Where has Joe Biden been this past week? Bernie Sanders got people to donate over 2 million dollars for coronavirus charities. Joe Biden hasn't show himself to be presidential during this pandemic in the least.

He seems to be lying low right now. I'm not sure that's a bad idea. The crisis is young. Anything a politician says at this stage is likely to be proved wrong or at least not entirely right. Biden might not want to utter prescriptions that may be used against him later on.
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