Earlier quoted context omitted.
This is false, the plan specifically targeted small businesses: https://www.sba.gov/page/coronavirus-covid-19-small-business...
You mean the money being managed by the person Trump just fired?
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US weekly jobless claims jump by 6.6M
51–60 of 135 posts
Re: US weekly jobless claims jump by 6.6M
#52Earlier quoted context omitted.
The core ideas were reported upon, the real purpose is to bail out the banks (once again) and the fortune 500 companies. Very little is going to the people hardest hit.
This is false, the plan specifically targeted small businesses: https://www.sba.gov/page/coronavirus-covid-19-small-business...
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Re: US weekly jobless claims jump by 6.6M
#53Earlier quoted context omitted.
LOL, what did you expect? Bernie dropped out, unemployment numbers are up, Trump fired the person responsible for managing the 2 trillion Coronavirus bailout. This is a great time for business, not so much for people.
If no one has any money to buy anything, that is bad for business.
On the contrary: some business focus on luxury markets, other force people to buy on credit and then demand interest.
Re: US weekly jobless claims jump by 6.6M
#54Earlier quoted context omitted.
Part of the stimulus is ensuring that unemployed people will get enough cash to live by. They increased the allowance by 600USD per week.
That's really not that much. Won't pay for a 1 bedroom apartment in San Francisco, especially after gas and groceries.
True even while gas is almost zero because not driving.
Re: US weekly jobless claims jump by 6.6M
#55Is the number expected to be this high? I thought one of the core ideas of the stimulus was to prevent firing by giving small businesses a "free" loan if they retained their employees? I've been trying to find a good authority on the economics of this stimulus but it seems I am always stuck finding the same "rehashed" news articles.
Part of the stimulus is ensuring that unemployed people will get enough cash to live by. They increased the allowance by 600USD per week.
Questions I can’t find answers to:
How does this actually work? Do the states manage the extra 600? Will it just appear one day for people on unemployment?
What if your state has stricter unemployment rules than the stimulus bill? You’d be eligible for the 600 but not able to get it?
Re: US weekly jobless claims jump by 6.6M
#56Earlier quoted context omitted.
LOL, what did you expect? Bernie dropped out, unemployment numbers are up, Trump fired the person responsible for managing the 2 trillion Coronavirus bailout. This is a great time for business, not so much for people.
If no one has any money to buy anything, that is bad for business.
Perhaps they've gotten rid of the bottleneck in capitalism: customers. If the government will pay instead, it's much easier to start afloat. No product required!
Re: US weekly jobless claims jump by 6.6M
#57Earlier quoted context omitted.
Part of the stimulus is ensuring that unemployed people will get enough cash to live by. They increased the allowance by 600USD per week.
That's really not that much. Won't pay for a 1 bedroom apartment in San Francisco, especially after gas and groceries.
Unemployment in FL maxes out at $275/week. Digest on that for a while.
Re: US weekly jobless claims jump by 6.6M
#58Is the stock market connected to reality anymore? 16 million Americans lost their jobs in three weeks and in that time there's been a substantial rally. This can't just be short covering. What gives?
Stock market is volatile probably due to many factors, with HFT probably playing a significant role. That said, a jump in unemployment claims today is likely a non-event for stocks: it was predictable and as such already priced into the market. Markets are driven more by expectations 6+ months from now, for which you get the full spectrum of "90% become poor for many years" to "pumping more cash in, use inflation to…
>Markets are driven more by expectations 6+ months from now
If this was the case then we wouldn't have since the crash due to Covid-19.
Re: US weekly jobless claims jump by 6.6M
#59Earlier quoted context omitted.
On the other hand, hasn't a lot of cash outflow been reduced right now too? I feel like we're putting the economy on pause. If we can survive in this state for another 3 or so months, there's a good chance things will quickly return to normal - or at least most companies will survive and start rehiring under a new normal.
"there's a good chance things will quickly return to normal - or at least most companies will survive and start rehiring under a new normal." Other than optimism and hope, what is your basis here?
what's happening is the result of a medical emergency and not the economy. There's no financial reason or economic reason the job losses are so high. It's still there, the demand is still there, we artificially halted the economy and that generated the job loss. It's certainly not an on/off situation but the job demand is still there and we can get back to work.
Re: US weekly jobless claims jump by 6.6M
#60The Fed conveniently released an announcement about a new $2.3t free money program at the same time. The Fed's actions only serve to confirm what I think a lot of people already know: things are going to get really bad. It's a bit strange watching the stock market continue to pump knowing many of these companies have had their revenues drop by as much as 100%.
On the other hand, hasn't a lot of cash outflow been reduced right now too? I feel like we're putting the economy on pause. If we can survive in this state for another 3 or so months, there's a good chance things will quickly return to normal - or at least most companies will survive and start rehiring under a new normal.
Getting an economy back on track is somewhat of a chicken-and-egg problem: consumers need jobs to obtain income, but companies need sales from said consumers to generate profits, some of which in turn fund jobs.
If the economy were to just magically turn back on at its prior capacity whenever this all ends, so many consumer-facing business would die because it's going to take years for everyone who had jobs to get them back.
There's so much optimism around a quick recovery, but we've also gotten really bad at using poor KPIs (like the stock market) to judge economic performance. It's important to remember that such a quick recovery has never happened in history, and sure, technology will likely speed it up some, but it'll also hide and obscure many details because the BLS system is inherently antiquated.