One way to fight a coronavirus recession: $1k for every American
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Re: One way to fight a coronavirus recession: $1k for every American
#2That will last a week at best
Re: One way to fight a coronavirus recession: $1k for every American
#3Am I way out of band or does that seem like a comically small amount of money for the average American?
I live in an extremely low COL area and live well within my current means. Assuming my work dries up and I don't have any savings, 3k$ would buy me two months tops.
Just to give you an idea of how cheaply I live: Mortgage is ~800$/mo, Car is a paid off 2006 Toyota Highlander, Student loan minimums of ~400$/mo, My wife and I have a newborn, which currently isn't very expensive but we all still need to eat.
The average one bedroom rental in any given metro area, even in mid sized cities, probably lands somewhere around my basic monthy costs. So, if you're a single person in the city you might get one month out of 1k$.
And I am VERY lucky to have a bunch of cashed packed away. I assume at least a large portion of this country is living paycheck to paycheck.
Re: One way to fight a coronavirus recession: $1k for every American
#4This is not going to help.
The people who need the most help are the people who are going to be homeless in a month. 1k will buy them a second month. This thing will not blow over in two months.
What would help, is for mortgage and rent payments to be suspended as long as the state of emergency lasts. Not deferred[1], suspended.
When economic activity stops, we have to stop rent-seeking from bleeding everything out of the system.
[1] Deferral doesn't work. A bartender living paycheque to paycheque, who lost his job because all bars were shut down is not going to be able to magic up six months of back-rent in September. His landlord won't see a penny of that owed money... But the landlord's bank will be demanding six months of mortgage payments.
Re: One way to fight a coronavirus recession: $1k for every American
#5Am I way out of band or does that seem like a comically small amount of money for the average American? I live in an extremely low COL area and live well within my current means. Assuming my work dries up and I don't have any savings, 3k$ would buy me two months tops. Just to give you an idea of how cheaply I live: Mortgage is ~800$/mo, Car is a paid off 2006 Toyota Highlander, Student loan minimums of ~400$/mo, My w…
If they are government student loans, I think the interest on those is gone for awhile.
Re: One way to fight a coronavirus recession: $1k for every American
#6Am I way out of band or does that seem like a comically small amount of money for the average American? I live in an extremely low COL area and live well within my current means. Assuming my work dries up and I don't have any savings, 3k$ would buy me two months tops. Just to give you an idea of how cheaply I live: Mortgage is ~800$/mo, Car is a paid off 2006 Toyota Highlander, Student loan minimums of ~400$/mo, My w…
No you’re not out of band. ‘A person is smart. People are dumb.’
Re: One way to fight a coronavirus recession: $1k for every American
#7Am I way out of band or does that seem like a comically small amount of money for the average American? I live in an extremely low COL area and live well within my current means. Assuming my work dries up and I don't have any savings, 3k$ would buy me two months tops. Just to give you an idea of how cheaply I live: Mortgage is ~800$/mo, Car is a paid off 2006 Toyota Highlander, Student loan minimums of ~400$/mo, My w…
If they are government student loans, I think the interest on those is gone for awhile.
That also seemed like a comically paltry move. I still have to make my payments, after all!
In addition my wife and I have spent the last couple of years with two incomes wiping away our student debt on high incomes in Seattle - so the only loans I have left are pretty low interest.
The only way I can see this working for everyone is to simply halt the economy altogether. No mortgages, no bills, free food, free medical care. Once we get a hold on the disease itself we can deal with the economic impacts.
Re: One way to fight a coronavirus recession: $1k for every American
#8Am I way out of band or does that seem like a comically small amount of money for the average American? I live in an extremely low COL area and live well within my current means. Assuming my work dries up and I don't have any savings, 3k$ would buy me two months tops. Just to give you an idea of how cheaply I live: Mortgage is ~800$/mo, Car is a paid off 2006 Toyota Highlander, Student loan minimums of ~400$/mo, My w…
I think this is a profoundly bad idea. It's just as dumb as the fed trying to prop things up. You're not going to solve this problem with money, but with a strong response to the root cause, the pandemic. That said ...
> My wife and I have a newborn, which currently isn't very expensive but we all still need to eat
I imagine you would get $3k since there are 3 of you.
Re: One way to fight a coronavirus recession: $1k for every American
#9Am I way out of band or does that seem like a comically small amount of money for the average American? I live in an extremely low COL area and live well within my current means. Assuming my work dries up and I don't have any savings, 3k$ would buy me two months tops. Just to give you an idea of how cheaply I live: Mortgage is ~800$/mo, Car is a paid off 2006 Toyota Highlander, Student loan minimums of ~400$/mo, My w…
This is $2500 for your family as a whole, not $1k, sounds like it would get you through at least a month.
$1000 per adult and $500 per kid.
Re: One way to fight a coronavirus recession: $1k for every American
#10Earlier quoted context omitted.
If they are government student loans, I think the interest on those is gone for awhile.
That also seemed like a comically paltry move. I still have to make my payments, after all! In addition my wife and I have spent the last couple of years with two incomes wiping away our student debt on high incomes in Seattle - so the only loans I have left are pretty low interest. The only way I can see this working for everyone is to simply halt the economy altogether. No mortgages, no bills, free food, free medic…
I suspect the interest will help some quite a bit. Not everyone, of course.
I do think that the money would be better if targeted toward certain people versus peanut-buttered over everyone.