101–110 of 348 posts
Earlier quoted context omitted.
Even then, demand scaling doesn't happen instantly. Markets aren't perfectly elastic.
They're not perfectly elastic, but they're not inelastic either. As an example, NYC was offering $10k/week for travel nurses. It's clear that pay can drive labor supply, even if it's not perfect.
Earlier quoted context omitted.
Because bailouts (usually) make the government money in the long run. They're in the form of low-interest loans, they aren't just handing out money to corporations.
>They're in the form of low-interest loans, they aren't just handing out money to corporations. This is false as related to the PPP loans ($700B program, to put that in perspective during the 2008 financial crisis law makers passed an $800B stimulus to prevent total financial collapse). Its argued the banks paid that 2008 money back with interest (I won't touch that claim), but the PPP loans ($700B) are intended to b…
The airline bailout was apparently complex and not all of the info seems to be public [2].
[1]: https://www.paulhastings.com/publications-items/details /?id=7b8f1b6f-2334-6428-811c-ff00004cbded
[2]: https://www.nytimes.com/2020/04/14/business/coronavirus-airl...
> When she got her unemployment benefits, she realized something unheard of: She was making more money not working. The temporary COVID unemployment bill was so rushed that they didn’t index the unemployment to the person’s earnings. If you lost your job or had your hours reduced, you get an extra $600/week on top of state unemployment. About half of people receiving this are receiving more from the combined unemploy…
Republicans acctually did try to anticipate this problem with an amendment but Democrats pushed it through. [1] I don't know how long an amendment would delay the bill, but depending on the time period an argument could be made that this was intentional. Yes, if this was going to delay the bill a few weeks, it probably was just rejected to get it out, but if it would be a few days I think it would be reasonable to co…
The real problem is that the law lets companies pay so many people so little to begin with.
Not saying you necessarily disagree. I think language has a tangible and often unconscious impact on our thought porcess so wanted to point it out.
In America, large companies should be required by law to pay their employees a living wage. Its not OK for working people to be food insecure, unable to save for retirement or their childrens education, etc. Id say that is the root problem.
From the time Congress passed the $6.2T Bill that gave $4T to the FED to prop up the stock market, $700B in PPP loans; and and estimated $300B to the people ($1,200) stimulus checks, it should have put things in perspective. Ideally the stock market wouldn't have been propped up and the PPP loan program would have been more legitimate to save real small businesses (just wait until all the fraud comes out of this thin…
> If all that money instead went to the people/taxpayers they would all have received an $18,000 stimulus check instead of $1,200, I think this would have been the best move possible. Everyone I know would choose their entire retirement fund over a one time check of $18,000 . I understand your sentiment, and it does feel like we got less that we deserve, but stimulating the stock market was absolutely the right move.…
0 - https://www.inquirer.com/news/albertsons-acme-ipo-lubert-202...
1 - https://www.cheatsheet.com/money-career/why-a-booming-stock-...
From the time Congress passed the $6.2T Bill that gave $4T to the FED to prop up the stock market, $700B in PPP loans; and and estimated $300B to the people ($1,200) stimulus checks, it should have put things in perspective. Ideally the stock market wouldn't have been propped up and the PPP loan program would have been more legitimate to save real small businesses (just wait until all the fraud comes out of this thin…
> When she got her unemployment benefits, she realized something unheard of: She was making more money not working. The temporary COVID unemployment bill was so rushed that they didn’t index the unemployment to the person’s earnings. If you lost your job or had your hours reduced, you get an extra $600/week on top of state unemployment. About half of people receiving this are receiving more from the combined unemploy…
And the bigger issue is that correcting this is going to be a new political hammer to hit people with.
"Few employers have compensated extra for on-site work amid the health crisis. A recent survey by the Economic Policy Institute found that fewer than a third of people who had to leave their homes to work during the pandemic received additional pay or benefits. As U.S. coronavirus cases persist and some states are even backtracking their reopening plans, workers have flooded social media with calls for hazard pay."
> When she got her unemployment benefits, she realized something unheard of: She was making more money not working. The temporary COVID unemployment bill was so rushed that they didn’t index the unemployment to the person’s earnings. If you lost your job or had your hours reduced, you get an extra $600/week on top of state unemployment. About half of people receiving this are receiving more from the combined unemploy…
Remember that PUA applies to normally disqualified workers like gig economy and 1099 workers. No processes exist to process and monitor wage data for these workers. (By design, there’s a reason why Uber, etc uses “contractors”) With normal employees state labor departments have near real time monitoring of employer tax filings and can recapture fraudulent benefits.
States administer the programs, and their ability to pivot their systems ranges from “meh” to “lol”.
End of the day, the moral hazard of letting people pay rent is pretty minor compared to the benefit of getting aid available quickly, etc. Ironically the people in congress worried about the morality of this were/are fighting to keep direct payments to companies secret.
Earlier quoted context omitted.
Isn't printing money when you're short risky economically? My high-school history was a long time ago, but this is what Germany did post-WW1 and it ended in people bartering the family silver for the essentials.
dissertation after dissertation have been written on the subject. To me, it boils down to as long as the world sees value in the US dollar, or there isn't an alternative, the Fed can print as much as they want. It certainly helps that US debt is denominated in its own currency so debt is as much of a burden on the US as the Fed wants it to be.
Seems to me like breaking the gold standard has lead to quite a bit of inflation.
One problem with our view of inflation is that it's compounding...
Now, I think the real reason we have compounding and printing of money is that it's a form of taxation (on currency holders) and it makes government debt cheaper and cheaper each year that passes.
> When she got her unemployment benefits, she realized something unheard of: She was making more money not working. The temporary COVID unemployment bill was so rushed that they didn’t index the unemployment to the person’s earnings. If you lost your job or had your hours reduced, you get an extra $600/week on top of state unemployment. About half of people receiving this are receiving more from the combined unemploy…
This has actually often been the case I live, because the social welfare system gas a cut off threshold rather than a sliding scale, so if you have, for example, commute or child minding costs, you can easily make less net than you’d get if you stay on social welfare (for minimum wage to low paying jobs), so there isn’t much incentive for unemployed to seek those jobs. I personally know people who gave up on trying to work because they ended up with only €10 or €20 more per week, while being away from their children.
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