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Another 1.3M Americans File for Unemployment

forbes.com

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Re: Another 1.3M Americans File for Unemployment

#101

Post by dominotw »

guenthert wrote: post #73
dominotw wrote: post #37

Earlier quoted context omitted.

> any money (including the first stimulus) for literally months I got mine almost immediately. What is the difference between me and your brother, I don't understand.

A buddy of mine got his too within days, I wait since early May. The EDD (California) did process millions of applications (or so they claim), but more than a million are still outstanding. The problem seems to me to be in their mission objective: they view every applicant first and foremost as a potential "wellfare queen" and attempt to prove that as a fact (17 years ago, in the aftermath of the Internet bubble burs…

> The problem seems to me to be in their mission objective: they view every applicant first and foremost as a potential "wellfare queen"

this doesn't apply to 'stimulus check' in question. They sent it to everyone immediately based on tax returns.

Re: Another 1.3M Americans File for Unemployment

#102

Post by dominotw »

salmon30salmon wrote: post #65
dominotw wrote: post #37

Earlier quoted context omitted.

> any money (including the first stimulus) for literally months I got mine almost immediately. What is the difference between me and your brother, I don't understand.

Do you live in the same state? That is probably the difference :)

what do stimulus checks have to do with the state?

Re: Another 1.3M Americans File for Unemployment

#103

Post by coryrc »

guenthert wrote: post #73
dominotw wrote: post #37

Earlier quoted context omitted.

> any money (including the first stimulus) for literally months I got mine almost immediately. What is the difference between me and your brother, I don't understand.

A buddy of mine got his too within days, I wait since early May. The EDD (California) did process millions of applications (or so they claim), but more than a million are still outstanding. The problem seems to me to be in their mission objective: they view every applicant first and foremost as a potential "wellfare queen" and attempt to prove that as a fact (17 years ago, in the aftermath of the Internet bubble burs…

Washington state lost $650 million in a month or two trying that.

Re: Another 1.3M Americans File for Unemployment

#104

Post by Answerawake »

claudeganon wrote: post #49
Answerawake wrote: post #38

Earlier quoted context omitted.

This is what boggles my mind. We had progressive candidates running this cycle that were outright commiting to trying something different. Yet the majority of the voter base ran towards people promising the same strategy as previous administrations. Either this crisis is magnified on HN and the majority of the voter base is unaffected by the pandemic or something else is going on.

The Democratic party made the correct bet that they could use their media apparatus to discredit progressive candidates, get away with cheating in Iowa, and use Obama to get the other moderates to concede with promises of internal advancement. It was corrupt and repugnant, but a strategically sound approach to make sure they're headed on the ticket by a center right leader (which their donor base demands).

As someone who volunteered for multiple campaigns this cycle, I saw this clearly. But I also see most people that I have met on my travels just seem to be checked out, even if they vote. I think this is the bigger problem. The previous cycles have already just turned people off from thinking they can do massive change. Even with a record number of volunteers and supporters with a campaign like Bernie, it still wasn't enough numbers.

I often wonder how painful things will have to get to enact some change with the checked out masses. What will happen if we reach that point?

Re: Another 1.3M Americans File for Unemployment

#105

Post by stainforth »

Answerawake wrote: post #38
claudeganon wrote: post #21

Earlier quoted context omitted.

I don’t know what this is supposed to mean, but this failure extends across both parties in the United States. The refusal by politicians to take on Capital owners is pushing people into homelessness, loss of healthcare, or danger in low wage jobs, all of which further exacerbate the pandemic. The mainstream of the Democratic Party has advanced little that would address any of this, mostly quibbling over means testin…

This is what boggles my mind. We had progressive candidates running this cycle that were outright commiting to trying something different. Yet the majority of the voter base ran towards people promising the same strategy as previous administrations. Either this crisis is magnified on HN and the majority of the voter base is unaffected by the pandemic or something else is going on.

There is the glut of the older population, captivated by neutered or divisive nightly news, that does not want change, only preservation of the perceived status quo.

Re: Another 1.3M Americans File for Unemployment

#106

Post by charwalker »

34679 wrote: post #54
dannyw wrote: post #27

Earlier quoted context omitted.

That is what 4-6 trillion of money creation by the Fed will do, yes.

Everyone seems to think the stock market going up is always an indicator of an increase in value of those stocks. But there are at least two reasons the price of an asset can increase. One is the asset gains value. The other is the currency loses value. I don't see how anyone can look at the US economy right now, outside of the stock market, and come to the conclusion that more value is being created or profit being…

Another factor is most western nation bonds as well as corporate bonds are running close to 0% return. As long as competition for investment is sitting at about 0%, including private equity investments in companies that could fail in the next year due to recession, supply chain issues, or tariff wars, where else are people putting money?

Most employed Americans are still paying into retirement and mostly dumping cash into index funds on the bet that in 20-40 years the market will be up. Private investors and hedge funds are watching the Fed buy up trillions in bad bets, might as well make more bets with a feeling of lower risk. Even Hertz is gaming the system at a time when it's still very uncertain how the US will cope with the pandemic long term.

However, we are seeing a drop in inflation not quite to deflation but down like 3/4 from above 2% to .65% for recent months: https://inflationdata.com/Inflation/Inflation_Rate/CurrentIn...

This my be due to oil price drops in the past quarter with prices going negative at one point. But generally speaking we are not seeing excess inflation, quite the opposite. I think we are going to see a massive drop off in Q3, especially based on recent weak Q2 earnings reports and likelihood of the US not coping well at all.

Re: Another 1.3M Americans File for Unemployment

#107

Post by refurb »

ironman1478 wrote: post #33
AnIdiotOnTheNet wrote: post #31

"Government doesn't work. Elect us and we'll prove it!" --One of the two major political parties in the US. We get the government we voted for, so I guess that's the one we deserve.

The majority didn't vote for this government. We do not deserve this.

The President is not the government. Democrats have the house. Republicans have a small majority in the Senate.

Re: Another 1.3M Americans File for Unemployment

#108

Post by draw_down »

hyperbovine wrote: post #76
bitxbit wrote: post #48

August will be brutal if unemployment stimulus ends. I don’t think Washington understands the dire nature of the situation.

Half of it does.

I sure hope the “half” you have in mind isn’t one of the political parties, because I’ve got some bad news if it is

Re: Another 1.3M Americans File for Unemployment

#109

Post by charwalker »

imchillyb wrote: post #40
varbhat wrote: post #32

Can UBI(Universal Basic Income) scheme help to overcome Unemployment crisis ?

> Can UBI scheme help to overcome Unemployment crisis ? @varbhat You realize that UBI requires monies, right? The US Federal government, and most states, are bankrupt. There is no money for this years bills. There was no money for last years bills, and we keep borrowing at exorbitant interest rates. Our deficit (shortfall for this year) is -more than- 2.7 trillion dollars. Our debt (shortfall for previous years) is -…

Yeah, we had $5 trillion to drop on bad market bets. We had something like $10trillion over 10 years to give as tax breaks to the ultra wealthy.

We can deal with a few trillion to establish basic income replacements for general benefits, universal healthcare, affordable college/education, and other programs to better our citizens vs the rich and stock market.

Re: Another 1.3M Americans File for Unemployment

#110

Post by kevin_thibedeau »

mjayhn wrote: post #56
_wldu wrote: post #29

Earlier quoted context omitted.

Almost 40% of homes in America are owned free and clear (no mortgage). https://www.forbes.com/sites/brendarichardson/2019/07/26/nea...

I'm not sure what you're trying to really portend here but this is a huge, huge part of that article considering it's almost the entirety of the current working class parents; Sixty-eight percent of adults 70 and older are mortgage-free, while 15.9% of Millennials are free and clear of mortgage payments. I'm in my mid-30s and I hardly have any friends that own houses and if they do they're tech workers with decades l…

Purchasing homes in low CoL areas is much easier.
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