How much of this is temporary and how much will be long term? Also how does the stimulus help here?
No one knows. This is an entirely unprecedented event.
Additional 6.6M File for Initial Unemployment Benefits [pdf]
331–340 of 563 posts
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#332Earlier quoted context omitted.
> If I'm laid off, I'll first look at my savings and hit the job market before I consider driving right into unemployment. This is a great case of “the world doesn’t revolve around you.” 1. Most states only give you a few weeks to apply. 2. You already “pay” for your unemployment several times over during your career through unemployment insurance. Your employer pays this, but they could have paid you more if they di…
"2. You already “pay” for your unemployment several times over during your career through unemployment insurance. Your employer pays this, but they could have paid you more if they didn’t have to." Do you have any data on this assertion?
If you assume a 1.55% tax rate for UI, you will contribute about a week of unemployment per year of work (at least in S.C.) at 70k taxable income after a modest administrative overhead of 60%.
If you manage to work from 25 to 65 at an average of $70k per year, that’s almost a year worth of unemployment.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#333Earlier quoted context omitted.
And lots of people don't realize how long this will last. They say we're going to reopen in a month, but right now the curve doesn't seem to be bending significantly. We're not going to reopen when there's way more cases, and that's where we're heading. Also, when we reopen, it will be short term and still pretty locked down. It's absolutely not the end, but a slight reprieve.
Good points. I would agree that when we do open up (which we will have to) it will be to a very different landscape of people who are much more cautious and have much less disposable income to spend. Without a vaccine, I would be think that infections around the world will keep bouncing around and reinfect countries without significantly coordinated efforts between countries to manage outbreaks or there would be long…
Those of us who manage to keep our income will have a lot of disposable income, since we're basically removed transit, eating out, entertainment or vacations from our budgets.
But there will definitely be fewer places to spend it.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#334Earlier quoted context omitted.
Don't forget that Italy and France aren't counting people who die of COVID-19 at home or in nursing facilities. https://www.msn.com/en-us/news/world/italys-coronavirus-deat...
They also aren’t counting the huge number of mild or asymptomatic infections, which is orders of magnitude larger. There’s error in the numerator of the equation, but it’s swamped by the error in the denominator.
Remember, it's a ratio. What matters isn't the raw number of missed cases, it's the ratio of missed-to-detected cases versus uncounted-to-counted deaths.
If Italy has missed half of its deaths but also half of its total cases, the fatality ratio would remain the same. To bring its CFR down to the level of South Korea, you'd have to make the implausible assumption that Italy has caught nearly all of its deaths but missed more than 85% of its total cases.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#335Earlier quoted context omitted.
> $600/week from the federal government and a similar amount from state unemployment insurance benefits can pay up to an equivalent of $50-60K/year right now LOL. My state maxes at $330/wk and that's taxable income. IDK if the Fed is taxing their payout, pulling other shenanigans (remember Bush II's stimulus checks were a "tax prebate"), or how long they'll pay. $3,720/m is about 60% of my net income, after taxes and…
> It'll pay my mortgage, utilities, and keep me out of jail for driving without car insurance. That's about it. That's the point. It's not intended to replace your job. It's there to keep you afloat until you find your next job.
Isn't the point to be able to sustain someone until they can get another job? What's the point of giving someone enough money to pay their mortgage but not enough to eat, or enough to feed kids?
There's more expenses to living than mortgage and utilities. Food, health care, home repairs, funerals, car repairs, etc.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#336The long term scars of this upcoming Depression will be unlike anything anyone under 70 has experienced. And the scars will be long lasting. My mother in law used to use Cool Whip containers for leftovers. When we'd visit, she'd send us home with food packed in them. Usually stuff like mashed potatoes, but often good stuff too. And when we'd visit her in a few weeks/month, she'd ask where her containers were. This wa…
A 70 year old today was born in 1950. What have they experienced that's worse than this? I think this is going to be unlike anything in living memory.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#337Earlier quoted context omitted.
In many places being unemployed pays more than being employed. Not sure why the downvotes. It’s literally true for the first time ever. The way the new benefits work out your unemployment check STARTS at the equivalent of $15/hr x 40hr/week = $600/wk. In California, for example, you can get up to $1,050/wk instead of the old maximum of $450/wk.
> In many places being unemployed pays more than being employed. You're being downvoted because you overgeneralized ("many places"), but this is actually true in some scenarios. See "Unemployed workers could get more than 100% of their paycheck under the coronavirus bill" https://www.cnbc.com/2020/03/27/how-unemployed-workers-could... It's a perverse incentive to getting people back to work, so I expect this loophole…
> It's a perverse incentive to getting people back to work
Unemployment isn't forever and the additional $600/week is only for the current pandemic situation and expires as of July 31. This is not a windfall for those who are now suddenly without a job.
But more importantly, someone who has just been laid off has close to zero employment options right now. They might be able to find a short-term job at a grocery store or Amazon but if they're over 50 or have any sort of health issues that's probably unwise. And even if someone is willing to risk it they're unlikely to get the position anyway, no matter how qualified, because those few positions are absolutely flooded with applicants[1].
There cannot be a "perverse incentive" (or any incentive at all) to stay home and collect unemployment when that is a person's one and only option.
[1] https://abc13.com/heb-who's-hiring-houston-jobs-covid-19/606...
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#338Earlier quoted context omitted.
I am not sure how how people like their health care. It seems like every big company is moving toward High Deductible plan. Even Microsft has a high deductible plan. Even if you think you are covered there will be a doctors who you think is in network because you go to an in network hospital who really is out of network.
Unions negotiated great Cadillac plans for their members. I can’t believe MSFT doesn’t have a platinum plan with a $300 deductible, every tech company has great medical insurance benefits to be competitive in the employment market.
HDHP and HSA are the same playbook as moving from defined benefit pensions to defined contribution 401k accounts.
It’s a lot easier to reason about on the company balance sheet with the later at the cost of increased complexity and less safety for the employees. But they do love to spin the “triple tax benefits!!!!” (In the case of HSA) to try and convince people this is a great change.
The old Microsoft Premera plan was stupendous as in you never thought about it, (nearly) everything was covered.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#339Earlier quoted context omitted.
They like the quality of their healthcare - the "seeing a doctor and getting healthy" aspect. If the question was "do you like working with your health insurance" the answers would be different. I've never met a single person who feels their health insurance is good or useful. R=close to zero if the hypothesis is the super majority like theirs.
Ask anyone who has Kaiser. It’s one most well liked insurance/healthcare providers in the nation.
My parents had Kaiser growing up, I took my current job in part because they offered it. Kaiser is awesome.
Re: Additional 6.6M File for Initial Unemployment Benefits [pdf]
#340Earlier quoted context omitted.
80% like their healthcare. I think a significant part of that 55% doesn’t realize that Medicare for all takes away their health insurance. It seems when people get educated on Medicare for all, it declines in popularity. https://news.gallup.com/poll/245195/americans-rate-healthcar...
> I think a significant part of that 55% doesn’t realize that Medicare for all takes away their health insurance. Do you 'like' Walmart, the company? Or do you just want your groceries and don't really care what the store is called?
[deleted]