COVID19 Free Money USA

[McRod]

Can we talk about the free money without it becoming political?

Ok, ok. Free money was click bait. Someone has to pay - nothing's free right? I guess it will be you guys that are "essential", as the rest of the non essentials won't have a job.

Anyhow, other than propping up the stock market, I'd like opinions/questions on how the money is being dispersed.

Here are my points:

1. Individual $1,200-$2,400 checks. ~$300Billion total.
What is this purpose? If your laid off you get unemployment $$, right? My only guess is some sort of payback from the last stimulus that only focused on corporate America. With the hopes people are just going to go out and give it back to Walmart and Amazon anyhow...I am going to call it "Trickle Up" economics. . Who among you is not going to take this money, assuming you qualify to receive it? Anyone??

2. Small businesses receive $500 Billion. I kinda get this, if you had to shutter your doors, but what about the 1000s of small businesses still doing business? Do they get a piece of the pie? The other issue is that a small business is defined (by the SBA) as having fewer than 500 (hundred) employees. So we are not talking necessarily about moms bakery.

3. Big corporations. Here we go again. $500 Billion in "subsidized" loans. Really? Big corps have been raking us over the coals for the past decade raking in Trillions posting unheard of "profits"!.. They couldn't save enough to weather a few months? Sorry, I am still not in favor of propping these guys up. In a year from now prices will still be exhorbitant. They need to "flatten" their curve!

4. Medical industry. Something like $200Billion. This one I definitely don't understand. I am going to get some hate because people are going to shout about how many lives were saved, etc etc...We have the most unaffordable healthcare system in the world. They alone make Trillions. They are not giving FREE coronavirus care. Sure you can get tested free, but if your positive, be prepared to make a huge insurance claim, or file bankruptcy if uninsured. They are going to get their money. People are GREAT for business in the healthcare industry. It's a Gold mine! Extra money means you can buy extra gloves, extra ventilators, extra test kits, extra beds, extra employees!
Why are we giving them money again?

5 The rest is going to government agencies like FEMA. Without digging too far, I get it.

But maybe someone else can shed some light on my opinions/questions.

Please...no politics. I want answers, not deleted posts.

[RVPioneer]

You mixed the $1200-2400 plus $500 per child, in with unemployment. I’d separate those.

The $1200 is for an individual who earned $75K or less in 2018, or, if you’ve already filed your 2019 taxes, an individual who earned $75K or less in 2019. The $2400 is for a couple who earned $150K or less. The amount is reduced for every $100 earned above $150K until the stipend reaches $0 at $198K of income. Or $99K for an individual.

In a more perfect world this cash infusion would be based on 2020 income. Send the money now and have it reported on the 2020 tax return. If income is above a certain amount it should be refunded. Why? What does an individual’s 2018 income have to do with their situation in 2020? I know people who were college students in 2018 and now make 6-figures. I also know people who made 6-figures in 2018 who are now retired and have income below $75K.

I believe this money will be a tremendous benefit to the many Americans who don’t have a dime in a rainy day fund.

Unemployment will be increased by $600/wk for those receiving the maximum benefit in their state for a period of 4 months. In California, for example, the maximum unemployment benefit is $450/wk. Try living on that in CA. The maximum benefit in Oregon is $550/wk. Now, people who are unexpectedly unemployed, will receive $1000/wk or more. That is still quite a bit less than many people make each week, but it may allow them to make their mortgage payments, car payments and feed their families until this passes.

[twinboat]

I collect a pension and SS, along with the DW also collecting SS. We don't work so there is no loss of income. We're on lockdown so I can't spend money.
Why are they sending millions, like us, $2400.
I suppose I could leave it to my grandchildren to pay back.

It will be to late to by some low priced stocks.

[F4Gary]

Originally Posted by twinboat

I collect a pension and SS, along with the DW also collecting SS. We don't work so there is no loss of income. We're on lockdown so I can't spend money.
Why are they sending millions, like us, $2400.
I suppose I could leave it to my grandchildren to pay back.

It will be to late to by some low priced stocks.

Save it. You'll need it to pay for the increase in taxes to pay for that check.
Smh...

[SeeTheUSA]

Originally Posted by twinboat

I collect a pension and SS, along with the DW also collecting SS. We don't work so there is no loss of income. We're on lockdown so I can't spend money.
Why are they sending millions, like us, $2400.
I suppose I could leave it to my grandchildren to pay back.

It will be to late to by some low priced stocks.

Donate it. Make-A-Wish is a great organization. Just a thought.

[TwoGrizz]

I will believe it when I see it....IF I SEE IT.

[McRod]

Originally Posted by RVPioneer

You mixed the $1200-2400 plus $500 per child, in with unemployment. I’d separate those.

...

Well, I was asking why you would get anything because you should be getting unemployment if your not working and getting your regular paycheck if you are working.

Sure, as you point out some states unemployment compensations sucks, but why should the rest of America prop up states that don't take care of their peoples unemployment needs? I guess you could look at cause/effect. No State had an ability to prevent this or they didn't cause it, I should say.

I am in a similar boat as the other poster, in that, I currently receive a pension, which is only ~$18,000/year after tax (ex-wife gets the other half!). I live off that fine. I don't get any type of public assistance and not eligible for SS yet. Just trying to identify the need, or angle Uncle Sam is working here.

[DirtRider]

I think the goal is the same it always is—prop up special interests, while trying to sneak in some vote-buying. People are going to be excited about their $1200, and completely ignore the fact that the national debt went up by 6 times that. They got their small piece, business gets their massive piece, the senators all make money, and then we all pretend that we didn’t put all that on the younger generations. Any time a vote passes in the senate that’s nearly unanimous—it’s because we all voted in the type of people that will vote to enrich themselves.

[reubenray]

Originally Posted by twinboat

I collect a pension and SS, along with the DW also collecting SS. We don't work so there is no loss of income. We're on lockdown so I can't spend money.
Why are they sending millions, like us, $2400.
I suppose I could leave it to my grandchildren to pay back.

It will be to late to by some low priced stocks.

My wife and I have the same setup. We have spent about twice as much the last few weeks stocking up on our essentials than we normally do. We want to be prepared in case one of us gets sick. This would prevent us from shopping.

Some of this is due to having to buy more bulk items instead of the normal size. One example is we could not find rice. We finally found a 5 lb bag and we got the last one. Plus regardless what they are saying about gouging a lot of stuff is costing more. It may not be much, but it adds up. So we will welcome the extra money.

[Spdracr39]

The idea is for whoever or what ever you are be it an individual, an agency, or a corporation take the money and go spend it. If everyone just saves it the value of the stimulus will be lost. Buy something, preferably at a local small business, and pump it back into the economy.

[ShelbyM]

If/when $ shows up for individuals, I intend to spend it quickly. I think most others will do the same. It's a shame that the $ for individuals and the unemployment enhancements are so small compared to the $ for large business. Part of the justification for the corporate bailout is they are to keep folks on payroll. Unfortunately it seems the incentive for them to do this is weak and short term. There was a saying where I grew up "Them as has, gets." Just as true today as then. Trickle down was always a hoax but they'll keep recycling it as long as we let them.

[jsmmonaco]

first, if you get $2400, put away $600 to pay in taxes next year.......it will be taxable.................if on your taxes last year, or this year if you have filed, if you had the refund direct deposited, the $2400 will go right in the designated account...........if you opted for a check refund, you might not get a $2400 check, you will get a $2400 debit card to use at stores, etc...........i don't think you can turn the debit card into cash.......unless you buy something on the card for $2400, then return it and get cash back..............and besides, the thing hasn't become a reality at this time, YET...........I WOULD RATHER THEY KEEP MINE, AND GIVE TO SOMEONE THAT NEEDS IT MORE...........

[CLIFFTALL]

I just read that they’re not taxable.

[McRod]

Originally Posted by jsmmonaco

........and besides, the thing hasn't become a reality at this time, YET...........I WOULD RATHER THEY KEEP MINE, AND GIVE TO SOMEONE THAT NEEDS IT MORE...........

That's what I am thinking. Feels like dirty money to me. I don't particularly "need" a payout. I haven't been impacted by it. I know there was a lot of complaining the last bailout, so I guess they figure this will silence the masses. I also don't see the need for it to be given to the medical industry or corporations. Small businesses and FEMA makes sense.