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US Federal Unemployment: $600 boost to expire by end of July


phart010
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August 8 Update: Trump just signed an executive order to provide $400 in pandemic unemployment assistance per week. At least $300 is guaranteed because $100 of it is to come from the state, which still remains unclear how that will work. **************************************************

 

To help those affected by coronavirus, US federal government has contributed an additional $600 to the amount that unemployed people would receive from state unemployment insurance funds. This has been ongoing since early 2020. 
 

It has been a big help for those laid off from middle class income jobs as their unemployment income has stayed reasonably close to their pre-unemployment salary. It has also been VERY generous for people with lower incomes as they may possibly have received more income after becoming unemployed than while they were working.

So far, our government has not come to an agreement on what type, if any, of financial assistance programs will be available going forward (unemployment numbers certainly have not recovered to pre-covid levels). The $600 boost is about to expire next week (last week of July).

What effects do you think this will have on the overall economy, the stock market, and importantly retro video game prices?

Edited by phart010
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Editorials Team · Posted

I think printing pretend money in massive amounts is gonna wreak some major havoc real soon.  But I guess having a huge portion of the country being evicted or foreclosed is also gonna wreak havoc.  So I guess we're fucked either way.

If they weren't morons about it, they would have figured out something that takes cost of living into account in some manner.  Give some waitress in San Francisco the $600.  Give some waitress in Bumfuck North Dakota $200.  That's my harsh opinion.

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Member · Posted
1 minute ago, Reed Rothchild said:

 

I think printing pretend money in massive amounts is gonna wreak some major havoc real soon.

I would think that too, but it didn’t when they randomly added 1½ trillion to the stock market (twice in as many days, iirc?) So giving something like an allowance to people who are likely to spend it locally on actual goods and services rather than hoarding it into futures or whatever esoteric financial products is not a bad way to go, imo. 

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4 hours ago, Reed Rothchild said:

I think printing pretend money in massive amounts is gonna wreak some major havoc real soon.  

It depends on where you put it. Giving money to corporations that are creating bubbles all over the economy is bad. Giving $600 to someone who lost theeir job helps hold the economy together 

Edited by Californication
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This is like...waaay over everyone's heads.

I don't think there's a single qualified person with actual authority on the subject on the planet (let alone the US) who can accurately gauge what will happen these next coming months.

...I mean, do we know for sure how many people are going to even HAVE this virus in the coming months? If things get worst, then certainly people will start defaulting on mortgages and rent payments, car payments, credit cards, utilities, luxuries. The entire economy is genuinely at stake all because of political disbelief from a certain someone on top.

...

Or, it could be the opposite and enough of the people who've been getting the extra $600 a week have been saving their pennies and this will cause an economic boom.

It's literally an extremely-super-mega-ultra-hyper-giga-sensitive pendulum right now that can swing in any direction.

We're at a point in this nation that a single (unjustified) death of a citizen by uniformed police can cause a complete revolution leading to secret police kidnapping citizens in a different state....possibly leading to additional occupation.

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56 minutes ago, ThePhleo said:

We're at a point in this nation that a single (unjustified) death of a citizen by uniformed police can cause a complete revolution leading to secret police kidnapping citizens in a different state....possibly leading to additional occupation.

...and that will burst the bubble, right?

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15 hours ago, DefaultGen said:

...and that will burst the bubble, right?

It might stop the flash inflation and maybe lead to a good deflationary period that's needed right now.

Although, if it doesn't we can always go for some premium adult snapchat for extra cash.

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  • 3 weeks later...
On 7/22/2020 at 11:22 AM, ThePhleo said:

It might stop the flash inflation and maybe lead to a good deflationary period that's needed right now.

Although, if it doesn't we can always go for some premium adult snapchat for extra cash.

There are ways to prevent inflation, they are choosing not to use them. My guess is that since inflation is good for people holding debt, they want to give corporations an easier way of paying of their massive debt. Everyone else is going to get screwed because employers are negotiating down right now and are not likely to adjust. 

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