Topic: Proposed Bill Would Give Americans $2,000 A Month Until Economy Recovers - page 2. (Read 701 times)
July 13, 2020, 08:48:14 AM
the fact it is discussed shows craziness of US
July 13, 2020, 08:42:13 AM
Where they will get enough money for this? 10% inflation by the end of the month?
July 13, 2020, 08:34:19 AM
There is a reason why its still proposed and not yet evaluated and in action , there is no way that everyone can receive 2000$ per month till the economy recovers. When they don't even have enough to buy masks and PPE for the Frontline workers?
This is absurd and they are mocking the whole system itself . We don't have any idea when this corona pandemic will subside but we do know one thing and that is *it is not going anywhere for a year or two* , how do they expect to pay 2000$ per person , per month for millions of them out there ? This is what a scam means .
They would either burn their whole economy down or make false promises and become the laughing stock of the whole nation , both of them is pretty sad . Don't give people false promises when you are just cooking up a recipe for self destruction of the economy yourself.
This is absurd and they are mocking the whole system itself . We don't have any idea when this corona pandemic will subside but we do know one thing and that is *it is not going anywhere for a year or two* , how do they expect to pay 2000$ per person , per month for millions of them out there ? This is what a scam means .
They would either burn their whole economy down or make false promises and become the laughing stock of the whole nation , both of them is pretty sad . Don't give people false promises when you are just cooking up a recipe for self destruction of the economy yourself.
July 12, 2020, 09:14:12 AM
more helicopter money on the way?! everybody over age 16 would get $2k/month, no questions asked:
https://khanna.house.gov/media/press-releases/release-representatives-ro-khanna-and-tim-ryan-introduce-legislation-send
could this pass? 17 co-sponsors and counting. i never thought UBI would be on the table so soon, but with the economy on the verge of collapse, unemployment skyrocketing, social unrest around the corner.....it doesn't seem impossible anymore.
thoughts? what are the limits of money printing?
Quote
Washington, DC – Today, Representatives Ro Khanna (CA-17) and Tim Ryan (OH-13) introduced the Emergency Money for the People Act to provide additional cash payments for hard-working Americans who have been impacted by the COVID-19 pandemic. While the CARES Act was an important first step, its one-time payment does not provide nearly enough support for American families.
The Emergency Money for the People Act expands relief to more Americans and includes a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months. It also fixes a bug in the CARES Act to ensure college students and adults with disabilities can still receive the payments even if claimed as a dependent. The Emergency Money for the People Act additionally recognizes that not everyone has a bank or a home address to receive a check – so it allows individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.
Under the Emergency Money for the People Act, monthly cash assistance payments would be guaranteed for at least six months and would renew for another six months unless the employment-to-population ratio for people ages 16 and older returns to the pre-covid crisis employment level of 60%. These payments would not count as income in order to protect eligibility for any of the income-based state or federal government assistance programs.
Reps. Khanna and Ryan proposed the first cash infusion plan a month ago, which the Administration and Senate Republicans embraced, and was passed into law with the CARES Act. But as a record-number of Americans have filed for unemployment in the past weeks, it’s clear a one-time payment will not be remotely sufficient. In some places, this doesn’t even cover a month’s rent.
The Emergency Money for the People Act expands relief to more Americans and includes a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months. It also fixes a bug in the CARES Act to ensure college students and adults with disabilities can still receive the payments even if claimed as a dependent. The Emergency Money for the People Act additionally recognizes that not everyone has a bank or a home address to receive a check – so it allows individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.
Under the Emergency Money for the People Act, monthly cash assistance payments would be guaranteed for at least six months and would renew for another six months unless the employment-to-population ratio for people ages 16 and older returns to the pre-covid crisis employment level of 60%. These payments would not count as income in order to protect eligibility for any of the income-based state or federal government assistance programs.
Reps. Khanna and Ryan proposed the first cash infusion plan a month ago, which the Administration and Senate Republicans embraced, and was passed into law with the CARES Act. But as a record-number of Americans have filed for unemployment in the past weeks, it’s clear a one-time payment will not be remotely sufficient. In some places, this doesn’t even cover a month’s rent.
https://khanna.house.gov/media/press-releases/release-representatives-ro-khanna-and-tim-ryan-introduce-legislation-send
could this pass? 17 co-sponsors and counting. i never thought UBI would be on the table so soon, but with the economy on the verge of collapse, unemployment skyrocketing, social unrest around the corner.....it doesn't seem impossible anymore.
thoughts? what are the limits of money printing?
The proposal is still under consideration, but I strongly doubt it will happen.
Then again, I strongly doubted the initial $1200 payment was going to happen, but it totally did.
It’s not as bad an idea as it seems at first appearance. It’s expensive, sure, but this is effectively a world war (it will kill a world war’s worth of people and every nation is fighting the enemy together, because we all collectively have no choice), so the appropriate question is not “is this more expensive than your average Tuesday” but more “is this more expensive than World War II was?”
It seems reasonably obvious to me that if you order people not to work, you must also provide them a way to feed their families.
You cannot do one without the other or there will be riots, and not without justification.
July 12, 2020, 09:00:04 AM
These lawmakers never fail to surprise me with their lunatic ideas. I just hope that the bill won't pass. $24,000 per year to every working age individual would mean that the federal debt will rise by at least $5 trillion in a single year. As of now, the United States Dollar is doing well when compared to the other fiat currencies. But if they do something like this, then that situation might change.
July 12, 2020, 08:43:37 AM
This would be just good if it would be passed because the same thing have happened here in our country wherein our government have provided a financial assistance for all the poorest of the poor up to the middle class people that are affected by the pandemic which brought quarantine, works to be temporarily postponed so no work no pay will be implemented and the financial aid is a help for those people to survive up until the workplaces are open to provide jobs that will be a source of income.
Actually it is not bad to pass that bill since it is a certain need of people that are needed to be attended so why worry or think about passing the bill if it will benefit many people? Although it is pricey because it is up until the economy recovers, maybe the bill could undergo certain revisions pursuing only those who are only in need to have that financial assistance.
Actually it is not bad to pass that bill since it is a certain need of people that are needed to be attended so why worry or think about passing the bill if it will benefit many people? Although it is pricey because it is up until the economy recovers, maybe the bill could undergo certain revisions pursuing only those who are only in need to have that financial assistance.
April 18, 2020, 02:12:13 PM
I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing, I think this would even slow down the recovery. Though never say never in an election time but I don't see how this would be sustained.
there is undoubtedly more money printing coming. if the alternative is corporate bailouts, i'll take stimulus over bailouts any day. pelosi and trump say they are both open to more stimulus payments. a growing number (62+) of senators/congressmen want to make those payments recurring.
$2k/month isn't really shit in most parts of the USA. for many people, it wouldn't even cover their housing---definitely not a replacement for a job. on the other hand, it might be enough to keep the housing market from totally collapsing from rent/mortgage defaults. a more direct route to that end would be rent/mortgage forgiveness, which is now also on the table. stimulus payments would have the added bonus of stimulating consumer activity, which would obviously help keep businesses afloat and prop up the economy.
deflation (drops in prices due to economic collapse) will soon set in if something isn't done. they need to either reopen the economy and risk letting the virus ravage the health care system, or print money to plug the bleeding. the former option is obviously favored by fiscal conservatives, but the reality is it may end up costing taxpayers even more if the health care situation worsens as a result.
April 18, 2020, 11:22:05 AM
I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing
Because there will be fewer jobs to seek if large numbers of businesses go under. Think about it. If you combine the issues of companies being forced to close for a prolonged period of time, and then on top of that, some people being laid-off or "furloughed", reducing their household income and giving them less money to spend once companies can open for business once again, it's not a comfortable position for businesses to be in.
April 18, 2020, 10:53:07 AM
I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing, I think this would even slow down the recovery. Though never say never in an election time but I don't see how this would be sustained.
April 17, 2020, 08:26:09 PM
The nation will need to lay down and sacrifice for her citizens as they deal with a on-human enemy. Whatever is done to mitigate the suffering of the power this period is good provided it's done in good faith. And I hope people will be wise enough to know that inflation is imminent from printing money from the thin air. Wise fund management is needed.
April 17, 2020, 06:02:58 AM
America has more casualties than any other country and this put more pressure on them than any other government, the Government had also enjoyed support of everyone to put a palliative measure for the citizens. The pressure will reflect on the country's economy than any other country and the currency will lose a lot of value. Every Government is just trying all available ideas, no exact solution for now and Vaccine will be more reliable
Recently I've read that president Trump proposed to give once-only $1,000 cheque and this offer was ridiculed by former head of IMF. That time Italy was leading with casualties amount. Now, sadly, America is leading and the amount and everything turned to $2,000/monthly. Cant imagine how long it with take for economy to recover from all that...
April 17, 2020, 04:59:38 AM
With this amount of new USD money in the economy, I believe the BTC and other main cryptos will fly us quickly.
I hope that you understand that you can't give money that you do not have. This means they will have to make money. So they will print money and give it away for people to spend.
They'll dillute the dolladr and make it worth even less and that 2000 that people will think is a lot will kick them in the ass a year later when they'll have to pay $20 for a pack of cigarettes.
April 17, 2020, 04:08:17 AM
$2k a month seems to be a popular idea. 
a different group of house democrats has proposed another bill promising $2k monthly payments to americans through the end of the pandemic, and $1k/month for a year after:
just mint a couple more $1 trillion coins. why not?
as an interesting side development, the bill necessitates the creation of a fed-issued digital dollar, which would replace debit cards in the stimulus program by 2021: https://www.coindesk.com/digital-dollar-reintroduced-by-us-lawmakers-in-latest-stimulus-bill
meanwhile, a fed official said today that ongoing small business bailouts may require $500 billion spending per month: https://www.reuters.com/article/us-health-coronavirus-fed-bostic-idUSKBN21Y2MG?taid=5e9906f65a107f0001b4b6fb
no matter how you cut it, there's a lot more helicopter money coming. it's only a question of what form it takes.
a different group of house democrats has proposed another bill promising $2k monthly payments to americans through the end of the pandemic, and $1k/month for a year after:
Quote
WASHINGTON, D.C. – Today, Congresswomen Rashida Tlaib (MI-13) and Pramila Jayapal (WA-7) unveiled the Automatic BOOST to Communities (ABC) Act, legislation to immediately provide a $2,000 payment using BOOST debit cards to every person in America as critical relief during the COVID-19 crisis, followed by $1,000 recurring monthly payments for one year after the end of the crisis to help our country and families recover. The ABC Act would be funded directly from the Treasury with no additional debt issued by minting two $1 trillion coins, and additional coins as necessary.
https://tlaib.house.gov/media/press-releases/tlaib-jayapal-introduce-groundbreaking-bill-deliver-universal-recurring
https://tlaib.house.gov/media/press-releases/tlaib-jayapal-introduce-groundbreaking-bill-deliver-universal-recurring
just mint a couple more $1 trillion coins. why not?
as an interesting side development, the bill necessitates the creation of a fed-issued digital dollar, which would replace debit cards in the stimulus program by 2021: https://www.coindesk.com/digital-dollar-reintroduced-by-us-lawmakers-in-latest-stimulus-bill
meanwhile, a fed official said today that ongoing small business bailouts may require $500 billion spending per month: https://www.reuters.com/article/us-health-coronavirus-fed-bostic-idUSKBN21Y2MG?taid=5e9906f65a107f0001b4b6fb
no matter how you cut it, there's a lot more helicopter money coming. it's only a question of what form it takes.
April 16, 2020, 07:20:48 PM
Are the people who proposed this credible characters? Never heard of either of them.
apparently they are the same representatives behind the first $1200 stimulus payment. that says something.
house reps are lesser known than senators because there are so many of them---435 vs 100. i don't know these two by name, but i recognize several of the bill's co-sponsors as well known political veterans.
I found the one off $1200 pretty weird. It would've been better to drip feed the same amount on a tiered basis but perhaps that's too close to UBI for their liking. Maybe they thought the idea of a one time windfall was less Unamerican.
i feel like there was an assumption at that time that the lockdowns might only last a few weeks, then life would return to normal. now everyone is grappling with the reality that it won't.
You cant really call it an UBI if it is just a temporary. UBI is a regular pay that happens every month.
okay but the way this is framed, it's not temporary. it renews every 6 months until employment levels return to pre-coronavirus levels, which will take years, if ever.
i also have a feeling that if people get monthly payments for the next year or two, there's no going back. if people get a taste of UBI as an alternative to working horrible paycheck-to-paycheck jobs that only enrich corporate executives/shareholders, they're not gonna go back to their old lives. there will be a serious push for social changes.
that's the biggest reason for conservatives to oppose this now---it will permanently change how the population views entitlements going forward.
April 16, 2020, 07:11:49 PM
This would be a good thing for the Americans short-term, or as long as the pandemic is still ravaging the country. Though of course with such a huge sum of money being given for free to every American eligible for the fund, this would have severe effects in terms of taxation and the economy long-term, and I sure hope that everyone has already realized that printing a lot of money will have a detriment to the economy and someone is going to pay for those.
Before making this decisions they are already fully aware on what are the cons on printing out more money but on times like these then i wont say its a bad idea and pretty sure that they wouldnt care for that matter as of this moment, what important is that they do able to sustain and give out help on temporary basis.. They would mind the problem or effects later on after this global problemwould be resolved.
April 16, 2020, 06:58:26 PM
With this amount of new USD money in the economy, I believe the BTC and other main cryptos will fly us quickly.
I hope that you understand that you can't give money that you do not have. This means they will have to make money. So they will print money and give it away for people to spend.
They'll dillute the dolladr and make it worth even less and that 2000 that people will think is a lot will kick them in the ass a year later when they'll have to pay $20 for a pack of cigarettes.
April 16, 2020, 06:44:36 PM
With this amount of new USD money in the economy, I believe the BTC and other main cryptos will fly us quickly.
I hope that you understand that you can't give money that you do not have. This means they will have to make money. So they will print money and give it away for people to spend.
They'll dillute the dolladr and make it worth even less and that 2000 that people will think is a lot will kick them in the ass a year later when they'll have to pay $20 for a pack of cigarettes.
April 16, 2020, 05:58:45 PM
They'll dillute the dolladr and make it worth even less and that 2000 that people will think is a lot will kick them in the ass a rear later when they'll have to pay $20 for a pack of cigarettes.
Sure, but the simple fact is, they will spend the money. You can't have an economy if people aren't doing that. When you compare it to all the other times they've printed money, which has also diluted the value time and time again, but the economy never saw the same kind of monetary "flow" from it that this will likely bring. Money needs to circulate and it can't do that when the banks effectively just funnel QE into their silly little derivatives casino. Anything is better than that.
April 16, 2020, 05:43:38 PM
There seems to be a qualification. This does not seem to be an assistance covering every single American aged 17 and beyond. I think those who are still employed and are receiving their regular salary won't be enjoying this. Well, if ever this will pass.
The package seems to be huge and they need to print a lot of currency as they are planning to provide two thousand dollars for anyone above 16 years who are making an annual income less than $130,000 is eligible for this package and any married couple earning less than $260,000 will get $4000 and every kid will get $500. With elections coming up i wont be surprised if Trump will find a way to pass this proposed bill.The guaranteed 6 months would cost $10 trillion. Not even that crazy considering we're all expecting corporate bailouts in that range anyway. I'd much rather it go directly to actual consumers than continue this trickle-down bailout bullshit.
Considering the bailout bullshit for corporate companies these are not that huge but the problem lies when these corporate will need the bailout this time around as there will be more companies in trouble with the recession is imminent because of complete lock down and the virus scare and how each and every government will overcome these is just a puzzle. April 16, 2020, 05:38:25 PM
With this amount of new USD money in the economy, I believe the BTC and other main cryptos will fly us quickly.
I hope that you understand that you can't give money that you do not have. This means they will have to make money. So they will print money and give it away for people to spend.
They'll dillute the dolladr and make it worth even less and that 2000 that people will think is a lot will kick them in the ass a year later when they'll have to pay $20 for a pack of cigarettes.
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