Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

[aparch]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Jobless claims rocket to 6.65 Million unemployed nationwide.

And economists think states are still underreporting.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Jobless claims rocket to 6.65 Million unemployed nationwide.

And economists think states are still underreporting.

Construction is starting their layoffs this week. NExt week could be a bloodbath.

 

[aparch]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

This is for the week ending 3/21, which is the week that Illinois (and others) issued shelter-in-place orders, but NOT Michigan and others who put them in place last week.

So, 6.6 New Unemployment claims. Plus the 3.3 from the week ending 3/14.

So 10 Million people lost their jobs in the last two weeks. In two weeks, the US has darn near matched 2008 numbers, and another wave will be added next week.

 

[aparch]

Construction is starting their layoffs this week. NExt week could be a bloodbath.

The next month is going to as the wave rolls across the US.


So far, *knocks on wood*, civil/highway construction in Illinois remains unaffected.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

This is for the week ending 3/21, which is the week that Illinois (and others) issued shelter-in-place orders, but NOT Michigan and others who put them in place last week.

So, 6.6 New Unemployment claims. Plus the 3.3 from the week ending 3/14.

So 10 Million people lost their jobs in the last two weeks. In two weeks, the US has darn near matched 2008 numbers, and another wave will be added next week.

Oh, I misunderstood. I thought the 6.6 was cumulative. Holy cow.

 

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Oh, I misunderstood. I thought the 6.6 was cumulative. Holy cow.

Yup. I made the same misreading at first. These numbers are mind-boggling.

If the DNC were competent no Republican would be elected again. Anywhere.

 

[aparch]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

It tripped me up initially as well (listening on the radio doesn't offer visuals to clarify at first). Hence the second post.

We're *just* shy of 2008 unemployment numbers, but that was baked over months of gradual unemployment, not over a two week period.

 

[Deutsche Gopher Fan]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

They’re not competent, schiff is now saying the commission to look into the pandemic criminality won’t start until after the election.

I have to think these numbers so t have a ton of white collar people yet. You add those in next six weeks...wow.

 

[aparch]

I have to think these numbers so t have a ton of white collar people yet. You add those in next six weeks...wow.

I agree.

What you're seeing are hotel/restaurant/service industry who just shut down instead of waiting.

 

[FadeToBlack&Gold]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Michigan's jobless at 311,000 initial claims this week, up 183k from previous week. Huge <a href="https://twitter.com/hashtag/coronavirus?src=hash&ref_src=twsrc%5Etfw">#coronavirus</a></p>— Todd Spangler (@tsspangler) <a href="https://twitter.com/tsspangler/status/1245693243024605189?ref_src=twsrc%5Etfw">April 2, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[aparch]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Michigan's jobless at 311,000 initial claims this week, up 183k from previous week. Huge <a href="https://twitter.com/hashtag/coronavirus?src=hash&ref_src=twsrc%5Etfw">#coronavirus</a></p>— Todd Spangler (@tsspangler) <a href="https://twitter.com/tsspangler/status/1245693243024605189?ref_src=twsrc%5Etfw">April 2, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The automakers agreed to start shutting that Thursday (3/19), which is ~150k auto workers. Whitmer's executive order was enacted 3/24.

Next week, the report of total unemployed will likely double again.

 

[SJHovey]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

The automakers agreed to start shutting that Thursday (3/19), which is ~150k auto workers. Whitmer's executive order was enacted 3/24.

Next week, the report of total unemployed will likely double again.

I think it'll be interesting to see what actually happens next week.

Tomorrow the Paycheck Protection Program kicks off and they start processing the loans.

For those not familiar (I assume there aren't a ton of small business owners among the posters here), the PPP is part of the $2 trillion stimulus package designed to help small businesses (less than 500 employees). It's also intended to help self employed or those in the "gig" economy.

Basically, it works like this.

The business goes to their bank and takes out a loan. The loan is for an amount equal to eight weeks of their payroll. Payroll includes pay, commissions, tips, as well as some employee costs like group health insurance, retirement, and state payroll taxes. The loan also covers eight weeks of either rent or the interest you pay on your mortgage, whichever is applicable. Finally, the loan is for eight weeks of your utility expenses.

I think the loan amount that you are eligible for is actually slightly more than the eight weeks, but that's the basics.

Then, if the business uses the money to pay those costs, the loan is 100% forgiven. Basically, the government will pay eight weeks of your payroll, utilities and rent.

The only catch for businesses. They have to keep their employees on the payroll (or restore them to the payroll) for those eight weeks, at the same compensation rate.

I think you are going to see almost 100% of the businesses in this country with fewer than 500 employees try to obtain this loan. In fact, I don't think the $350 billion they set aside for the program will come close to covering it, but we'll see.

This all starts tomorrow, and from what I've seen and heard, there will be an avalanche of loans going out, which should mean a huge number of employees going back on the payroll at restaurants, bars, etc...

But we'll see, I guess.

 

[Rover]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Good information Hovey, thanks.

 

[RaceBoarder]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

At this point, how much does attrition of the situation add as we get into May and June as well?

Restaurants seem to be finding that the "take out & delivery" model can be a feast/famine deal. Some seem to be selling out of a day's goods almost daily. (Although I do admit that I don't know what this means for profitability. It could be enough to keep the lights on short term, but not last past 6-12 months) Others have had the well run dry already and decided to 86 the whole operation after just a week or two.

Sidenote to AParch: Crusade Burger bar out in Yorkville (or Sourveign in Plainfield) if you want to help out a local business

 

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

They’re not competent, schiff is now saying the commission to look into the pandemic criminality won’t start until after the election.

I have to think these numbers so t have a ton of white collar people yet. You add those in next six weeks...wow.

What would looking into it now do? It will take months to figure anything out and honestly none of it will matter as there are bigger fish to fry. (not to mention it will make them look petty since we know the media wont frame it well)

Sorry but Schiff is right.

 

[Deutsche Gopher Fan]

What would looking into it now do? It will take months to figure anything out and honestly none of it will matter as there are bigger fish to fry. (not to mention it will make them look petty since we know the media wont frame it well)

Sorry but Schiff is right.

Sorry, I’m with Kevin kruse on this one. Today, early April? No. In the hope things slow a bit, Congress should still do its oversight job and investigate crimes before 2021
I’m working all day and won’t be able to respond all day so I guess we’ll just agree to disagree.

 

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

The only way to deal with these criminals is afterwards. I am fine with not going anywhere near an investigation until the pandemic is contained. However we cannot repeat the mistakes of 1977, 1993 and 2009. If we can pry this criminal conspiracy away from the levers of power we have to follow it up with thorough investigations, trials, convictions, and punishments.

We have to make a stand or another bunch of thugs will do the same thing someday and this time maybe they won't be idiots. Putin is basically Dump if he was capable. It can happen here. It is happening here; we're just "lucky" because on the first run it was a lazy putrescent dunce. The next time it might be a hard working attractive mastermind. And then we'll be done.

And before you righties scoff, there is absolutely no reason why the next time it can't come from the Left. So get on the bus.

 

[mookie1995]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

This is for the week ending 3/21, which is the week that Illinois (and others) issued shelter-in-place orders, but NOT Michigan and others who put them in place last week.

So, 6.6 New Unemployment claims. Plus the 3.3 from the week ending 3/14.

So 10 Million people lost their jobs in the last two weeks. In two weeks, the US has darn near matched 2008 numbers, and another wave will be added next week.

if at the end of this we don't separate health coverage from employment, there is truly no hope whatsoever.

 

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

At this point, how much does attrition of the situation add as we get into May and June as well?

Restaurants seem to be finding that the "take out & delivery" model can be a feast/famine deal. Some seem to be selling out of a day's goods almost daily. (Although I do admit that I don't know what this means for profitability. It could be enough to keep the lights on short term, but not last past 6-12 months) Others have had the well run dry already and decided to 86 the whole operation after just a week or two.

Sidenote to AParch: Crusade Burger bar out in Yorkville (or Sourveign in Plainfield) if you want to help out a local business

A very popular restaurant in the area did curbside and a day later shut down. The loss of bar revenue amongst other add ons that get lost when doing curbside made it unprofitable. I think this will happen more and more the longer this goes.

Hovey,

Not one small business I know is applying for the PPP program loans but they are mostly restaurants and other service jobs so the PPP program wont much help them. I a trying oto convince one friend who has a small pizza franchise to do it though because he hasnt lost enough business to close so he is treading water. (though business is on the rise) Thanks for the info

I dont think the PPP will help abate the unemployment wave much, but it will help keep some small businesses afloat which is nice.

Meanwhile yesterday Goldman said Q2 is gonna be a bloodbath financially but now is trying to claim there will be a historic recovery in Q3. Somehow I am doubting that...

 

[Deutsche Gopher Fan]

The only way to deal with these criminals is afterwards. I am fine with not going anywhere near an investigation until the pandemic is contained. However we cannot repeat the mistakes of 1977, 1993 and 2009. If we can pry this criminal conspiracy away from the levers of power we have to follow it up with thorough investigations, trials, convictions, and punishments.

We have to make a stand or another bunch of thugs will do the same thing someday and this time maybe they won't be idiots. Putin is basically Dump if he was capable. It can happen here. It is happening here; we're just "lucky" because on the first run it was a lazy putrescent dunce. The next time it might be a hard working attractive mastermind. And then we'll be done.

And before you righties scoff, there is absolutely no reason why the next time it can't come from the Left. So get on the bus.

Define after though. Middle of 2021? The scum may be out of office. If we’re back to some normalcy/containment levels this fall I think it’s ok to have hearings. I guess they can still go to jail if they’re out of office but...who am I kidding .
I’m all for not doing it now, I just don’t like the “it’ll be next year sometime” mentality because then lawlessness will abound.
Wait who am I kidding.

Sorry guys I’m just excited today. Working with some of faucis team today