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MMT to the rescue!

JohnfrmClevelan

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Congress is considering a number of measures to deal with COVID-19's effects on the economy, the most novel being direct cash payments to individuals, paid for by deficit spending (at least in the short term). We are talking about amounts in the $1-3 trillion range.

For example, giving 100 million households about $20,000 each (one of the more generous plans) would cost about $2 trillion.

The benefits are obvious - a ton of newly unemployed people, plus those who were just scraping by, would now be relatively secure and able to pay their bills, avoid foreclosure or eviction, eat, etc. Demand that would normally be lost because of high unemployment would be mostly sustained. The idea is to mitigate the kinds of economic (and social) damage that we saw in 2008.

The drawbacks?
 
But Oblama was so generous and gave out an extra twenty five bucks a week extra on unemployment.
 
Price stability and inflation.

We’ve never been here before so we have no idea what will happen.
 
Socialism.. I expect every single Republican who blasted Obama's stimulus and car manufacturers bailouts to tear up these checks when they get them.

It would be hypocritical of them to cash them in and use the money.. And we know Republicans are never hypocrites.... lol
 
Free **** for everybody!



“A chicken in every pot!”
 
Congress is considering a number of measures to deal with COVID-19's effects on the economy, the most novel being direct cash payments to individuals, paid for by deficit spending (at least in the short term). We are talking about amounts in the $1-3 trillion range.

For example, giving 100 million households about $20,000 each (one of the more generous plans) would cost about $2 trillion.

The benefits are obvious - a ton of newly unemployed people, plus those who were just scraping by, would now be relatively secure and able to pay their bills, avoid foreclosure or eviction, eat, etc. Demand that would normally be lost because of high unemployment would be mostly sustained. The idea is to mitigate the kinds of economic (and social) damage that we saw in 2008.

The drawbacks?

Drawbacks? You mean other than just being absolutely bat-**** crazy? MMT is the coronavirus of economic theory.
 
Congress is considering a number of measures to deal with COVID-19's effects on the economy, the most novel being direct cash payments to individuals, paid for by deficit spending (at least in the short term). We are talking about amounts in the $1-3 trillion range.

For example, giving 100 million households about $20,000 each (one of the more generous plans) would cost about $2 trillion.

The benefits are obvious - a ton of newly unemployed people, plus those who were just scraping by, would now be relatively secure and able to pay their bills, avoid foreclosure or eviction, eat, etc. Demand that would normally be lost because of high unemployment would be mostly sustained. The idea is to mitigate the kinds of economic (and social) damage that we saw in 2008.

The drawbacks?

1. 2 Trillion more in Federal debt?

2. We end up paying for it in the long run, at least those of us not in the tax exempt brackets.

3. What process will be used to make sure the money is spent on "rent, mortgage payments, and other 'critical'" needs?

4. What is the cut-off? $100,000 p/yr wage earners and above?
 
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Socialism.. I expect every single Republican who blasted Obama's stimulus and car manufacturers bailouts to tear up these checks when they get them.

It would be hypocritical of them to cash them in and use the money.. And we know Republicans are never hypocrites.... lol

Why would it be hypocritical? We'd just be supporting our countries recovery giving money to actual people with actual needs rather than handing money out for non-existent "shovel ready jobs" and Democratic Party re-election slush funds.
 
But Oblama was so generous and gave out an extra twenty five bucks a week extra on unemployment.

He didn't ignore or downplay the H1N1 virus pandemic though.
 
Socialism.. I expect every single Republican who blasted Obama's stimulus and car manufacturers bailouts to tear up these checks when they get them.

It would be hypocritical of them to cash them in and use the money.. And we know Republicans are never hypocrites.... lol

Just now figuring out that low income people aren't getting as much, huh? Under the Senator proposal unless you paid in at least $600 in 2018 taxes you will only get $600.00 and not the grand everybody else is getting up to whatever cap they have.
 
Why would it be hypocritical? We'd just be supporting our countries recovery giving money to actual people with actual needs rather than handing money out for non-existent "shovel ready jobs" and Democratic Party re-election slush funds.

Uh.... yah

Laughing-Blonde-Actress.gif
 
Drawbacks? You mean other than just being absolutely bat-**** crazy? MMT is the coronavirus of economic theory.

How about a post with data? Something to back up your claims once in a while would be a refreshing change.
 
Why would it be hypocritical? We'd just be supporting our countries recovery giving money to actual people with actual needs rather than handing money out for non-existent "shovel ready jobs" and Democratic Party re-election slush funds.

It's the Republicans who are close to passing such a bill, not the Democrats.
 
Congress is considering a number of measures to deal with COVID-19's effects on the economy, the most novel being direct cash payments to individuals, paid for by deficit spending (at least in the short term). We are talking about amounts in the $1-3 trillion range.

For example, giving 100 million households about $20,000 each (one of the more generous plans) would cost about $2 trillion.

The benefits are obvious - a ton of newly unemployed people, plus those who were just scraping by, would now be relatively secure and able to pay their bills, avoid foreclosure or eviction, eat, etc. Demand that would normally be lost because of high unemployment would be mostly sustained. The idea is to mitigate the kinds of economic (and social) damage that we saw in 2008.

The drawbacks?

Say, where did you learn that?
 
He didn't ignore or downplay the H1N1 virus pandemic though.

As I recall from recent investigation, Obama dicked around for about 10 months prior to saying it was an emergency.
 
Just now figuring out that low income people aren't getting as much, huh? Under the Senator proposal unless you paid in at least $600 in 2018 taxes you will only get $600.00 and not the grand everybody else is getting up to whatever cap they have.

Sounds like typical Republican plan. Crap all over the lower income people..
 
1. 2 Trillion more in Federal debt?

And $2 trillion more held by the private sector. Where is the downside?

2. We end up paying for it in the long run, at least those of us not in the tax exempt brackets.

Your taxes don't pay down the debt now. What makes you think they would pay down the debt in the future?

3. What process will be used to make sure the money is spent on "rent, mortgage payments, and other 'critical'" needs?

In the short term, probably nothing. People need money NOW to pay bills. In the longer term, it's a relatively simple matter of eliminating those with a sufficient income and phasing out assistance.

4. What is the cut-off? $100,000 p/yr wage earners and above?

The different plans have different cutoffs. In the short term, it's too difficult to separate the needy from the rest.

But let me point out that even people with relatively good incomes usually have relatively larger obligations. A foreclosure is an economically destructive event, whether it's a small mortgage or a bigger one. So money going to the middle class would still be money well-spent.

There are going to be complainers either way. Either we should only help the ones that need help, or we should be fair and give everybody the same amount, or we should only give taxpayers money back, depending on how much they paid in taxes, etc. There is no plan that will make everybody happy, but any plan that preserves most of our economy will benefit everybody, compared to letting the economy crumble.
 
1. 2 Trillion more in Federal debt?

2. We end up paying for it in the long run, at least those of us not in the tax exempt brackets.

3. What process will be used to make sure the money is spent on "rent, mortgage payments, and other 'critical'" needs?

4. What is the cut-off? $100,000 p/yr wage earners and above?

Two people here that I know of have said they intend to spend it on AR-15's.
 
It's the Republicans who are close to passing such a bill, not the Democrats.
Except the bill, like all appropriations, has to start in the Democrat controlled House. Oh, and $1000 is a lot less then $20,000
 
As I recall from recent investigation, Obama dicked around for about 10 months prior to saying it was an emergency.
What happened 300 days prior to the declared emergency? What event are you referring to 300 days prior?
 
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How about a post with data? Something to back up your claims once in a while would be a refreshing change.
LOL, how do I post data about a "THEORY" that has never made it beyond academic discussion?
 
Except the bill, like all appropriations, has to start in the Democrat controlled House. Oh, and $1000 is a lot less then $20,000

$20K is a ballpark figure, based on some of the larger payments I have seen tossed about. $1000/month isn't enough to help anybody.

McConnell's plan, which is probably the only one that has a chance of getting past McConnell himself, is based on your 2018 tax return. I don't really need the money, but I would get the max, while those with lower incomes would get considerably less money, and those with no taxable income in 2018 probably just get left out.
 
Price stability and inflation.

We’ve never been here before so we have no idea what will happen.

2008 great recession.
1930s great depression.

We've been here before. Although, not virus induced.
 
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