It is not enough.
I hate deficits as much as anyone. And I dislike that Trump isn’t more fiscally prudent. But as it stands now every level of government is going to face a massive budget hole this year. Local sales taxes will be way down. Incomes and income taxes will be way down. Capital gains tax revenues will be way down. We’re staring into a multi-trillion dollar abyss local state federal combined no matter what.
The only equitable solution is to temporarily suspend all debts during this crisis. If your business is shut down, if you lost your job because your employer was shut down, if you lost income because your customers evaporated due to government shutdowns, how are you supposed to keep making your obliged debts? How can you pay rents and mortgages? How can you make payroll? How can you make your credit card and car payments?
If they ask us to sacrifice then we all must sacrifice. And if we all sacrifice then none of us sacrifice much at all. Banks are getting money at zero percent. So they can suspend mortgage and debt payments during this period. And if banks can suspend debt payments, landlords can suspend rent payments. And credit cards can suspend interest payments. And utilities can suspend their bills and so on. We freeze everything in place until we get through this crisis.
Frankly, I think they have blown everything way out of proportion. How can you close bars and restaurants but not shut down bus lines, subways, trains etc.? It makes no sense at all. They don’t know what they are doing, or, they are deliberately trying to kill off the American entrepreneur and local employees. It will be an economic disaster. And yes, there will be deficits. But they will happen no matter what given the course we are on. Millions will lose their jobs and hundreds of thousands of small businesses will go under in 60 days or less if there is no relief. And nothing in the House bill, or out of the mouths of many GOP Senators, seems to have any awareness of the market or any care about what may come from all these local actions to shut down local businesses.
Good quote “if they ask us to sacrifice, we all must sacrifce” PROPORTIONATELY I will add!
and what do landlords live on? HUH? We own and operate a small self storage system. If the government come through and tells us to suspend rent, I am going to go tell them to take a flying eff.
The problem with American people is that they live above their means and we elect grubby ass politicians that make the country do the same.
What needs to be done is what I have been raised on, tighten your belt for hard times. Meaning, stop spending what you do not have to spend.
I agree with you completely that this sham has been blown way out of proportion. The wool has been pulled over the eyes of PDJT of the deep state early on and he had no way to change course.
This is going to get rougher before it gets better. Tighten that ol belt.
All Quiet on the Western Front
Thank God we only have to deal with utilities, property taxes, car tags and house.car inns. We paid everything off 2 yrs ago.