Posted on 03/17/2020 7:03:48 PM PDT by Red in Blue PA
WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that failure to act on a proposed coronavirus rescue package could lead to U.S. unemployment as high as 20% and lasting economic damage, a person familiar with the closed-door meeting said. Mnuchin met with senators to persuade them to pass a $1 trillion stimulus package that would send cash to Americans within two weeks and backstop airlines and other companies.
(Excerpt) Read more at reuters.com ...
Hubby works as a server at an Indian casino steakhouse making $250 minimum a shift. Tonight he was informed they’re shutting down for 2 weeks. They’ll pay him $12 an hour for 2 40-hr weeks which comes out to about $1000 before taxes. Thank God we’re getting social security and have some savings. We can pry last through May at this point.
Chains many be able to survive a few months, IF they permanently close some under-performing locations and provide take-out at the remaining ones. However, as more and more people loose their jobs they will get fewer and fewer orders.
The seasonal places in say a beach community, can survive being closed for the winter because they budget for it. But suburban and city locations budget and run assuming they will be open most of the year with maybe one or two days of closure due to say a snow storm or the like.
A long long time ago I decided to major in accounting. Now I am retired AND working 6 days a week doing income tax returns. And my employer is wondering if I can put in more time. And when tax season is over there is still payroll taxes and sales taxes and audits to look forward to.
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The House bill, as passed, won’t do anything to alleviate high unemployment.
We went down on Bourbon Street about dusk yesterday, just to try and support some of the places. Bought some food I didn’t need, and some booze. It was absolutely heartbreaking to see these people trying to cope. Working people. I told them I would work to my dying day to make the bastards who ginned up this hysteria pay for what they did.
By the weekend, I look for folks in NOLA to simply ignore the law.
Soros has finally accomplished his goal. World anarchy that the left will use as an excuse for totalitarianism. Driving the economy off a cliff means no taxes, massive government expenditures, and soon debt default. Let’s see how “healthy” things are in a month when 10s of thousands of business can’t pay their rent, utilities, payroll taxes. When 10s of millions of citizens can’t make the mortgage, rent, car and credit card payments, and have stopped buying everything but food. 2008 will seem like a garden party. This is the madness of the “if it will only save one life it’s worth it” mentality. It’s unfortunate that some additional thousands of elderly people may die prematurely, or instead of the regular flu, but the impact of destroying the economy will have an impact on even basic public services.
Yes! If something isn’t done we will see massive unemployment as small business in America fails. This isn’t going to end in 2 weeks...in the strategy they have adopted ...flatten the curve...if you look at the charts they put up, it lasts for months.
Businesses need some sort of financial backstop for this event we are in. Drawing down their credit to zero and filing bankruptcy isn’t a viable plan.
This is worse than 2008
Stimulus means nothing if governors are forcing businesses to close.
Like that point of view, but really...
We have to stop the hysteria.
I just moved to a new area. The business establishments that begin to openly defy the governor’s closure order are going to become my favorite places to patronize for as long as I live here.
It’s worse, yes, because those evil doers in 2008 pnicked when the market fell 777 points. We have been though worse already. But the panic, the manipulation, the over the top crazed response is the same.
Amazon is hiring.
This is fake news. I saw the tweets from the person reporting this and that was one scenario and not a definitive conclusion.
The “news” media has chosen to run with the worst case scenario.
Anything to panic the populace and crash the market further.
The Wu Flu Panic hasn’t even hit the housing segment of the economy yet. That aftershock will be a tremendous blow because once we stop building the effects cascade up and down the economy.
Yep. A lot of businesses will go under. A lot of lessons to be learned here including the need to set aside money for retirement and downturns. It’s sad that some people don’t have enough savings to last even six months without a job.
Yeh a fake virus epidemic will destroy a booming economy. The deep state is counting on it.
20% unemployment will get us headed toward 1930s standard of living.
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