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 ...
Employees won’t stand for it either. It’s not human nature. It’s not doable.
Some industries are never going to recover. That probably would have been inevitable anyway. It’s ludicrous how much money we’ve been pissing away on stupid things over the years.
Some governments have ordered “non-essential” businesses to close. F#&# that. My business wouldn’t shut down under any circumstances. It’s as essential as any business is.
They will still be unemployed, just now they will be getting a welfare check from a smaller pool of taxpayers, and on the backs of of their children and grandchildren on borrowed money and fiat printed by the Fed.
It’s gonna be rough.
We have never seen this.
Since Monday 3 of our college and high school age kids have lost all of their 4 combined jobs. 3 at food service and 1 health club. Not good.
Everyone has a say. It’s called public opinion.
An employer who “won’t put up with it” will get a lot further
in his defiance backed up by all of his employees.
That is a very good blessing for you.
This will knock out the service industry.
I agree with your time frame assessment on defiance of the quarantine.
This is insane!!!! 20% unemployment will kill millions! Suicides, heart attacks, strokes, loss of private health insurance which leads to deaths from lack of basic medical services, increased drug and alcohol abuse and an increase in violent crime. Can someone wake up Trump to this madness and convince him to get this economy moving again not with government hadouts, but by leading us out of this hysteria?
I can’t imagine a hair stylist, for example, keeping the doors closed just because some government official told them to.
We shut our biz down Friday. I spent the day issuing refunds......which means we paid the double service charge. I have about $4k in expenses coming in about the next month. And I’m better off than most to ride this out.
I feel for you. I lost my Spring Fairs and Festival run...tens of thousands of dollars lost. Now for the next three months we have $40 a week to live on. Luckily we had that. Usually we arrive at our first event on fumes after a long winter of no shows.
It will be a short time but long enough to put a hurting on millions. Rand Paul and several other repubs had a good idea. Instead of sending out millions of $1000 checks, just temporarily fast track unemployment. The system is already there. Just remove the initial length of time before one can apply and receive.
Difference from 2008 is that Trump isn’t going to use it just to pay his slush-fund-buddies like Zero did with Solyndra and the other Dem fat cats.
Right. It seems to me that a lot of businesses, ranging from styling salon size to much bigger, are going to be forced to close. I don’t think it will be too long before most of these people, employees and employers, will turn on some serious political heat.
You know how cowardly politicians are when ‘the people’ yell at them. Stipends aren’t going to keep the heat down much longer IMO.
Mission accomplished! I am not sure what America will be after this. 9/11 was a piker compared to this. With the Taliban,we practically declare defeat with (”peace talks”) after close to 20 years of shredding liberty and spilling blood. With Corona we are giving it ALL away so much more easily.
My wife works at Nordstrom. Yesterday around 3:00 she was told her hours had been further cut. Within two hours she found out the store would be closed for two weeks. Tonight it was extended to the end of April. We are well and truly screwed.
What the F did people think was gonna happen when you purposely shut down all the schools and half the businesses.
This overreaction is going to kill the golden goose.
15% is a safe bet.
20% is imaginable.
—
Why? To either number. This is all idle speculation on the future.
Where was the focus les than 2 months ago? It was on WW3 being allegedly triggered by droning some Quds Force leader I can’t even remember the name of.
The media hypes everything in the moment and then speculates always for the worst outcome.
Hate to ask this but...are we going to do this now every time there’s a new virus? Out of an abundance of caution....
If so, we’re telegraphing how to collapse America for good.
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