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$600.00/week unemployment bonus, What's this gonna cost us?

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wgnrr1

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Spooner, WI
As we begin 2021, I find many business owner I talk to thinking this will be a great year. Now being the eternal pesimist that I am, I point out the obvious.

All those people laid off and collecting that bonus, how many took out taxes?

Now I have very little faith in humanity anymore, and I honestly feel people have gotten dumber. So I'm assuming 90% of these people didn't have anything withheld.

What does this mean for our economy? Where are we really headed?

Please don't turn this political! I'm concerned with the well-being of our businesses and our futures not the morons in control!

Sent from my rotary dial flip fone
 
Thank you for this thread...

My reply will be a little off topic... sorry...

I have been noticing people have money... The same people that usually live paycheck to paycheck... $600 for unemployment explains a lot....

As retired ol guy I can only dream this doesnt make inflation remove all comfort from my pension.
 
To the OP's question - I would say yes, there will likely be some inflationary pressure. But the actual payments to citizens should be minimally impactful, as most of the money will be back circulating in the economy pretty quickly, which is needed to prop-up the whole damn thing.

Now, as to the billions (MANY) that have gone to fraudsters and big-biz, let's take a look at that, shall we?

(The real cost of money to citizens should be balanced against the potential, extraordinarily disruption of having the economy collapse, and have tens of millions of people out of work, out of a home, and wandering around hungry.

It would make 1929 look like a boom year...)
 
Whose getting $600.00 a week? There was an extension of $300.00 a week that ends March 14.

The $600.00 stimulus payment we just got is tax free. Same as the $1,200 we got last year.
 
Who's getting $600.00 a week?

The $600.00 stimulus payment we just got is tax free. Same as the $1,200 we got last year.

I am, although it looks suspiciously like Monopoly money, and has the donald's puggly face printed in the center. And when I try spending it, none of the stores take it - Sad!

[This was a satirical post, with no political content]
 
Keep in mind the whole world is in the same (corona)boat.
Everyone’s economy is dealing with abnormal pressures, there’s definitely gonna be effects but I think as long as we don’t stay in the corona boat longer then the other world powers we should level out some day.
 
Amateur...

[Sent by the satellite I built in the shed, launched with my own rocket, and which uses 9G technology to process my brainwaves into text]

Damn, that girl looks fine!!

[Wait, did I just post that?!]
Ok, Elan Musk. Lol

Sent from my rotary dial flip fone
 
Whose getting $600.00 a week? There was an extension of $300.00 a week that ends March 14

I'm going back to when this all started. It was an additional $600.00 a week. It was additional to your unemployment benefit. Now had been dropped down. This money is not free. Does anyone get a federal tax return and not get taxed by their state on that? I know I do!

Something big is coming. Not sure what it is, but I am afraid we are all in trouble. Especially those of us who own businesses. The government is going to get paid back somehow.

Sent from my rotary dial flip fone
 
I'm going back to when this all started. It was an additional $600.00 a week. It was additional to your unemployment benefit. Now had been dropped down. This money is not free. Does anyone get a federal tax return and not get taxed by their state on that? I know I do!

Something big is coming. Not sure what it is, but I am afraid we are all in trouble. Especially those of us who own businesses. The government is going to get paid back somehow.

Taxes on the Stimulus payments or taxes on unemployment? The stimulus payments are tax free. Here in MI you pay 4.25% on unemployment. There is tax on federal unemployment but it's been so long since I was laid off I don't know the ins and outs of tax withholding on unemployment.

In any event unemployment payments are like social security the money comes from taxes you pay when your working it's hardly "free money"
 
I'm going back to when this all started. It was an additional $600.00 a week. It was additional to your unemployment benefit. Now had been dropped down. This money is not free. Does anyone get a federal tax return and not get taxed by their state on that? I know I do!

Something big is coming. Not sure what it is, but I am afraid we are all in trouble. Especially those of us who own businesses. The government is going to get paid back somehow.

Sent from my rotary dial flip fone

The "challenges" have been VERY well-covered from the outset - planning stages, even. But "covered" out where finance & economics guru's converse - AND NOT "right here, on PM"

Short take is;

- that the pain per-wage-earner "interrupted" will be spread-out and work its way through with more folk than average having need to arrange an installment plan with the IRS. The money just isn't THERE, and was not.

- that the far larger issue is what happens with the "PPP" - Payroll Protection Plan" settlements.

"Off PM" is still the best place to keep-up with what those whose "Day Job" it is are discussing, right, wrong, or sideways.

As with anything a "government" does, there are no perfect solutions. Never were. Never will be.

Only some "less-bad" than others.

Run what you got.

Before Big(ger) Gov ruins what you had gotten.
 
When they kept doing extended unemployment benefits in09-11 it raised the unemployment rate company’s where paying it’s already going up here but I think it’s the uncertainty of the regulations that will do more damage to the economy of small businesses. And I think all the money being dumped in the economy is exactly what someone up above said. devaluing pensions and social security value without cutting the checks. I feel sorry for folks who retired in the early 2000s with just enough
 
And I think all the money being dumped in the economy is exactly what someone up above said. devaluing pensions and social security value without cutting the checks. I feel sorry for folks who retired in the early 2000s with just enough

Not sure how it does that unless there's actual inflation, which is still quite low.

If we had the economy crash from truly massive unemployment, homelessness, and general chaos, do you think that would be better?
 
When they kept doing extended unemployment benefits in09-11 it raised the unemployment rate company’s where paying it’s already going up here but I think it’s the uncertainty of the regulations that will do more damage to the economy of small businesses. And I think all the money being dumped in the economy is exactly what someone up above said. devaluing pensions and social security value without cutting the checks. I feel sorry for folks who retired in the early 2000s with just enough

Over thirty percent down on the purchasing power, eleven years in, what with SSA COLA running at under half the actual rate of inflation, and my pension not even HAVING a COLA at all.

BFD.

We expected it to be worse - EG: SSA outright GONE before we hit the age, so "had our ways of coping" in-place 20 and 25-plus years ago when we each retired, ages 49 and 50.

MOST of today's "Seniors" are coping, and will continue to cope, far better than the next two human generations.

No mystery. We simply grew up in the age of grocery-store arithmetic and "TANSTAAFL", not "free everything" if yah but VOTE it so!

"Unemployment"? I was unemployed. Once. No compensation at the time.
Didn't like "hungry" well enough to try it again.

Thereafter always had more unpaid leave due me on departure to more than cover any brief gaps before having to even touch savings.
 
wouldn't a rotary cell phone be cooler than all get out?

kids wouldn't be able to use it

There used to be a cell phone convertor box for landlines, that could accept rotary signals.
I wanted to velcro one to the bottom of a standard black rotary desk phone and keep it in the truck.

The new home phone cell converters doo not accept rotary signals.
 
Well,surprisingly enough ,money is actually free.....a recent tender of Oz govt bonds,the winning bidder was at a negative interest rate............in other words ,they get less back than they invest.....And I can tell you first hand ,its kinda upsetting when you have a lot in cash ,enough to pay something like $100k pa in interest a few short years ago,will in fact pay around $5000 p/a in interest.
 
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