[MorTech]

The political terrorists steal trillions from us and you want to give them more? Doubleplusgood indeed!

[DianeM]

Originally Posted by graciegirl

Sigh. I have read them all. It will be far worse than any imagined and we will have to do what was done in the generation before mine...in the thirties. So start saving anything extra...reusing what you have and doing without. It is going to be tough. I hope it brings out some good traits in everyone they didn't know they had and makes people rethink things about large families and wasting money on things not necessary...and taking care of their own and expecting their own to work hard and do without too.

It will be difficult to say the least and there are no easy or simple answers. The government may need to do things like the New Deal to employ people.

My generation will suffer a lot if they don't have savings that are safe. Everyone will suffer. Now is not the time to spend money on foolishness.

Actually a program like the New Deal would be great. It would employ and repair.

[cheweycat]

2 pennies for every $10. This is so moderate! Unfortunately, people who hold these funds and stocks will say it’s my money. Gov’t keep your hands off!
How about, I want to contribute to my fellow Americans and stabilize our gov’t.

[DianeM]

Originally Posted by cheweycat

2 pennies for every $10. This is so moderate! Unfortunately, people who hold these funds and stocks will say it’s my money. Gov’t keep your hands off!
How about, I want to contribute to my fellow Americans and stabilize our gov’t.

2 cents is so low it makes great sense.

[blueash]

Originally Posted by DianeM

2 cents is so low it makes great sense.

I might have gone with 2 pennies is so low it makes great cents

As regards the stimulus story above, it does illustrate the reason why a stimulus, or a tax cut, or any other financial benefit given to the non-wealthy has more benefit to the economy. Give that same $100 to Thurston Howell and it doesn't circulate.

As wealth increases the likelihood that a stimulus is pocketed rather than spent is documented HERE This is why there is an income cut off when stimulating the economy is the goal.

[petsetc]

Originally Posted by DianeM

Actually what I suggested was proportional.

Only proportional if you make enough to pay.

SO you live in The Villages and have a retired income of ??? say 61,022 (The Villages, FL | Data USA), you pay 10% and are left with 54,920 to live on.

Now let's say you work for a landscaper in the villages and he pays the average hourly rate for the Villages of 15.07/hr (The Villages, Florida Hourly Rate | PayScale) and you work every day (2080 work hrs in a year-no vacation-no time off) and earn 31,346, pay 10% and are left with 28,211 to support your family of four including housing, food and health care.

Now lets say your RICHer, make 200K in your retirement. You end up with 180K to live on. Ad nauseam.

This is why proportional is regressive and not fair.

JMHO

[DianeM]

Originally Posted by petsetc

Only proportional if you make enough to pay.

SO you live in The Villages and have a retired income of ??? say 61,022 (The Villages, FL | Data USA), you pay 10% and are left with 54,920 to live on.

Now let's say you work for a landscaper in the villages and he pays the average hourly rate for the Villages of 15.07/hr (The Villages, Florida Hourly Rate | PayScale) and you work every day (2080 work hrs in a year-no vacation-no time off) and earn 31,346, pay 10% and are left with 28,211 to support your family of four including housing, food and health care.

Now lets say your RICHer, make 200K in your retirement. You end up with 180K to live on. Ad nauseam.

This is why proportional is regressive and not fair.

JMHO

Nonsense. Are you paying no taxes now in retirement?
The lawn person pays taxes on his paycheck now.
Sounds as if your problem is with someone who planned better and is RICHer (your typing). BTW - bigger income is bigger bills so proportional.

No one gets away with paying nothing now.

[graciegirl]

Originally Posted by cheweycat

2 pennies for every $10. This is so moderate! Unfortunately, people who hold these funds and stocks will say it’s my money. Gov’t keep your hands off!
How about, I want to contribute to my fellow Americans and stabilize our gov’t.

That's nice Chewey cat. yup.

[ffresh]

Originally Posted by rustyp

FYI - … One thing for sure we will pay one way or another but how and when. Pray that it won't be in the form of inflation which would hit the retired class the hardest.

You can pray all that you want but it won't help a bit. Pumping all of that fiat currency, aka "funny money" into the US economy is going to result in only one thing and that is horrendous inflation, possibly hyper-inflation; it's Econ 101. There's no getting around it. Welcome to 2008 Zimbabwe, 1921 Weimar republic of Germany, 2018 Venezuela. That is the aspect of this Covid debacle that many people are either ignoring or, more likely, don't understand. Many of these folks think there are no ramifications and all we have to do is "stay indoors". Others realize that the US economy cannot possibly survive, in a form we have come to know, after so many businesses will have closed, permanently, due to this travesty. Wait until much of this "printed out of thin air" currency, eventually, enters the marketplace and shoppers witness the price of a gallon of milk, a loaf of bread, a gallon of gas, etc., then there will be some enlightenment and a day of reckoning for shutting down most of the economy, while the Federal Reserve floods it with trillions of dollars of "funny money". Those on fixed incomes and the younger families with "mouths to feed" will suffer heavily as the purchasing power of the dollar is destroyed irreconcilably! Good luck to us all

Fred

[Fred2016]

Let’s start by taking away the huge tax breaks trump gave to the rich people last year

[DianeM]

Originally Posted by Fred2016

Let’s start by taking away the huge tax breaks trump gave to the rich people last year

We should also take it from every middle class family who had their paychecks increase because of lower taxes. They surely don’t need it. And especially we should take the tax cuts away from lower paid jobs as well. After all, they don’t need to eat 3 times a day.

[biker1]

What specifically? If you are referring to income tax rates, most of the income brackets saw a rate reduction.

Originally Posted by Fred2016

Let’s start by taking away the huge tax breaks trump gave to the rich people last year

[rustyp]

Originally Posted by ffresh

You can pray all that you want but it won't help a bit. Pumping all of that fiat currency, aka "funny money" into the US economy is going to result in only one thing and that is horrendous inflation, possibly hyper-inflation; it's Econ 101. There's no getting around it. Welcome to 2008 Zimbabwe, 1921 Weimar republic of Germany, 2018 Venezuela. That is the aspect of this Covid debacle that many people are either ignoring or, more likely, don't understand. Many of these folks think there are no ramifications and all we have to do is "stay indoors". Others realize that the US economy cannot possibly survive, in a form we have come to know, after so many businesses will have closed, permanently, due to this travesty. Wait until much of this "printed out of thin air" currency, eventually, enters the marketplace and shoppers witness the price of a gallon of milk, a loaf of bread, a gallon of gas, etc., then there will be some enlightenment and a day of reckoning for shutting down most of the economy, while the Federal Reserve floods it with trillions of dollars of "funny money". Those on fixed incomes and the younger families with "mouths to feed" will suffer heavily as the purchasing power of the dollar is destroyed irreconcilably! Good luck to us all

Fred

Right on. You can not believe how many people believe simply print more money. We are this far in debt what's another couple trillion is their attitude. Do these people realize if and when we get to the other side of this pandemic there will be economic casualties. It will be measured in unemployment. There are going to be many companies that can't survive this. Hopefully someone else picks up the slack and creates new businesses or add to theirs (another evil I see coming but that's a different subject of "driving out the middle class"). However this will take time. Don't believe for a New York minute it is going to be like turning a light switch back on. This increase in unemployment equals less tax revenue for the government which is already running a yearly deficit game which projections were based upon tax revenue of the best economy in the world. To make matters worse when people realize flipping the switch isn't going to turn the lights back on to full brilliance the stock market will have a double bottom which will add to loss of revenue for the government. Thus a very good question how are we going to pay for this ? How long will it take ?

[Mumbles]

Originally Posted by RoadToad

Actually, it appears the Virus originated from Europe, NOT Asia (China).
Nasty White folks, as it were. OOPS
GOOGLE IT!! FactFind!! Research!! Do Not Just Retweet it

...pulling manufacturers BACK to the US and help stop this insanity of using the country (China) that lends us billions every year as a Fool's Paradise of getting really inexpensive things. Imagine if we had had 100 manufactures of our own making masks and other safety equipment. Protection would have come MUCH sooner, yeah more expensively, but A LOT SOONER.

[Mumbles]

Originally Posted by graciegirl

It will be difficult to say the least and there are no easy or simple answers. The government may need to do things like the New Deal to employ people.

I agree with much of what you've written. But. I heard a Pulitzer prize-winning historian say, yesterday, that many citizens in the US think the New Deal was the answer to most financial problems. But, he said, it was the on-coming WWII which really saved us from the Depression.