$3 trillion coronavirus relief plan!!!

[aygart]

The D's new exactly what they were doing.

And like usual the Rs were a bunch of bumbling fools.

[AsherO]

option 4: sell long term debt locking interest rates.

They’ll find a way to do this. Default means you lose whatever power you have in the world, and risk a world war.

[yos9694]

They’ll find a way to do this. Default means you lose whatever power you have in the world, and risk a world war.

No kidding- a default is very serious. A partial default wouldn't be as drastic as you say though. I wonder where the credit rating agencies are right now... we went very quickly to $25T in US sovereign debt with decreased revenues (both because of COVID) and they're being just as quiet as they were back in 2008 about the banks.

But I don't understand the quote in your post, we already sell long term debt instruments. Bonds come due and instead of paying them off out of revenue we raise the funds by issuing new bonds, so future servicing costs depend on current interest rates, it's not possible to "lock in today's rates" to answer that issue.

[CountValentine]

And like usual the Rs were a bunch of bumbling fools.

Not at all. They seen it but it was to late.

[S209]

Gladly.

At the present moment the US national debt is extremely cheap to service due to low interest rates. When interest rates get around to rising, servicing the national debt will become impossible.

There are only 3 ways to get rid of the debt. Growth, inflation, default. Growing our way out of it is not going to happen; look at GDP numbers and budget deficits. Inflation is a possible, but that much inflation would turn the US economy into Zimbabwe or the Weimar republic. So defaulting actually starts to look attractive.

Raising taxes to achieve a surplus? Cutting the budget to achieve a surplus? Those would be the normal ways.

Keeping interest rates low (decided by the Fed)?

[Mordyk]

Yes.

then the employees are not eligible for unemployment. 

[S209]

then the employees are not eligible for unemployment.

Worker is advised by healthcare provider or public health authority to quarantine

https://myunemployment.nj.gov/labor/myunemployment/assets/pdfs/COVID-19%20SCENARIOS.pdf

[yesitsme]

when is NYC reopening?
what should you do if you get called back but impossible to keep 6 feet distance from your workmates?

[S209]

when is NYC reopening?
what should you do if you get called back but impossible to keep 6 feet distance from your workmates?

Don’t go?

[yesitsme]

Don’t go?

would you get UI?

[S209]

would you get UI?

https://myunemployment.nj.gov/labor/myunemployment/assets/pdfs/COVID-19%20SCENARIOS.pdf

[grodnoking]

when is NYC reopening?
what should you do if you get called back but impossible to keep 6 feet distance from your workmates?

Don't worry. NYC isn't reopening. Ever.

[AsherO]

No kidding- a default is very serious. A partial default wouldn't be as drastic as you say though. I wonder where the credit rating agencies are right now... we went very quickly to $25T in US sovereign debt with decreased revenues (both because of COVID) and they're being just as quiet as they were back in 2008 about the banks.

But I don't understand the quote in your post, we already sell long term debt instruments. Bonds come due and instead of paying them off out of revenue we raise the funds by issuing new bonds, so future servicing costs depend on current interest rates, it's not possible to "lock in today's rates" to answer that issue.

I don’t know anything about the economics of this, but the bottom line is (that IMHO) people smarter than you and I will continue kick this can years (or generations) down the line. We have at least a few innings left in this game.

[yesitsme]

who remembers a few months ago before this whole covid the dems where warning us that a recession is around the corner, and now with covid we get the same warning again due to covid
we need an analysis on this

[SwellCindy]

Huh. Let's see this get passed.

"The legislation makes all dependents eligible for the extra $1,200, rather than just children younger than 17. That includes households with full-time students younger than 24 and adult dependents."

Source:
https://www.nbcnews.com/politics/congress/house-democrats-push-new-round-stimulus-checks-coronavirus-bill-n1205421

[AsherO]

Huh. Let's see this get passed.

"The legislation makes all dependents eligible for the extra $1,200, rather than just children younger than 17. That includes households with full-time students younger than 24 and adult dependents."

Source:
https://www.nbcnews.com/politics/congress/house-democrats-push-new-round-stimulus-checks-coronavirus-bill-n1205421

Im starting to get concerned that the senate will approve a different $3Trillion bill that will give the Dems the $1 200 per person they’re asking for (400-500Billion) and squander the rest on Republican self-interests, corporations, and other such wasteful things.

[aygart]

Im starting to get concerned that the senate will approve a different $3Trillion bill that will give the Dems the $1 200 per person they’re asking for (400-500Billion) and squander the rest on Republican self-interests, corporations, and other such wasteful things.

That would be like every other bill passed by Congress.

[AsherO]

That would be like every other bill passed by Congress.

Doesn’t make it any less of a problem: the bigger the bill, the more pork, the more money wasted to grease the dysfunctional machine called congress.

[yesitsme]

Huh. Let's see this get passed.

"The legislation makes all dependents eligible for the extra $1,200, rather than just children younger than 17. That includes households with full-time students younger than 24 and adult dependents."

Source:
https://www.nbcnews.com/politics/congress/house-democrats-push-new-round-stimulus-checks-coronavirus-bill-n1205421

capt to 6k = parents and 3 children, kill the rest

[SwellCindy]

capt to 6k = parents and 3 children, kill the rest

What do you mean? Do I understand correctly, you're implying it wouldn't be that big a deal?
To qualify for that amount under the current bill one would need to have 7 children under the age of 17. How can you compare when this would create that many more funds to reach families in need?