Is the economy really that bad?

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Is the economy really that bad?

Post by TomCat88 » Wed Jun 10, 2020 7:04 pm

I've always believed a bad economy is really bad. People are really hammering on Trump over it, but he seems to think it's okay and I have to say, I don't see any soup kitchens popping up and no one jumping out of Wall Street windows. Is it too soon for that? I also recall the Great Recession supposedly being the second worst recession ever -- next to the Great Depression -- only to have it stopped by ARRA fairly easily it seemed to me. Did we learn so much from the Great Depression that we now have a playbook to rebound from any economic downturn.

Trump is saying that unemployment is fine, the stock market is excellent, so I'm just kind of wondering where are the numbers to back up that this economy is really tanking. Why aren't people in the streets protesting anymore? Did they all just decide it isn't so bad? I've heard all these dire predictions, but I don't see much happening along those lines. Are the stimulus checks helping that much?

The worst thing I've seen so far is that Starbucks is closing 200 stores, but they have them across the street from each other, so maybe that's just a natural retraction?

I just looked at Fox News and there's nothing there about the economy tanking.


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Re: Is the economy really that bad?

Post by 91catAlum » Wed Jun 10, 2020 7:28 pm

Well if FOX didn't cover it, it's not important.

Small business owners are definitely getting hurt. Some are permanently closing. But there are cheap/free PPP loans for them, if they qualify.

The average laid off worker is doing better than if they still had their job. Unemployment Insurance replaces your regular wage, but right now you get an additional $600 per week on top of the wage replacement. And it's a flat amount - if you qualify for just $1 of unemployment, you get the extra $600.

Plus everyone who's not rich got, or soon will get, a covid stimulus check.

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.


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Re: Is the economy really that bad?

Post by Cataholic » Wed Jun 10, 2020 7:56 pm

The oil and gas industry really took a beating with thousands of layoffs and multiple companies filing bankruptcy. While the price of crude oil has come up, the fundamentals are still bad and the industry is very shaky right now. More companies will fail this summer. As you can imagine, this does not get much coverage from the left media as the liberal view is fossil fuels are bad. Meanwhile, republicans like cheap gas so maybe not as much coverage as warranted.

Big Retail seems to be doing okay as consumers buy products, maybe more than normal with the stimulus. Small business has been hit hard but we won’t see that impact for awhile as empty buildings may become more noticeable months from now.

If Covid closes the economy again, I expect a major economic downturn - potentially a depression. Major companies like Delta, GM and Boeing all felt the pinch and they can only hemmorage so much. The stimulus packages have worked to some extent, but the government cannot continue to just print money. With 19 states reporting major upticks in Covid this week, we may be faced with a hard decision to close the economy again, or figure out an alternative ASAP.



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Re: Is the economy really that bad?

Post by The Butcher » Thu Jun 11, 2020 8:53 am

Another area that has took an absolute beating is the minority population. In May's unemployment report African Americans rose to 16.8% — the highest level in a decade. The unemployment rate for Latino workers was 17.6%, while the rate for white workers was 12.4%.



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Re: Is the economy really that bad?

Post by ilovethecats » Thu Jun 11, 2020 9:31 am

91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^



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Re: Is the economy really that bad?

Post by 91catAlum » Thu Jun 11, 2020 11:07 am

ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.


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Re: Is the economy really that bad?

Post by ilovethecats » Thu Jun 11, 2020 11:21 am

91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Wow. That's incredible.

I can't say I blame people. $600+ every week to not work is amazing. I read an article last week that I'll try to find. It basically just gave a rundown of what people are spending this "free" money on. Lottery tickets, electronics, alcohol and even golf memberships are all up nationally. But I suppose if we're going to be forced out of work for a while, may as well have some fun! \:D/



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Re: Is the economy really that bad?

Post by CelticCat » Thu Jun 11, 2020 11:26 am

Well alcohol is up because people like me had to work from home with their young kids all day. :lol: I certainly padded that alcohol sales number.


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Re: Is the economy really that bad?

Post by BigBruceBaker » Thu Jun 11, 2020 11:28 am

The Butcher wrote:
Thu Jun 11, 2020 8:53 am
Another area that has took an absolute beating is the minority population. In May's unemployment report African Americans rose to 16.8% — the highest level in a decade. The unemployment rate for Latino workers was 17.6%, while the rate for white workers was 12.4%.
Wow those numbers are scary. What were they before covid?


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Re: Is the economy really that bad?

Post by BigBruceBaker » Thu Jun 11, 2020 11:28 am

CelticCat wrote:
Thu Jun 11, 2020 11:26 am
Well alcohol is up because people like me had to work from home with their young kids all day. :lol: I certainly padded that alcohol sales number.
Well now we need to know what the favorite drink was!


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Re: Is the economy really that bad?

Post by TomCat88 » Thu Jun 11, 2020 11:29 am

91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall? It doesn't seem like it's as bad as the Great Recession in the 2000s, but that's just the way it seems to me. I'm not much when it comes to economics. What little I see in the news they make it sound like it's worse than that and maybe as bad as the Great Depression. Kind of hard to say though since those were different times. Almost everyone has running water, sewage systems, good roads, etc. nowadays. I have renters that are a couple that I would think would be most effected by this, but they're always reassuring me that they're fine, no problems, don't worry.

I guess the USA is still the richest country in the world even during tough times, so we should be as capable as anyone of taking care of our own during tough financial times. Hard to say though. Very confusing.


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Re: Is the economy really that bad?

Post by ilovethecats » Thu Jun 11, 2020 11:46 am

TomCat88 wrote:
Thu Jun 11, 2020 11:29 am
91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall? It doesn't seem like it's as bad as the Great Recession in the 2000s, but that's just the way it seems to me. I'm not much when it comes to economics. What little I see in the news they make it sound like it's worse than that and maybe as bad as the Great Depression. Kind of hard to say though since those were different times. Almost everyone has running water, sewage systems, good roads, etc. nowadays. I have renters that are a couple that I would think would be most effected by this, but they're always reassuring me that they're fine, no problems, don't worry.

I guess the USA is still the richest country in the world even during tough times, so we should be as capable as anyone of taking care of our own during tough financial times. Hard to say though. Very confusing.
You know, I'm not much of an economist either. For me, I have essential businesses and businesses have never been better. I gave my staff raises but have still struggled getting help as people are making great money not working.

I don't have any rentals but my parents do and so far it's been a mixed bag. A couple of them are just fine. The tenants weren't really effected by the shutdown. They have two families that struggled pretty bad in the beginning. They waived rent in March and April which was very nice. I'm sure many landlords weren't in a position to do the same. One family bounced back and is doing well but I'm told another family is having a hard time making rent.

I will say that if people not being able to work for months doesn't impact the economy at all, we need to all revaluate how much we're working. Obviously playing is way more fun than working, so if we learn we can play a lot, work less and nothing changes, I'll be at the front of the line to work less. I just don't see how it's possible. I think people are enjoying the government money right now, perhaps another stimulus to come. But eventually I think people will need to work again. And when that time comes, I hope all the stores, bars, restaurants etc that are really struggling right now are still around. Because right now those places are having a hell of a time getting people to get off the couch and come work, and make less money doing that. I personally know of two businesses that think they have 2 months tops if things continue the way they are. Finding help is tough, and those that do want to work only want minimal hours. Businesses just can't survive that way.

The next few months are going to be fascinating to watch.



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Re: Is the economy really that bad?

Post by Cataholic » Thu Jun 11, 2020 11:54 am

BigBruceBaker wrote:
Thu Jun 11, 2020 11:28 am
The Butcher wrote:
Thu Jun 11, 2020 8:53 am
Another area that has took an absolute beating is the minority population. In May's unemployment report African Americans rose to 16.8% — the highest level in a decade. The unemployment rate for Latino workers was 17.6%, while the rate for white workers was 12.4%.
Wow those numbers are scary. What were they before covid?
They were at historic lows. Our economy was arguably the strongest it has been in the past 50 years.



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Re: Is the economy really that bad?

Post by TomCat88 » Thu Jun 11, 2020 12:02 pm

ilovethecats wrote:
Thu Jun 11, 2020 11:46 am
TomCat88 wrote:
Thu Jun 11, 2020 11:29 am
91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall? It doesn't seem like it's as bad as the Great Recession in the 2000s, but that's just the way it seems to me. I'm not much when it comes to economics. What little I see in the news they make it sound like it's worse than that and maybe as bad as the Great Depression. Kind of hard to say though since those were different times. Almost everyone has running water, sewage systems, good roads, etc. nowadays. I have renters that are a couple that I would think would be most effected by this, but they're always reassuring me that they're fine, no problems, don't worry.

I guess the USA is still the richest country in the world even during tough times, so we should be as capable as anyone of taking care of our own during tough financial times. Hard to say though. Very confusing.
You know, I'm not much of an economist either. For me, I have essential businesses and businesses have never been better. I gave my staff raises but have still struggled getting help as people are making great money not working.

I don't have any rentals but my parents do and so far it's been a mixed bag. A couple of them are just fine. The tenants weren't really effected by the shutdown. They have two families that struggled pretty bad in the beginning. They waived rent in March and April which was very nice. I'm sure many landlords weren't in a position to do the same. One family bounced back and is doing well but I'm told another family is having a hard time making rent.

I will say that if people not being able to work for months doesn't impact the economy at all, we need to all revaluate how much we're working. Obviously playing is way more fun than working, so if we learn we can play a lot, work less and nothing changes, I'll be at the front of the line to work less. I just don't see how it's possible. I think people are enjoying the government money right now, perhaps another stimulus to come. But eventually I think people will need to work again. And when that time comes, I hope all the stores, bars, restaurants etc that are really struggling right now are still around. Because right now those places are having a hell of a time getting people to get off the couch and come work, and make less money doing that. I personally know of two businesses that think they have 2 months tops if things continue the way they are. Finding help is tough, and those that do want to work only want minimal hours. Businesses just can't survive that way.

The next few months are going to be fascinating to watch.
The bar and restaurant business is always sketchy (more to than money), but having tough econ times has to put you over the edge unless you own a very well established place and can hang on. My parents owned a bar/cafe/hotel for 23 years and the cafe went under in about 15 years. My dad said that was owning a boat...the best two days are when you buy it and sell it. He advised me to not get into the bar business.


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Re: Is the economy really that bad?

Post by The Butcher » Thu Jun 11, 2020 12:11 pm

TomCat88 wrote:
Thu Jun 11, 2020 11:29 am
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall?
The Labor Department did not count 5 million people collecting unemployment in April and May and did NOT correct the mistake. Had the mistake been corrected, the unemployment rate would have risen to 16.1% in May. The corrected April figure would have been more than 19.5%—rather than 14.7%. So unemployment is not rebounding like the report would suggest.



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Re: Is the economy really that bad?

Post by ilovethecats » Thu Jun 11, 2020 12:24 pm

TomCat88 wrote:
Thu Jun 11, 2020 12:02 pm
ilovethecats wrote:
Thu Jun 11, 2020 11:46 am
TomCat88 wrote:
Thu Jun 11, 2020 11:29 am
91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall? It doesn't seem like it's as bad as the Great Recession in the 2000s, but that's just the way it seems to me. I'm not much when it comes to economics. What little I see in the news they make it sound like it's worse than that and maybe as bad as the Great Depression. Kind of hard to say though since those were different times. Almost everyone has running water, sewage systems, good roads, etc. nowadays. I have renters that are a couple that I would think would be most effected by this, but they're always reassuring me that they're fine, no problems, don't worry.

I guess the USA is still the richest country in the world even during tough times, so we should be as capable as anyone of taking care of our own during tough financial times. Hard to say though. Very confusing.
You know, I'm not much of an economist either. For me, I have essential businesses and businesses have never been better. I gave my staff raises but have still struggled getting help as people are making great money not working.

I don't have any rentals but my parents do and so far it's been a mixed bag. A couple of them are just fine. The tenants weren't really effected by the shutdown. They have two families that struggled pretty bad in the beginning. They waived rent in March and April which was very nice. I'm sure many landlords weren't in a position to do the same. One family bounced back and is doing well but I'm told another family is having a hard time making rent.

I will say that if people not being able to work for months doesn't impact the economy at all, we need to all revaluate how much we're working. Obviously playing is way more fun than working, so if we learn we can play a lot, work less and nothing changes, I'll be at the front of the line to work less. I just don't see how it's possible. I think people are enjoying the government money right now, perhaps another stimulus to come. But eventually I think people will need to work again. And when that time comes, I hope all the stores, bars, restaurants etc that are really struggling right now are still around. Because right now those places are having a hell of a time getting people to get off the couch and come work, and make less money doing that. I personally know of two businesses that think they have 2 months tops if things continue the way they are. Finding help is tough, and those that do want to work only want minimal hours. Businesses just can't survive that way.

The next few months are going to be fascinating to watch.
The bar and restaurant business is always sketchy (more to than money), but having tough econ times has to put you over the edge unless you own a very well established place and can hang on. My parents owned a bar/cafe/hotel for 23 years and the cafe went under in about 15 years. My dad said that was owning a boat...the best two days are when you buy it and sell it. He advised me to not get into the bar business.
Yep. It's certainly not for everyone. Some bars are a constant struggle. Others are complete cash cows. I've been a part of both. The latter is much more fun. :wink:



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Re: Is the economy really that bad?

Post by 91catAlum » Thu Jun 11, 2020 12:44 pm

TomCat88 wrote:
Thu Jun 11, 2020 11:29 am
91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall? It doesn't seem like it's as bad as the Great Recession in the 2000s, but that's just the way it seems to me. I'm not much when it comes to economics. What little I see in the news they make it sound like it's worse than that and maybe as bad as the Great Depression. Kind of hard to say though since those were different times. Almost everyone has running water, sewage systems, good roads, etc. nowadays. I have renters that are a couple that I would think would be most effected by this, but they're always reassuring me that they're fine, no problems, don't worry.

I guess the USA is still the richest country in the world even during tough times, so we should be as capable as anyone of taking care of our own during tough financial times. Hard to say though. Very confusing.
I can't speak for the country but I can tell you that the numbers have been decreasing over the last 3-4 weeks in Montana. I dont know what the "record" is but when you go from 50,000 unemployed to 40,000 in 3 weeks, that probably is a record! :lol: But its still a really high number, so again it depends on which angle you want to see it from.


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Re: Is the economy really that bad?

Post by BigBruceBaker » Thu Jun 11, 2020 1:06 pm

Cataholic wrote:
Thu Jun 11, 2020 11:54 am
BigBruceBaker wrote:
Thu Jun 11, 2020 11:28 am
The Butcher wrote:
Thu Jun 11, 2020 8:53 am
Another area that has took an absolute beating is the minority population. In May's unemployment report African Americans rose to 16.8% — the highest level in a decade. The unemployment rate for Latino workers was 17.6%, while the rate for white workers was 12.4%.
Wow those numbers are scary. What were they before covid?
They were at historic lows. Our economy was arguably the strongest it has been in the past 50 years.
I know they were, I want to see the same breakdown that @The Butcher just showed. Statistics are awesome, but they ALWAYS need context.


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Re: Is the economy really that bad?

Post by ilovethecats » Thu Jun 11, 2020 1:23 pm

91catAlum wrote:
Thu Jun 11, 2020 12:44 pm
TomCat88 wrote:
Thu Jun 11, 2020 11:29 am
91catAlum wrote:
Thu Jun 11, 2020 11:07 am
ilovethecats wrote:
Thu Jun 11, 2020 9:31 am
91catAlum wrote:
Wed Jun 10, 2020 7:28 pm

And hopefully when the bill comes due for the $25,000,000,000,000 national debt, I'll be retired or on to the next life.
:lol:

Me too! I guess in theory the economy will never be bad if we just keep printing monopoly money for the folks!

Just like the virus itself, I'm guessing we won't truly see the impacts of the shutdown for a few months and years ahead. Like you pointed out, right now the people that I envision struggling in the coming months are doing great! People making a few hundred dollars a week are now making almost $1000 a week. Not working. Sounds amazing to me.

However, in a month or so, whenever people aren't getting that government money, we'll see how they do. :-^
Right. That extra $600/week comes to an end in July, but you can still collect Unemployment Insurance beyond that, of course.
Right now a new UI program called "Extended Benefits" is being added which allows you to stay on UI for an extra 3 months or so beyond the usual timeframe (28 weeks i think?? not sure). But the pay rate will not have the extra $600/week so at least the incentive to NOT work will be gone soon.
Isn't unemployment rebounding at historic rates? I thought Trump said that the decrease in unemployment was a record. If it's coming back that fast, then will it be over by the fall? It doesn't seem like it's as bad as the Great Recession in the 2000s, but that's just the way it seems to me. I'm not much when it comes to economics. What little I see in the news they make it sound like it's worse than that and maybe as bad as the Great Depression. Kind of hard to say though since those were different times. Almost everyone has running water, sewage systems, good roads, etc. nowadays. I have renters that are a couple that I would think would be most effected by this, but they're always reassuring me that they're fine, no problems, don't worry.

I guess the USA is still the richest country in the world even during tough times, so we should be as capable as anyone of taking care of our own during tough financial times. Hard to say though. Very confusing.
I can't speak for the country but I can tell you that the numbers have been decreasing over the last 3-4 weeks in Montana. I dont know what the "record" is but when you go from 50,000 unemployed to 40,000 in 3 weeks, that probably is a record! :lol: But its still a really high number, so again it depends on which angle you want to see it from.
I need someone to dumb this down for me as I must be missing something.

If you force people to quit working and shelter in place, and unemployment goes through the roof.....then you allow people to work again, isn't that automatically going to rebound unemployment at historic rates? How is this even a comparison?

Like I said, I assume I'm missing something here.



Cataholic
Member # Retired
Posts: 2531
Joined: Sat Oct 04, 2014 10:09 pm

Re: Is the economy really that bad?

Post by Cataholic » Thu Jun 11, 2020 6:37 pm

BigBruceBaker wrote:
Thu Jun 11, 2020 1:06 pm
Cataholic wrote:
Thu Jun 11, 2020 11:54 am
BigBruceBaker wrote:
Thu Jun 11, 2020 11:28 am
The Butcher wrote:
Thu Jun 11, 2020 8:53 am
Another area that has took an absolute beating is the minority population. In May's unemployment report African Americans rose to 16.8% — the highest level in a decade. The unemployment rate for Latino workers was 17.6%, while the rate for white workers was 12.4%.
Wow those numbers are scary. What were they before covid?
They were at historic lows. Our economy was arguably the strongest it has been in the past 50 years.
I know they were, I want to see the same breakdown that @The Butcher just showed. Statistics are awesome, but they ALWAYS need context.
The unemployment rate towards the end of last year was 3.5%. It was the lowest since 1969. The jobless rate for Hispanics hit a record low of 3.9% in September, while African Americans maintained its lowest rate ever, 5.5%.
The unemployment rate for Asian Americans was 2.5% in September. The jobless rate for adult women came in at 3.1%.

https://www.cnbc.com/2019/10/04/black-a ... d-low.html



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