Unemployment
- Thread starter URedskin54
- Start date
I hope we have a plan with these shutdowns. We obviously can’t do this long term. We have four active cases in Tulsa County. Is there a certain number where we end the quarantine when it’s met?
On a side note, I don’t believe most people realize how many job cant be shut down. Anything having to do with food and/or basic necessity production. Any job related to the production of medical supplies. Financial / banking industry. Farming and support thereof.
Do you have the ability to respond without snark?
Flippantly responding to the idea that millions of working class people are about to be out of work because your job is likely to be unaffected(as is mine) is the height of privilege.
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I'm just noting that the epidemic is only getting worse in the US right now. Maybe once we have an adequate number of tests in place / a treatment regimine which shows a drop in the number of new cases we can start thinking about rolling back the orders.
Rolling back the process we have right now would be unbelievably stupid. given the growth we're seeing in infections and deaths.
Meh. Gon a have to get back to the grind sooner or later. Either the virus kills us or we kill ourselves by not producing vital resources anymore.
I don't think either of us really know whether or not this is true. There is more to weigh than just impact of the spread of the virus. The fact of the matter is you can't just halt a $20 Trillion economy and expect a stimulus to even make a dent in the outcome. We can throw as much money as we want at it and businesses are not going to be able to keep people on payroll. And it's not like you can just turn it back on. If this extends for the 2-3 month time period I've seen suggested we may see levels of misery in this country not thought possible in this era. That's not even considering the number of people around the world living just above extreme poverty. The death toll from the economic fallout could be huge. The CDC has a relatively easy task of suggesting solutions to their narrow problem, but leaders around the world should consider more than that. I'm not really qualified to suggest what the proper course is or whether we're doing the right thing, but I know that I'm still very worried about our current approach.
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If you turn it back on, you're going to see an outbreak like China, but on worse levels. People keep talking about how many people the Flu kills every year.... This would make that look like a walk in the park. We're seeing tens of thousands of cases in places where people had already started quarantines. I think we can only talk about life as usual when we have testing / treatment taken care of. Until then we have to weather the storm.
Essentially, we need to get to where SK is on testing.
To be fair, I think it's reasonable to assume that China's outbreak is several times more severe than they're letting on, but point taken.
China took steps we simply can't / won't take. The greatest risk of infection is to those in your household. China removed (by force) infected people from their homes to who knows where. This is obviously effective but not possible in the West.
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There has to be a significant death toll they're not reporting.
China's approach....slow down the original onslaught. Get the country back up and going while maintaining certain isolation measures in the hot spots. I assume they understand the consequences of a prolonged country wide shut down would have on its citizens. There's no doubt they have 1000s of active cases and 1000s of deaths.
Even getting what will only be a briefly effective stimulus passed can't get done. Yikes. I don't think people realize the economic catastrophe already underway while these games are being played.
Agreed. This is stupid. Full speed ahead. I’m so tired of hearing about it. I don’t know someone who knows someone who knows someone with this damned virus. Time to go to war with China. I’ve been afraid of a few things in my life but never a chinaman. Fk them. You have them wanting us to burn & Dems in our own house wanting to watch us burn. I’ve had it.
I thought we had a plan & that plan was to elect Joe Biden...?
By the way, I hope you saw this:
Unemployment now up to 9% after just two weeks. We did not hit 9% unemployment until year 2 of the Great Depression
Yes. It is currently very grim. As in GRAVE. Politically speaking, however, the chess pieces have continued to be moved in strategic brilliance. This bioweapon *cough* I mean Kung flu will pass. The sky is not falling. If I have a close friend ~30km outside of Wuhan & he doesn’t even know anyone that got the Chinese Virus (he’s French but trust me he’s far more trustworthy than the Chinese LOL) then the chances of you of someone you know getting it in the USA are still quite slim. It’ll be OK. The Great White Hope will victoriously lead us out of this.
Then we’re going to war & will be victorious again. Hahahaha I can’t wait to watch how the Left spins Putin blessing us with Russia’s help.
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Nah we're actually pretty screwed. It may indeed be the case that we're screwed no matter which path we take re: the coronavirus, but assuming this goes on for months, it's going to get really really bad.
Why is the Federal Reserve continuing to buy bonds from the US Treasury? Why would this be happening ESPECIALLY with Trump having 4 (or potentially 5) more years? Since you’re so smart & know so much about the economy, please, sir - explain this to me.
I challenge you to answer the same question I just asked him. Why is the Federal Reserve continuing to purchase bonds from the US Treasury. Y’all are so smart, surely one of y’all can answer this. If not one of y’all maybe GWmoney can.
By the way, that’s not true. At all. We exceeded 9% unemployment during the first 13 months of the Great Depression. They would’ve loved to have had 9% unemployment during the Great Depression. Great job on believing fake news, though.
I said 13 instead of 12 for that reason, fool - it’s a conservative estimate! Also, unemployment wasn’t the same back then as it is now. As any historian/economist worth their weight in salt will tell you, the economic indicators we use today are far more advanced than those that were used (much less even statistically logged) back in 1929 - labor force participation rate being just ONE of many examples (I chose that one because it is more influential than all the others) . There are new laws.
I could go on about this but I’m not here to give y’all a lesson in historical economics & how certain laws have affected economic indicators. Hell, I should be getting paid just to post on these topics but instead I’m sharing my knowledge with y’all for free.
Once again, why is the Fed continuing to buy US Treasury Bonds?
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In december of 1930 (year 2) unemployment was 8.7%. What a dumb thing to argue about
The U.S. debt is going to multiply greatly with this stimulus/relief package. Buying bonds back reduces the interest on the US debt. It's not a plan for war, it's an attempt to lower interest.
CBO expects a 28% drop in GDP for the second quarter as well. I don't even want to see what tax revenues look like with 30% unemployment and -28% GDP.
There are going to have to be austerity measures eventually. Probably a combination of raising tax rates across the board, cutting defense spending as well as social safety net spending.
I'll be interested to see what's going to happen in October. By that time we'll know what kind of health insurance premium increases we're going to see related to this outbreak. It might put even more pressure on the government to provide relief / alternatives / fixes for the broken health insurance industry.
The state level austerity measures are going to be brutal. Unless the federal government decides to do something to bail out state governments.
Surely it’s smarter to finish a sentence with a preposition. Is that why you forgot your period at the end of that one?
It really is sad how badly the public education system failed you.
https://www.merriam-webster.com/words-at-play/prepositions-ending-a-sentence-with
https://www.merriam-webster.com/words-at-play/prepositions-ending-a-sentence-with
You’re getting warmer with this one. Smartest response the the original question, yet. Of course, the wonderful economists URedskin & astonmartin are busy googling 1929 unemployment statistics to “fact-check” the article posted about current unemployment.
You’re close, though. You’re getting there, my friend.
The federal government is doing something... lol just admit you’re not an economist.
What is the difference between the Federal Reserve & the Treasury?
Most people don’t know that the Federal Reserve is private & operates completely autonomously REGARDLESS of who the chairman is.
Would you buy municipal bonds from a bankrupt Detroit?
There’s a difference between what has become colloquially/communicable accepted & proper English, my friend & fellow economist.
