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BFNY516
LIF Adult
Member since 7/20 1187 total posts
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Stimulus and economy debate
A few words from this article in Newsweek. It made me think of how all the local charities that are saying the amount of people in need this year is higher than ever before. Where is a second or third stimulus?? How can Trump’s economical advisor say a stimulus is unnecessary because the economy is doing fine?
In a Wednesday evening tweet, Democratic New York Representative Alexandria Ocasio-Cortez criticized President Donald Trump's economic adviser Stephen Moore for calling a stimulus package to aid Americans during the ongoing coronavirus pandemic unnecessary because "the economy is doing fine."
"I don't see Republicans budging on the blue state bailout," Moore said, according to Jeff Stein, White House economics reporter for The Washington Post. "The economy is doing fine—much better than anyone expected."
Responding to Moore's comment, Ocasio-Cortez posted a tweet which read, "30 million people in this country are at risk of eviction. Millions of people are unemployed or underemployed from cut-back hours. The economy is not the stock market. We are NOT doing fine. People need help in red states and blue, & our job is to help everyone. This is basic."
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Posted 11/23/20 12:33 PM  |
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mrsrainbow
LIF Adult
Member since 1/17 1465 total posts
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Stimulus and economy debate
the stock market isnot an indicator of the economy - its an indiacator of stocks and capitalism. Meaningful economic reform is always ignored because the narrative "stock market = economy" is pushed.
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| Posted 11/23/20 6:50 AM |
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queensgal
Smile
Member since 4/09 3287 total posts
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Re: Stimulus and economy debate
Posted by mrsrainbow
the stock market isnot an indicator of the economy - its an indiacator of stocks and capitalism. Meaningful economic reform is always ignored because the narrative "stock market = economy" is pushed.
The stock market is an indicator of how the wealthy are doing.
Unemployment is sky rocketing.
GDP is crashing.
All these companies with high stocks are down 20-50-90-100+ percent of annual revenue.....I smell a stock bubble. Unless this vaccine comes quick and actually works, get ready to look back on 2020 as the good old days.
And before I’m called an alarmist, the longer covid is uncontrolled, the worse it will be. And it will have a disproportionate affect on the lower end of our population. The poor will get poorer. The rich will get richer.
The best thing is to get covid under control. Modify, not stop business practices. Retain consumer confidence and enable safe services/ manufacturing (with safety protocols).
The Republican approach of denial is the worst thing we can do. It elongated the pain and intensifies the problems.
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| Posted 11/23/20 10:02 AM |
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Re: Stimulus and economy debate
Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. In the second quarter of 2020, real GDP decreased 31.4 percent.
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| Posted 11/23/20 10:17 AM |
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mrsrainbow
LIF Adult
Member since 1/17 1465 total posts
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Re: Stimulus and economy debate
Posted by queensgal
Posted by mrsrainbow
the stock market isnot an indicator of the economy - its an indiacator of stocks and capitalism. Meaningful economic reform is always ignored because the narrative "stock market = economy" is pushed.
The stock market is an indicator of how the wealthy are doing.
Unemployment is sky rocketing.
GDP is crashing.
All these companies with high stocks are down 20-50-90-100+ percent of annual revenue.....I smell a stock bubble. Unless this vaccine comes quick and actually works, get ready to look back on 2020 as the good old days.
And before I’m called an alarmist, the longer covid is uncontrolled, the worse it will be. And it will have a disproportionate affect on the lower end of our population. The poor will get poorer. The rich will get richer.
The best thing is to get covid under control. Modify, not stop business practices. Retain consumer confidence and enable safe services/ manufacturing (with safety protocols).
The Republican approach of denial is the worst thing we can do. It elongated the pain and intensifies the problems.
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| Posted 11/23/20 9:36 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
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Re: Stimulus and economy debate
Unless something is done...things are going to get worse.
12 million Americans will lose their unemployment benefits at the end of the year.
Hold off on evictions will cease and many people will lose their homes.
The divide between the rich and the poor is widening.
The economy is production and jobs. You can't have a health economy without that.
Real GDP for 2020 is negative.
CBO projects that from 2020-2030 annual real GPD will be 3.4% lower then projected in January.
Only Congress can provide fiscal action.
The one positive in regards to the bleakness of the current economy is that our recession is due to outside forces - nothing organic such as the Great Recession and the mortgage crisis. There is an ability to "turn it on" again when the pandemic crisis lessens.
The issue is surviving until that time.
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| Posted 11/23/20 10:06 PM |
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