B-Man Posted May 8, 2020 Posted May 8, 2020 NOTHING GOOD: What Would Happen if Democrats Passed Another New Deal to ‘Fix’ This Depression-Level Unemployment? Flashback: FDR’s policies prolonged Depression by 7 years, UCLA economists calculate. But it got FDR reelected three times so, omelets, eggs. 1 1
Pine Barrens Mafia Posted May 8, 2020 Posted May 8, 2020 22 minutes ago, B-Man said: But it got FDR reelected three times so, omelets, eggs. Never underestimate the mental incapacity of Democratic Party voters. Never. 2 1
keepthefaith Posted May 8, 2020 Posted May 8, 2020 3 hours ago, Deranged Rhino said: Tax deadline moving: I see no reason to do this. 1
Koko78 Posted May 8, 2020 Posted May 8, 2020 5 minutes ago, keepthefaith said: I see no reason to do this. Well, 3.5 months isn't enough time for people under normal circumstances, so why not give them an extra 6-8 months to file ***** that was closed out at the end of 2019?
Trump_is_Mentally_fit Posted May 8, 2020 Posted May 8, 2020 If only Trump had listened to the experts. But he thought they were the deep State. If only Trump had acted sooner, we could have been more like South Korea If only Trump had some common sense. But farting unicorns are more realistic than that. It will be gone by April, like a miracle
SydneyBillsFan Posted May 8, 2020 Posted May 8, 2020 1 hour ago, Joe in Winslow said: Never underestimate the mental incapacity of Democratic Party voters. Never. Or leftist-greens in general the world over. Birds of a deluded feather. 1
Chef Jim Posted May 8, 2020 Posted May 8, 2020 (edited) 7 hours ago, keepthefaith said: I see no reason to do this. Me either. Unfortunately most people get refunds. It’s delaying getting much needed money to people by allowing them to procrastinate. What’s the delay? 6 hours ago, Tiberius said: If only Trump had listened to the experts. But he thought they were the deep State. If only Trump had acted sooner, we could have been more like South Korea If only Trump had some common sense. But farting unicorns are more realistic than that. It will be gone by April, like a miracle Well that’s my aspiration in life. To be more like South Korea. Edited May 9, 2020 by Chef Jim 1
Koko78 Posted May 8, 2020 Posted May 8, 2020 1 hour ago, Tiberius said: If only Trump had acted sooner, we could have been more like South Korea Which day, exactly, would you have preferred he shut down the country?
Trump_is_Mentally_fit Posted May 9, 2020 Posted May 9, 2020 It will be gone by April. I guess Trump was talking about the economy, not the virus
RochesterRob Posted May 9, 2020 Posted May 9, 2020 21 hours ago, Tiberius said: Hey, who knows, maybe the Supreme Court will be dumb enough to kill health insurance for 30 million Americans on top of all this. Sure would be doing what they want. Republican leaders hate the people. Earth to Tiberius : The people who got incredibly agitated over Herbert Hoover are pretty much gone from this world. That aside if you had read anything about HH you would know that he was not a hater. Actually, fairly astute but not much of a public speaker and did not have FDR's flare for addressing the nation. The greatest irony will be that many so called intellectuals will still criticize HH but also will label Trump's stimulus efforts as purely wasteful as I heard on one weekend AM radio financial show.
Chef Jim Posted May 9, 2020 Posted May 9, 2020 13 minutes ago, Tiberius said: It will be gone by April. I guess Trump was talking about the economy, not the virus But the market had its best April in 80 years so the economy is doing great! 1
Koko78 Posted May 9, 2020 Posted May 9, 2020 15 minutes ago, Tiberius said: It will be gone by April. I guess Trump was talking about the economy, not the virus Keep cheering for people's misery. Maybe you'll get lucky and we'll have more deaths to entertain you.
RochesterRob Posted May 9, 2020 Posted May 9, 2020 14 minutes ago, Tiberius said: It will be gone by April. I guess Trump was talking about the economy, not the virus "It will be gone by April." Something that Tiberius' mom has said every March for the last 35 years. 2
RochesterRob Posted May 9, 2020 Posted May 9, 2020 18 hours ago, keepthefaith said: I see no reason to do this. I guess that I will go against the grain and say there is good reason depending on the situation. Most businesses don't have huge cash reserves to deal with a 60 day interruption in income. If they have credit lines they most likely have already tapped into them to stay solvent. What would have been used to pay income taxes has already been raided to stay afloat. Whoever is advising Trump probably made him aware of this problem. Word as of late is many financial institutions are running for cover shutting off credit options for many businesses without direct cause such as late payment. Many business owners if they are not between a rock and a hard place soon will be there.
keepthefaith Posted May 9, 2020 Posted May 9, 2020 32 minutes ago, RochesterRob said: I guess that I will go against the grain and say there is good reason depending on the situation. Most businesses don't have huge cash reserves to deal with a 60 day interruption in income. If they have credit lines they most likely have already tapped into them to stay solvent. What would have been used to pay income taxes has already been raided to stay afloat. Whoever is advising Trump probably made him aware of this problem. Word as of late is many financial institutions are running for cover shutting off credit options for many businesses without direct cause such as late payment. Many business owners if they are not between a rock and a hard place soon will be there. Agree that many businesses are between a rock and a hard place. The IRS though already has policies in place for people/businesses that can't pay their taxes on time. To me everyone should get their returns filed and if some people/businesses can't pay on time then deal with those as needed. Small business owners typically make quarterly tax payments and those are due on a schedule regardless if your return was filed on time or extended.
RochesterRob Posted May 9, 2020 Posted May 9, 2020 1 minute ago, keepthefaith said: Agree that many businesses are between a rock and a hard place. The IRS though already has policies in place for people/businesses that can't pay their taxes on time. To me everyone should get their returns filed and if some people/businesses can't pay on time then deal with those as needed. Small business owners typically make quarterly tax payments and those are due on a schedule regardless if your return was filed on time or extended. Yes, but those who can't pay on time are subject to making regular payments which commences shortly after a plan is worked out. Quite simply I would guess that there are many people who probably could not make payments for several months if not longer. IRS protocol does not allow for a floating multi-year payment period lacking a schedule of payments. Usually, before that happens you are making weekly unpleasant contact with an IRS agent and delinquents are subject to income garnishment and asset seizure. Nobody wants to go to a place where this is wide spread because it greatly reduces the value of comparable assets and leads to a festering society where extremists prevail. Pushing back the clock on 2019 is not just an idle whim to buy votes in my mind but to keep a hole from blowing open in American society.
OldTimeAFLGuy Posted May 9, 2020 Posted May 9, 2020 23 hours ago, Tiberius said: Hey, who knows, maybe the Supreme Court will be dumb enough to kill health insurance for 30 million Americans on top of all this. Sure would be doing what they want. Republican leaders hate the people. ...there IS great comfort though knowing you'll forever be covered...just sayin'...................
ALF Posted May 10, 2020 Posted May 10, 2020 (edited) WASHINGTON (Reuters) - A steep economic downturn and massive coronavirus rescue spending will nearly quadruple the fiscal 2020 U.S. budget deficit to a record $3.8 trillion, a staggering 18.7% of U.S. economic output, a Washington-based watchdog group said on Monday. Releasing new budget estimates based on spending mandated by law, the Committee for a Responsible Federal Budget (CRFB) also projected that the fiscal 2021 deficit would reach $2.1 trillion in 2021, and average $1.3 trillion through 2025 as the economy recovers from damage caused by coronavirus-related shutdowns. “These projections almost certainly underestimate deficits, since they assume no further legislation is enacted to address the crisis and that policymakers stick to current law when it comes to other tax and spending policies,” the group said in a statement. https://www.reuters.com/article/us-health-coronavirus-usa-budget/u-s-deficit-to-soar-to-record-3-8-trillion-in-2020-budget-watchdog-group-says-idUSKCN21V1TA The Tea Party sure is quiet since Trump was elected especially before covid 19 2018 - $779 billion budget deficit 2017 - $665 billion budget deficit 2016 - $585 billion budget deficit 2015 - $439 billion budget deficit 2014 - $514 billion budget deficit 2013 - $719 billion budget deficit 2012 - $1.1 trillion budget deficit 2011 - $1.3 trillion budget deficit 2010 - $1.3 trillion budget deficit 2009 - $1.4 trillion budget deficit https://www.thoughtco.com/history-of-us-federal-budget-deficit-3321439 Budget Control Act of 2011 Long title An Act to provide for budget control. Enacted by the 112th United States CongressEffective August 2, 2011 The bill directly specified $917 billion of cuts over 10 years in exchange for the initial debt limit increase of $900 billion. This is the first installment ("tranche") of cuts. $21 billion of this will be applied in the FY2012 budget. Additionally, the agreement established the Joint Select Committee on Deficit Reduction, sometimes called the "super committee",to produce deficit reduction legislation by November 23, 2011, that would be immune from amendments or filibuster (similar to the Base Realignment and Closure). The goal of the legislation was to cut at least $1.5 trillion over the coming 10 years and be passed by December 23, 2011. Projected revenue from the committee's legislation could not exceed the revenue budgeting baseline produced by current law. (Current law had the Bush tax cuts expiring at the end of 2012.) The committee would have 12 members, 6 from each party. The agreement also specified an incentive for Congress to act. If Congress failed to produce a deficit reduction bill with at least $1.2 trillion in cuts, then Congress could grant a $1.2 trillion increase in the debt ceiling but this would trigger across-the-board cuts ("sequestrations"[note 1]), as of January 2, 2013. These cuts would apply to mandatory and discretionary spending in the years 2013 to 2021 and be in an amount equal to the difference between $1.2 trillion and the amount of deficit reduction enacted from the joint committee. https://en.wikipedia.org/wiki/Budget_Control_Act_of_2011 Rest In Peace, Budget Control Act: New Budget Deal Wipes Out 40 Percent of Landmark Law’s Savings by Demian Brady July 31, 2019 The Bipartisan Budget Act of 2019: Restraint Be Damned https://www.ntu.org/foundation/detail/rest-in-peace-budget-control-act-new-budget-deal-wipes-out-40-percent-of-landmark-laws-savings Edited May 10, 2020 by ALF
daz28 Posted May 10, 2020 Posted May 10, 2020 31 minutes ago, ALF said: WASHINGTON (Reuters) - A steep economic downturn and massive coronavirus rescue spending will nearly quadruple the fiscal 2020 U.S. budget deficit to a record $3.8 trillion, a staggering 18.7% of U.S. economic output, a Washington-based watchdog group said on Monday. Releasing new budget estimates based on spending mandated by law, the Committee for a Responsible Federal Budget (CRFB) also projected that the fiscal 2021 deficit would reach $2.1 trillion in 2021, and average $1.3 trillion through 2025 as the economy recovers from damage caused by coronavirus-related shutdowns. “These projections almost certainly underestimate deficits, since they assume no further legislation is enacted to address the crisis and that policymakers stick to current law when it comes to other tax and spending policies,” the group said in a statement. https://www.reuters.com/article/us-health-coronavirus-usa-budget/u-s-deficit-to-soar-to-record-3-8-trillion-in-2020-budget-watchdog-group-says-idUSKCN21V1TA The Tea Party sure is quiet since Trump was elected especially before covid 19 2018 - $779 billion budget deficit 2017 - $665 billion budget deficit 2016 - $585 billion budget deficit 2015 - $439 billion budget deficit 2014 - $514 billion budget deficit 2013 - $719 billion budget deficit 2012 - $1.1 trillion budget deficit 2011 - $1.3 trillion budget deficit 2010 - $1.3 trillion budget deficit 2009 - $1.4 trillion budget deficit https://www.thoughtco.com/history-of-us-federal-budget-deficit-3321439 We have been sold the notion that trickle down was going to be great since Ronald Reagan. Turns out it was funnel up economics, which means there was condensation for sure, but never precipitation. It's like a weather forecast gone horribly wrong. The real shame of the whole thing is they were able to blame it on lazy Americans sucking from the government's udders. There was plenty of money for social programs, but the reality is that there was no reason for companies to invest in a market to consumers who are buried in debt. The end result is now a massive sucking sound coming from the drain. Maybe I'm just jealous that I didn't get my share of robbing the American people of $20, soon to be $30 trillion dollars. If you still think this ends well, then you're probably already retired, or close to it. You may now commence on why unions and money wasted on college education were the real problems. Hook, line and sinker! 1
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