The real crisis of the coronavirus is that it’s going to bankrupt more people than it kills, especially in the United States. Household debt has skyrocketed in the years following the Great Recession, putting many at risk for a financial disaster.
Businesses are shutting doors and closing shop to prevent the spread of the coronavirus. But this in itself is a disaster for many who live paycheck to paycheck, which is almost 80% of Americans. Not to mention household debt in the U.S. reached a record of $14 trillion in February during the coronavirus’ spread around the globe.
COVID-19’s economic danger is exponentially greater than its health risks to the public. If the virus does directly affect your life, it is most likely to be through stopping you from going to work, forcing your employer to make you redundant, or bankrupting your business. According to the Independent, that’s the main concern.
It is difficult to imagine Italy not entering a recession (the world’s ninth-largest economy is now on lockdown). It is also difficult to imagine that failing to affect Europe and its largest trading partner, the United States. And it is impossible to see how any of this will not add up to a global downturn unless governments step in faster and harder than they did 12 years ago during the last financial crisis –The Independent
The U.S. already dropped interest rates, and that hasn’t stemmed the bleeding. But lowering interest rates hasn’t caused people to spend more money. It usually spikes mortgage refinances, however. The Trump administration has floated the idea of cutting taxes, which would help. But only if that is swift and deep. Any tax cut that’s too small to make a noticeable difference right away won’t save the economy either.
NBC News reported that Trump’s proposal was, in fact, ok, but not great, for anyone working. His plan would eliminate the payroll tax for the remainder of the year. That means you’d get to keep a mere 6.2% more of your own money for the rest of 2020. Payroll taxes, which are distinct from income taxes, are paid by both employers and employees, with workers paying 6.2 percent of their salaries up to $137,000 to fund Social Security and employers matching that amount. The cut applies only to those who get paychecks, so it would provide little relief to people who are laid off as a result of an economic downturn.
Small businesses, in particular, are struggling as supply chains dry up, leaving them without products or essential materials. Factory closures in China have led to a record low in the country’s Purchasing Manager’s Index which measures manufacturing output. China is the world’s largest exporter and is responsible for a third of global manufacturing, so China’s problem is everyone’s problem — even in the midst of a trade war between the White House and Beijing. –The Independent
What Trump really needs to do is eliminate the Federal income tax. Again, small cuts won’t help the average person at this point and won’t be noticeable to give the economy a boost. Any money that is yours that you get to keep and isn’t stolen from you is at least some help, however. Americans are overtaxed anyway.
The economic problems may be only beginning and the coronavirus may finally be the event to pop the everything bubble.
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If you dont have a job then Federal income tax holidat still doesnt provide much relief if you are still trying to find employment
Yee-Haw!!!
What a RIDE this far today, eh kiddo’s?
DOW down more than 2200 points before the Big Bad Fed steps in with a 1.5 Trillion dollar Bazooka…which instantly FIXED everything! NOT. The follow up to that release was a muted 400 point retrace into the -1700 point territory. We’re SAVED!!!
HAHAAAAAA…
BTW, this is simply too rich to believe, up at ZH now,
” ‘US Army Behind COVID-19 In Wuhan’: China’s Foreign Ministry Levels Bombastic Charge”
A State ‘organ’ (I wonder WHICH ‘organ’…the rectum perhaps?) posted the accusation contained in the preceding.
WOW…how incompetent can you be?
First you sub rosa – against ALL international convention – develop a lethal pathogen which subsequently escapes and YOU blame someone else?! Fucking Hysterical.
Only three possible cases exist here as a potential PLAUSIBLE explanation for what transpired in the shit-hole known as China, those being,
1) The current COVID-19 was developed and subsequently accidentally released from the Wuhan BSL-4 Lab…
2) The Virus was developed at the Wuhan Lab and subsequently released deliberately on the instruction of the Central Committe…
3) the Virus was dispersed in Wuhan by ‘someone else’.
Let’s look at the possibilities here critically.
In the first case, China – which is signatory to few (if any) – international agreements controlling the development and proliferation of WMD and who are JUST now becoming a First World country, having been little more than a bunch of mud-slogging rice paddy farmers 30 years ago, having no fundamental regard for human life on any scale, develop and subsequently accidentally discharge a deadly pathogen from their brand-spanking new BSL-4 facility…and subsequently, in the face of the first REAL pushback from the Chinese people since the time of Mao IMMEDIATELY do what?
They point the finger at someone ELSE….Pull-eazze.
2) Facing critical shortages of Pork, with their Chiken stock under extreme threat from Asian Avian Flu, the CHINESE Central Comittee ‘instructs’ their brand-new WORLD CLASS BSL-4 facility to release COVID-19 on Wuhan ‘accidentally’ as a ‘herd thinning’ measure to relieve the food security problem.
3) Someone ELSE developed COVID-19 and smuggled it into Wuhan, dispersing it with subsequent effect.
IF China announces the ‘miraculous’ development of a brand-spanking new vaccine (roughly 12-18 months before any such could possibly be available) then I’d start getting a bit nervous: no one in their ‘right mind’ would ever contemplate releasing a biologic weapon into ‘the Wild’ unless they ALREADY had a vaccine developed. Period.
If instead the Chinese accidentally released the COVID virus by accident from the Wuhan facility – surely NOT, it’s brand new!…it’s a matter of National Pride!…it’s a…it’s a…DOH!
3) Last case, surely the Imperialist pigs have done this to us!!!
Yeah, right…in case you hadn’t noticed our BRILLIANT Captains of Industry farmed out ALL of our heavy manufacturing to you China and to a lesser extent, India..at YOUR insistence, leaving us in a REAL pretty pickle if suddenly the pipeline of finished goods shipping to our shores becomes interupted. Ya THINK??!!
Of all the dumd-ass, moron-grade attempts I have EVER seen, this one is hands down the stupidest. Period, nuff said.
If I were Chinese and I even caught the faintest whiff that my own government had released a PLAGUE on it’s own people how do you think I’d react. Simple answer, there be – Oh say – about 10,000 HIGH OFFICIALS of the Communist Party hanging by the neck from all those fancy new electric lamppost I’d spent my life installing for the sake of my ‘betters’. Wake up China, your MASTERS don’t have any more regard for you than they do for the herds of pigs you so recently HAD.
JOG
Folks, we have been vindicated. Brace for hostility. Protect your children.
“You can ignore reality but you cannot ignore the consequences of ignoring reality.” – -Ayn Rand
Eliminating income taxes is easy if the Federal Reserve is eliminated, since income taxes were created in 1913 as a result of the Federal Reserve Act of 1913 in order to pay the interest on the money that the government borrows from the Federal Reserve. Inflation is created by interest rates and not by fiat currency. So, it must be a debt free based government monetary system, otherwise, it will guarntee inflation and the same boom bust cycles that have destroyed so many lives.I favor something similar to the Pennsylvania Pound correlated to land but not a guarantee of land for national security reasons. America must also begin manufacturing all necessary products in America amd leave imports strictly for unnecessary luxury items.
biol weapon unleashed, more to come to depopl. for agenda 2030. America, Canada and the E.U. taken down into globalist slave state and A.I. control to the max. Keep your guns. https://static1.squarespace.com/static/514b05c6e4b04d7440eb010a/t/5e43713e383ee71bf828b05d/1581478219297/Letter-to-White-House-Officials-Feb-10-2020.pdf
I have been watching this since the 1980s. It has been long in the planning and deep in the execution.
The “ch#nk stink” is just the opening. Next phase is border lockdowns, conscription, deportations of undesirables, … and war. Big war.
I would look to radical Islam (Saudi Arabia) for the true culprit. Qui bono? They bono.
Wall Street is addicted to fools. Don’t fall for their B.S. face-saving confidence game! Tell them off!
This is a false flag to mask the economic collapse to switch us all over to Digital Currency. Some Countries are burning their paper currency money because the paper is a bacteria sponge and it spreads the Coronavirus. Maybe Trump has a plan for digital currency less the Fed control. Who needs banks when the money is all digital. You can see your account online or via App.
Not that I am advocating this. Physical Silver is a great buy on the dip right now. $14.75 A steal. Back up the truck.
Welcome to a New World Order.
If the .gov really is serious about everyone staying home for weeks/ 2 months the only way it would be possible is for a debt and mortgage holiday. Otherwise nobody could afford it.
But at least the teachers are still going to get their paychecks.
They get paid whether they work or not, whether students pass or not and we support them after 25 years with a pension.
Probably the outcome will be similar with the kids staying home rather than in school, actually, it will be better that they stay at home at not get indoctrinated into the liberal mindset of “The government owes you your freedom”.