SuperNova Afterglow: End Of Days

Oops, Unemployment Benes Again?

Find this interesting, in light of the U.S. President having signed an executive order to minimally extended jobless benefits. It's not to incentivize people to redecorate their dens, but rather return to work.

How the big July jobs report affects the 2nd big coronavirus stimulus package

Fire up the grill... The July jobs report came in hot Friday. The country eagerly awaited to learn whether economic recovery continued, slowed or reversed in the face of rising COVID19 cases. Before that, let's take a walk down memory lane:

•          April 2019: The only masks we've ever worn are charcoal face masks, and the unemployment rate is 3.6%.
•          April 2020: Lockdowns hit. The US economy loses a record 20.5M jobs, and unemployment hits 14.7% (a post-WWII high).
•          May: The US shockingly adds 2.5M jobs and unemployment dips to 13.3%. Customized face masks are in (and finally, in ample supply).
•          June: The US adds back 4.8M jobs as lockdowns ease and businesses reopen. Unemployment falls to 11.1%. Then, COVID cases surge again (and some businesses re-close).
•          The big July report: US employers added 1.8M jobs and unemployment fell for the 3rd month straight to 10.2%. The economy chugged a celebratory (light) beer.

Which pill, Neo?... Despite positive momentum, the US still hasn't quite refilled half of the 22M jobs lost since the March downturn. The extra $600/week unemployment benefit, which has been propping up consumer spending ran out last month. So far, Congress has failed to agree on details of the 2nd Stimulus Package. On Friday, President Trump signed executive orders in an effort to force action:
•          #1: Enhance unemployment benefits with an extra $300/week federal booster.
•          #2: Suspend payroll taxes for anyone earning $100K/year or less.
•          #3: Defer federal student loan payments and temporarily forgive interest.

THE TAKEAWAY

Everyone's confused, and we can't afford to waste time... Republicans think generous benefits will disincentivize people from returning to work — Democrats believe the jobs aren't there to return to, so $3.5T in aid is needed to support people while containing the virus. Congress controls federal spending, so Trump's executive orders (which are loaded with federal spending) could get sued in court. With all this uncertainty, one thing remains clear: the virus controls the economy, and it's still out of control in the US.


What I'm getting from all this is you can cheat the government. I've heard stories of people milking those unemployment benefits for that sweet weekly bump over going back and help their employers get back on their feet. Consider, many businesses have struggled how to be fiscally responsible and operate with the virus, keep employees (and public) safe to earn enough money to float. Consider also tricky public consumption altering the situation, so that call up to come back and work wasn't always being responded to.

I've heard just this weekend of people who finally milked that teat dry, then couldn't get their jobs back because their bosses had to move on. That means during this pandemic, to remain functional, businesses also had the task of training new staff. It stands to reason; when I walked into a buffet (yes, I did!) and there were no clean tables, no one at the register, the buffet was not resupplied and messy work stations throughout. Do you suppose no one wanted to come back to work? Did this restaurant have green newbies who couldn't comply with job demands? It was not a safe or good dining experience. *record scratch*


There are so many pieces to the puzzle we can't fathom yet. It's clear to me the government is trying to stimulate the economy without overincentivizing workers to stay home. I thought $600 additional weekly benefits was a bit much. How many people do you think will save about 40% of that windfall to pay back next April? More economic crises looming?

Reducing the weekly benefits will help businesses maintain staffing that can still work up to half or their original hours without losing jobless benes. From what I've heard, employees aren't finding the same pay or as many hours at their old job as they had in March.

It's clear the government did more harm as hero rescuing a nation and wants to be more responsible this time around. Why not just tell people they won't be taxed on a lower benefit amount? No double jeopardy. Tell the nation, we want you to work and take our money?

Notice Trump's executive order does not carry the individual payouts that we had the first time around. A lot of money was already floated out there and tax returns will be a nightmare next year, if irresponsible Americans just take the acorns and hide from the phone ringing. It also means laid off workers are lying to overburdened unemployment offices, when they say there was no job to return to. How many people will be on the hook to return ill-gotten money, or if the state governments have the resources to go after those cheats?

Greedy, lazy citizens of this country: you only see what's right in front of you. You have so many freedoms in this country, fewer people want to pull their own weight to keep it together. Yes, some of you finally put on a face mask for the five minutes you were in that public building. The minimal compliance that you were forced into is not enough. I get there is so much rhetoric out there between Mommy and Daddy that you don't know who to trust.

This situation shows a disconnected country that reacts to every little thing, rather than inform itself. The ignorance will play out however it will. We will still keep chasing carrots on strings until too exhausted cry out to get another bottle. It's about the welfare of a once great nation that would do everything to support it's citizenry to remain strong during WW2. And now, it's this mess. I finally got my head out of my ass to see where others are parking their brains. It's not such a dark reality, if everyone would just take a look around and evaluate.

8.10.20

Further consideration for edits forthcoming. In the meantime, public in this community for about 3-5 people to see.

Thanks to Robinhood Snacks for the tidbits to fuel this treat.