{ "media_type": "text", "post_content": "What‘s your POV on stimulus checks? I think they are worthless. I am fully in favor of helping people in need (eg unemployment benefits) but struggle to see the benefits of giving someone money that still has their job", "post_id": "5ff5f5d97fc5a1002005a910", "reply_count": 50, "vote_count": 25, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

What‘s your POV on stimulus checks? I think they are worthless. I am fully in favor of helping people in need (eg unemployment benefits) but struggle to see the benefits of giving someone money that still has their job

likesmart
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1. Putting aside helping the less fortunate, lets not forget that professionals like us still benefit indirectly. No stimulus -> less spending -> less corporate revenue -> less money to spend on consulting and other professional services -> layoffs, hiring freezes, fewer promotions, no/small bonuses and diminished exit opportunities for professional service workers like us. Do you remember the uncertainty in consulting in April? 2. I am putting my political capital into forgiving federal student loans. If I get my 50k loan forgiven, then $600 or $2000 won't matter.

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I think it depends on what you call them. Stimulus checks are meant to stimulate the economy therefore so long as they’re spent, I don’t see the problem with anyone/everyone getting them (this is, of course, in a perfect world. Those well-off will prob invest or save which would be the wrong thing to do). However, relief checks should definitely go through some vetting process and go to those who truly need it. The unemployed, sick, essential workers etc.

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As a democrat I actually do not agree on the push for $2k. This is really not to stimulate the economy. You can’t stimulate the travel and entertainment industries until COVID is gone. So these payments should really be to help those truly in need through unemployment programs and food distribution programs

likesmart

@PWC2 - I hear that a lot. But what do you honestly expect out of the largest institution in the history of the world? 5 or 6 million person workforce, 350 million citizens, 18T economy, a massive land mass broken into 50 states and multiple terrotories. I mean even with the inefficiency, I’m genuinely impressed that the whole thing operates at all.

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multiple for the economy that’s somewhat straightforward to facilitate

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I suppose some people might still have jobs but at reduced hours but people employed full time wouldn't really need it, especially if they make decent salaries. Thing is means testing would make things way more complicated and many people who need it without miss out, so from the government's perspective of probably just easier to send everyone $600...

likesmart

The government doesn’t have the resources to track who has a job and who does not based on a tax return.

likesmart

If you think they are worthless than you are in a nice position to not need them. I have a good job, but my wife lost her not so good job. I have two kids, and a mortgage, and higher expenses for the family now that I’m not traveling. The stimulus checks actually helped us pay for groceries, Christmas presents, etc. Not all situations are the same.

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I guess its meant to boost spending and stimulate the economy, but I think it'll just end up boosting the stock market a bit more.

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They aren't mutually exclusive. Some higher income people will invest, but most families will spend most of it.

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i would have liked to see more money go towards 1. small businesses to incentivize them to remain closed but able to pay their employees/bills 2. larger stimulus amounts but a lower income ceiling than 75k and to dependents older than 17. my stimulus went to donations and the market, but there are def a lot of middle class employed people that need the stimulus money to make ends meet

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Yea there are tons of those. Many are being caught but not without a massive effort on the part of the lenders. I have a neighbor who is a VP at a large bank who has not worked less than. 14 hour day since the first stimulus package was approved. Crazy.

Even if someone still has a job, their hours/pay may have been reduced, and/or their expenses may have gone up due to covid. These payments may seem worthless if we’re only viewing them through our circumstances (fully employed, high salary, comfortable safety net, etc), but for many others, even if they’re still employed, $1200/600/anything is a much-needed lifeline.

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Can we get off our high horses. Some of these responses are so out of touch with reality. Regardless of whether there was a detrimental effect, the cap was an income of $75k/$150k At those income levels vast majority of people aren’t thriving, they’re merely surviving paying mortgages, cars, insurance, food, etc. The average American can’t afford a $600 emergency bc the average American is struggling to support a halfway decent living without nice cars or exotic vacations. Fact is the money will actively stimulate the economy and is supported by >70% of people.

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Except the stimulus checks were not spent. The savings rate increased. We needed to help those who were unfairly impacted by the virus and the lockdown. Instead we got political theater where both parties looked to benefit from a crisis.

Inefficient way of expansionary stimulus without much target direction, e.g. I was working internationally in 2018/2019 and so claimed only $40K in the US. Now working full time in the US ($100K+) but still get all stimulus checks. Understand mine is a unique situation, but just think it is going to be inflationary in the end and devalue the USD (already have shorts against it for this very reason).

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Exactly - 100% agree with you

I think the point is to stimulate consumer spending, and thus, the economy. Many of my friends blew all of their check money on random shit and food which should be helpful for businessess

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In favor of them if you experienced a net negative as a result of COVID-19. There are so many middle class families who have experienced no financial detriment or loss in employment who will essentially pay no federal tax in 2020 because of their existing deductions and the blanket stimuli.

likefunny

People may be working fewer hours, at a job that pays less, have medical expenses, need to support family/community, etc. The government can't easily target payments, so they used the blunt income criteria to get things done quickly.

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You all need to consider the opponents side, which is: If our taxes are going out to all the unemployed, which is many, why can’t I tap into it too? Like yea I still have my job but my taxes contributed to that money. If anything, I’ve paid more in taxes than most and won’t get anything in return? I am for this stimulus if I get some too because it is so unfair to only give to the unemployed...

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...but then we have to pay for all those extra checks in the long run. By we - I mean the people in this bowl.

Our network doesnt need it, however I grew up poor and in a poor community. Almost my entire family and all of my hometown friends need the stimulus and have been literally hoping for help and talking about this thing for weeks. If the more fortunate dont need it then give it back or donate, better than bailouts going to corporate buy-backs and exec bonuses. Do you know how many hourly employees have had their hours cut but are still technically employed, ppl need the help.

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My personal networks have lost their jobs, their family members, and their ability to afford basic needs, the stimulus checks although small have been extremely helpful in keeping them afloat. Personally, I came from nothing, am starting out my career, and am drowning in student debt and these checks have been incredibly helpful in staying on top of my loan payments in a year with meager compensation increases.

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reminder that only individuals who make less than $100,000/year get any stimulus and the amount of stimulus starts phasing out over $75k/year. $600 is nowhere near enough for the people who really need money to make ends meet but at least it’s something

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Who pissed in your cornflakes, Mitch? $600 goes a long way to helping those who make less than the median salary.

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Agreed

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It is going to everyone, even if employed, making < $75k ^^^

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