Thread: No Going Back

Originally Posted by bowie

You're welcome.

Wassa matter, did I strike a nerve?, or step on your tail?

...no, your wandering train of thought appears uninformed by current events...

Originally Posted by tomcat

underestimating entrepreneurial spirit in US culture is, imo, a mistake...particularly, as noted, with government support...

advise these folk of the entrepreneurial spirit in US culture - I'm sure they'll listen then revise...

Access Denied

CBO: Coronavirus Will Keep Unemployment North of 10% This Year and Next
By Andrew Soergel, Senior Writer, Economics April 24, 2020, at 3:01 p.m.

The Congressional Budget Office believes it will be years before the country fully recovers from the coronavirus outbreak’s economic turmoil.

A NEW ECONOMIC ANALYSIS from the Congressional Budget Office paints a grim picture of what's in store for the domestic economy this year and next – throwing cold water on the notion that the U.S. will quickly recover from its coronavirus-fueled recession.

In a series of projections published on Friday, the CBO estimates the national unemployment rate will hit 14% in the second quarter of the year and 16% in the third quarter. Unemployment will average 11.4% this year, and by the end of 2021, the CBO thinks the rate will still sit at 9.5% – nearly three times pre-coronavirus outbreak levels. (continued)

Originally Posted by cyrille

There is a correlation between prevalence of the virus and pollution

There's also a correlation between prevalence of the virus and number of people who have watched the Tiger King series....

Originally Posted by bowie

advise these folk of the entrepreneurial spirit in US culture - I'm sure they'll listen then revise...

Access Denied

CBO: Coronavirus Will Keep Unemployment North of 10% This Year and Next
By Andrew Soergel, Senior Writer, Economics April 24, 2020, at 3:01 p.m.

The Congressional Budget Office believes it will be years before the country fully recovers from the coronavirus outbreak’s economic turmoil.

A NEW ECONOMIC ANALYSIS from the Congressional Budget Office paints a grim picture of what's in store for the domestic economy this year and next – throwing cold water on the notion that the U.S. will quickly recover from its coronavirus-fueled recession.

In a series of projections published on Friday, the CBO estimates the national unemployment rate will hit 14% in the second quarter of the year and 16% in the third quarter. Unemployment will average 11.4% this year, and by the end of 2021, the CBO thinks the rate will still sit at 9.5% – nearly three times pre-coronavirus outbreak levels. (continued)

...your extreme pessimism and tendency to post right-wing sources has been noted...again...

Originally Posted by tomcat

your extreme pessimism and tendency to post right-wing sources

pessimism - realism

yup, but, just when did the Congressional Budget Office become right wing, that seems to be a bit out in la la land, eh? Tin Foil Time?

Originally Posted by bowie

pessimism...unwarranted
yup, but, just when did US News become right wing

...edited for greater accuracy...

OK -

So, here comes Covid-19. People are dying, elders, immune system compromised, overflowing hospitals, not enough respirators, not enough PPE, inadequate testing, no vaccine, no curative medicines, a real emergency situation. Our leaders grapple with the problem, the medicos advise social distancing to flatten the curve. Administration responds ordering shelter-in-place, non-critical business closures, sealed borders, etc. a great many costly steps to contain our medical emergency.

Well, congratulations are in order, the administrations are patting themselves on the back, it worked, we fixed the problem, let us start opening up businesses and starting the economies. The aftermath: a historically massive number of unemployed, markets tumbled, airlines, hotels, hospitality, transportation, energy taking massive hits, 2020 to be a disaster in earnings. Many families in their prime earning years have had their financial plans trashed. 2-3-4 months of unemployment and maybe much longer depending upon their industry.

But, not to fear, there is all that Covid Stimulus money thats going to save us all from falling off the precipice. Uhm... where did all this stimulus money come from and who is going to pay the bill?...



http://www.aol.com/article/finance/2020/04/29/the-new-taxes-coming-to-finance-all-that-stimulus-spending/24139904/

The new taxes coming to finance all that stimulus spending
Yahoo Finance RICK NEWMAN Apr 29th 2020 4:29AM

During the last two months, Congress has passed $3.6 trillion in stimulus spending, with more probably on the way. Washington’s annual deficit was likely to be around $1 trillion before the COVID-19 pandemic induced a recession. The deficit will now hit at least $3.7 trillion this year and $2.1 trillion next year, according to the Congressional Budget Office. As a percentage of the economy, federal debt this year will be the highest since World War II, and possibly higher if there’s more stimulus spending.

Budget hawks have typically called for a combination of tax hikes and spending cuts to lower Washington’s mushrooming debt load. But the federal deficit is now getting too big for conventional therapy, which could require a whole new form of taxation in the future. “When we look back at the changes COVID-19 made to society and the economy, we may think about this as the time when the U.S. began to look to sources of tax revenue that once seemed unthinkable,” Howard Gleckman of the Tax Policy Institute wrote recently.

The United States has been able to run up more debt than economists once thought possible without forcing interest rates or inflation higher. But tough choices were always inevitable, and they’re now likely to arrive within the next 5 years. It doesn’t make sense to raise taxes in a severe recession, but it may be necessary when the economy is back on track in a year or two or three.

Medicare, the health insurance program for seniors, could run short of money in 2023 or sooner, as the payroll taxes that finance the program plunge amid record unemployment. The whole program wouldn’t go bust, but it would pay only a portion of the cost for services. Social Security could run short of money by 2028, for the same reason, with the smaller disability insurance program running short by 2024.

Congress could shore up both programs by hiking the payroll taxes that finance them. But bigger changes may be brewing as policymakers contemplate additional stimulus that could be needed in coming years to keep consumers and businesses afloat, and the eventual need to repay at least some of the new debt Uncle Sam is taking on.

Here are some options:
Repeal the 2017 Tax Cuts and Jobs Act. This was a landmark tax cut for Republicans who ran Congress at the time, and it would probably take Democratic majorities in both houses, along with a Democratic president, to repeal the whole law or even part of it. If the corporate rate went back to 35% from the current 21%, and tax rates rose for most Americans who got a tax cut under the law, it would only raise about $1.5 trillion, which is $1 trillion less than the increase in U.S. debt in the last two months alone.

A value-added tax. This may be the most efficient way to raise a lot of money quickly. Most advanced nations have a VAT, which is like a national sales tax imposed at various points in the production of goods and services. A 10% VAT would raise around $1 trillion per year, and Congress could design it with protections for lower-income Americans, small businesses and other vulnerable groups. Former Democratic presidential candidate Andrew Yang proposed a 10% VAT as a way to pay for $1,200 monthly “freedom dividends” to every adult American.

A wealth tax. Bernie Sanders and Elizabeth Warren have both proposed annual taxes on the wealth of rich people who earn most of their money from investments taxed at a lower rate than ordinary labor. Both dropped out of the Democratic presidential race as the more moderate Joe Biden became the front-runner, suggesting these tax-the-rich plans didn’t have wide appeal. But that could change. “What was considered a fringe idea of the far political left now may attract more attention from mainstream policymakers,” writes Gleckman.

Higher inheritance taxes. The average federal tax on estates big enough to face taxation is just 2.1%, and loopholes provide many ways to lower that. The Brookings Institution’s Hamilton Project proposes taxing inherited wealth at the same rate as labor income, with an exemption threshold of $1 million or more that would exclude most families. With the top income tax rate at 37%, an inheritance tax at that level would raise around $92 billion per year.

Joe Biden’s tax plan. Biden’s major proposals include higher tax rates on corporate income, wealthy taxpayers, capital gains and other changes that would raise around $400 billion per year. Before the coronavirus recession, Biden wanted to use that money to open Medicare to more people, help some students pay down debt and cover the cost of college, and aggressively address global warming. But suddenly $400 billion a year doesn’t seem like all that much money. So expect some updates and some bigger numbers.

The theoretical end is near....

FOJ

^ Ever stepped a foot on Asian soil?

^ no. Probably had his soil pushed in by an Asian though.

Anyway....

Population of Thailand - 70,000,000
Total infections known - 2,947
Total known covid deaths - 54

Total road deaths 2019 Songkran 7 days of mentalist - 386 known

Get a bloody grip you daft gits. You are being taken for a ride.

Originally Posted by pseudolus

^ no. Probably had his soil pushed in by an Asian though.

Anyway....

Population of Thailand - 70,000,000
Total infections known - 2,947
Total known covid deaths - 54

Total road deaths 2019 Songkran 7 days of mentalist - 386 known

Get a bloody grip you daft gits. You are being taken for a ride.

........ and of course all Thai data and statistics are subject to the same standard of scrutiny as those in the west ......

The UK was doing so well until the care home rates were recognised, and added to the list.

Does Cyrille’s report include the fact that large population centers also have higher levels of infection and deaths? Is the population demographic skewed in favour of countries with lower aging populations.

Your vision seems narrow at times Sid.

Originally Posted by Switch

Your vision seems narrow

Factual and clear, just as an Expert's scientific analysis should be.

Originally Posted by pseudolus

Population of Thailand - 70,000,000
Total infections known - 2,947
Total knowncovid deaths - 54

Total road deaths 2019 Songkran 7 days of mentalist - 386 known

I presume Pseudolus is still lecturing online at Thailand's prestigious TD University?

Originally Posted by OhOh

advise these folk of the entrepreneurial spirit in US culture

Surely entrepreneur is a French word so if anyone has a spirit it must be France?

Originally Posted by VocalNeal

Surely entrepreneur is a French word so if anyone has a spirit it must be France?

...not necessarily: the French also have a word for victory...

^ vichy

Originally Posted by Switch

The UK was doing so well until the care home rates were recognised, and added to the list.

"so well"???

26,100 deaths from cv-19 whereof 4,500 in care homes is far from doing well..

Originally Posted by NamPikToot

^ vichy

...yeah, but that wasn't the joke...

^ really

Originally Posted by OhOh

I presume Pseudolus is still lecturing online at Thailand's prestigious TD University?

Ol Sid had to flee Thailand penniless and is currently back in blighty. A dole scrounger who lives in a council flat.

Originally Posted by bsnub

A dole scrounger who lives in a council flat.

...brings to mind the Brit "comedy" on Netflix: "Shameless"...

Originally Posted by Switch

........ and of course all Thai data and statistics are subject to the same standard of scrutiny as those in the west ......

The superior standard of scrutiny, of course.
Some can't get over the broad and uneven numbers in comparison terms.

Originally Posted by Switch

........ and of course all Thai data and statistics are subject to the same standard of scrutiny as those in the west ......

The UK was doing so well until the care home rates were recognised, and added to the list.

Does Cyrille’s report include the fact that large population centers also have higher levels of infection and deaths? Is the population demographic skewed in favour of countries with lower aging populations.

Your vision seems narrow at times Sid.

1 - Known - aka admitted to. Hot country, flu not killing anyone. Case closed. This is about tyrrany of a military junta.
2 - UK Figures are false. Read it - issued 30 MArkch prior to rapid increase https://improvement.nhs.uk/documents...e-31-march.pdf ; massively over stated.
3 - Excess mortality rates due to untreated ailments and emergencies

https://assets.publishing.service.go...h-covid-19.pdf


Massive disinformation process to hyper inflate the figures. Its all a scam.