4
0

Insane over-reaction to virus with 99.7% survival rate plunges 8 million Americans into poverty


 invite response                
2020 Dec 16, 7:53pm   430 views  6 comments

by Patrick   ➕follow (55)   💰tip   ignore  

https://www.dailymail.co.uk/news/article-9060035/Nearly-8million-Americans-fallen-poverty-JUNE.html

Nearly 8million Americans have fallen into poverty since JUNE - the biggest jump in a single year since the 1960s - after unemployment benefits expired and lawmakers struggle to reach an agreement for COVID-19 relief
US poverty rose to 11.7% from June to November - an increase of 7.8M people
A recent study showed a surge in poverty rates within the five-month period after unemployment benefits expired
Adding to the spike are the millions of jobs lost since the start of the pandemic, during which more than 86 million people filed claims for unemployment
The pressure for a COVID relief package has intensified as pandemic-related payments and protections will expire at the end of the year

Comments 1 - 6 of 6        Search these comments

1   BoomAndBustCycle   2020 Dec 16, 8:13pm  

Oddly, we saved $50k the last 9 months, home value has skyrocketed, and saw our retirement portfolios increase by 40% per-pandemic levels. (Tech heavy stocks). Best financial position we’ve ever been in heading into 2021.

But then we don’t own a restaurant or work in the hospitality industry. I feel for those people. Hopefully 2021 will be a good year for travel and restaurants and entertainment by summer. I know we are itching to spend some of our savings.
2   AD   2020 Dec 16, 8:31pm  

.

If they only invested a few of their pennies into bitcoin, then they would be elevated out of poverty and become millionaires :-/

.
3   AD   2020 Dec 16, 8:35pm  

BoomAndBustCycle says
Oddly, we saved $50k the last 9 months, home value has skyrocketed, and saw our retirement portfolios increase by 40% per-pandemic levels. (Tech heavy stocks). Best financial position we’ve ever been in heading into 2021.


Since elections have consequences, even well-off Democrats and white liberals need to pay more in taxes. I don't

That means eliminating Bill Clinton's tax cut for primary home capital gains. There should be no tax benefits for the capital gains from selling a home.

And then they can work on a wealth tax for your retirement portfolios. You don't need to withdraw in order for the tax to apply. There should be a 5% to 10% tax each year on the balance of your retirement.
4   WookieMan   2020 Dec 16, 9:25pm  

BoomAndBustCycle says
Hopefully 2021 will be a good year for travel and restaurants and entertainment by summer.

It won't be. Depends on the area, but restaurants and entertainment venues are fucked. Our governments overreacted to a flu bug. Mainly local and for political reasons.
6   BayArea   2020 Dec 17, 4:02am  

It got Biden elected, didn’t it? Virus was successful.

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions