The way they pay for the tariffs is through "higher prices" agreed???
Well there were no higher prices due to the tariffs, inflation is hardly our enemy, deflation is our enemy right now. So if there were no higher prices, how can you make the argument that the US consumer paid the tariffs?
As for Mexico, I've never supported the wall or EVER suggested I believed that Mexico would pay for it, BUT what we did get, 100% because of Trump, was the Mexican military, at the full expense of Mexico, putting thousands of their troops at both their northern and southern border which did a LOT more good than any wall would have ever done. WIN for Trump and the American people no matter how you slice it.
The US has been in a trade war with China for the last few decades, it's just been a one sided war without us doing a thing to fight back until Trump. We have virtually nothing to lose in our "current" trade situation with China, things have gotten so bad under the last three or four administrations there isn't really a lot left to lose. China is just hoping to run out the clock and praying that Biden gets elected so they can go back to fucking us without us doing anything more than smiling and taking it.
it can go ... USA Today.
Even with their lowest possible iq, hope some Trumpanzees will understand its ramifications ... well, I would wonder they even know this ...
inflation will be a little higher than before, so those of us with money will take a little hit, but its still better than a collapse of the economy. For self-employed guys like with no employees, like you, cutting lawns or cleaning pools, who live month to month on a meager income, it will be more of a burden as the few dollars you do have coming in start buying less and less as prices for everything increase across the board.
Seriously though, your putting down little people that work hard to make an honest living is so void of human decency and gratitude especially given that you steal their tax dollars to line your own pocket and support your lifestyle! Calling you a scum insults a scum! But then again what else to expect from a social parasite that live on government handout!
ALL the "little people", only you. Most are the victims of lack of education, just like you. If you had finished elementary school, you would know the difference between "your' and "you're", but it is what it is, right? There's nothing wrong with mowing lawns and cleaning pools if that's the only work you're qualified for (you still haven't told of which of these is your profession).
You keep making yourself look clueless about the PPP. You keep bashing me for participating in the program so that I don't have to lay off any of my employees and watch them starve. If you were in position, what would you do, would you fuck over your employees by passing on the PPP, or would you sign a loan to save them? I'm sure you realize whichever answer you gave will make you either a hypocrite of a heartless bastard without a shred of human decency, so I'm guessing you will dodge, deflect, tap-dance, project, like usual.
1. 25% of the money you got can be spent on other than payroll
2. The verbiage you actually signed doesn’t require you spend any of it on payroll.
3. I know there are biz owners highly solvent and they haven’t taken the money- true to their conservative principles. Unlike your business theirs are cash rich. They are being highly creative- I know one of them is issuing soft loans to his employees with zero interest instead of paycheck. His doesn’t expect to collect money back; he intends to take bad loan write off later if needed- some creative accounting I guess!
What I will do? I will not own a zombie company like you. BTW, lets test your knowledge, do you know the definition of a zombie company? Be specific. And, it’s imperative that all zombie companies shut down and stop their and tax payers miseries.
Back to you, what you and other zombie companies are doing by taking the bail out is saving your OWN already dying ass. You’re exploiting the crisis to line your pocket and hide your failing! What will happen after two months of payroll? You will be forced to lay-off, go bankrupt and keep the money.
Try your shit somewhere else, Count of Deceptive Loan!!!
cleaning pools. Its cute how you spin that fact that you have a one-man-company (your term) with no employees to say you would never own a company with employees. What a load of shit. You would if you could. So now you don't answer MY question, but yet you demand an answer to yours. GFY. You're just an empty speedo, poolboy. Are restaurants zombie companies, too? Many of those have taken PPP loans. Are brick and mortar retailers zombie companies? Many of them have taken PPP loans as well.
Your bullshit spin . . . .
1) That's correct, 25% MAY be spent on rent, mortgage payments or to make payments on other SBA loans. I had my check deposited DIRECTLY into my SEPARATE payroll account, so it will ONLY be used to pay my employees. Each pay period, Paychex (my outsource for payroll services) will auto-withdraw the money to cover that pay period from the same account the PPP funds were deposited in.
2) That's correct, but if you don't, there is no forgiveness of the loan and you pay it all back with interest in monthly payments starting November 1st.
3) Since I don't know of the ONE example you're giving, because you have failed to ID the company so we see you are bullshitting us. I'm willing to bet, arguendo, even if this is true, This is a pretty substantial company, and not a typical small business with less than 100 employees like mine. SBA defines small business as less than 1500 employees. There's a huge difference between companies with 1500 employees and less than 100. Of course, there is even a bigger difference between a business like mine and a one-man pool cleaning operation.
The bottom line with you is that you are so fucking jealous of me and my success, your hair is on fire. The losers of the world like to denigrate the successful rather than try to achieve their own success to pass others on merit. Its the same ironic way the fatties denigrate people who go to the gym. Its so transparent that you have nothing going on in the way of success that makes you qualified to opine on anything business-related here. You have NO personal experience in managing an organization by your own admission that you are a one-man business.
Go do some research if you can handle that.
Can you think of an organization of an one person business that amassed a fortune? There are many! Just think of one - you glorified boot licker!
I take it you didn't see the $3 TRILLION dollar additional relief bill on top of all the trillions spent so far revealed today by Nancy Pelosi.
Let me ask you, since you are so opposed to the money spent so for, supposedly by Republicans, does this mean that you must be against printing an additional $3 TRILLION dollars, even if it's proposed by the Democrats?
It is much better policy to keep reserves to minimize crisis money printing. Republican tax giveaways made this country more bankrupt than it needed to be! I thought being conservative meant reduce deficits ... what happened to that?
Sorry ... expecting memory on you trumpanzees’ behalf is a tall order ...
The main point my post was what is NOT in the article? Do you guys even consider how damaging this is to US economy? Just think about when moody reduces the rating of USA, what avalanche it creates in terms others countries start taking their money out of us treasury? Trump fucking with China surely doesn’t help, even they might just start shedding some us treasuries ... you will see this market crash times over!! Trim and his republican spineless Lemmings are destroying this country in more than one ways.
I am going to stop here!!! Not everything is D or R, there is a bigger precious thing called USA and it deserves to be protected.
-- Modified on 5/12/2020 7:26:14 PM
For the record, China holds about $1.1 Trillion of our debt, less than 5% of the total. Our problem is not a "crashing" dollar or debt purchasers dumping the dollar. We are one of the few countries still offering any interest at all, The Europeans, among others are falling all over themselves to buy our paper which is why prices are rising and interest rates falling.
My memory is just fine, but it appears that you can't even remember as far back as yesterday. lol Nancy has put out a so called "relief bill" that spends money on just about everything but relief. I hope this means you are going on record of being as solidly AGAINST Nancy's bill as you were against the bi-partisan relief bill that propped up the economy long enough to get through gutting GDP by 50% for two months.
issues.
Yes I am against this bailout and all the others that preceded before it. I am also against labelling it Pelosi something.
Also, analyze what all happened BEFORE this one! How her hands are tied by deficit increasing Republican administration.
It is not just the actual amount of investment out of US, it is the perception and ratings dilution. Other countries will join. It happens slowly and not with a Big Bang. When other smell it they run to the hill.
One last point, the treasury pumping 2.3 T and unknown more money to buy credit markets, etf s is holding up the stock market and NOT your king’s miracle. And, mark my word they will print more money and increase deficit more and ultimately the stock market will crash only because they are not facing the truth because he is up for re-election. It doesn’t take much intelligence to understand this republican administration is destroying the country in multiple ways!!
Neither party has a monopoly on the rising deficit/national debt, not to mention under Obama we had ZERO interest rates for virtually his entire 8 years, not to mention multiple phases of quantitative easing, under Trump we had NINE interest rate hikes prior to the COVID crisis AND we had actual quantitative TIGHTENING, with the fed pulling on average $50 Billion a month out of the market once Trump got the economy humming once again. If Trump had gotten the same treatment from the Fed as Obama we would easily have had 6% growth and a Dow at 40,000 by the end of last year.
And just why are you against labeling Pelosi's bill "Pelosi's" bill? It's inarguable that it's her bill, not even she would deny that fact.
I have ZERO idea what you are talking about where it comes to our ability to sell debt, our problem is too much money going INTO treasuries, not too much money coming out. As for China selling/refusing to buy new debt, that would be foolish on their part. Let's say they did manage to devalue the dollar, that's the last thing they want to do. China has been fighting (and succeeding) in keeping the Yuan low against the dollar as it gives them an advantage in trade, why in the fuck would they want to do something that would accomplish the exact opposite?
to understand a very complicated issue. There were two or three days yuan moved down a little- our market was sliding big time! Why? If it is so in the interest of China to keep Yuan pegged to USD at 7, why they are ‘punished’ by feds if it moves either way? Because US has much to lose within current trade situation! I am not even factoring tariffs and geopolitical take over. And this is only scratching the surface ...
Don’t tell me you also believe China was paying the tariff and Mexico is paying for the wall!!!!
And, back to blame Obama. I wont even bring up the state of the economy he was handed - it is your right to have your opinion but don’t try to sell it as a sense maker.
Finally, label of a Bill has no meaning to me! I am more interested in understanding what would it do to the economy and why! Why that bill is required and so on.
Knowledge sets you free! Get some! Don’t cement yourself in a single view — it makes you blind eventually!
The way they pay for the tariffs is through "higher prices" agreed???
Well there were no higher prices due to the tariffs, inflation is hardly our enemy, deflation is our enemy right now. So if there were no higher prices, how can you make the argument that the US consumer paid the tariffs?
As for Mexico, I've never supported the wall or EVER suggested I believed that Mexico would pay for it, BUT what we did get, 100% because of Trump, was the Mexican military, at the full expense of Mexico, putting thousands of their troops at both their northern and southern border which did a LOT more good than any wall would have ever done. WIN for Trump and the American people no matter how you slice it.
The US has been in a trade war with China for the last few decades, it's just been a one sided war without us doing a thing to fight back until Trump. We have virtually nothing to lose in our "current" trade situation with China, things have gotten so bad under the last three or four administrations there isn't really a lot left to lose. China is just hoping to run out the clock and praying that Biden gets elected so they can go back to fucking us without us doing anything more than smiling and taking it.
trying to educate gentlegay. He is a one-man business (I have asked whether its lawnmowing or poolboy, but only crickets so far), with no employees and a balance sheet and operating statement that fits on a postcard, so his frame of reference on how business and the economy works is elementary, at best.
I know gentleguy. you are so far off base your post made me laugh out loud
Your starting premise is wrong. The China specific tariffs are paid at the border within 10 days of clearing customs by U.S. companies, or U S registered importers to the U.S. Customs and Border Protection Agency. Not China, not Chinese companies, and not the consumer at this point. Unless the Chinese exporter has agreed to lower prices, the US importer bears the total burden of the tariffs at this point.
That’s not all- the US importers also have to post payment bonds with customs- these bonds increase when tariffs are raised.
Once the goods clear customs, the importer in the first instance tries to raise prices on the consumer, or the customer to recover the duties. Sometimes he can; sometimes he has to eat the increase. When he can raise prices in whole or part, the consumer, or the customer pays more for the goods plus a higher sales tax. According to the most recent study:
“Examining the fallout of tariffs in data through October, the authors found that Americans had continued paying for the levies — which increased substantially over the course of the year. Their paper, which is an update on previous research, found that “approximately 100 percent” of import taxes fell on American buyers.
The authors of the latest study used customs data to trace the fallout, examining import values before and after the tariffs. The research showed that the tariffs had little impact on China.
“We’re just not seeing foreigners bearing the cost, which to me is very surprising,” Professor Weinstein said in an interview.”
The only entity that does not pay more in taxes is China. But the extra amount the US companies and consumers are paying in the billions each month.
"import tariffs were costing United States consumers and importing businesses $3.2 billion per month in added taxes and another $1.4 billion per month in efficiency losses. "
These Trump clan is not interested in truths!!
They pretend to be ... but has no clue.
Also I am not interested in distractions that you’re trying to create such as Mexican military etc. I don’t give a shit.
Unlike you I am not interested in winning or losing an argument.
I have no messiah to defend.
There were two guests on CNBC today one from Deutscha Bank and other one I forgot. They were making the point, which I wanted to engage in by my OP, how detrimental it is to the economy for feds to spend deficit money to prop up zombie companies!! One guy said, he doesn’t know anyone who is bullish on the market but market is going up!!! Why? Fed is buying and such interventions will ruin the stock market with bigger thud! And, that’s exactly I was thinking for last weeks. Oh now the king wants negative borrowing rate, another death nail! The same king, if you would remember, called Flynn, his security guy, at 2 am, to ask whether a weak or strong $ is good for the country ... it is so sad.
It basically states that a government can print as much money as it needs with the goal of reaching 100% employment. The only control is inflation which can get out of hand very quickly. The government is basically default proof because it can just print more money and then back it with selling bonds that are equally worthless. It’s other selling point is that under MMT there should be no taxes.
The vast majority of economists disagree with its logic, functionality and purpose. It really is the epitome of voodoo economics and is going to lead to a world of hurt, especially for billionaires who will eventually be taxed at 90% to get us out of the very big debt/inflation hole MMT is predicted to create.
We had 8 plus years of both zero interest, increasing money supply, yet ironically ZERO wage gains for the average American. Under Trump we had nine rate increases, even though you said I was insane, and pretty much an idiot for predicting them, we had the FED taking out of the system $50 Billion a month and yet both the stock market and the economy were humming right along.
I do agree that this new round of Three Trillion dollars is probably more that the system can take, and fortunately the bill is dead on arrival as I doubt McConnell will even agree to debate it in it's present form.
I still don't know where you are finding any inflation. Even at zero interest rates we are still about the only place in the first world offering any kind of positive rates at all, our problem right now is deflation, not inflation.
the average joe will see the inflation in a gallon of milk, how many bags of groceries they got for x dollars. Obama admin used this during the recession and our economy would collapse today without Federal Reserve we would be in a 2nd Depression. I don't want to stand in a soup line and food rationed. I think I would rather us pay the piper later, inflation.
You may not like the payment to the piper later. Metaphorically, no soup kitchen at all!
All they have to do bail out common US citizens and NOT the zombie businesses. That’s a pocket change compared to the so called QE! And, takeover the food and medical supply chain if needed to make sure citizens are taken care of.
QEs and other similar ideas help line the pockets of failing businesses, in the disguise of helping average Joe!
for universal health care to pass. I read an article on yahoo today, I'm lazy and won't go find it. LOL 27 million are projected to lose health insurance.
You're one of the losers that doesn't make enough to pay for your own health care premiums. Why am I not surprised you are FOR it? You've just confirmed you are at the bottom of the economic ladder. If you're over 30, you should tattoo "loser" on your forehead. Actually, anyone who hears you speak will know it already.