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> if the government could provide something like a universal basic income for unemployed people when the economy was flatlining, could they not afford it during
by bko 1y ago
> if the government could provide something like a universal basic income for unemployed people when the economy was flatlining, could they not afford it during boom times
What happened when the government started writing stimulus checks? Assets inflated greatly. Meme coins became a thing and scammy crypto currencies and JPEGs shot up. Some people were paid more in benefits than they made working prolonging inflation. About 68% of unemployed workers received benefits that were greater than their lost earnings [0]. Pretty soon the stock market was about 20% higher than it was pre-covid.
If you were to ask economists or anyone with a basic grasp of reality how the stock market should react with a global pandemic and shutdown, most would say it should adjust down, not shoot up 20% from pre-pandemic levels. It was obviously the money printing. To be fair, the money printing wasn't 100% given to people directly, but nearly $2 trillion was income assistance and direct payment [1] and other measures had similar effects in that they resulted in money in people's pocket, more than they had lost. That money fueled the asset bubble.
Fast forward a few years, and the result was double digit inflation that we're still working through. Not a resounding win as the dem-socialists would have you believe.
> "Could we have a Zohran in San Francisco?”
I'm pretty sure San Fransisco has many of the same policies Zohran promotes like rent control and soft on crime like social workers rather than police, drug legalization and acceptance of "minor" shoplifting. They also have some of the highest tax rates in the country. Combined city and county sales tax rate is 8.625% + an additional 12.3% for CA [2]
The article mentions free buses and tax on vacant properties, but is that the biggest problem? Bus fares? I feel like this whole post is an incredible exercise in gaslighting.
[0] https://fivethirtyeight.com/features/many-americans-are-getting-more-money-from-unemployment-than-they-were-from-their-jobs/ https://fivethirtyeight.com/features/many-americans-are-gett...
[1] https://www.covidmoneytracker.org/ https://www.covidmoneytracker.org/
[2] https://cdtfa.ca.gov/taxes-and-fees/rates.aspx https://cdtfa.ca.gov/taxes-and-fees/rates.aspx
- bevr1337 1y ago> Congress passed an expansive relief package with an unprecedented $600-per-week supplement for jobless workers. The goal was to replace their wages so they could survive the economic lockdown. > As a result, though, many people may now be eligible for substantially more money while unemployed According to your source, "Some people were paid more in benefits than they made working" was only true for the very poor. The link to shitcoins is dubious. It strikes me like the 21st century equivalent of complaining how folks spent money on nice cars.
- bko 1y agoWhy did the stock market go up 20% relative to pre pandemic levels? Have another explanation? Who was buying these shit coins? Where did the money come from? It really doesn't matter if it was the "very poor". I guess inflation doesn't matter if it's caused by very poor people people spending more
- bevr1337 1y ago> Why did the stock market go up 20% relative to pre pandemic levels? Have another explanation? Who was buying these shit coins? These are rhetorical questions and frankly kind of silly. You're implying that the poorest, unemployed Americans temporarily receiving $600/wk caused the creation of shitcoins. There are so many leaps and bounds and no context. So no, I can't offer you another explanation.
- bko 1y agoSo my explanation is stock market bump and nft/meme coins coincided with checks going out and unemployment benefit bump. Also personal savings rate jumped to 30% during that time due to covid stimulus. Your retort is some moral argument about it doesn't feel right because poor people. You're not having a serious conversation so I'm going to bow out. Reconsider the facts and put your moral indignation aside https://fred.stlouisfed.org/data/PSAVERT https://fred.stlouisfed.org/data/PSAVERT
- twochillin 1y agoThe stock market increase and crypto spike all happened a long time before any sort of pandemic-related stimulus took effect