This Democrat Pandemic Bill Is Atrociously Bad!

[Moonglow]

Democrats have you no conscience with this Pandemic Relief bill of yours, the spending in it is off-the-charts reckless. One area that is indefensible is the expansion of the CARES Act's "employee retention credit" in the bill. In a nutshell the employee retention credit is a program where the federal government helps employers by paying a portion of their wages they paid employees during the pandemic. As an emergency program fair people should say it is okay but it has shortcomings because it doesn't screen out really profitable businesses that don't need a help from taxpayers their revenue level is just fine. To be more specific about the CARES Act program what it does is it gives employers a refundable tax credit (meaning the government will pay the employer the balance of the credit the employer doesn't use to pay its tax bill) of fifty percent of the eligible wages for those calendar quarters in 2020 the employer meets certain eligible conditions. The eligible conditions are that during the quarter the operation of the employer's business was partially or fully suspended because of government restrictions to stop the spread of the Covid 19 disease or for the following quarters the first quarter where the employers gross receipts fell below the fifty percent of the level for the same quarter in 2019 through the first quarter where the employer's gross receipts exceed eighty percent of the previous year's level. For employers that had over one hundred employees in in 2019, the government is only helping to pay a portion of the wages the employer paid its employees when the employee was not providing a service (arising out of the government's partial or complete shutdown) for the smaller employers with one hundred or less employees government will help pay a portion of all the wages the employer incurred during the quarter; there is one significant glitch that the maximum amount of wages eligible for the fifty percent sharing is $10,000 for all the quarters in 2020 meaning that the maximum credit amount is $5000.00 per employee.

What the Democrats do in their 2021 Pandemic relief bill is they throw spending restraint to the wind. They increase the percent that the Federal Government will pay from fifty percent to seventy percent and they increase the eligible amount of wages from $10,000 for all quarters to $10,000 per quarter, so the credit goes from a maximum of $5000 to a maximum of $28000. We're not done yet you know how this original program was set-up to help small employers the good assumption being that large employers with over one hundred employees probably have the financial resources whether it be liquidity or borrowing capacity to weather this economic storm well Democrats decide there is no need to really try to discern the needy employers from the not needy employers so what the Democrats do is change the 100 employee eligibility to 500 employee eligibility so employers with up to 500 employees will have all the wages they paid during eligible quarters counted not just wages paid when the employee wasn't providing a service. If the Democrats tried to screen out very profitable businesses like your accounting, law firms, financial institutions by conditioning the expansion of the program to only employees wages where the employee yearly wage is under 100K and keeping Uncle Sam's cut at fifty percent and raising the level of eligibility for employers that get the wide net for eligible wages to just 200 from 100 than I could say the Democrats were being financially responsible! The Democrats are not finished playing Santa Claus here with this program they are giving some Americans a bike with all the latest design features what they do in their bill is that for employers that began operations after February 15 2020 and have gross receipts under a million dollars for those quarters in 2020 where they were not significantly negatively impacted by the Pandemic where they become eligible because they meet the programs conditions they get to take this credit anyway up to the tune of $50,000.00 for that quarter. America is financing this entire relief bill on credit its not defensible to future Americans that will be paying this bill to giving start-up businesses up to $200,000 a year these businesses could have atrocious business models where they are doomed to fail, this is extremely irresponsible spending.


Tomorrow the Democrats will likely pass their bill through the House and since it has already passed the Senate it will go to President Biden's desk and be signed into law. For those Democrat House members that consider themselves really virtuous people they wouldn't vote to pass this bill tomorrow because it is a bad bill it is off-the charts reckless in spending taxpayers money, it ignores the financial state the country is in. Virtuous Democrats would consider that the President, President Joseph Biden is not in a mental state, to carry out the duty of President with respect to this bill and he hasn't for awhile you know it in your conscience that Joseph Biden mental health has deteriorated from dementia and age there is a reason why his staff doesn't let him do Press Conferences and constantly signals him on what to say and do, you know this man is not going to finish out his term and when circumstances compel him to step down the American people are going to feel betrayed that the Democrat caucus raided the Treasury of the United States while the President was really out of it; we need a President capable of protecting the interests of the American people. If Democrats aren't going to do what goodness calls for and callout that this man step down at least they can not be part of passing any legislation that is shockingly bad. Any person astute about American politics knows the Democrats could negotiate a trillion dollar Pandemic relief bill with the Republicans and this bill would address the country's economic needs brought about by this crisis in a great manner and very importantly would be fiscally responsible. If Democrats are so confident about the rightness of this bill why don't they do this go to the Republicans and say let us just pass a bill that extends the Pandemic Unemployment Compensation program for one month, the American Rescue Plan Act has the same terms so they're not losing anything - the expiring unemployment program seems to be the compelling urgency for passing this bill; I am sure the Republicans would agree they would definitely like the American people to know everything that is in this bill. Once this extension goes through why don't t rank and file Democrat Senators and House members have Virtual and Actual (outside) Town Hall meetings about this bill and hand your constituents a one page copy of the Table of Contents of this bill and invite their constituents to ask them about the specific initiatives in the bill identified in the table of contents and the merits of these initiatives, then these Democrats will see that many of their constituents are not pleased about this bill that a much much better job can be done on this Relief Package!

With this bill I can finally afford to have those kids I always wanted for retirement...

 

[justoffal]

Democrats have you no conscience with this Pandemic Relief bill of yours, the spending in it is off-the-charts reckless. One area that is indefensible is the expansion of the CARES Act's "employee retention credit" in the bill. In a nutshell the employee retention credit is a program where the federal government helps employers by paying a portion of their wages they paid employees during the pandemic. As an emergency program fair people should say it is okay but it has shortcomings because it doesn't screen out really profitable businesses that don't need a help from taxpayers their revenue level is just fine. To be more specific about the CARES Act program what it does is it gives employers a refundable tax credit (meaning the government will pay the employer the balance of the credit the employer doesn't use to pay its tax bill) of fifty percent of the eligible wages for those calendar quarters in 2020 the employer meets certain eligible conditions. The eligible conditions are that during the quarter the operation of the employer's business was partially or fully suspended because of government restrictions to stop the spread of the Covid 19 disease or for the following quarters the first quarter where the employers gross receipts fell below the fifty percent of the level for the same quarter in 2019 through the first quarter where the employer's gross receipts exceed eighty percent of the previous year's level. For employers that had over one hundred employees in in 2019, the government is only helping to pay a portion of the wages the employer paid its employees when the employee was not providing a service (arising out of the government's partial or complete shutdown) for the smaller employers with one hundred or less employees government will help pay a portion of all the wages the employer incurred during the quarter; there is one significant glitch that the maximum amount of wages eligible for the fifty percent sharing is $10,000 for all the quarters in 2020 meaning that the maximum credit amount is $5000.00 per employee.

What the Democrats do in their 2021 Pandemic relief bill is they throw spending restraint to the wind. They increase the percent that the Federal Government will pay from fifty percent to seventy percent and they increase the eligible amount of wages from $10,000 for all quarters to $10,000 per quarter, so the credit goes from a maximum of $5000 to a maximum of $28000. We're not done yet you know how this original program was set-up to help small employers the good assumption being that large employers with over one hundred employees probably have the financial resources whether it be liquidity or borrowing capacity to weather this economic storm well Democrats decide there is no need to really try to discern the needy employers from the not needy employers so what the Democrats do is change the 100 employee eligibility to 500 employee eligibility so employers with up to 500 employees will have all the wages they paid during eligible quarters counted not just wages paid when the employee wasn't providing a service. If the Democrats tried to screen out very profitable businesses like your accounting, law firms, financial institutions by conditioning the expansion of the program to only employees wages where the employee yearly wage is under 100K and keeping Uncle Sam's cut at fifty percent and raising the level of eligibility for employers that get the wide net for eligible wages to just 200 from 100 than I could say the Democrats were being financially responsible! The Democrats are not finished playing Santa Claus here with this program they are giving some Americans a bike with all the latest design features what they do in their bill is that for employers that began operations after February 15 2020 and have gross receipts under a million dollars for those quarters in 2020 where they were not significantly negatively impacted by the Pandemic where they become eligible because they meet the programs conditions they get to take this credit anyway up to the tune of $50,000.00 for that quarter. America is financing this entire relief bill on credit its not defensible to future Americans that will be paying this bill to giving start-up businesses up to $200,000 a year these businesses could have atrocious business models where they are doomed to fail, this is extremely irresponsible spending.


Tomorrow the Democrats will likely pass their bill through the House and since it has already passed the Senate it will go to President Biden's desk and be signed into law. For those Democrat House members that consider themselves really virtuous people they wouldn't vote to pass this bill tomorrow because it is a bad bill it is off-the charts reckless in spending taxpayers money, it ignores the financial state the country is in. Virtuous Democrats would consider that the President, President Joseph Biden is not in a mental state, to carry out the duty of President with respect to this bill and he hasn't for awhile you know it in your conscience that Joseph Biden mental health has deteriorated from dementia and age there is a reason why his staff doesn't let him do Press Conferences and constantly signals him on what to say and do, you know this man is not going to finish out his term and when circumstances compel him to step down the American people are going to feel betrayed that the Democrat caucus raided the Treasury of the United States while the President was really out of it; we need a President capable of protecting the interests of the American people. If Democrats aren't going to do what goodness calls for and callout that this man step down at least they can not be part of passing any legislation that is shockingly bad. Any person astute about American politics knows the Democrats could negotiate a trillion dollar Pandemic relief bill with the Republicans and this bill would address the country's economic needs brought about by this crisis in a great manner and very importantly would be fiscally responsible. If Democrats are so confident about the rightness of this bill why don't they do this go to the Republicans and say let us just pass a bill that extends the Pandemic Unemployment Compensation program for one month, the American Rescue Plan Act has the same terms so they're not losing anything - the expiring unemployment program seems to be the compelling urgency for passing this bill; I am sure the Republicans would agree they would definitely like the American people to know everything that is in this bill. Once this extension goes through why don't t rank and file Democrat Senators and House members have Virtual and Actual (outside) Town Hall meetings about this bill and hand your constituents a one page copy of the Table of Contents of this bill and invite their constituents to ask them about the specific initiatives in the bill identified in the table of contents and the merits of these initiatives, then these Democrats will see that many of their constituents are not pleased about this bill that a much much better job can be done on this Relief Package!

no worries buddy....the dollar is on its way out anyway and most of the players down in DC know that. So no matter how much debt they create in dollars they all know that it is never going to be paid back because the dollar system will crash long before that happens. It's like giving a credit card to a patient with terminal cancer..... they can run it up to a hundred grand and then...who collects it?

JO

 

[justoffal]

I thought inflation was a result of monetary policy (The Fed), not fiscal policy?

correct....it absolutely is but it is also affected somewhat by supply and demand.