ed and un able.
It sucks how painful this is going to be for a lot of people, but I’d rather this then Pelosi and Schumer give in to a bull stimulus package and get bent over by McConnell. Trump and GOP aren’t convincing anyone beyond their 40% that this is the Dems’ fault.
"Of all the ways to quantify the impact of the pandemic, here’s one that’s striking in part because of what might be still ahead.
For the first half of the year, about 3,600 companies nationwide filed for Chapter 11 bankruptcy protection, more than any year since 2012
Experts say that number could swell in the second half of the year if the pandemic lingers and the federal government’s stimulus programs run their course.
“Another stimulus could depress the number of filings, but if you don’t see one
you are going to see a flood of failures and filings,”
"I think you also will see a lot of small businesses just walk away.
They’ll turn the keys back to the landlord and be done with things.”
-- The National Observer email
Cory Doctorow on the shock doctrine
Small Businesses Are Dying by the Thousands — And No One Is Tracking the Carnage
- They simply close down and never show up in bankruptcy tallies
- More than half of owners are worried their firm won’t survive
small businesses are disappearing by the thousands amid the Covid-19 pandemic, and
the drag on the economy from these failures could be huge.
This wave of silent failures goes uncounted in part because
real--time data on small business is notoriously scarce, and
because owners of small firms often have no debt, and thus no need for bankruptcy court.
Yelp Inc., the online reviewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25.
About 60,000 were local businesses, or firms with fewer than five locations.
About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31,
trade group expects the 2020 total could be up 36% from last year.
https://www.bloomberg.com/news/articles/2020-08-11/small-firms-die-quietly-leaving-thousands-of-failures-uncounted?fbclid=IwAR1tnzaUSajkenzyhFEDdNW2hitkPzj af6vDmPfBPxSASdIKBLSwqAK7wi8
State and Local Budget Pain Looms Over Economy’s Future
Providing more aid to struggling governments has become one of the biggest issues tangling up the debate over another pandemic rescue package.
States could face a gap of at least $555 billion through the 2022 fiscalyear, according to one estimate.
https://www.nytimes.com/2020/08/14/business/economy/state-local-budget-pain.html
Dems' HEROES Act helped states, municipalities, hospitals.
McConnell says " 'em. My BigDonor class is paid off"
Last edited by boutons_deux; 08-16-2020 at 07:06 AM.
Small businesses that took PPP face huge, unexpected tax hits
https://www.bizjournals.com/sanantonio/news/2020/08/17/ppp-small-business-face-irs-taxes-congress-help.html
Businesses warn they won't participate in Trump's payroll tax plan
The U.S. Chamber of Commerce, National Retail Federation and the National Association of Manufacturers urged policymakers to return to negotiating a coronavirus relief package.
A raft of big-name business groups is warning many employers won’t participate in President Donald Trump’s payroll tax deferral plan.
Calling it “unworkable,” they said in a letter Tuesday to Treasury Secretary Steven Mnuchin that it risks saddling their workers with large postponed tax bills they could have trouble paying back.
Someone earning $35,000 would see their biweekly pay go up by $83 this year, the groups wrote, but would owe $751 next year. People earning $75,000 would see a $178-per-paycheck bump now, but would face a $1,609 tax bill next year.
The U.S. Chamber of Commerce, National Retail Federation and the National Association of Manufacturers, among more than two dozen others, urged policymakers to instead to return to negotiating over a stalled coronavirus relief package in Congress.
“Many of our members consider it unfair to employees to make a decision that would force a big tax bill on them next year,” they said. “It would also be unworkable to implement a system where employees make this decision.”
“Therefore, many of our members will likely decline to implement deferral.”
https://www.politico.com/news/2020/0...oll-tax-397777
---
who couldn't see this one coming?
Its getting real out here
Sylvester Turner rejects eviction forbearance
American Airlines to cut service to 15 cities next month
https://www.aviationpros.com/airline...-money-expiresAmerican is hoping to get payroll support to save about 20,000 employees that would need to be furloughed due to low demand in the fall. The company has already cut its administrative staff by 5,000 workers.
Below is a full list of cities that would lose service and their respective airport codes.
Del Rio, Texas, DRT
Dubuque, Iowa, DBQ
Florence, S.C., FLO
Greenville, N.C., PGV
Huntington, W.Va., HTS
Joplin, Mo., JLN
Kalamazoo/Battle Creek, Mich., AZO
Lake Charles, La., LCH
New Haven, Conn., HVN
New Windsor, N.Y., SWF
Roswell, N.M., ROW
Sioux City, Iowa, SUX
Springfield, Ill., SPI
Stillwater, Okla., SWO
Williamsport, Pa., IPT
based on research by Goldman Sachs, what shape is that?
the Department of Labor reported new unemployment claims for the week ending August 15 zigged up by 135,000, to over 1.1 million.
Paul Krugman explains how life is getting ‘rapidly worse’ for millions of Americans as the GOP cheers the stock market
some affluent Americans are continuing to prosper in the stock market.
how the wide gap between the haves and have-nots continues during the pandemic.
“the economy probably doesn’t feel so great to the millions of workers who still haven’t gotten their jobs back and who have just seen their unemployment benefits slashed.”
“Even before the aid cutoff, the number of parents reporting that they were having trouble giving their children enough to eat was rising rapidly.
That number will surely soar in the next few weeks.
And we’re also about to see a huge wave of evictions, both because
families are no longer getting the money they need to pay rent and
because a temporary ban on evictions, like supplemental unemployment benefits, has just expired.”
“The Federal Reserve Bank of New York’s weekly economic index suggests that
the economy, although off its low point a few months ago, is still more deeply depressed than it was at any point during the recession that followed the 2008 financial crisis,”
Krugman observes. “And this time around,
job losses are concentrated among lower-paid workers
— that is, precisely those Americans without the financial resources to ride out bad times.”
https://www.rawstory.com/2020/08/paul-krugman-explains-how-life-is-getting-rapidly-worse-for-millions-of-americans-as-the-gop-cheers-the-stock-market
https://www.nytimes.com/2020/08/20/o...mployment.html
Texans will start getting the $300 of extra unemployment starting on 8/23.
https://www.ksat.com/news/local/2020...ment-benefits/
taking money from FEMA right when we're about to be hit by 2 hurricanes
Seems deliberate. Abbot rejoices and thanks Trump per par.
A wrong solution can cause the problem to cascade, but what the . Take a big chance and don't up.
At least Abbott is smart enough to see the need to do something for people now. I guess Texans are lucky, other states appear to be less well situated to receive the help Trump is offering.
The Pandemic Recession Is Approaching a Dire Turning Point
Without an extra $600 a week in unemployment assistance, many Americans are
on the brink of not being able to pay rent or put food on the table.
American families face “a looming hunger crisis and a looming eviction crisis,” Lawrence Katz, an economist at Harvard,
Beth Mattingly, an assistant vice president in regional and community outreach at the Federal Reserve Bank of Boston
“Absent federal policy, we’re going to see more housing instability as well as food insecurity,
probably some utility shutoffs,” Mattingly said.
“I’m frankly terrified.”
the share of households reporting that they couldn’t afford food during the pandemic has been more than one in six, and
roughly a tenth of adults have said they haven’t been able to pay rent or their mortgage on time.
These amount to millions of family-level catastrophes.
Black and Hispanic workers, who as a group have suffered bigger employment hits than white ones.
“There’s no possibility of a robust recovery until the virus is under control.”
many Americans are now on the brink of not being able to pay rent or put food on the table—and all it’d take to stop that is money.
https://www.theatlantic.com/family/archive/2020/08/600-week-pandemic-unemployment-families/615580
pucker factor
where is "parabolic e" ?
“It’s a sick sad world where the fact that rich people are doing well is evidence that no more help is needed.”
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