Doesnt have to be that way ... lots of spare cash going to defense dept. Why do we always have to find ways to pay for social well being but always got the cash for over priced guns?
Defense money is budgeted year over year. You could give this stimulus payments to people for two maybe three months and would have spent the defense budget for a year, so now where is the money going to come from?
This same logic could be applied before the defense budget became what it is. As in where would the hundreds of billions for defense come from? Same with the overspending on health care. Yet the country manages and has managed a ballooning budget and deficit so far.
The tie to the status quo being some semblance of good or positive never makes sense to me. The status quo wasn’t always the status quo. It only is now. The country likely won’t teeter on hyper inflation if an extra trillion or so is added to the budget. Especially when a proposal like this would involve a lot of the money going back into the economy.
not necessarily. it would only be a tax if someone's increase in inflation costs exceeds the $2k or $24k if looking at annual numbers. So if the $2k/month makes the CPI go up 1%, then someone would have to spend $2.4 million/year to have a net loss, assuming there no increase of wages, asset prices, etc. Someone who spends a lot of money would see a net loss, but not someone who earns and spends little. As for investors, it does not matter anyway, as the S&P 500 does well in both high and low inflation environments.
The benefits far outweigh the negatives for households making less than the median income. Worrying about longer term possible issues isn’t exactly high priority for the tens and tens of millions of Americans living paycheck to paycheck.
The number of Americans with reasonable savings is not a huge amount.
It seems more like people who look down on people who want things like this especially at places like HN either aren’t in America. Or make above average income while not being fully aware of their privilege.
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[ 1.8 ms ] story [ 41.8 ms ] threadThe tie to the status quo being some semblance of good or positive never makes sense to me. The status quo wasn’t always the status quo. It only is now. The country likely won’t teeter on hyper inflation if an extra trillion or so is added to the budget. Especially when a proposal like this would involve a lot of the money going back into the economy.
The number of Americans with reasonable savings is not a huge amount.
It seems more like people who look down on people who want things like this especially at places like HN either aren’t in America. Or make above average income while not being fully aware of their privilege.
Link to poll https://www.dataforprogress.org/blog/2021/1/04/65-percent-su... (why doesn't the article provide a link?)