Covid-19 Economic Impact

[Teo9969]

Um...no.

I mean, actually, probably yes....but there's a bit of difference when the US President lies to a press who will immediately call him out on it and the country will bitch at each other about why taking a stance for/against that president either makes you a racist or a baby-killer versus when the Chinese President lies to a press who, should they call him out, face a silent execution out of the public eye.

[Teo9969]

Are you sure they are non-experts? I'm POSITIVE we have the leading economists in the field here on this board. In a couple of months, our entire democracy will erode and we will be living in a Mad Max world, or so I'm told.

Man, here's the thing: We'll put up a fight, and we may even win the fight after a decade's+ long battle, but math doesn't lie. i think even gopokes would back off the ledge if he knew factually that the end of this shutdown was April 30th...but we all know it's going to get pushed substantially longer because of the complex politics involved. These same politics, especially during an election year, are going to work in tandem with bureaucracy to significantly delay much needed action in the late summer.

I'd have more faith if this weren't happening in an election year, and if the American public had a better grasp of some economy basics. The number of people who are going to blow through their first $1,200 check only to come out of April realizing there are not jobs for them to take, is going to be astounding. A high percentage of rent and mortgages won't get paid for the better part of 9 months, which will create a nice little real estate bubble. A lot of people are starting to write about that, but it seems market is ignoring the overarching ramifications of that bubble.

There's just no way to unpack all of this stuff right now because no one knows what's going to kick start a global economy that has been all but closed for 2 to 4 months, and that's precisely why this is terrifying. The money that typically pays the Western (i.e. Europe + Americas) workforce is just going to be sitting around for months on end with no direction of where or how to return to the market.

[SEMIweather]

So is everyone in agreement - the new normal has set in:

1) Shelter in Place will last another 6-18 months

What we are waiting for :

a)herd immunity
b)vaccine

No, eventually a city or state is going to be smart enough to realize that you can gradually open things up by doing a lot of rapid-response testing, and then tracing and quarantining those who have come in contact with anyone who has tested positive. Bonus points if you combine that with widespread antibody testing, which at this point, might actually be the most important aspect. But anyways, someone is going to figure out how to do that, get their economy back to something resembling a pre-pandemic normal, and then other cities and states will follow. That is my best guess for what the endgame is here. Thinking it will probably take 2-3 months.

[Bunty]

This flu story isn't current. It's from over two years ago!

Hospitals Overwhelmed by Flu Patients Are Treating Them in Tents
https://time.com/5107984/hospitals-h...6ebHqfJCS7Gvg8

I guess the 2017-2018 flu didn't spread crazy fast everywhere and people weren't dying in crazy fast rising numbers, either, so the media didn't see fit to update death totals daily, if I recall correctly. Also interesting that an OSU professor died at home of the flu at about that time, but OSU didn't shut down or did anything else in the state. At any rate, it sure seems we're living in the Twilight Zone.

[Bunty]

Researchers at Stanford University have said their data shows the U.S. is on track for a much faster recovery than some health experts are predicting. But the slant of the video almost sounds too good to be true and has faith that China is being truthful.

[gopokes88]

This isn’t a war against the wuflu, it’s war against the loss of control. We must do anything and everything to regain the illusion of control, no matter the cost. The mass panic is based on that.

Everyone is familiar and feels in control with the flu. You get your flu shot, and if you catch it anyway you stay home throw up with the chills and get better.

Economically people aren’t freaking out because minus a few recessions we’ve had a huge expansion since WWII. The perception is if I get laid off I can go get another job, there’s some illusion of control. We’ve taken for granted that throughout most of human history life has been very very hard. We were quick to sacrifice the economy because we feel in control of it. The problem is, it could not come back. And then that decision looks insanely foolish in retrospect.

It’s silly because no one is in control of anything anyway.

[OKCretro]

is there a list of restaurants in the metro that are still doing pick up or delivery?

Called several places that were open last week that are now closed.

[TheTravellers]

is there a list of restaurants in the metro that are still doing pick up or delivery?

Called several places that were open last week that are now closed.

kfor.com had a list at one point last week, not sure how often it's updated or if they still have it up.

[gopokes88]

is there a list of restaurants in the metro that are still doing pick up or delivery?

Called several places that were open last week that are now closed.

Use an App is your best bet. Postmates, DoorDash, UberEats, Grubhub.

[SEMIweather]

If you're ordering takeout or delivery, I'd recommend doing it directly through the restaurant if possible, in order to maximize their profits. (Third-party delivery services take a cut when you use them.)

[sooner88]

If you're ordering takeout or delivery, I'd recommend doing it directly through the restaurant if possible, in order to maximize their profits. (Third-party delivery services take a cut when you use them.)

Same reason that Broadway 10 took their 50% off deal off of Postmates, etc. but are still doing it in the store. A lot of those deep discounts don't make sense when dealing with third-party services.

[chuck5815]

Same reason that Broadway 10 took their 50% off deal off of Postmates, etc. but are still doing it in the store. A lot of those deep discounts don't make sense when dealing with third-party services.

these restaurants can't be making any money doing 50% off take out only business. i'm glad some of them are doing it, but it's almost charity at that price point.

[mugofbeer]

My wife and l agreed to do a minimum of 2x per week getting takeout (out of home meals 2 - 3 times/day) from locally owned restaurants. Have to give them at least a little business.

[Motley]

I heard from a friend that a person needs to fill in a 1040 or some to-be-created document to be eligible for the stimulus check. I know many elderly that only have SS income and do not file. I previously understood the checks would issue automatically to SS recipients, but now has this changed? If so, many of our elderly do not easily access the web and may not understand what has to be done.

[AP]

https://fivethirtyeight.abcnews.go.c...embed/69900939

[mkjeeves]

I heard from a friend that a person needs to fill in a 1040 or some to-be-created document to be eligible for the stimulus check. I know many elderly that only have SS income and do not file. I previously understood the checks would issue automatically to SS recipients, but now has this changed? If so, many of our elderly do not easily access the web and may not understand what has to be done.

https://www.usatoday.com/story/news/...es/5102819002/

[Laramie]

While China has lied before, so has the USA head of state. In fact the lies out of the WH are just as if not more numerous than the ones from Bejing.

So true...

Right now, if you are retired and have a bank, credit union account you need to be patient and not do anything if your benefits are loaded on your monthly benefits cards you currently receive.

They are saying something about 1099 form?

Relief benefits:

Just want to caution you that if you, received a check for $1200 or $600 and also have money loaded on your card--contact the IRS about the check as to what you need to do.

Just can't see the IRS sending out a ton of checks that amplify thief & fraud abuse when they have the ability to load your card thru your employer or government benefits thru Social Security.

[mugofbeer]

I heard from a friend that a person needs to fill in a 1040 or some to-be-created document to be eligible for the stimulus check. I know many elderly that only have SS income and do not file. I previously understood the checks would issue automatically to SS recipients, but now has this changed? If so, many of our elderly do not easily access the web and may not understand what has to be done.

This is only necessary for the few who do not file taxes. If you dont file, you need to file a 1040 to get on the roles for a check.

[Rover]

This is only necessary for the few who do not file taxes. If you dont file, you need to file a 1040 to get on the roles for a check.

It could be wrong, but an adviser on the radio said that because the govt. has the info for SS recipients, that they don't have to have filings. Where did you see that it changed?

[Motley]

On the IRS.gov site under the heading for "get coronavirus tax relief". There are millions of elderly, veterans, and disabled that do not file yearly since they have very limited income. Maybe they will do something to fix this situation, but so far, it appears they expect those people to file a shortened form now to receive the stimulus check.

[Motley]

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

[mugofbeer]

It could be wrong, but an adviser on the radio said that because the govt. has the info for SS recipients, that they don't have to have filings. Where did you see that it changed?

I've tried to copy and paste but l can't, look on Foxnews site article IRS Rule Requiring Tax Retun Paperwork Coronavirus Rebates Sparks Pushback. It explains starting on paragraph 3.

[Bunty]

Have super Wal-Marts in the metro started only opening their grocery sides?

[Greggo71]

The United States has lost 45 jobs for each confirmed COVID 19 case.

https://www.bloomberg.com/news/artic...lion-last-week

[Teo9969]

Starting to see more and more articles pop up on my google feed of how we're looking at a depression. Yet I talk to lots of people who are just like "No, it will turn around...it always does". It's the mindset of the people that will have the longest impact on how we move through this. The less aware people are now, the more negative the sentiment they will have when they lose homes and jobs and cannot find new work, and that will result in a tighter grip by those who have resources on those resources.

No cash flow, no economic recovery.

On Edit: To be sure, obviously Google returns things that are somewhat bias confirming, and I have been pretty staunchly in the camp of "this is going to be problematic" but the sources on these articles are thing like Market Watch, Bloomberg, WSJ, NY Times etc. We're not talking about a bunch of random publications who just like to predict the end of the world.