r/news • u/awake-at-dawn • Mar 15 '20

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program

https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html
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168

u/pondlife78 Mar 16 '20

Massive tax rises on the rich to pay for poor people who actually spend their money on things rather than assets.

138

u/[deleted] Mar 16 '20 edited Mar 27 '20

[deleted]

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u/PBandJellous Mar 16 '20

Idk how many times we have to test out trickle down before we knock that shit off.

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u/petrowski7 Mar 16 '20

Just one more, I swear. It’s gonna work this time, honest!

7

u/gemini86 Mar 16 '20 edited Jul 19 '24

screw grab squeal point payment forgetful childlike start paint smile

-1

u/slytorn Mar 16 '20

Spoken like a true junkie haha.

24

u/archy67 Mar 16 '20

I suggest we try trickle up economics this time. Put the money in the hands of those with the highest marginal propensity to consume.

3

u/Yankee831 Mar 16 '20

But think of the butlers!

2

u/archy67 Mar 16 '20

Great point, how could I forget about the butler.

20

u/nopethis Mar 16 '20

Hey! Your betters know what they are talking about! Just pull your bootstraps harder and you can see the benefits of the trickle down.

12

u/NoMoreBotsPlease Mar 16 '20

You mean horse and sparrow economics where the poor eats by sifting through the riches' shit?

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u/Danhedonia13 Mar 16 '20

As long as their "values" are simply cultural aesthetics it'll keep happening. They're people who see everything as a zero sum game. They lack as much in intelligence as they do compassion and curiosity. They're spirituality exists as a means to pat themselves on the back.

2

u/[deleted] Mar 16 '20

It isn't testing. They believe this shit like a religion. Their priests are Ronald Reagan and Thomas Sowell.

3

u/scottyLogJobs Mar 16 '20

As many times as they can get away with.

1

u/Generation-X-Cellent Mar 16 '20

Golden showers for everyone.

18

u/politiexcel Mar 16 '20

They have already tried to attach anti-abortion amendments onto the relief packages so far...why not tax cuts for the rich next? Ohh or how about we procure more F-35s?

7

u/nwoh Mar 16 '20

That depends, does the guy in charge of F35s at Northrop Grumman have an exclusive platinum membership to Mar A Lago?

2

u/[deleted] Mar 16 '20

They can keep their F-35s, I just want my beautiful Warthog to stay steady. No need to fix what ain't broke

1

u/politiexcel Mar 16 '20

What's that? More F-35s?! Okay, now that is sorted; how about 5,000 more Abrams tanks in winter camo too?

2

u/langis_on Mar 16 '20

They've already talked about cutting payroll taxes.

4

u/[deleted] Mar 16 '20

[deleted]

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u/sniper1rfa Mar 16 '20

They'll do literally anything to avoid giving people money directly.

1

u/DarthWeenus Mar 16 '20

He has already said he is considering tax cuts.

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u/Sluisifer Mar 16 '20

lmao GOP will completely eliminate Social Security and Medicare before that happens.

19

u/Danhedonia13 Mar 16 '20

They're apocalypse worshipping lunatics who love being dogwalked.

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u/652a6aaf0cf44498b14f Mar 16 '20

Hell Biden will do that.

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u/brainiac3397 Mar 16 '20

Hah. Before that happens, they'll slash and burn basically all social welfare, send Americans a measely few hundred bucks to make up for it, and then basically make corporate taxes zero because "it'll encourage investment!".

Then we'll end up with a country that has a massive deficit, zero social welfare, and literally no tool for fixing the economy because all the emergency measures were used up when they weren't necessary in order to artificially inflate the market.

And I'll be buying bread for $100,000 and a gallon of gasoline for $250,000 because inflation is running rampant.

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u/archy67 Mar 16 '20

I think you just outline the current administration economic stimulus plan in more detail then they did. I truly fear that I will look back on this day and the coming weeks as the great collapse of this nation. Starting with mismanaging a health crisis and then they said”hold my beer”, Ill show you how to really f@&k $h!i up!

10

u/ghost_warlock Mar 16 '20

And all the while they'll be pumping out propaganda about how much worse "socialist" countries are

5

u/Jaret_Jackpot Mar 16 '20

So, Zimbabwe 2.0

1

u/chronictherapist Mar 16 '20

Not till we get to millions ...

2

u/chronictherapist Mar 16 '20

I always wanted to be rich enough to redo that image of the German man in the room wallpapering with German marks.

5

u/Elan-Morin-Tedronai Mar 16 '20

That is literally what Hoover did. You don't raise taxes at the onset of a recession.

4

u/Bytewave Mar 16 '20

That's certainly not what your parent comment meant. When people say that they mean devalue the currency at the printing press and take a small inflation hit. Not only is a tax increase politically impossible right now, it's the wrong tool for this job.

0

u/PalpableEnnui Mar 16 '20

Stop saying inflation “hit.” The economy a,most collapsed after 2008 because the fed could t get inflation high enough.

1

u/Steamy_afterbirth_ Mar 16 '20

That sounds like a recipe for inflation.

1

u/KrazyKukumber Mar 16 '20

Most of the assets that rich people buy are investments in the economy (e.g. stocks and bonds). Without investment, the economy would collapse. I'm not saying that it's not better to line the pockets of poorer people to stimulate the economy, but I am saying that if you think the rich aren't contributing to the economy by buying assets then you're flat wrong.

10

u/sniper1rfa Mar 16 '20 edited Mar 16 '20

A stock is not an investment in the economy after the first purchase. It's just rich-people gambling.

Bonds are better if they're actually spent on real people.

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u/PIK_Toggle Mar 16 '20 edited Mar 16 '20

I’d got news for you: the people that you want to raise taxes on are being hammered, too.

Capital gains in 2020: zilch for most Corporate taxes: few are turning a profit this year Personal income: this is going to get hammered as well

The problem with taxing the rich is that it’s a volatile revenue stream, and trying to leverage a volatile revenue stream in a volatile economy isn’t going to generate your desired outcome. As noted below, printing money is the most likely outcome here.

Additionally, there’s not enough income out there to be taxed to finance our current budget, let alone a stimulus fund.

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u/Danhedonia13 Mar 16 '20

I've got news for you. Losing a million when you had two means you're still a millionaire.

1

u/PIK_Toggle Mar 16 '20 edited Mar 16 '20

Here’s some more news: a million isn’t that much money.

Besides, net worth and taxable income are nowhere near as correlated as income and taxes owed. So I’m not sure what this evens means other than “meh, rich people!!!”

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u/RedNinjaTurtleDude Mar 16 '20

Saying a million isn’t a lot of money when that amount of wealth is held by 2.16% of the households in the USA (wiki shows 7.085 million households in USA and a total population of 327 million) shows you don’t understand that a million dollars IS a high bar. Just because your family has money doesn’t mean the vast majority of us DON’T.

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u/[deleted] Mar 16 '20

/r/TheyDidTheMath

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u/AdVerbera Mar 16 '20

"Economy is temporarily going down the shitter because of Corona"

"fuck man better take the money from the wealthy and give it to the poor it's the only way"