US Economy BOOMING

[robe]

1 hour ago, AztecSU said:

netted 1.7% over the last 2 qtrs, woooo!

That is pretty  significant considering what we have been thru. 

[AztecSU]

7 minutes ago, robe said:

That is pretty  significant considering what we have been thru. 

If you think the economy being 3.5% smaller than yearend 2019 is significant, then ok. 

[Billings]

1 hour ago, RSF said:

The Q4 predictions have been coming in at about 2-4%, with a double dip recession seen as a distinct possibility.  The economy is also still short 10 million jobs.  

I am afraid, without another decent stimulus, there will be another dip.   The comeback is a bit stronger than I expected but some big companies are announcing layoffs right now in pretty big numbers,

[smltwnrckr]

1 hour ago, halfmanhalfbronco said:

Toothless?  That sounds awesome off.

Is there a vomit emoji?

[NorCalCoug]

1 hour ago, AztecSU said:

If you think the economy being 3.5% smaller than yearend 2019 is significant, then ok. 

Knock it off.  You’re just being ridiculous now.  All things considered, there’s little argument that isn’t significant.  Relax, your hero is going to win next week.  It’s OK to celebrate good things that happen to the country now.

[AztecSU]

11 minutes ago, NorCalCoug said:

Knock it off.  You’re just being ridiculous now.  All things considered, there’s little argument that isn’t significant.  Relax, your hero is going to win next week.  It’s OK to celebrate good things that happen to the country now.

Millions of people out of work and ya'll stroking off to underwater GDP like it's raining free money. Maybe I'm not the one that needs to relax. 

[NorCalCoug]

14 minutes ago, AztecSU said:

Millions of people out of work and ya'll stroking off to underwater GDP like it's raining free money. Maybe I'm not the one that needs to relax. 

No, you need to just take good news for what it is.  This could’ve been much worse...  BUT TRUMP!!!  You people are nuts.

[AztecSU]

9 minutes ago, NorCalCoug said:

No, you need to just take good news for what it is.  This could’ve been much worse...  BUT TRUMP!!!  You people are nuts.

Or maybe the qtr could've been even better or the dip not so stark...leadership, errr divisiveness counts. 

[NorCalCoug]

18 minutes ago, AztecSU said:

Or maybe the qtr could've been even better or the dip not so stark...leadership, errr divisiveness counts. 

[AztecSU]

lol, you all think you're trolls like your leader. funny.

[NMpackalum]

2 hours ago, Old_SD_Dude said:

I'm on the BOD of a small environmental consulting firm and that's what we've done. We're just sitting on it until the forgiveness criteria settle out.

It's too bad because in theory it was a good thing. As it is now, many business owners will have a large tax burden that they won't be able to pay off if they can't deduct the wages and expenses so I suspect many businesses will close due to that. Also my accountant says that there are new restrictions on owner PPP loans so all those 1 or 2 owner employee businesses will have to pay back more than expected. I see lots of unexpected bankruptcies in the future if there are more lockdowns because of the way the IRS is handling the PP. It makes more sense for the business owners to lay people off to get enhanced unemployment benefits than keeping employees working.

[AztecSU]

Just now, NMpackalum said:

It's too bad because in theory it was a good thing. As it is now, many business owners will have a large tax burden that they won't be able to pay off if they can't deduct the wages and expenses so I suspect many businesses will close due to that. Also my accountant says that there are new restrictions on owner PPP loans so all those 1 or 2 owner employee businesses will have to pay back more than expected. I see lots of unexpected bankruptcies in the future if there are more lockdowns because of the way the IRS is handling the PP. It makes more sense for the business owners to lay people off to get enhanced unemployment benefits than keeping employees working.

As of now PPP forgiveness is taxable, but I honestly see that being amended in someway...kind of self defeating, no?

[bornontheblue]

46 minutes ago, AztecSU said:

Millions of people out of work and ya'll stroking off to underwater GDP like it's raining free money. Maybe I'm not the one that needs to relax. 

Idaho's employment situation is pretty good right now because we don't have the draconian lockdowns like CA. 

The fact that by the end of Q4 we will have made up most of the losses in GDP is significant. It took Obama 2 1/2 years to do that after the great recession. 

[WAC_FAN]

4 hours ago, Bob said:

If you want Crazy Uncle Joe to put you under lockdown and significantly raise taxes and kill your 401k, well, that's your prerogative.

https://www.cnbc.com/2020/10/29/us-gdp-report-third-quarter-2020.html

By the same metrics people are using to measure the Trump economy--if you think these are good metrics, then you have to acknowledge that the Obama era was also very good.

If you judge Biden by Obama (like everyone else is doing), then our 401k's will be fine.

No matter who is president, we are going to have to pay off the pandemic at some point.

[AztecSU]

Just now, bornontheblue said:

Idaho's employment situation is pretty good right now because we don't have the draconian lockdowns like CA. 

The fact that by the end of Q4 we will have made up most of the losses in GDP is significant. It took Obama 2 1/2 years to do that after the great recession. 

lol, GDP is not jobs...if people in Idaho aren't working enough there will be a double dip...why is this so hard to understand? This is a shit rolls down hill scenario...jobs don't return, then property values and local tax base erodes, then the real trouble starts. When the jobs come back that we lost he should get credit, they aren't back yet. 

[AztecSU]

 

 

[NMpackalum]

4 minutes ago, AztecSU said:

As of now PPP forgiveness is taxable, but I honestly see that being amended in someway...kind of self defeating, no?

That's what they've been saying for months and honestly why we took the loans. The IRS isn't having any of that from what I understand.

[halfmanhalfbronco]

16 minutes ago, bornontheblue said:

Idaho's employment situation is pretty good right now because we don't have the draconian lockdowns like CA. 

The fact that by the end of Q4 we will have made up most of the losses in GDP is significant. It took Obama 2 1/2 years to do that after the great recession. 

This is not accurate.  The service industry, which provides a lot of jobs has been wrecked.  It's the industry my father is in.  He went from 40-48 hours a week to 20 hours and nobody is hiring for cooks or bar tenders (he is/has been both).  We have mom and pop places closing left and right.  Even my friends at Royal Meats went out of business.

[AztecSU]

5 minutes ago, NMpackalum said:

That's what they've been saying for months and honestly why we took the loans. The IRS isn't having any of that from what I understand.

We took them because we anticipate a hit sometime between Q2 & Q4 2021 but if you look at our balance sheet today you would think we were rolling in it. IMO there may be a lot of firms projecting a hit next year...so why tax this relief before some companies have a chance to use it as intended, when they'll feel the impact of the current economic situation. 

[AztecSU]

Just now, halfmanhalfbronco said:

This is not accurate.  The service industry, which provides a lot of jobs has been wrecked.  It's the industry my father is in.  He went from 40-48 hours a week to 20 hours and nobody is hiring for cooks or bar tenders (he is/has been both).  We have mom and pop places closing left and right.  Even my friends at Royal Meats went out of business.

Oh man, that is terrible and I hope your pop is able to find full-time work soon. I will say compared to the last downturn that seemed to hit white collar jobs very hard, this one seems to have decimated service industry and retail workers.