Thoughts on Kamala

Not experienced enough for President
She hasn't proved anything so for did nothing about the border.
Bad Idea

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Heartlander · 80-89, M

The thought of her as president brings the memory of that giant swishing sound that Ross Perot tried to warn us about 15 or 20 years ago. With her comes the double-down on what Biden did and an economy with equity being its major product. So can we afford another 4 years of squabbling over what pronouns we can use to address one another? And a Washington trying over and over to transfer the earnings of our plumbers, electricians and carpenters to be given to another 12 million newly arriving immigrants and to those who borrowed $100K to finance their college major in protest?

Add Dwight Eisenhower's warning to Perot's. Anyone remember? Hint: it was about the military industrial complex. And who would know about that better than the General of the Armies? Is the US's main export now military weaponry? Weapons paid for with money we give to Ukraine, Israel and others scattered around the globe?

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Heartlander · 80-89, M

@samueltyler2 Most of us realize that the amount of debt that we can carry is depended on earnings and the value of marketable assets. Everything being equal, if my earnings increase I can borrow more. If my earnings decrease or flatten and I keep borrowing I'm on tract to financial disaster.

There's an old saying about earning one's way out of debt. Borrowing one's way out of debt is the formula for how even a bank (a money store) can become insolvent.

samueltyler2 · 80-89, M

@Heartlander and when an administration takes the country into a debt level never experienced before, who should be held accountable? Did you turn down any funds you might have been sent during after covid?

Heartlander · 80-89, M

@samueltyler2 Debt has to always be referenced to assets and equity. It's the fundamental equation to economics. Whether you have a million dollar mortgage or a ten thousand dollar mortgage, it and of itself is meaningless without knowing the other sides of the equation.

samueltyler2 · 80-89, M

@Heartlander you avoided my question! It is okay if you don't want to face reality.

Heartlander · 80-89, M

@samueltyler2 I mostly opposed the covid $$$ regardless of who was/is president. A better and more immediate relief would have been to just back off on employer IRS 941 deposit requirements. Add a little kindness to banking regulations, plus eviction relief so that no one got squeezed i the middle and it would have also provided a retraction process that would have put the money back in the US treasury after COVID was over.

samueltyler2 · 80-89, M

@Heartlander people used the money to survive. The things they purchased put money back into the economic my which otherwise, might have entered a recession.

Heartlander · 80-89, M

@samueltyler2 Not everyone needed that $$. By backing off 941 deposit requirements workers could have been kept on the payrolls. By relaxing bank regulations borrowers could have skipped payments. Both would have been immediately. A $1,000 check from the government a year later was a stupid idea. Or even 2 months later.

Bank regulations punish banks for non performing loans. 60 days out and banks are required to take action. Add that to 941 deposit requirements for taxes and employers have to fire or lay off workers so they can have the money to pay the government and lenders. Relief should have been where it was needed and immediate. It wasn't either. It was also a one way street, the money went out but had no process for paying back ... except in the form of higher taxes. So in hindsight the $$$ payouts for COVID were really just wealth transfers, and both Democrats and Republicans did that.

samueltyler2 · 80-89, M

@Heartlander the funds ng needed to check who really needed the money, and the time it would have taken would have been further disruptive. What really annoyed me was those companies who received appreciable funding and did not use it appropriately. Some are under investigation, some i understand are under indictment.

Heartlander · 80-89, M

@samueltyler2 Large employers have 24 hours to make withholding ad PR tax deposits, and with revenue constrained and debt payments due they had no option but to immediately start laying off workers. The government should have immediately backed off those requirements and gradually restored them after COVID.

samueltyler2 · 80-89, M

@Heartlander I don't know much about that, I am sure many companies fail that on a regular basis and are not prosecuted, but they received lots of covid money to help.

Heartlander · 80-89, M

@samueltyler2 There are pretty stiff penalties for missing deposit requirements. And even stiffer consequences if a bank has to declare your loan as non-preforming. While they probably did ease off on the IRS penalties, those reliefs should have been immediate. The US treasury gets to borrow money at 2 and 3% interest. For a business to have to borrow to pay taxes, they borrow at 12% plus. There were half a dozen relief programs but they all took time and most were after-the facts, AFTER businesses lost money, which means that employees had already been laid off.

nudistsueaz · 61-69, F

@Heartlander All very true

samueltyler2 · 80-89, M

@Heartlander Things are never perfect, but at least there was an effort to help. Look at the difference between the post covid recovery in the US and around the rest of the world!

Heartlander · 80-89, M

@samueltyler2 :) as a side note I don't think I/we received that last $$ payment. As I recall it was the complicated one with some people getting debit cards? And, some supposedly having to take tax credits? I recall trying the "where's my money?" thing on the government website and was told to do the tax credit thing. Then when I did the tax credit thing the IRS un-did it to me :)

My resolution was to just shrug my shoulders with the "fighting city hall" understanding. I/we were in that group that really didn't need the $$, BUT if we needed it, one of us would have been cheated out of that last payment.

samueltyler2 · 80-89, M

@Heartlander At my age, and in retirement, i didn't need the money. My kids needed it, my SIL is a dentist and his practice needed it a lot!

Heartlander · 80-89, M

@samueltyler2 As I recall, that last payout was complicated, with the checks being sent to people who had already filed tax returns, and us last minute filers ending up in confusing territory.

We have no mortgage nor car payments, so just the cost of food, utilities and insurance; and fixing what gets broken. So why did I get the covid money?

Also as I recall, there were a few SBA programs we investigated for the business at the time. They required a 25% reduction in revenue caused by COVID, so dentist probably suffered far greater losses since they had to practically suspend services for months. As I recall also, partnerships and sub-S corps were burdened with lots of extra paper work, which I imagine hit many medical groups. So the proverbial caught between a rock and a hard place for many.

samueltyler2 · 80-89, M

@Heartlander unfortunately it did.

Heartlander · 80-89, M

@samueltyler2 Yea, trying to remember, for partnerships the SBA required financial disclosures of all partners, including tax returns. Some partnerships may have a many-many partners, and that would have been an extreme burden when you consider partners probably file joint returns and partners may also be partners in additional groups. And that was to apply with no assurance of approval. To help when the needs were immediate?