Senator Dick Durbin joins Morning Joe to discuss unemployment, the shrinking GDP, and the roadblocks in passing additional coronavirus relief. Aired on 07/30/2020.
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1.43 Million Jobless Claims Added Last Week | Morning Joe | MSNBC
The economy crushed by Trump’s incompetence, aided by Senate Republicans.
@Janet Watson – Thanks for the encouragement and empathy Janet. It’s going to be a struggle, survival of the fittest, Dog eat Dog for a few month (hopefully only that time line)…
I’m glad that you have competent Leadership and wish you well also 😷✌🏽
@Eric Echols Sr. Thanks Eric, but I wouldn’t exactly call my federal leadership competent. We have crazy people here too, who voted for a grade 4 drama teacher and then were surprised that he too is a little off the rails. I will keep my fingers crossed for the US and wish you all good health and safety.
@Janet Watson – Compared to our Leadership? 😅
Stay Safe 🙂😷✌🏽
@Wigg Picker I think you’re getting the serpent children confused with the lizard people. You need to get your fictional story straight.
@Cort
Samething, phukkbunny, but u already lost your soul to the demon for all the quality u lack so it doesn’t concern you, you’ve already been enslaved.
Pretty pathetic, Without additional money City, States and the federal government will collapse.
Now you’re figuring it out trump is pro Russian and anti American hello people. What will it take for the American people to wake up he is not for the American people he is carrying Putin’s water wow I thought American people was smarter than this well you learn something new every day
Not so. The worst cities and states will declare bankruptcy and cure the public pension problem they have been denying for thirty years. I can hardly wait.
Do Republicans see beyond their own dollar eyes? NO.
@joyce Loesch Of course they do. People educated in economics know that what is good for them is also good for everyone else.
James Wells … don’t worry comrade the Saudi‘s and the Russians are doing great…tRump out by vote or by Rope…
“Everything trump touches dies!”
Especially Trump economics. You could see he was a failure. He doesn’t understand tariffs. Economics 101
Yet the Racist in America thought he was their racist Lord and savior. Now Americans are dropping by the millions.
*New Study Confirms That The Welfare State Discourages Work*
*At a time our country faces a massive recession brought on by the coronavirus lockdowns, America’s welfare state exacerbates that stagnation.*
June 16, 2020 https://thefederalist.com/2020/06/16/new-study-confirms-that-the-welfare-state-discourages-work/
*Ronald Reagan had an old adage about the nine most terrifying words in the English language: “I’m from the government and I’m here to help.” Recently, a new paper reinforced that truth and adds to the existing literature showing how America’s welfare state often traps generations in a cycle of poverty.*
*At its core, a complicated set of welfare programs and tax breaks generate sizable incentives for many low-income Americans not to increase their incomes and improve their station in life. This “poverty trap” results in well-intentioned government programs hurting those they were designed to help.*
*Marginal Tax Rates*
The study, published by the National Bureau of Economic Research (NBER), examined marginal net tax rates on American households. Their analysis included the phase-out effects of various government programs and the extent to which those phase-outs discourage work.
For instance, consider the $1,200 payments in March’s coronavirus “stimulus” legislation. Individuals with incomes under $75,000 qualified for the full $1,200 payment, while the payment was reduced by 5 percent for each dollar of income over $75,000. As a result of this phase-out rate, individuals with incomes over $99,000 receive no payment.
For every additional dollar of income a person making $75,000 received, he will lose five cents of his “stimulus” payment, plus have to pay regular federal income taxes (likely at a 22 percent rate), payroll taxes (7.65 percent), and state and local income taxes where applicable.
Put another way, the coronavirus checks gave people making between $75,000-$99,000 added incentive to reduce their income. By working fewer hours, sheltering income from taxes, or both, people could “maximize” their “free” payment from the federal government.
The researchers studied data from 2016, well before this year’s “stimulus” (or the coronavirus). But as the paper’s introduction notes, many other federal programs and laws have similar distortionary effects:
Earn $1 too much two years back and your Medicare Part B premiums will rise by close to $800. Earn $1 too much and, depending on the state, lose thousands of dollars in your own or your family’s Medicaid benefits. Hold $1 too much in assets and forfeit thousands in Supplemental Security Income.
Earn an extra dollar and receive thousands of dollars in Obamacare subsidies. Earn $1 beyond Social Security’s earnings ceiling and watch your Social Security payroll tax drop to zero. Earn $1 too much and flip onto the Alternative Minimum Tax (AMT), reducing your marginal income-tax bracket from a rate as high as 37 percent to 28 percent. Earn $1 too much and lose 22 cents, in the Earned Income Tax Credit and the list goes on.
If this appears to look almost like a game, you’re not far off. It’s hard not to view it as the government picking winners and losers through its various program parameters. Made an extra $1 of income? Too bad — now we’re taking your subsidy away. Do not pass go, do not collect $200.
*Worst Effects on the Poor*
Unfortunately, these distortionary effects hit poor and near-poor households the hardest. As Gene Steuerle of the Urban Institute has documented, phase-outs of programs like cash welfare, food stamps, the Earned Income Tax Credit, and Obamacare subsidies mean households making roughly $10,000-$40,000 can lose almost as much in government benefits as they gain in added income by working additional hours.
The new NBER study further quantifies this phenomenon. It finds that, both over the current year and over their lifetimes, individuals in the lowest income quintile (the bottom 20 percent) face higher marginal tax rates than those in the next three income quintiles (from the 20th percentile of income through the 80th percentile). Essentially, when taking the phase-out of government benefits into account, the poor face more disincentives to work than the middle class.
It gets worse. One in four low-income households (those with income in the bottom 20 percent) face lifetime marginal net tax rates of more than 70 percent. As the authors put it: “One in four of our poorest households, regardless of age, make between two and three times as much for the government than they make for themselves in earning an extra $1,000.” Given the construct of the modern welfare state, it seems less logical to ask why poor people wouldn’t work and instead to ask why they would.
There is, however, one silver lining in the paper: States can help undo the damage caused by poorly crafted federal policy. The NBER researchers found that a “typical household can raise its total remaining lifetime spending by 8.1 percent by moving from a high-tax to a low-tax state.”
*Break the Cycle of Poverty*
Obamacare didn’t create the phenomenon of the welfare state discouraging work, but it did make this worse. The Congressional Budget Office noted repeatedly that the phase-outs in the law’s insurance subsidies penalize individuals who earn more income. Its most recent in-depth analysis, conducted in February 2014, concluded the law would reduce the labor supply by the equivalent of about 2.5 million full-time jobs.
More recently, of course, lawmakers in the CARES Act provided a $600 per week federal supplement to unemployment insurance, further discouraging work. Because more than two-thirds of unemployed individuals can now make more money on unemployment than they did while working, businesses face difficulty recruiting furloughed employees back to their jobs.
At a time our country faces a massive recession brought on by the coronavirus lockdowns, America’s welfare state exacerbates that stagnation. Reforming the system to eliminate work disincentives could save taxpayer funds. More importantly, it would encourage all Americans to embrace the dignity of work.
President Trump stepped over the wishes of his own GOP Party and offered Nanct Pelosis Democrats a $600 a week unemployment extention to avoild friday nights deadline for unemployment benefits ! Pelosi said no ! Now 16 million Americans lost $600 unemployment thanks to political motivations of Nancy Pelosis Democrat marxists. Get a job quick.. No more unemployment benifits. Thanks Nancy marxist and friends in the DNC elite.
@bb
President Trump stepped over the wishes of his own GOP Party and offered Nanct Pelosis Democrats a $600 a week unemployment extention to avoild friday nights deadline for unemployment benefits ! Pelosi said no ! Now 16 million Americans lost $600 unemployment thanks to political motivations of Nancy Pelosis Democrat marxists. Get a job quick.. No more unemployment benifits. Thanks Nancy marxist and friends in the DNC elite.
What about the hundreds of thousands of people who applied for unemployment benefits who haven’t heard anything back from the Department of Labor?
Or the ones who haven’t even gotten that measly $1200. yet.
You applied at the wrong department, you dumbshit.
@Jeff Gibson Jeff they are suggesting the Department of Labor because when you can’t reach unemployment you reach out to the Department of Labor. Email or call your Assemblyman.
Email or call your local Assemblyman!🙏
Kentucky, why do you support McConnell ? He blocks common sense ,and common good.
@Keith Johnson – Shelby GT500
The Washington Examiner is a right-wing rag. You can’t be serious. Undocumented do not receive free medical care, food stamps, or other legal benefits. The Federation for Immigration Reform: FAIR leaders have ties to white supremacist groups and eugenicists and have made many racist statements. Its advertisements have been rejected because of racist content. https://www.splcenter.org/fighting-hate/extremist-files/group/federation-american-immigration-reform
undocumented immigrants paid $11.6 billion in state and local taxes in 2013. This includes:
$7 billion in sales taxes,
$1.1 billion in income taxes, and
$3.6 billion in property taxes.
Tax payments ranged from $2.2 million in Montana, which is home to only 4,000 undocumented immigrants, to $3.1 billion in California, with an undocumented population numbering more than 3 million.
Six states—California, Texas, New York, Illinois, New Jersey, and Florida—derived the most revenue from taxes paid by undocumented immigrants (Figure 1).
In 2013, the average effective state and local tax rate of undocumented immigrants—that is, the share of their total income which they paid in taxes—was 8 percent, compared to 5.4 percent for the top 1 percent of all taxpayers.
@Keith Johnson – Shelby GT500 is is a racist race baiter.
@Wado Waleli Don’t forget ignorance…
This pandemic officially marks the beginning of the decline of American Empire. The era of China is really coming.
@Kevin Adkins Oh yes, that’s falls very nicely into Kentucky’s mix and accounts for McConnell’s support there– Trump’s, too. Take care.
Interesting that McConnel and his toadies are getting paid with tax dollars to not work!
So Moscow Mitch, are you willing to go down with this ship?
Seriously, where do you draw the line?
@RR As more and more comes out about the GOP’S corruption with Russian Olegarchs they are caught in a trap. High drama in the next few months.
Yes. And for every paycheck they have accepted and cashed, another charge of “Theft by deception” should be counted.
Don’t forget their health insurance is paid by American tax dollars.
He hasn’t worked in at least a decade, why would he start now?
Super rich people that don’t pay taxes.
Andrew yang. #4MOREYEARS
“Rich” people pay most of the income tax take.
@Jeff Gibson I guess you don’t know too many rich ppl. The middle class (or what’s of it) do most of the paying. If rich ppl pay why don’t we see impeached trumpee’s taxes? He used all those failed ventures .to lower his income tax. they were suppose to fail. yOu know tax shelters. You have heard of them?
And Ya’ CAN START with TRUMPSTER…
WHO HAS NEVER PAID TAXES…
He Should be in PRISON!!!
Super Rich people who don’t care
Vote Mosco Mitch OUT. PATHETIC
McConnell needs to GO
VOTE BLUE
They allll need to go! https://www.youtube.com/watch?v=-vZp3FAQZvU #staysafe
Unemployment not seen since depression
Civil unrest not seen since the 60’s
Pandemic not seen since 1918.
Isolation not seen since 1781.
Welcome to Trump’s America
@Michael Marceau 👍🏾👍🏾😂😂
I’m copying this!
Most fools jumped on the trump van wagon instead of listening they wanted change instead of changing what’s in their hearts divide and conquer its unfolding right before everyone’s eyes so sad America is doomed people better wake up and take back lives and their country before it’s to late
What’s ahead is worse than the depression of 1929.
America is now great indeed!! smh
Oh they think these protest and riots are bad now. Just wait till more folks end up with no job or money. 🤦
They want the riots so the media will make you hate protesters. Secret psyops involved in those protests. You are not allowed to protest.
That’s their plan . To shut down the country .
Don’t you see that’s what Donald Judas trump and Moscow mitch McConnell is trying to get started do he can declare Marshall law and this way no election. No election he remains in office to finish destroying America as ordered by Putin American people are slow when it comes to them figuring out that they have been lied to so sad and this is America the hreat more like America the doomed
The good news is that hungry mobs can easily acquire a taste for fat rich Republican flesh.
EAT THE RICH !!🎯🇺🇸
lol
Yep, with our vote!
20 Republican Senators won’t help Americans at all? We will remember.
@terry wheeler BS! Cheeto Von Tweeto has bailed out himself and his cronies, it’s time to bail out the American workers.
Yes we will….Here are some more that need to GO!! https://www.youtube.com/watch?v=-vZp3FAQZvU #staysafe
@Silvio D a vote for TRUMP by WASTING time with a GREEN party! THIS is NOT the time for that!
Rae Marie… I hope you’re right.
Party leaders in Congress
on Both sides
need to be voted out
Need party leaders who put Americans 1st,
Not pettiness and politics
Democrats and Republicans have gotten so busy with playing their games against each other
That neither party cares Americans are suffering.
If the American People came 1st
They could reach a compromise that was good for AMERICA
Our government should be Quietly and Efficiently doing their jobs.
We hear them complaining about each other daily, but we can’t get cooperation and productivity out of them JOINTLY.
If can’t work as a TEAM, BOTH sides have failed!!!
Stop blaming each other and get your act together!!!!
McConnell is trying to pass a package that removes all liability from businesses for coronavirus infections in their employees, meaning they could force employees to not wear masks and then be safe from lawsuits when infections skyrocket.
McConnell is a grim reaper, indeed. Such blood on his revolting hands..
Yet many people in rural Kentucky think he’s the greatest person ever.
It’s their fifth grade education showing!
A house divided cannot stand. Cut of your nose spite your face. Thank you everyone is not lazy. If it is not corrected I will worsen for all. Logic is needed. The poor are the Lord’s people too.
Rich Moscow Mitch is pure awful! He’s been sitting on a relief package for weeks and won’t negotiate?! I wish I lived in Kentucky to vote him out of office. Americans deserve better.
I have a good friend in Newport Kentucky who is the Republican that is going to vote him out
The rotten gop only spend money on their rich donors and the bloated military. Vote Blue in november!!
Scott: YOU can donate to the Democrat he’s running against, Amy McGrath.
Do we all have time to move to Kentucky, register to vote, and
Elect the Demorate Challenger.
I will vote for Amy McGrath if I have to crawl through broken glass!!!!
LIKE MLK SAID , IT’S KINDA HARD TO PULL YOURSELF UP BY YOUR BOOT STRAPS WHEN YOU DON’T HAVE BOOTS .
Or straps.
@Rebecca 😃😃
Aiyisha Are you I’ll dear?
@Aiyisha Exactly. You know what I never hear certain people say? “Hey, I am fortunate in that I took over a successful family business” or “Honestly, without the inheritance I got from my parents/grandparents, I would not be in the great economic position I am in right now– I probably wouldn’t even own my house yet.” Being self-made is awesome but tons of people falsely take credit for that title in real life.
@jpb53ao 🎯
Meanwhile, Trump and his supporters keep claiming, “The economy is doing great! Unemployment is way down!” Which is it?
Depression! Better prepare😭
The economy may be good for the upper class. But middle and lower class people and families are more affected by this pandemic. Hey, if you’re fortunate enough to not be affected, great! But to allow those who are suffering to continue to suffer, is something beyond evil.
The Grim Reaper is taking his nickname a little too literally.
We need to know the NAMES of the 20 Republicans who say not a penny more for our fellow Americans.
I am SO happy to oblige those names: https://www.youtube.com/watch?v=-vZp3FAQZvU Remember them and vote these mofos OUT! #staysafe
Found it: https://www.youtube.com/watch?v=-vZp3FAQZvU
Yes, yes we do!!!
Anyone with an (R) next to their name. VOTE OUT ALL REPUBLICANS.
@itgetter9 YES! Just doing that will improve the country more than anything!!!!
“Everything trump touches dies!”