Thursday night update: Welp, I'm frustrated. The stock market felt pretty decent today about progress we're making toward rebuilding the economy. As you might know, the market will settle down when it feels confident we have a reasonable path forward. 1/
I've been hanging my hat on that all week. Oil prices increased today, which is also good, and that resulted in a net positive day for our long-term investments. But then, just after midwest dinner time, the GOP's proposal for the "checks to Americans" stimulus plan came out. 2/
Woof. 3/
To call it tone deaf is a compliment. It excludes any single person making over $100k. And begins phasing-out benefits for couples earning above $150k. That's a big problem. Why? Because IF YOU'RE CURRENTLY EARNING ZERO, WHO CARES WHAT YOU USED TO MAKE?!?!? 4/
To means test a stimulus package when we're likely to have unemployment reach into the 20% range, is absurd. You may HATE everyone that earns more money than you, as some people do, but means testing hurts everyone. 5/
Many business owners, who currently don't have a viable business or income, earn above $100k/yr. If they can't survive, then their business officially dies. Sure, there's small business lending, but how long will that take?!? 6/
And how about the unemployed single parent who once earned above $100k, but is now earning nothing?!?! Wealth is about assets, not income. If you have assets without an income, you can survive. If you have income without assets, you can survive. 7/
But if you have neither? YOU'RE IN TROUBLE. The stimulus bill doesn't have to be perfect, but it should error on the side of too generous, not too stingy. Do better! 8/8
