the economy

[2mAn]

I didnt realize the $1200 one time "stimulus" was basically an advance on future tax returns... I dont need it and dont want it. They wont automatically deposit it into my acct right?

[roguetoaster]

I didnt realize the $1200 one time "stimulus" was basically an advance on future tax returns... I dont need it and dont want it. They wont automatically deposit it into my acct right?

They're going to ram that "free" money right down your balance sheet. I suppose you could direct your bank to deny any deposits or otherwise lock the account.

[E30 Wagen]

Hm. On the positive, with the way gas prices may get, we could very well see a $20 fill-up in some parts of the country.

Gas is $1.34 near me, it's pretty wild.

I just find it sad that so many in this country don't seem to have at least a couple months living expenses to fall back on. It's like everybody maximizes their spending amount and not the amount they can save. I'm freaking out if I don't feel like I have at least six months saved up, though my monthly mortgage, including taxes and insurance, is probably half a typical apartment rent (or less than a 1/4 if you're in somewhere like LA or NY). And I don't have any kids...

[ForcedFirebird]

https://www.forbes.com/sites/bobhaber/2020/04/07/the-united-states-desperately-needs-inflation-and-you-need-gold/#bd6f79a69dca

[phillipj]

Gas is $1.34 near me, it's pretty wild.

I just find it sad that so many in this country don't seem to have at least a couple months living expenses to fall back on. It's like everybody maximizes their spending amount and not the amount they can save. I'm freaking out if I don't feel like I have at least six months saved up, though my monthly mortgage, including taxes and insurance, is probably half a typical apartment rent (or less than a 1/4 if you're in somewhere like LA or NY). And I don't have any kids...

+1. Extremely sad.

$1.34? Damn. About 1/2 the price of here. Gas is still $2.70-ish at the lowest spots in Los Angeles proper. Parts of LA still blow my mind where you'll see one station at $5.50/gallon and then you drive 2 blocks down the street and it's like $2.89.

I will say a weird plus to this pandemic/shutdown is experiencing LA with no traffic, it's like a bizarro world. NPR this morning also was saying they've been measuring some of the highest air quality in the entire US lately, too.

[R3Z3N]

I didnt realize the $1200 one time "stimulus" was basically an advance on future tax returns... I dont need it and dont want it. They wont automatically deposit it into my acct right?

I'm torn,don't need it either. But....invest it now? I think its worth the risk rather than sitting on it for a year.

[ForcedFirebird]

The oil situation ios about to get worse, too. 14 billion more barrels of crude oil was shipped from Saudi...

https://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-Sends-Wave-Of-Supertankers-To-US-Ahead-Of-Oil-Meeting.html

[2mAn]

I'm torn,don't need it either. But....invest it now? I think its worth the risk rather than sitting on it for a year.

Yea, thats likely what I will do too. Just invest it and hope that its worth more than $1200 next year or whenever they try to take it out of our tax return.

[Melon]

Yeah, here in Louisiana I do design work for plants and refineries.

The gas crunch has already to us laying off about 1/3 of the office between Baton Rouge and Houston.

[R3Z3N]

Yea, thats likely what I will do too. Just invest it and hope that its worth more than $1200 next year or whenever they try to take it out of our tax return.

Personally I file in ways to NOT get a tax return. I want my money in my hands so that it invests sooner every month, not once a year.

[phillipj]

The oil situation ios about to get worse, too. 14 billion more barrels of crude oil was shipped from Saudi...

https://oilprice.com/Energy/Crude-Oi...l-Meeting.html

^ This really peeved me last week. Aside from "his friend" being a despot Murderer, it manipulated the market in a careless way. Trump's subsequent tweets and tv soundbites talked up a 15M barrel cut, analysts then took it to new levels speculating 30M. The Oil market spiked on the rumor, even though it came out only hours later that it was a myth - the Russians and the Saudis hadn't spoke.

The real stupid thing here is that the original deal they couldn't come to an agreement on was a cut of 1.5M. There's a 10x difference between that and the rumor. So, this morning, when they did reach a deal, it of course underwhelmed expectations and oil tanked. Beyond that, there's other significant countries that affect the global oil trade, including the US, and they are not on board with cutting production. Oil will continue to sink and that'll be good for us at the pump, but it's definitely going to have a big impact on jobs in the US as we've become the top producer in the world over the last decade. 40% of US Producers will become insolvent if Oil stays below $30/barrel. We are at $23 and there is room to slide as the global economy slows.

It's also a nice moment to point out that we are in anything but a "free market economy" -- where we grovel to countries to tweak and fix the prices where we want them, deal with cartels, all while greatly subsidizing these wealthy industries, and threaten & impose tariffs. And if a huge company involved should wobble or fail, we can aim the Fed money cannon at them and bail them out in some fashion. It's the United States of Corporate Socialism.

[phillipj]

I'm torn,don't need it either. But....invest it now? I think its worth the risk rather than sitting on it for a year.

Yea, thats likely what I will do too. Just invest it and hope that its worth more than $1200 next year or whenever they try to take it out of our tax return.

Maybe just frame it and put it on the wall for awhile as every check will now have Trump's signature on it. It's hard to make shit like this up.

[CarpHunter]

Guys, would just like to point out that the stimulus is not an advance on future tax returns. You do not, and will not have to pay it back. Per the treasury and irs. Otherwise, hope you are all doing well.

[z31maniac]

Guys, would just like to point out that the stimulus is not an advance on future tax returns. You do not, and will not have to pay it back. Per the treasury and irs. Otherwise, hope you are all doing well.

Thanks, was just about to post the same.

[Melon]

Oil price went negative.