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I am posting this as a FYI rather than a political statement. I think many States will face significant financial challenges in 2020 due to the resulting unemployment rates from the Covid-19 lockdown.


 
...and some morning Math for WA State:
  • 1M people seeking UI each week now.
  • A low estimate of $300 per week to each, a high estimate of $790 (the max). So let's call it $500 per week per person.
  • $500M per week = $2B per month.

WA State doesn't have that amount of slush laying around for long (if at all). ...and WA State cannot print money like the Federal government.

*tick tock tick tock*
 
I recall during one of the previous economic crunches - can't remember if it was 2008 or 2000, I think the latter - both state and fed UI funds ran out of funds allotted for UI benes, or maybe it was state? The feds extended for some people, all the way to 99 weeks (I think this was 2008) and there was a lot of debate about going longer, but they didn't and some unemployed were calling themselves the 99ers. The feds also subsidized COBRA for about 6 months? I was paying something like $110 for COBRA. I just got mail that said I would have to pay $600+ for COBRA - going to go with Medicare and SSI.
 
...and some morning Math for WA State:
  • 1M people seeking UI each week now.
  • A low estimate of $300 per week to each, a high estimate of $790 (the max). So let's call it $500 per week per person.
  • $500M per week = $2B per month.

WA State doesn't have that amount of slush laying around for long (if at all). ...and WA State cannot print money like the Federal government.

*tick tock tick tock*

The problem with promising lavish benefits and playing Santa Claus for votes is that eventually you run out of other people's money.
It will happen in a lot of states, cities, counties, etc.
 
I have a couple of friends that lost at least a third of their retirement when a major Airline went bankrupt. They were an A&P and a pilot with a captains rating.
 
The primary way to prepare for this is the same as preparing for any other economic decline or financial setback: have a minimum of 6 months' basic expenses in a cash reserve. I know that this is easier for some than for others, but the most common reason for people not having this safety net in place is because they'd rather make excuses than sacrifices.

Basic expenses include:
  • Housing (mortgage/rent, utilities, property taxes)
  • Healthcare
  • Food and necessary household items
  • Insurance
  • Transportation
  • BASIC internet service (does not include optional streaming services)
Basic expenses do not include:
  • Home improvement (unless necessary to sell your home to get into something less expensive)
  • Automotive accessories
  • Memberships (gyms, associations, clubs)
  • Entertainment (cable TV, streaming services, music, live performances)
  • Dining out (including convenience stores and coffee stands)
  • Travel and leisure
  • Alcoholic beverages and dessert
  • Charitable giving
  • New hard goods unless purchase of such saves you money. An example is buying a new tool to make an automotive repair that would otherwise cost you more for a shop to perform the work. In this case, however, borrowing is still preferable to buying.
 
I have a couple of friends that lost at least a third of their retirement when a major Airline went bankrupt. They were an A&P and a pilot with a captains rating.

Sounds like their own fault to me. Having anything more than about 5% of your retirement funds in the company you work for is insane. Maybe they should put the word " Enron" in a search engine and read up on how that turned out.

Even when I was self employed, we took 25% of the net profits completely out of the business every year and invested them elsewhere.
 
...and some morning Math for WA State:
  • 1M people seeking UI each week now.
  • A low estimate of $300 per week to each, a high estimate of $790 (the max). So let's call it $500 per week per person.
  • $500M per week = $2B per month.

WA State doesn't have that amount of slush laying around for long (if at all). ...and WA State cannot print money like the Federal government.

*tick tock tick tock*

This is the reason that the UI departments in these states are stoning everyone who applies and creating all kinds of bullsh*t excuses about " outdated computer systems" . The systems may be old but would probably work fine, thing is the states do not have the cash to pay out and these people who applied and did not get anything will never see a dime of what the state more or less implied they would get. But,but, but....the government will take care of us, I just know it. Criminal to me at least.
 
Sounds like their own fault to me. Having anything more than about 5% of your retirement funds in the company you work for is insane. Maybe they should put the word " Enron" in a search engine and read up on how that turned out.

Even when I was self employed, we took 25% of the net profits completely out of the business every year and invested them elsewhere.

Diversification is a good thing, especially in investments.

Don't put all your eggs in one basket.
 
among the ruling class

This is a phrase that I have been trying to include in most of my posts here, and on social media. You would like to think that the " we are all in this together" :s0092: bullsh*t, which is the ruling classes attempt to some how convince the people that they understand what the people are going through and are sharing their pain.The ruling class is those politicians and government employees who still have jobs, health care and retirements, and who dream up the complete loads of crap that they are trying to drop on the public on a daily basis. They have no threat of their jobs being lost, unless they are down the food chain a ways, and the upper level REMFs will throw them under the bus as some kind of look at what we did offerings to the people.

I have friends who are public employees and they have basically went with complete radio silence and are a bit miffed at me for my outspoken criticism of the way the government is screwing the people. The ruling class only speaks on agenda items, and have a well prepared playbook of various dodges, deflects, redirections, and as Korrupt Kate shows, you can just basically ignore the plight of the lesser peoples, the plight which she created and the just continue throw out the requisite platitudes on the various social issues they cry about while failing to address or solve the problems of the lesser masses. Rinse and repeat as many times as needed for results.

You can recognize the ruling class by their constant pimping of the stay at home, wear a mask narrative and the constant out pouring of information from them, most of it flawed and wrong, but that they insist is accurate and what they drive their decisions on as to how they will further restrict and control the masses. It is an unprecedented time for the ruling class, they have had a chance to flex a bit, achieved a fairly good level of success in these uncharted behaviors, but one that is now unsustainable now as time goes on, and their tenuous grip is becoming weaker by the day as the American people are finally doing serious nut checks and deciding that the ruling class's efforts are nothing more than the freedom restricting "executive orders" that they are.

On a day like today, when we remember the millions who have laid down their lives in the defense of our great county from foreign enemies, the threat today is from domestic enemies which are more closely veiled and harder to see, but which are far more dangerous than the foreign enemies as they work under the cloak of US citizenship and the false premise that somehow the government knows what is best for you. Foreign enemies are easily seen and vanquished, but the more discreet and calculated domestic enemies can remain deep cover, gradually working their way into mainstream society, and then like a cicada emerging after 17 years rest, create holy hell on the people.

God bless our fallen soldiers, and God bless our living patriots who seek to prevent such total governmental control, may they peacefully prevail.

End of rant.
 

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