Stocks bounce from worst day since 2008 crisis after Trump floats payroll-tax cut

[libertybele]

This would be wonderful!  But what about all of us who are now retired and paid taxes all our lives and collecting social security?  Where is our relief and how is social security, Medicare and Medicaid going to be funded??  These program are already struggling -- the money is going to have to come from somewhere.

Stocks bounce from worst day since 2008 crisis after Trump floats payroll-tax cut

U.S. stocks were sharply higher Tuesday morning, in a partial rebound from Wall Street’s worst one day selloff since 2008, on hopes for fiscal stimulus measures from Washington aimed at helping alleviate the economic impact of the COVID-19 epidemic. ............

.............Stock-index futures found support late Monday after President Donald Trump said in a White House news conference that he would seek payroll tax relief and other measures to help businesses deal with the coronavirus outbreak. Trump said he would announce more details Tuesday, and discuss “a possible payroll tax cut or relief, substantial relief, very substantial relief, that’s big, that’s a big number,” the Associated Press reported. However, administration officials said the White House wasn’t ready to roll out specific economic proposals, CNBC reported early Tuesday, citing administration officials.............

https://www.marketwatch.com/story/after-a-brutal-day-stock-futures-gain-after-trump-floats-cuts-to-payroll-taxes-2020-03-09?mod=home-page

[EdinVA]

This would be wonderful!  But what about all of us who are now retired and paid taxes all our lives and collecting social security?  Where is our relief and how is social security, Medicare and Medicaid going to be funded??  These program are already struggling -- the money is going to have to come from somewhere.

/quote]
the money is going to have to come from somewhere... China.... easy peasy lol

[libertybele]

At this point in time, I don't see how Congress can deny not passing some sort of bill on the President's suggestion because of an election year and the oil and corona crisis.

What I still question is how programs that are funded by payroll taxes are going to be funded?  IF this impacts Soc. Sec. then seniors get screwed -- probably not enough seniors to impact votes for it to be a concern over all.

Social Security and Medicare/Medicaid are seen as a drain on our economy -- so poof -- if it disappears -- that will also boost the economy.

[EdinVA]

At this point in time, I don't see how Congress can deny not passing some sort of bill on the President's suggestion because of an election year and the oil and corona crisis.

What I still question is how programs that are funded by payroll taxes are going to be funded?  IF this impacts Soc. Sec. then seniors get screwed -- probably not enough seniors to impact votes for it to be a concern over all.

Social Security and Medicare/Medicaid are seen as a drain on our economy -- so poof -- if it disappears -- that will also boost the economy.

Well, my understanding is that the ss et al funding goes into the general fund to be misappropriated as the congresscritters see fit.  I think it was johnson that did away with the separate SS fund accounts..  So as long as the fed has blank greenbacks they have money.

[thackney]

At this point in time, I don't see how Congress can deny not passing some sort of bill on the President's suggestion because of an election year and the oil and corona crisis.

What I still question is how programs that are funded by payroll taxes are going to be funded?  IF this impacts Soc. Sec. then seniors get screwed -- probably not enough seniors to impact votes for it to be a concern over all.

Social Security and Medicare/Medicaid are seen as a drain on our economy -- so poof -- if it disappears -- that will also boost the economy.

It will be paid for the same it it is paid for now, by issuing debt.

[Fishrrman]

"Stocks bounce from worst day since 2008 crisis after Trump floats payroll-tax cut..."

And when it becomes obvious that there will be no "payroll tax cut", the fickle investors of "the market" will sell off again.

The democrat-communists are never going to agree to ANYTHING that will make Mr. Trump look good...

[Free Vulcan]

I'm skeptical of the payroll tax thing. The media always provides a cover story that purports to be the reason the market moved.

The reality is the market is always trying to anticipate and discount the future into today's prices.

They simply tried to sell into it this morning and couldn't knock it down because the big dogs were buying underneath it, and sellers exhausted themselves by the afternoon.

[EdinVA]

The casino is back in business...