Wilbur Ross says unpaid federal workers shouldn't need food banks, they can just get a loan

www.cnbc.com... BLrFC5lo0MuYBJWEFO-1CJc6PUSQTQ

Regardless of what you think of the shutdown. Regardless of what you think of people's finances, do you think it is appropriate
for a commerce secretary to make a statement like this.

Should a billionaire really comment on people that are getting food from food banks?

Sometimes I feel like these politicians are so far removed from normal people they might as well be aliens from another world.

a reply to: JAGStorm

Ugh. The list of people I think are outrageously out of touch grows by the day.

Also, one does not just simply "get a loan". Even if they have good credit, getting a loan can affect people in a lot of ways.

Nancy Pelosi could've just had the Democrats vote to pay the back pay owed to the federal workers, but the Dems overwhelmingly voted no to it.

a reply to: Middleoftheroad

Or the Republican's could have voted on a number of house approved bills. The government is holding the citizens hostage. Nonetheless, I don't believe that was the point of the OP.

Credit unions and some banks are offering interest free loans for government employees. It has been stated that they will be paid for the time lost during the shutdown. Right now they are basically on a will be paid vacation. Take the loan and pay it back when you get your back pay. Just another example of the MSM's "orange man bad" BS.

originally posted by: headorheart
a reply to: Middleoftheroad

Or the Republican's could have voted on a number of house approved bills. The government is holding the citizens hostage. Nonetheless, I don't believe that was the point of the OP.

None of the house bills include funding for the wall. What I'm referring to is a GOP idea to pay furloughed workers without opening up the government. It was a simple thing everyone should've gotten behind until the rest of the negotiations were figured out. But the Dems rejected it because it's about politics and not the people to them.

Source

originally posted by: JAGStorm
www.cnbc.com... BLrFC5lo0MuYBJWEFO-1CJc6PUSQTQ

Regardless of what you think of the shutdown. Regardless of what you think of people's finances, do you think it is appropriate
for a commerce secretary to make a statement like this.

Should a billionaire really comment on people that are getting food from food banks?

Sometimes I feel like these politicians are so far removed from normal people they might as well be aliens from another world.

Under that standard, should a billionaire comment on anything? What he said is true... him being a billionaire is irrelevant.

a reply to: Edumakated

I think you put the brakes on his spin. The Libs have no problem when Warren Buffet comments.

originally posted by: JIMC5499
Credit unions and some banks are offering interest free loans for government employees. It has been stated that they will be paid for the time lost during the shutdown. Right now they are basically on a will be paid vacation. Take the loan and pay it back when you get your back pay. Just another example of the MSM's "orange man bad" BS.

While I have not read the fine print of any of these interest free loans - taking out loans effect your credit in many ways.

Even if there are no fees and no interest, it adds a credit inquiry to your report. These stick around for two years usually. It increases your debt to income ratio. It may only be temporary, but could you imagine if you were in the process of making a financial decision? You're now going back to underwriting or worse denied. It actually hurts to credit to take our an installment loan and then pay it back quickly. You want to take some time to pack back installment loans. While is could save you interest to pay them off early, it actually hurts your credit.

a reply to: headorheart

So does missing or late payments.

Trump should have said all the govt workers feeding the captured border crossers are not essential employees.

They need to go home, no food for the aliens. Then nan & chuck would cave cuz the aliens got no burritos and blankets and heat.

No checks for DACA bennies due to shut down. Chuck & Nan dont care about fed employee citizen cold, hunger, or bills but they wouldve caved over alien discomfort.

Trump blew his chance.

a reply to: JAGStorm

No issues locally they have several FREE safety nets. A local has paid the Coast Guard out of his pocket and it's a 0 interest loan. All rather hush hush. The CG people this is their vacation time because it's winter.

originally posted by: mikell
No issues locally they have several FREE safety nets. A local has paid the Coast Guard out of his pocket and it's a 0 interest loan. All rather hush hush. The CG people this is their vacation time because it's winter.

I think that's the point of the OP...Ross is saying that furloughed government employees should NOT be using free safety nets, like food banks, and instead should take out loans.

The height of insanity. These folks haven't been paid in weeks. It's perfectly acceptable for them to get food from food banks, shelters, etc.

originally posted by: Edumakated

originally posted by: JAGStorm
www.cnbc.com... BLrFC5lo0MuYBJWEFO-1CJc6PUSQTQ

Regardless of what you think of the shutdown. Regardless of what you think of people's finances, do you think it is appropriate
for a commerce secretary to make a statement like this.

Should a billionaire really comment on people that are getting food from food banks?

Sometimes I feel like these politicians are so far removed from normal people they might as well be aliens from another world.

Under that standard, should a billionaire comment on anything? What he said is true... him being a billionaire is irrelevant.

So, you think furloughed employees, who haven't been paid for weeks, should take out loans instead of getting food from shelters, food banks, etc?

I agree with you on the notion that him being a billionaire is irrelevant, as some billionaires are very smart. However, what he said in this instance is ridiculous. These folks have to feed their families, and seeing as they haven't been paid in weeks (similar to not having a job), they are fully entitled to use food banks and shelters.

a reply to: JIMC5499

Not as quickly. Also, the OP was in relation to furloughed workers taking out loan to get food. Someone is doing everything in their power to save pennies and not ruined their credit, but the should not accept donated soup cans and get a loan instead? Give me a break.

originally posted by: headorheart
a reply to: Middleoftheroad

Or the Republican's could have voted on a number of house approved bills. The government is holding the citizens hostage. Nonetheless, I don't believe that was the point of the OP.

I'm sure he's referring to payday loans, which just about anyone can get. It's a bit more on the predatory end and certainly probably hurts more than they help. But, they can certainly go get them. Anyone with a job(they've had for more than a month can), because they pretty much setup(IIRC) a wage garnishment with a high interest rate.

Still, don't know what difference the above makes, if they want to visit food banks go for it.

originally posted by: narrator

originally posted by: Edumakated

originally posted by: JAGStorm
www.cnbc.com... BLrFC5lo0MuYBJWEFO-1CJc6PUSQTQ

Regardless of what you think of the shutdown. Regardless of what you think of people's finances, do you think it is appropriate
for a commerce secretary to make a statement like this.

Should a billionaire really comment on people that are getting food from food banks?

Sometimes I feel like these politicians are so far removed from normal people they might as well be aliens from another world.

Under that standard, should a billionaire comment on anything? What he said is true... him being a billionaire is irrelevant.

So, you think furloughed employees, who haven't been paid for weeks, should take out loans instead of getting food from shelters, food banks, etc?

I agree with you on the notion that him being a billionaire is irrelevant, as some billionaires are very smart. However, what he said in this instance is ridiculous. These folks have to feed their families, and seeing as they haven't been paid in weeks (similar to not having a job), they are fully entitled to use food banks and shelters.

Yes. They are called bridge loans. People do them all the time (and businesses). The government will reopen and the employees will receive their back pay in a lump sum. This is pretty much guaranteed. Once they receive the back pay, they pay off their bridge loan.

This is called sound financial management. Nothing controversial about it.

A food bank is for people who really have nothing. No savings. No job. Barely a home. Few if any government workers should be in that predicament after a month of furlough. If so, they are seriously bad at managing their financing.

originally posted by: JIMC5499
a reply to: headorheart

So does missing or late payments.

Exactly, I rather pay a few BPS in interest than have my credit screwed up for a year or more over a missed payment. This ain't rocket science. If you can get a small loan to carry you through that should be able to be paid back when your back pay is received, it is a no brainer.

The financial ignorance of the public is scary and why most people are broke.

a reply to: JAGStorm

Agreed its not their fault . Plus if you work for the goverment it don't mean you automatically on a decent wage. You could just be an administrator on a basic wage..

Either way it don't matter how much you earn its all down what disposable income you have left. I can imagine alot can support themselves and they probably not the ones being vocal. The rest geuinly probably are in bad situations because of this

I like trump but don't like to see the people suffer either

a reply to: headorheart

Plus one of the key questions is "how much do you earn

Answer. Well nothing at the moment.

Loan declined