Economists now admitting Biden's pork spending will hurt America for decades

[marke]

Americans who think trading Biden for Trump must be ignorant of the dangers that democrat policies impose on the US economy. Because of massive stimulus spending during Biden's first months the US is encountering economy-busting inflation which will likely only get worse and not better in the foreseeable future.

Prominent Economist Warns Inflation Not Transitory, Could Be ‘Shock’ to Financial System

www.theepochtimes.com

More U.S. economists are starting to publicly warn of rising inflation, with renowned economist Mohamed El-Erian saying he worries “a great deal” that inflation will not be transitory and arguing that there’s too much “on-the-ground evidence” that it will stay high.
In a recent op-ed in the Financial Times, El-Erian, who is one of the most widely followed economists, said central banks and markets need to “widen their perspective” to avoid significant damage to the economic and financial system.
El-Erian began his op-ed by stating, “It is not often that I take a very strong view that runs directly counter to the market consensus.”

 

[User Name]

https://www.washingtonpost.com/business/2021/03/26/wealthy-tax-evasion/

 

[User Name]

Deficit spending always goes through the roof when there is a Republican in the White House, but Republicans generally don't care about that until a Democrat becomes president:

Another 3 trillion dollars in debt

Americans are deeper in debt to the tune of an additional $3,000,000,000,000.00 ($3 trillion) since Trump took office. If my math works out correctly, that amounts to roughly $100,000.00 for every man, woman, and child in the country. I'd like to ask each of you, how has your life been benefited...

theologyonline.com

 

[ok doser]

Deficit spending always goes through the roof when there is a Republican in the White House, but Republicans generally don't care about that until a Democrat becomes president:

Another 3 trillion dollars in debt

Americans are deeper in debt to the tune of an additional $3,000,000,000,000.00 ($3 trillion) since Trump took office. If my math works out correctly, that amounts to roughly $100,000.00 for every man, woman, and child in the country. I'd like to ask each of you, how has your life been benefited...

theologyonline.com

A couple trillion here, a couple trillion there - pretty soon you're talking real money!

 

[TomO]

https://www.washingtonpost.com/business/2021/03/26/wealthy-tax-evasion/

I have to admit that I began reading this with a bit of wide eyed wonder...Are they really going after the Oligarchs?....Really? Finally?!? Could I be wrong about the present course of things?!?!

Then I got to this:
"But evasion peaks among the richest 5 percent, who have an income of at least $200,000 and who, as a cohort, capture more than one-third of total national earnings. Taxpayers in this group hide more than 20 percent of their income from tax collectors."

Ahhhh....Okay.

 

[marke]

https://www.washingtonpost.com/business/2021/03/26/wealthy-tax-evasion/

What are you trying to say? That because rich men like Bill Gates, Jeff Bezos, Bill Clinton, Joe Biden and hundreds of others don't pay their fair share of taxes that the US economy will not experience devastating inflation for the foreseeable future, or are you trying to say the US will not see devastating inflation for the foreseeable future?

 

[User Name]

I have to admit that I began reading this with a bit of wide eyed wonder...Are they really going after the Oligarchs?....Really? Finally?!?

They'd have to start with Trump.

 

[TomO]

They'd have to start with Trump.

Somehow I don't think that's going to be a problem for them.

 

[User Name]

What are you trying to say? That because rich men like Bill Gates, Jeff Bezos, Bill Clinton, Joe Biden and hundreds of others don't pay their fair share of taxes that the US economy will not experience devastating inflation for the foreseeable future

That definitely factors into the equation. If the federal government spent more tax dollars and less deficit money, that would mean less inflation.

By the way, when you speak of "Biden's pork spending" what exactly are you referring to?

 

[marke]

Deficit spending always goes through the roof when there is a Republican in the White House, but Republicans generally don't care about that until a Democrat becomes president:

Another 3 trillion dollars in debt

Americans are deeper in debt to the tune of an additional $3,000,000,000,000.00 ($3 trillion) since Trump took office. If my math works out correctly, that amounts to roughly $100,000.00 for every man, woman, and child in the country. I'd like to ask each of you, how has your life been benefited...

theologyonline.com

Out-of-control deficit spending has always been bad for the economy no matter who people want to blame for it. Republicans have raised the ceiling more times in the last 50 years but democrats have raised the ceiling by more money than republicans during the same time period. But what we should be focusing on is the potential damage to the economy from bad political policies as we face an uncertain future in America. The following offers reasons why the US credit rating was lowered for the first time in history under Obama.

What Does the U.S. Credit Rating Downgrade Really Mean? - dummies

In August 2011, the United States’ credit rating was downgraded by the credit rating agency Standard & Poor’s (S&P) from AAA to AA+, or down one level. Because this is the first time in American history that the U.S. credit rating has been downgraded, the long-term economic impact remains...

www.dummies.com

Reasons for the downgrade in the U.S. credit rating
Standard & Poor’s believed that the rising level of government debt and lack of effective policymaking weakened U.S. creditworthiness to a level no longer commensurate with an AAA sovereign credit rating. S&P pointed to a debt trajectory where U.S. net general government debt of $11.4 trillion (74% of GDP) this year (2011) is projected to increase to $14.5 trillion (79% of GDP) by 2015.
In addition, S&P was troubled by the U.S. political climate, observing that the stability, predictability, and effectiveness of the nation’s policymaking has weakened, as demonstrated in the recent debate around the debt ceiling. S&P criticized the nation’s lawmakers for failing to cut spending and raise revenue to reduce record budget deficits.

 

[marke]

I have to admit that I began reading this with a bit of wide eyed wonder...Are they really going after the Oligarchs?....Really? Finally?!? Could I be wrong about the present course of things?!?!

Then I got to this:
"But evasion peaks among the richest 5 percent, who have an income of at least $200,000 and who, as a cohort, capture more than one-third of total national earnings. Taxpayers in this group hide more than 20 percent of their income from tax collectors."

Ahhhh....Okay.

The institutions and religions of the world teach people to get an education to get good jobs in order to get rich. And successful politicians under the influence of successful Americans craft tax policies which favor the conservation of wealth for those who have it. If the rich are not paying their share then that may be because politicians have crafted tax policies that contain loopholes the rich can take advantage of.

 

[User Name]

Somehow I don't think that's going to be a problem for them.

I'm not so sure. Oh, they'll certainly try, but as you well remember, Trump said he could shoot someone in the middle of 5th Avenue and get away with it. Trump has undoubtedly committed numerous crimes in pursuit of his financial interests, but our system is more than less rigged to protect the rich, so Trump may well get away with most or all of it in spite of the fact that he is a political target.

 

[TomO]

Trump said he could shoot someone in the middle of 5th Avenue and get away with it.

Then it was true....He's gone way out of his lane now.....Rogue if you will. *The Club™ is now wanting to kill him or at least render him completely irrelevant (which to Trump would be the same thing).

*Ref: George Carlin

 

[User Name]

Then it was true....He's gone way out of his lane now.....Rogue if you will. *The Club™ is now wanting to kill him or at least render him completely irrelevant (which to Trump would be the same thing).

Back in 1999, Trump was saying things like "The Republican Party is just too crazy right [wing]" and so forth, but the fact of the matter is that the Republican Party of 1999 was much saner than it is now under Trump's thumb. So what went wrong?

I think that Trump's age-related dementia decided to throw a party with his already psychopathic narcissism. The result was what we've seen from him over the past 5+ years. But in the process of going pseudo-populist, Trump has made himself something of an enemy of the system. The system is now forced to reel him in.

 

[ok doser]

Somehow I don't think that's going to be a problem for them.

They'd Epstein him in a second

 

[TomO]

Back in 1999, Trump was saying things like "The Republican Party is just too crazy right [wing]" and so forth, but the fact of the matter is that the Republican Party of 1999 was much saner than it is now under Trump's thumb. So what went wrong?

I think that Trump's age-related dementia decided to throw a party with his already psychopathic narcissism. The result was what we've seen from him over the past 5+ years. But in the process of going pseudo-populist, Trump has made himself something of an enemy of the system. The system is now forced to reel him in.

You err in assuming that Trump has changed. I've watched him since I was a child, growing up in New Jersey/New York doesn't give you much choice in the matter.

Trump is Trump....This is Trump being a Real Estate Mogul, this is Trump being a New York Liberal, this is Trump being a Reality TV Star, and that was Trump being a Populist Political Animal and Realpolitik "Wheeler Dealer".

Narcissism?....Oh yea, and maybe even with some psychopathology thrown in (I can see the case for it but I think sociopathy would be more accurate.)

Dementia?....LOL, you (and a lot of others) wish.

 

[TomO]

They'd Epstein him in a second

No way...They would if they could but not now. He's still too much of a hot potato. If he does something that turns the faithful away from him?....Maybe.

 

[ok doser]

You err in assuming that Trump has changed. I've watched him since I was a child, growing up in New Jersey/New York doesn't give you much choice in the matter.
Trump is Trump....This is Trump being a Real Estate Mogul, this is Trump being a New York Liberal, this is Trump being a Reality TV Star, and that was Trump being a Populist Political Animal and Realpolitic "Wheeler Dealer".
Narcissism?....Oh yea, and maybe even with some psychopathology thrown in (I can see the case for it but I think sociopathy would be more accurate.)
Dementia?....LOL, you (and a lot of others) wish.

Good answer.

I was tempted to jump in but Luser Name isn't worth my time

 

[User Name]

You err in assuming that Trump has changed.

He certainly changed his rhetoric--dramatically so! Trump became the very thing that he said he hated about the Republican Party back in 1999.

He's 75 years old. Age related cognitive decline can reduce inhibitions: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1751476/

 

[TomO]

Good answer.

I was tempted to jump in but Luser Name isn't worth my time

Thank you. I think that probably, as I have looked out over the political landscape, the most frustrating thing has always been the way our citizenry has failed to pay attention to anything beyond what the MSM tells them to. No critical analysis (unless it's Marxist based) and even less memory.

Easy fodder for propagandists of all types....Same as it ever was.