I heard tax breaks and tarrifs. He's playing chess whilst all of the economists in the world are playing checkers.
Sarah McBride is ready for her debut in Congress
- Thread starter lucas80
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I know that is one of their talking points, but I also think that most people see through that.
Remember that the economy was already growing faster than the national debt when Trump crafted that plan with a lot of help from Arthur Laffer and Larry Kudlow ... so there was room with some excess or slack in the equation; how much was kind of guesswork, but they seemed to manage it without a serious jump in inflation.
The manner in which they crafted a payment that went right into personal checking accounts was brilliant. Hardly anything was wasted on "Transaction costs." Bureaucrats showed up around the edges, but they were under strict controls ... a dollar went out from Washington and probably 99 1/2 cents went into those aforementioned personal accounts before the bureaucrats, many at the state level even got involved. ... totally brilliant!! ... and it resulted in net-for-the-year Progressive Tax policy with the lower earners gaining relatively more benefit percentage wise and with hardly any increases in prices at the pump or at the store ... Making it tax free sealed the deal with most voters, forcing Biden's hand right when he was planning a spending program of his own. Nor did they leave loose ends (taxes to be collected) for the IRS to spend lots of effort collecting over the next ten years.
In any case, they did absorb most of the slack in the above-mentioned relationship between growth of the economy and growth of the debt. They definitely did not leave anything on the table for Biden to claim credit for.
So ... Things were on the upswing when Biden came rolling in with lots of swagger and talking points and lectures provided to him by his idiot advisors. His first order of business was to pronounce Trump's policy implementations as boneheaded mistakes. He came in with a fifty page sheaf of paper and slapped it on the table and, with Anthony Fauci at his side pronounced that a new sheriff was in town and henceforth ignored anything and everything that had gone before. Rescue and victory was at hand ... except that he did not seem to remotely understand inflation. He immediately doubled and tripled down on the carefully thought-out Laffer/Kudlow/Trump plan ... but without the safety net of any underlying slack in the metrics mentioned above.
Either Biden did not have a clue or he knew that he could blame Trump for his own lack of economic brilliance ... or possibly Krugman and Robert Reich managed to get into his ear. I suspect that it was a combination of all three
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Short answer: There was room in the private economy for a one-time stimulus, but not for 3-4 shots plus at the same time a horribly mismanaged (by Biden) Covid response.
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People who keep saying shit like "DJT is going to fix inflation." It has already been fixed!
The Biden COVID response was largely the same gameplan Trump put into place.
I am fine with that. However this is a more complicated issue that could affect other policy.
I remember that a writer who did a book on Lyndon Johnson told a story of Rep. Johnson as a freshman congressman. He would go down to the mens' room way more than necessary just to introduce himself to other congressmen. He was ambitious from the start, and managed to parlay this strategy of peeing, washing his hands, and meeting and talking a lot into knowing nearly every other member and into committee assignments and ultimately the Speakership.
Did you find the article enlightening? It isn’t about bathrooms. It’s about a trans citizen starting a new job.
I remember it that way also, except that Biden made a big deal of his taking on the ownership. Both essentially deferred to the bureaucrats, but Biden put together a "Plan" or something akin to a White Paper that he brandished at a Press Conference. ("Now THAT is a plan, he virtuously proclaimed while noting snidely that Trump had had no written plan.)
He was bound and determined to demonstrate that Trump was incompetent when it came to handling emergencies or crises. He wanted to make a big splash and to demonstrate Churchillian leadership. I remember thinking that he was about to step into excrement and related substances ... which of course, he did.
Except that Biden somehow inferred that he had consulted 50 or so experts and that these experts in concert with his own organizational skills had come up with something that was different.
I agree that it looked pretty much like the Trump plan; a punt to Anthony Fauci but with a much larger federal component. Trump was punting to the states and to the extent that a few of them got the response right, Trump should get some of the credit. (Florida an A and New York an F ... and Nevada closed down all of their casinos for four months ... an unimaginable mistake after being prodded by Fauci.)
No, it hasn't. If inflation was fixed, the 10-treasury yield rising wouldn't be rising.
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What inflation?
Just as Obama’s ACA permanently solved this nation’s healthcare crisis, Biden’s Inflation Reduction Act put a final nail in the coffin of America’s ever-rising prices.
Next.
Yes there are "inflationary concerns" however the inflation rate is down historic levels. Mortgage rates are pretty much at historic levels also.
There were two stimulus checks issued in 2020 and a third in 2021.
Your entire response was laughably ridiculous.
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Obama’s ACA was anything but.
My argument is Trump is just as responsible for inflation as Biden. Titus failed at proving that wrong.
You want to try?
The second check for 2020 went out on December 29th and was largely the work of Biden's new Congress that passed the bill with solid majorities ... Personally, I would count that as part of the 2021 stimulus spending ... The stimulus was even rolled into the Consolidated spending act of 2021 which was written by Democrats for the most part.
In any case, the results predictably showed up in 2021 and on:
- U.S. inflation rate for 2023 was 4.12%, a 3.89% decline from 2022.
- U.S. inflation rate for 2022 was 8.00%, a 3.3% increase from 2021.
- U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020.
- U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019
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What about those interest rates the Fed raised to over 8% to bring inflation down? When will those come down?
