The Biden Economy

[finnbow]

Originally Posted by whell

Well at least we can agree that Krugman is stupid.

Still waiting for you to show me the $2 trillion dollar reduction in Federal revenue between 2017 - 2021.

One must estimate what revenue would have been before one can estimate the impact. Also, the tax cuts will be diminishing revenues thru 2025, not 2021.

https://www.cnbc.com/amp/2019/12/05/...ts-report.html

U.S. tax revenue as a proportion of GDP dropped the most out of any country in the Organisation for Economic Co-operation and Development in 2018, according to a report released Thursday.

That's largely due to the $1.5 trillion GOP tax cut President Donald Trump signed into law in 2017.

And there is more:

Corporate tax revenues fell 31% in the first year after the cut was passed. Overall tax revenues have declined as a share of the economy in each of the two years since the tax cut took effect.

https://www.npr.org/2019/12/20/78954...-gops-promises

[whell]

Originally Posted by Chicks

So in Whell's World, an economy that's great for workers is "bad". Got it.

So, in Chicks world, economic fundamentals are ignored and words are twisted to make a (lame and wildly incorrect point).

If you want to remain ignorant, that's up to you. I hope you're happy. In the meantime, for the rest of us who can string together a coherent thought, here's a NY Times article that supports the point I made earlier:

https://www.nytimes.com/2023/02/03/b...me-powell.html

For central bankers who are trying to bring down the fastest inflation in decades, the report offered both encouraging and worrying news. On one hand, the continued slowdown in pay increases was a welcome sign that, if it persists, could pave the way for slower price increases down the road. But Fed policymakers who spoke on Friday focused more intently on the fresh evidence that demand for workers remains intense despite their efforts, suggesting that they have more work to do before they will be able to feel confident that rapid inflation will fade fully.

[whell]

Originally Posted by finnbow

One must estimate what revenue would have been before one can estimate the impact. Also, the tax cuts will be diminishing revenues thru 2025, not 2021.

https://www.cnbc.com/amp/2019/12/05/...ts-report.html

U.S. tax revenue as a proportion of GDP dropped the most out of any country in the Organisation for Economic Co-operation and Development in 2018, according to a report released Thursday.

That's largely due to the $1.5 trillion GOP tax cut President Donald Trump signed into law in 2017.

And there is more:

Corporate tax revenues fell 31% in the first year after the cut was passed. Overall tax revenues have declined as a share of the economy in each of the two years since the tax cut took effect.

https://www.npr.org/2019/12/20/78954...-gops-promises

This may be news to you, but a percentage is another way of expressing a fraction. Fractions are made up of a numerator and a denominator.

So, a percentage can increase by increasing the numerator, but it can shrink by increasing the denominator.

So, if corporate profits were flat, which overall they were in 2018, and GDP increased to nearly 3% in the same year (from 2.2% in 2017), wouldn't you expect tax revenues to decrease as a percentage of GDP? In other words, GDP rose sharply in 2018 but tax revenues were nearly the same as 2017 because there wasn't a matching increase in corporate profits to tax.

In other words, I'm not buying the explanation provided by a lefty trade organization. They were probably still pissed at Trump for supporting Brexit when they wrote that piece.

[finnbow]

Originally Posted by whell

This may be news to you, but a percentage is another way of expressing a fraction. Fractions are made up of a numerator and a denominator.

So, a percentage can increase by increasing the numerator, but it can shrink by increasing the denominator...

Hmmm. An HR flunky attempts to give math lessons to a guy with a Masters in Civil Engineering and an MBA. I have forgotten more math than you have ever learned.

[whell]

Originally Posted by finnbow

Hmmm. An HR flunky attempts to give math lessons to a guy with a Masters in Civil Engineering and an MBA. I have forgotten more math than you have ever learned.

Your math skills continue to fail you when applied to simple finance/econ.

[finnbow]

Originally Posted by whell

Your math skills continue to fail you when applied to simple finance/econ.

At your request, I posted links to CNBC and NPR articles which provide analysis by the Organisation for Economic Co-operation and Development and the Committee for a Responsible Federal Budge which dispel your ill-founded notion that Trump's tax cuts did not increase the deficit. I did not personally perform any mathematical analysis.

Once again, take the loss with a gracious expression of appreciation for being schooled.

[Chicks]

Newt Gingrich gives U.S. debt advice despite owing $4.6 million: 'I know what it takes'
https://www.rawstory.com/newt-gingrich-2659369077/

Sure, Newt. You do know a lot about corruption, though, having been kicked out of Congress for it…

[whell]

Originally Posted by finnbow

At your request, I posted links to CNBC and NPR articles which provide analysis by the Organisation for Economic Co-operation and Development and the Committee for a Responsible Federal Budge which dispel your ill-founded notion that Trump's tax cuts did not increase the deficit. I did not personally perform any mathematical analysis.

Once again, take the loss with a gracious expression of appreciation for being schooled.

Your posted article proved nothing and the "conclusion" of those articles was dispelled by simple math. But you can still splke the football if you want.

[whell]

Originally Posted by Chicks

Newt Gingrich gives U.S. debt advice despite owing $4.6 million: 'I know what it takes'
https://www.rawstory.com/newt-gingrich-2659369077/

Sure, Newt. You do know a lot about corruption, though, having been kicked out of Congress for it…

You're just wacky as hell, Chicklet. Gingrich was not "kicked out" of Congress. He elected not to run again. Yes, he was sanctioned by his peers for ethics violations, which contributed to his decision to resign from the Speakership and eventually from Congress. Gingrich was a great "idea guy" but turned out to be a poor political strategist, the latter playing a primary role in resigning the speakership, amidst loss of support from House Repubs.

Also, it is not unusual for politicians to have outstanding campaign debt. "John Glenn, the astronaut and Democratic senator from Ohio, abandoned a presidential bid in 1984 but was required to keep filing FEC reports for his presidential campaign committee for more than two decades afterward. Glenn’s presidential campaign was “administratively terminated” in 2006, eight years after he left the Senate and a decade before Glenn’s death in 2016. The campaign still had nearly $2.7 million in debts."

[finnbow]

Originally Posted by whell

Your posted article proved nothing and the "conclusion" of those articles was dispelled by simple math. But you can still splke the football if you want.

The conservative movement has developed internal political norms that make it difficult, and frequently impossible, for people with sane beliefs to speak out candidly against insane beliefs.

https://link.nymag.com/view/56eb230a...3.7a4/fdbbd7af

When I read this newsletter, this excerpt caught my eye and illustrates your continuing defense of discredited bullshit about Republican economic policy and past performance.

The alternate explanation is that you're simply not savvy enough to grasp the obvious - that GOP economic doctrine is to use supply-side rhetoric to make massive tax cuts for the wealthy while they're in power without needing to balance the subsequent shortfall in revenue with cuts in programs the public likes because of their promise that these cuts will pay for themselves. When they're out of power, they use the debt limit to try to compel cuts in these popular programs by Democrats so they can blame them for the cuts. It's been happening for over 40 years, but you're so bought into GOP bullshit that you cannot recognize the obvious (or you feel duty-bound to defend your tribe's sophistry).