The Biden Economy

[Rajoo]

Originally Posted by donquixote99

And the other reasons are that:

1. Paying off debt would tend to drive down the interest payable on bonds. Holders of debt wouldn't like that.

2. Paying off debt would be done by raising taxes. Holders of debt would really hate that. Basically they like the system where instead of paying taxes, they loan the money to the government, and collect interest on it. Forever.

You have nailed it DQ.

The unexpected deficit surge, which comes amid signs of strong growth in the economy overall, is likely to shape a fierce debate on Capitol Hill about the nation’s fiscal policies as lawmakers face a potential government shutdown this fall and choices over trillions of dollars in expiring tax cuts. The Senate will return this week from August recess, and the House will be back the following week. Biden and House Speaker Kevin McCarthy (R-Calif.) approved a deal in June to raise the nation’s borrowing limit, but it did little to alter the long-term debt trajectory.

The higher deficit may undermine Biden’s attempts to take credit for reining in the budget ahead of the 2024 presidential election. And it could pose a challenge to Republican lawmakers, who — despite their calls for fiscal responsibility — are pushing to extend more than $3 trillion in tax cuts they approved in 2017.

The Republican House will happily shut down the government for some measly reduction in spending yet will happily continue tax cuts while trying to sabotage tax collections.

https://www.washingtonpost.com/busin...interest-rate/

[Oerets]

Originally Posted by Rajoo

You have nailed it DQ.



The Republican House will happily shut down the government for some measly reduction in spending yet will happily continue tax cuts while trying to sabotage tax collections.

https://www.washingtonpost.com/busin...interest-rate/

The Republican plan for years has been to bankrupt the country. In order to force cutting the programs they hate. As no longer any money left to pay for social programs, safety nets, SS, Medicare.

[RickeyM]

Originally Posted by Oerets

The Republican plan for years has been to bankrupt the country. In order to force cutting the programs they hate. As no longer any money left to pay for social programs, safety nets, SS, Medicare.

Still trying to wrap my head around how their voters who depend on those programs get convinced that doing away with said programs will benefit them.

[Rajoo]

Originally Posted by Oerets

The Republican plan for years has been to bankrupt the country. In order to force cutting the programs they hate. As no longer any money left to pay for social programs, safety nets, SS, Medicare.

Efforts to kill Obamacare made it popular. Trump says he’ll try again.

And on cue, here we are again with Trump promising once again to kill Obamacare. Actually the word Obama from care is what he wants to kill, but the only way is to kill it all.

Most Republican politicians have now figured out that talking about health care is a political liability, so they’ve shut up about it. In the 2022 midterms, for instance, health care was the second-most-frequently featured topic in Democrats’ campaign ads (behind abortion); in Republicans’ ads, health care did not even crack the top 20 issues, according to data from AdImpact.

Trump hasn’t gotten the message, though. Over the weekend, he declared on social media that the failure to terminate Obamacare during his presidency “was a low point for the Republican Party, but we should never give up!”

https://www.washingtonpost.com/opini...ty-repeal-aca/

[Chicks]

In 2024, Republican EV attacks may fall short as swing states reap investment
https://www.reuters.com/world/us/202...nt-2023-11-27/

Electric vehicles are a "hoax," they do not work, and they are strengthening China's economy at the expense of American jobs.

Those are among the criticisms that contenders for the 2024 Republican presidential nomination, including former President Donald Trump and Florida Governor Ron DeSantis, have leveled on the campaign trail in recent weeks.

But while EVs have emerged as a common foe for Republicans seeking the country's top job, they are increasingly a source of tax revenue and employment in the states that will determine the winner of the 2024 presidential election.

The Repube “leadership” will find a way to convince the morons of Whell’s World that they are responsible for these jobs. After all, they all voted against Biden’s infrastructure bill, but are now loudly claiming responsibility for its great benefits.

[Dondilion]

America will respond to EV in a manner similar to its response to the "Metric system": a mixed one.

Hybrid vehicles surged despite Elon Musk.

https://fortune.com/2023/11/26/elon-...tric-vehicles/

[finnbow]

Originally Posted by whell

Toothless and dickless: if you have information to the contrary that refutes the facts that underlie these forecasts, by all means post it. But the facts remain...

The fact that remains is that all the gloom and doom forecasts by conservatives of a deep recession and runaway inflation (stagflation) have not come to pass. What has happened is that the US under Biden has outperformed pretty much every other First World economy and achieved an elusive soft landing (that many thought impossible) despite the lingering effects of COVID on the world economy.

As for your "facts" and prognosticators, neither predicted the 5.2% growth rate for this quarter.

[whell]

Originally Posted by finnbow

The fact that remains is that all the gloom and doom forecasts by conservatives of a deep recession and runaway inflation (stagflation) have not come to pass. What has happened is that the US under Biden has outperformed pretty much every other First World economy and achieved an elusive soft landing (that many thought impossible) despite the lingering effects of COVID on the world economy.

As for your "facts" and prognosticators, neither predicted the 5.2% growth rate for this quarter.

Uh, I think you're getting out over your skis just a bit.

1) The Fed is still talking about interest rate increases, so no, your "elusive soft landing" hasn't happened yet. I sincerely hope it does. Fed policy has zero to do with anything Biden may/may not have done.

2) The Fed is still talking about interest rate increases because inflation is still an issue, and still above the Fed's target rate. Is it "runaway inflation"? No, its not as bad as it was after Biden pumped billions of additional COVID relief funding into the economy. However, as my wife and I were observing just last evening: a jar of store-brand apple sauce that just over a year ago cost about $1.50 is now $3.30. Just one example that reminds us that while the rate of inflation increase is going down, prices are still going up and - at least at the moment - there's little downward pressure on consumer prices.

3) Not sure how you can point to one calendar quarter of (unadjusted) reported GDP growth and say with a straight face that the "doom and gloom" predictions have not come to pass. I've said many times going back a couple of years that the dumping economic stimulus on tight supply was a recipe for inflation. (Speaking of "prognostications", if memory serves, it was you back in 2017 that predicted tax cuts would cause inflation that never happened.) We also have record-level consumer debt and increasing defaults as folks are finding it harder and harder to make ends meet. The job market has been slowing all year - a trend that appears to be continuing into November - as employers have been pulling back and have become more concerned about near-term expense control.

If we do manage to avoid a recession - and I sincerely hope we do - it doesn't take away from the fact that folks are feeling the pinch of rising inflation and rising debt, and a Fed that is still concerned about keeping interest rates elevated to manage inflation. I don't think the complete story on this economy has been written just yet.

[finnbow]

Originally Posted by whell

Uh, I think you're getting out over your skis just a bit...

You seem to be invested in convincing yourself, despite ample evidence to the contrary, that the current economy is in bad shape and that this condition is Biden's fault.

While total bullshit, I suppose it's easier than your previous quixotic hobbyhorse of convincing yourself that Trump was an upstanding, effective president and not a criminal, traitor, coup-plotter, fraud and rapist.

You really need to let down your guard and allow reality to intrude into your delusional MAGA-influenced world. You'll be both happier and better-informed.

Meanwhile:

Consumers got more bang for their buck in October as incomes and spending both rose, and prices stayed flat—an encouraging sign in the Federal Reserve’s fight against inflation.

Prices for goods and services rose a negligible amount in October from September, according to the Personal Consumption Expenditures price index, the Bureau of Economic Analysis said Thursday.1

Bureau of Economic Analysis. "Personal Income and Outlays, October 2023."
The 0.04% rise, rounded off to 0% in official statistics, made for a 3% increase over the last 12 months. That's down from a 3.4% rise in September and the lowest since March 2021.

https://www.investopedia.com/the-fed...h-2021-8408412

[bobabode]

...and 'regular'.