The Biden Economy

[Chicks]

'I would say it's all clear': Famed economist Jeremy Siegel boldly says we're not going to have any more inflation — predicts the Fed's next move will be a cut. Is the bear case now dead?
https://finance.yahoo.com/news/clear...110000102.html

So, who you gonna believe? The trained monkeys of the far Reich, or a brilliant and respected economist?

[RickeyM]

Originally Posted by Chicks

Tell Whell it's day, and he'll swear up and down it's actually night. Pointless arguing with the fool.

"Chicklets, I did not say it was night. This link I posted was to and article I quoted from some guy who said it was night. So there, pbbbt."

-

[Chicks]

America's national debt is well over $33 trillion — but here's why the country won't pay it down
https://moneywise.com/a/ch-oath/why-...t-pay-its-debt

Need a pat explanation for why the government need not pay off its debt, even though you must? Here it is, in blunt Krugman style: “You are going to get old and eventually die. The government isn’t.”

In other words, the capacity of the United States or any sovereign nation to manage its debt boils down to one question: can it still produce revenue to meet its obligations? That’s where his notion of “servicing” debt as opposed to paying it off in full comes into play.

[donquixote99]

Originally Posted by Chicks

America's national debt is well over $33 trillion — but here's why the country won't pay it down
https://moneywise.com/a/ch-oath/why-...t-pay-its-debt

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.

[whell]

Originally Posted by Chicks

'I would say it's all clear': Famed economist Jeremy Siegel boldly says we're not going to have any more inflation — predicts the Fed's next move will be a cut. Is the bear case now dead?
https://finance.yahoo.com/news/clear...110000102.html

So, who you gonna believe? The trained monkeys of the far Reich, or a brilliant and respected economist?

How about the trained monkeys at CNN?

https://www.cnn.com/2023/11/26/busin...-dg/index.html

“Headwinds are going to eventually force the consumer to buckle, and I think that we’re going to see consumers have to pull back on spending for a quarter or two,” said Erik Lundh, a principal economist at The Conference Board.

[whell]

Originally Posted by whell

How about the trained monkeys at CNN?

https://www.cnn.com/2023/11/26/busin...-dg/index.html

“Headwinds are going to eventually force the consumer to buckle, and I think that we’re going to see consumers have to pull back on spending for a quarter or two,” said Erik Lundh, a principal economist at The Conference Board.

Or maybe the Fed?

https://thehill.com/finance-finance_...ing-into-2024/

The Federal Reserve head in St. Louis expects the central bank’s fight to curb high inflation in the U.S. economy to stretch into 2024.

St. Louis Federal Reserve President James Bullard told MarketWatch’s economics editor Greg Robb the Fed could slowly raise interest rates to a range of 5 percent to 7 percent.

[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/

[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.