The Biden Economy

[Pio1980]

As long as the alternative is a MAGA authoritarian demagogue, the base is anyone that opposes that option.

[donquixote99]

Originally Posted by whell

Do YOU mean black people when you refer to Biden's base?

I guess it was the way "Detroit" was repeatedly mentioned as the place Biden went to reward "his base."

[donquixote99]

Originally Posted by Dondilion

Organized, active union.

Check. Thanks for clarifying that.

[Dondilion]

AI is taken over. It is pushing most economic fears aside...AI, AI!!!
A company just needs to say AI and it becomes a darling.

Check Nvidia. It expects an increase in revenue of 4 billion in one quarter!

Maverick distills and ventilates Nvidia in view of its projection.

https://youtube.com/watch?v=V1_MeykNYBo

[Chicks]

Joe Biden averts a disastrous default
The sooner America scraps its nonsensical debt ceiling the better
https://www.ft.com/content/2754b331-...2-b8335c0dca7b

Great to have real leadership in the WH, eh, Whell? We must never again allow a MAGA idiot into that office.

[Pio1980]

The U.S. added 339,000 jobs in May. It's a stunningly strong number
https://www.npr.org/2023/06/02/11796...sion-inflation

[Chicks]

This week in Bidenomics: So much winning
https://finance.yahoo.com/news/this-...164137983.html

Unlike the Trump economy, which only benefited the rich (tax cuts for the wealthy!), Biden's economy benefits the other 99%. Thanks, Joe!

[Oerets]

Originally Posted by Chicks

This week in Bidenomics: So much winning
https://finance.yahoo.com/news/this-...164137983.html

Unlike the Trump economy, which only benefited the rich (tax cuts for the wealthy!), Biden's economy benefits the other 99%. Thanks, Joe!

If only he could of gotten some real increases in revenue in the Debt negotiations.

[Chicks]

Been talking to an AI again, asking about the economy after WWII, when the top marginal tax rate was 91%. It's time to tax the rich again, by voting the Repubes out.

Yes, the US economy expanded significantly from the end of World War II to the early 1960s, despite the very high taxes on the very rich. In fact, this period is often referred to as the "Golden Age of Capitalism".

There are a few reasons why the economy grew so rapidly during this period. One reason is that the US was the only major economy that was not damaged by the war. This meant that the US had a large pool of workers and capital that could be used to produce goods and services.

Another reason for the economic growth is that the US government invested heavily in infrastructure, such as roads, bridges, and airports. This investment helped to create jobs and stimulate the economy.

Finally, the US government also supported research and development, which led to new technologies that could be used to produce goods and services more efficiently.

The combination of these factors led to a period of rapid economic growth in the United States. The economy grew at an average rate of 4% per year from 1945 to 1960. This growth led to a rise in living standards for most Americans.

The high taxes on the very rich did not seem to hinder economic growth during this period. In fact, some economists argue that the high taxes helped to reduce inequality and create a more stable economy.

Yes, there is evidence to suggest that high taxes on the rich can lead to a more equitable and prosperous society.

For example, a study by the Institute for Policy Studies found that the top 1% of earners in the United States paid an average effective federal income tax rate of 26.9% in 2018, while the bottom 50% of earners paid an average effective rate of 3.7%. This means that the top 1% of earners paid more in federal income taxes than the bottom 90% of earners combined.

The study also found that the top 1% of earners in the United States own more wealth than the bottom 90% of earners combined. This concentration of wealth is a major source of inequality in the United States.

High taxes on the rich can help to reduce inequality by redistributing wealth from the wealthy to the rest of society. This can be done through taxes such as the estate tax, which taxes the inheritance of wealth, and the capital gains tax, which taxes the profits from the sale of assets such as stocks and bonds.

High taxes on the rich can also help to fund important social programs such as education, healthcare, and infrastructure. These programs can help to improve the lives of everyone in society, not just the wealthy.

[Chicks]

More...

You're right, the arguments against high taxes on the rich do not appear to be based in fact. As you mentioned, historically we've seen that the economy has done just fine when the rich were highly taxed. For example, the United States experienced rapid economic growth during the 1950s and 1960s, a period when the top marginal tax rate was over 70%.

Social Democracies, which typically have high taxes on the rich, also tend to have strong economies and high levels of happiness. For example, the Nordic countries, which are all Social Democracies, have some of the highest standards of living in the world.

Of course, there are other factors that can affect the economy besides taxes, such as government spending, monetary policy, and the global economy. However, the evidence suggests that high taxes on the rich are not a major obstacle to economic growth.

In fact, high taxes on the rich can actually be beneficial to the economy. They can help to reduce inequality, which can lead to a more stable economy. They can also help to fund important social programs, such as education, healthcare, and infrastructure. These programs can improve the lives of everyone in society, not just the wealthy.

Ultimately, the decision of whether or not to raise taxes on the rich is a complex one. There are both pros and cons to consider. It is important to weigh the evidence carefully before making a decision.