Economists now admitting Biden's pork spending will hurt America for decades

marke

Well-known member
Americans who think trading Biden for Trump must be ignorant of the dangers that democrat policies impose on the US economy. Because of massive stimulus spending during Biden's first months the US is encountering economy-busting inflation which will likely only get worse and not better in the foreseeable future.

More U.S. economists are starting to publicly warn of rising inflation, with renowned economist Mohamed El-Erian saying he worries “a great deal” that inflation will not be transitory and arguing that there’s too much “on-the-ground evidence” that it will stay high.
In a recent op-ed in the Financial Times, El-Erian, who is one of the most widely followed economists, said central banks and markets need to “widen their perspective” to avoid significant damage to the economic and financial system.
El-Erian began his op-ed by stating, “It is not often that I take a very strong view that runs directly counter to the market consensus.”
 

User Name

Well-known member
Temp Banned
Deficit spending always goes through the roof when there is a Republican in the White House, but Republicans generally don't care about that until a Democrat becomes president:

 

ok doser

Well-known member
Deficit spending always goes through the roof when there is a Republican in the White House, but Republicans generally don't care about that until a Democrat becomes president:

A couple trillion here, a couple trillion there - pretty soon you're talking real money!
 

TomO

Get used to it.
Hall of Fame
:) I have to admit that I began reading this with a bit of wide eyed wonder...Are they really going after the Oligarchs?....Really? Finally?!? Could I be wrong about the present course of things?!?! :unsure:

Then I got to this:
"But evasion peaks among the richest 5 percent, who have an income of at least $200,000 and who, as a cohort, capture more than one-third of total national earnings. Taxpayers in this group hide more than 20 percent of their income from tax collectors."

Ahhhh....Okay. ;)
 

marke

Well-known member
What are you trying to say? That because rich men like Bill Gates, Jeff Bezos, Bill Clinton, Joe Biden and hundreds of others don't pay their fair share of taxes that the US economy will not experience devastating inflation for the foreseeable future, or are you trying to say the US will not see devastating inflation for the foreseeable future?
 

User Name

Well-known member
Temp Banned
What are you trying to say? That because rich men like Bill Gates, Jeff Bezos, Bill Clinton, Joe Biden and hundreds of others don't pay their fair share of taxes that the US economy will not experience devastating inflation for the foreseeable future
That definitely factors into the equation. If the federal government spent more tax dollars and less deficit money, that would mean less inflation.

By the way, when you speak of "Biden's pork spending" what exactly are you referring to?
 

marke

Well-known member
Deficit spending always goes through the roof when there is a Republican in the White House, but Republicans generally don't care about that until a Democrat becomes president:

Out-of-control deficit spending has always been bad for the economy no matter who people want to blame for it. Republicans have raised the ceiling more times in the last 50 years but democrats have raised the ceiling by more money than republicans during the same time period. But what we should be focusing on is the potential damage to the economy from bad political policies as we face an uncertain future in America. The following offers reasons why the US credit rating was lowered for the first time in history under Obama.

Reasons for the downgrade in the U.S. credit rating
Standard & Poor’s believed that the rising level of government debt and lack of effective policymaking weakened U.S. creditworthiness to a level no longer commensurate with an AAA sovereign credit rating. S&P pointed to a debt trajectory where U.S. net general government debt of $11.4 trillion (74% of GDP) this year (2011) is projected to increase to $14.5 trillion (79% of GDP) by 2015.
In addition, S&P was troubled by the U.S. political climate, observing that the stability, predictability, and effectiveness of the nation’s policymaking has weakened, as demonstrated in the recent debate around the debt ceiling. S&P criticized the nation’s lawmakers for failing to cut spending and raise revenue to reduce record budget deficits.
 

marke

Well-known member
:) I have to admit that I began reading this with a bit of wide eyed wonder...Are they really going after the Oligarchs?....Really? Finally?!? Could I be wrong about the present course of things?!?! :unsure:

Then I got to this:
"But evasion peaks among the richest 5 percent, who have an income of at least $200,000 and who, as a cohort, capture more than one-third of total national earnings. Taxpayers in this group hide more than 20 percent of their income from tax collectors."

Ahhhh....Okay. ;)
The institutions and religions of the world teach people to get an education to get good jobs in order to get rich. And successful politicians under the influence of successful Americans craft tax policies which favor the conservation of wealth for those who have it. If the rich are not paying their share then that may be because politicians have crafted tax policies that contain loopholes the rich can take advantage of.
 

User Name

Well-known member
Temp Banned
:sneaky: Somehow I don't think that's going to be a problem for them.
I'm not so sure. Oh, they'll certainly try, but as you well remember, Trump said he could shoot someone in the middle of 5th Avenue and get away with it. Trump has undoubtedly committed numerous crimes in pursuit of his financial interests, but our system is more than less rigged to protect the rich, so Trump may well get away with most or all of it in spite of the fact that he is a political target.
 

TomO

Get used to it.
Hall of Fame
Trump said he could shoot someone in the middle of 5th Avenue and get away with it.
Then it was true....He's gone way out of his lane now.....Rogue if you will. *The Club™ is now wanting to kill him or at least render him completely irrelevant (which to Trump would be the same thing). :rolleyes:

*Ref: George Carlin
 

User Name

Well-known member
Temp Banned
Then it was true....He's gone way out of his lane now.....Rogue if you will. *The Club™ is now wanting to kill him or at least render him completely irrelevant (which to Trump would be the same thing).
Back in 1999, Trump was saying things like "The Republican Party is just too crazy right [wing]" and so forth, but the fact of the matter is that the Republican Party of 1999 was much saner than it is now under Trump's thumb. So what went wrong?

I think that Trump's age-related dementia decided to throw a party with his already psychopathic narcissism. The result was what we've seen from him over the past 5+ years. But in the process of going pseudo-populist, Trump has made himself something of an enemy of the system. The system is now forced to reel him in.
 

TomO

Get used to it.
Hall of Fame
Back in 1999, Trump was saying things like "The Republican Party is just too crazy right [wing]" and so forth, but the fact of the matter is that the Republican Party of 1999 was much saner than it is now under Trump's thumb. So what went wrong?

I think that Trump's age-related dementia decided to throw a party with his already psychopathic narcissism. The result was what we've seen from him over the past 5+ years. But in the process of going pseudo-populist, Trump has made himself something of an enemy of the system. The system is now forced to reel him in.
:sneaky: You err in assuming that Trump has changed. I've watched him since I was a child, growing up in New Jersey/New York doesn't give you much choice in the matter.

Trump is Trump....This is Trump being a Real Estate Mogul, this is Trump being a New York Liberal, this is Trump being a Reality TV Star, and that was Trump being a Populist Political Animal and Realpolitik "Wheeler Dealer".

Narcissism?....Oh yea, and maybe even with some psychopathology thrown in (I can see the case for it but I think sociopathy would be more accurate.)

Dementia?....LOL, you (and a lot of others) wish. 😝
 

ok doser

Well-known member
:sneaky: You err in assuming that Trump has changed. I've watched him since I was a child, growing up in New Jersey/New York doesn't give you much choice in the matter.
Trump is Trump....This is Trump being a Real Estate Mogul, this is Trump being a New York Liberal, this is Trump being a Reality TV Star, and that was Trump being a Populist Political Animal and Realpolitic "Wheeler Dealer".
Narcissism?....Oh yea, and maybe even with some psychopathology thrown in (I can see the case for it but I think sociopathy would be more accurate.)
Dementia?....LOL, you (and a lot of others) wish. 😝
Good answer.

I was tempted to jump in but Luser Name isn't worth my time
 

TomO

Get used to it.
Hall of Fame
Good answer.

I was tempted to jump in but Luser Name isn't worth my time
Thank you. I think that probably, as I have looked out over the political landscape, the most frustrating thing has always been the way our citizenry has failed to pay attention to anything beyond what the MSM tells them to. No critical analysis (unless it's Marxist based) and even less memory.

Easy fodder for propagandists of all types....Same as it ever was. :rolleyes:
 
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