Bidenomics in a nutshell

[KLATTU]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per yea

The Decline of Our Nation Is Crystal-Clear

townhall.com

The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.

 

[NuffSaid]

Debt matters when Democrat is in office.
News at 11.

 

[RabidAlpaca]

Considering how little you care about the debt racked up between 2017-2021, it doesn't seem like you really care about this issue.

 

[NatMorton]

The score so far: Deflections 2, OP 1.

 

[The Stars Tremble]

There was a disaster. Perhaps you read about it on FOX news?

It was called Covid 19.

 

[SenorXm/Sirius]

Republicans only care about debt and the deficit when there's a Dem in the WH... Been that way for decades...

What a bunch of hypocrites...

 

[Individual]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per yea

The Decline of Our Nation Is Crystal-Clear

townhall.com

The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.

And still, we avoid discussing how the issue could be solved.

 

[ttwtt78640]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per yea

The Decline of Our Nation Is Crystal-Clear

townhall.com

The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.

Having (keeping?) federal spending at 2019 levels is not a great idea (and impossible for things like Social Security), since that was 25% of GDP with an annual deficit of 4.6% of GDP.

According to the BLS inflation calculator, CPI inflation (to date) was over 18% since December 2019.

 

[Greenbeard]

Unlike deficit spending under the prior administration, we’re actually getting something for our buck under Bidenomics.

Op-ed: U.S. inflation and jobs reports show fastest recovery in 30 years under Biden

The inflation and employment reports and the revisions that accompanied them reinforce this administration's economic strategy to rebound from the pandemic.

www.cnbc.com

US is in the midst of a manufacturing investment supercycle

There is massive new investment taking place in the industrial sector that’s set to shape the economic landscape for years to come, according to Axios.

www.businessreport.com

America’s Factory Building Boom

Construction spending on factories is soaring, due in no small part to two pieces of legislation.

www.wsj.com

Advancing Clean Energy: Start of America's Infrastructure Decade

Learn about America's new infrastructure decade focused on advancing clean energy projects.

www.brookings.edu

The CHIPS Act: Rebuilding America's technological infrastructure

The $280 billion bipartisan legislation aims to rebuild our nation's chip-making capability, to protect against supply chain disruptions caused by natural disasters or geopolitics.

www.cbsnews.com

Biden’s hydrogen bombshell leaves Europe in the dust

The EU is investing billions into becoming a green energy superpower. But Washington’s Inflation Reduction Act means it’s the U.S. reaping the rewards.

www.politico.com

 

[RabidAlpaca]

The score so far: Deflections 2, OP 1.

Not really a deflection to point out it's less debt than added under the last few presidents.

 

[US&THEM]

The score so far: Deflections 2, OP 1.

Yes because we all know Klattu is looking for a rational discussion

 

[Cope]

There was a disaster. Perhaps you read about it on FOX news?

It was called Covid 19.

Perhaps you could explain why, since Covid ended a couple years ago, we have not gotten back to Pre-Covid spending levels?

 

[BirdinHand]

Perhaps you could explain why, since Covid ended a couple years ago, we have not gotten back to Pre-Covid spending levels?

Can you explain why pre-Covid spending SHOULD be the goal?

Was there a magical reason?

 

[ldub23]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per yea

The Decline of Our Nation Is Crystal-Clear

townhall.com

The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.

I call it Idiotomics

 

[Luckyone]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per yea

The Decline of Our Nation Is Crystal-Clear

townhall.com

The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.

What an utter and complete BS OP.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years​

One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.

I do not remember you putting up one single post about Trump's national debt during all these years, but now you are putting up to dis Biden. Your OP is pure hypocrisy!

 

[Jay59]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per yea

https://townhall.com/columnists/sta...cline-of-our-nation-is-crystal-clear-n2625590
The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.

Cue the slurs of tax reform and claims that it's good debt.

Unlike deficit spending under the prior administration, we’re actually getting something for our buck under Bidenomics.

https://www.cnbc.com/amp/2023/02/14...fastest-recovery-in-30-years-under-biden.html
https://www.businessreport.com/business/us-is-in-the-midst-of-a-manufacturing-investment-supercycle
https://www.wsj.com/articles/americas-factory-building-boom-93dfb8f5
https://www.brookings.edu/articles/...oeconomic-factors-may-shape-local-strategies/
https://www.cbsnews.com/news/the-chips-act-rebuilding-americas-technological-infrastructure/
https://www.politico.com/news/2023/07/05/biden-hydrogen-europe-00104024

It did not take long. Democrats are still the tax-and-spend party.

Unfortunately, the economy has not responded positively.

What an utter and complete BS OP. I do not remember you putting up one single post about Trump's national debt during all these years, but now you are putting up to dis Biden. Your OP is pure hypocrisy!

View attachment 67456345

This is the clearest case of projection ever.

My favorite part is that the cited article shows a pre-pandemic reduction in deficit compared to Obama.

 

[ttwtt78640]

Can you explain why pre-Covid spending SHOULD be the goal?

Was there a magical reason?

The basic problem is that congress critters spend far more than they dare demand in taxation, which creates annual “budget” deficits and increases the national debt. So long as doing so results in a re-election rate of over 90%, that’s likely to continue (forever?).

The goal should be to eliminate the annual federal “budget” deficits and the ‘need’ for (ever) more borrowing.

 

[BirdinHand]

The basic problem is that congress critters spend far more than they dare demand in taxation, which creates annual “budget” deficits and increases the national debt. So long as doing so results in a re-election rate of over 90%, that’s likely to continue (forever?).

The goal should be to eliminate the annual federal “budget” deficits and the ‘need’ for (ever) more borrowing.

Or, you know, increase revenue.

Remove the cap on things such as Social Security taxes, as example 1, for instance.

We need more revenue to fund necessary government spending.

 

[NatMorton]

Not really a deflection to point out it's less debt than added under the last few presidents.

Not if you take out the extraordinary debt resulting from COVID.

Start here: https://fred.stlouisfed.org/series/FYGFD

Download the data, calculate the average increase in debt and exclude 2020. Here's what you get for average annual debt increases for the last few Presidents:

Bush: 7.5% (6.9% without the 2008 financial crash year)
Obama: 8.9%
Trump: 5.1% (8.5% with 2020)
Biden: 7.1%

It's a real problem, both parties are responsible, and hiding behind whataboutism doesn't help.

 

[hecatmoggie]

we just need to blame someone else but Biden

meanwhile ...

 

[RabidAlpaca]

Not if you take out the extraordinary debt resulting from COVID.

Start here: https://fred.stlouisfed.org/series/FYGFD

Download the data, calculate the average increase in debt and exclude 2020. Here's what you get for average annual debt increases for the last few Presidents:

Bush: 7.5% (6.9% without the 2008 financial crash year)
Obama: 8.9%
Trump: 5.1% (8.5% with 2020)
Biden: 7.1%

It's a real problem, both parties are responsible, and hiding behind whataboutism doesn't help.

Lol, silly Nat.

NatMorton: "If you just take out all of the economic disasters that happened under Republican presidents, then they're just as bad as Biden, yet I didn't whine about any of them!"

 

[Greenbeard]

Unfortunately, the economy has not responded positively.

Achieving full employment with the highest prime-age labor force participation rate in decades and triggering an American infrastructure and manufacturing renaissance?

 

[ttwtt78640]

Or, you know, increase revenue.

Remove the cap on things such as Social Security taxes, as example 1, for instance.

Why not simply raise the SS FICA ‘payroll’ tax rate(s) by 25% (from 6.2% to 7.75%)? Raising the SS ‘contributions’ cap would also increase the SS benefit level for those with higher ‘earned’ incomes.

We need more revenue to fund necessary government spending.

We need to re-evaluate what ‘necessary’ federal spending is and what should be returned to state/local governments to deal with.

 

[Cope]

Can you explain why pre-Covid spending SHOULD be the goal?

Was there a magical reason?

The magical reason is pretty simple:

$$ OUT can't continue to outpace $$ IN, especially at the rate it is going. At some point the Piper has to be paid.

 

[NatMorton]

Lol, silly Nat.

NatMorton: "If you just take out all of the economic disasters that happened under Republican presidents, then they're just as bad as Biden, yet I didn't whine about any of them!"

You're part of the problem. You see this only as a political cudgel. I say the problem lies with both parties, why can't you?