Bidenomics in a nutshell

[jonny5]

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.

Thats not Bidenomics, thats Bidenudgeting (Bidenances?) or rather lack of budgeting, govt finances. Spending, Revenue, debt is budgeting and finances, wheras the effect they have on the economy would be economic policy. But that includes a whole lot of other things.

Bidenomics is generally socialism, redistributing wealth to fund social equality. And yeah, its a disaster, resulting so far in inflation, debt, labor shortages, stagnant growth, waste, corruption and dependency.

 

[ALiberalModerate]

The score so far: Deflections 2, OP 1.

Hypocrisy has that effect.

 

[BirdinHand]

Raising the SS ‘contributions’ cap would also increase the SS benefit level for those with higher ‘earned’ incomes.

Why?

The maximum monthly benefit is $X. There’s no need to increase it, especially with regard to top earners - they’ve already got other sources of retirement income.

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

The problem is, states aren’t funding necessary projects.

So when THEY can’t feed their citizens, fund their schools fully, keep their roads and infrastructure up to par, can’t handle disasters, etc….what is your answer?

Let people there starve? Let the infrastructure in some states fail more? Let people go without healthcare or education?

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.

Yes, raise taxes.

 

[CaughtInThe]

they say he's old (as he travels around and continues to kick ass) and they say he hasn't done anything for the economy (as the economy continues to kick ass due to things like CHIPS and manufacturing and Infrastructure).


go watch fox just for one hour. the alternate reality is worse than i've ever seen it. they are in the business of brainwashing the cult.

 

[ttwtt78640]

Why?

The maximum monthly benefit is $X. There’s no need to increase it, especially with regard to top earners - they’ve already got other sources of retirement income.

Do you know why? Hint: it’s based off use of a ‘formula’ using ones highest 35 years of ‘contributions’ . Note: ssa.gov calls those annual ‘contributions’ (FICA payroll taxes paid each year) “earnings”.

https://www.ssa.gov/pubs/EN-05-10070.pdf

The problem is, states aren’t funding necessary projects.

Then folks can ‘vote with their feet’.

So when THEY can’t feed their citizens, fund their schools fully, keep their roads and infrastructure up to par, can’t handle disasters, etc….what is your answer?

Move.

Let people there starve? Let the infrastructure in some states fail more? Let people go without healthcare or education?

Nope, but states must raise taxes (to redistribute income) since their ability to use borrow/print “budgeting” is very limited.

Yes, raise taxes.

There is absolutely no reason for congress critters to do so. They have been using deficit spending for decades and enjoy re-election rates of over 90%, thus proving that the (majority of the) electorate agrees. The political reality is that deficit spending (giving away “free” stuff) is much more popular than raising tax rates.

 

[BirdinHand]

Do you know why? Hint: it’s based of use of a ‘formula’ using ones highest 35 years of ‘contributions’.

And there is a cap on the monthly amount paid.

There is zero reason to increase that cap.

 

[ttwtt78640]

And there is a cap on the monthly amount paid.

There is zero reason to increase that cap.

Existing federal law is a reason.

https://www.ssa.gov/pubs/EN-05-10070.pdf

 

[RabidAlpaca]

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?

I could if the topic was that and not a political hack line like "Bidenomics in a nutshell". You started the thread as a political cudgel, you didn't start it with a non-partisan mindset, so why should we have one?

 

[NatMorton]

Hypocrisy has that effect.

So does partisanship.

 

[NatMorton]

I could if the topic was that and not a political hack line like "Bidenomics in a nutshell". You started the thread as a political cudgel, you didn't start it with a non-partisan mindset, so why should we have one?

You're confused. I didn't start the thread.

 

[RabidAlpaca]

You're confused. I didn't start the thread.

You're right, I was confused and I'm sorry, but to be fair you both have pretty much the same position on this.

 

[NatMorton]

You're right, I was confused and I'm sorry, but to be fair you both have pretty much the same position on this.

No, my position is stated in post 19, both parties are to blame.

 

[SenorXm/Sirius]

So does partisanship.

Then reply to the OP about partisanship.. Because that's ALL that this thread is about...

 

[Jay59]

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

Congratulations. You have one thing as good as Trump had it. Too bad he was so much better on the rest.

that said, we can stop pretending that Biden is at all involved in the doings of this administration. Any fair-minded person can tell he has no capacity to understand much less decide.

No, my position is stated in post 19, both parties are to blame.

Dat the fack, Jack.

 

[NatMorton]

Then reply to the OP about partisanship.. Because that's ALL that this thread is about...

No, some of us look beyond that and say the debt is a real problem. Care to join us?

 

[SenorXm/Sirius]

No, some of us look beyond that and say the debt is a real problem. Care to join us?

No.. Your 1st post was to criticize the people who were pointing out the hypocrisy and partisanship of the OP...

Do you care to address that?

 

[NatMorton]

No.. Your 1st post was to criticize the people who were pointing out the hypocrisy and partisanship of the OP...

Do you care to address that?

No, I criticized the people who attempted to deflect the conversation away from the debt being a problem. Do you care to address that?

 

[ttwtt78640]

No, some of us look beyond that and say the debt is a real problem. Care to join us?

Adding $1T+ to the national debt it annually is certainly a real problem (which was done while Trump was in office), but (habitually) doing so results in congress critters getting re-elected at rate of over 90%. That clearly indicates that it’s deemed OK (politically successful?) by the majority of the electorate.

 

[SenorXm/Sirius]

No, I criticized the people who attempted to deflect the conversation away from the debt being a problem. Do you care to address that?

No you didn't... The OP didn't address it.. It was just an attack on the Dem president.. But you don't care about that... You bitch about partisanship, but then that's all you got...

 

[Cope]

Why?

The maximum monthly benefit is $X. There’s no need to increase it, especially with regard to top earners - they’ve already got other sources of retirement income.

The problem is, states aren’t funding necessary projects.

According to whom? That answer encompasses the entirety of the argument.

So when THEY can’t feed their citizens, fund their schools fully, keep their roads and infrastructure up to par, can’t handle disasters, etc….what is your answer?

They have done both.

Let people there starve? Let the infrastructure in some states fail more? Let people go without healthcare or education?

Let people live in a 2 bedroom house? Why? Surely they deserve a 5 bedroom. Let people take only 1 vacation a year? Why? Surely they deserve at least two.

See where this type of question goes? It's absolutely absurd what people think they are OWED in today's society.

Yes, raise taxes.

No. In fact, they need to be cut and expenditures need to go down.

 

[NatMorton]

No you didn't... The OP didn't address it.. It was just an attack on the Dem president.. But you don't care about that... You bitch about partisanship, but then that's all you got...

You're in no position to tell me what the intent of my post was. Give it up.

 

[SenorXm/Sirius]

You're in no position to tell me what the intent of my post was. Give it up.

Lol.. Yeah I am..And I can.. You constantly lie about your politics here... You're not fooling anyone, except yourself..

And yes, have a nice day...

 

[pocket aces]

Why do the rightys care? Three times the previous admin had to raise the debt ceiling. Not a peep from the Trumper losers.

 

[madman]

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 noticed that this is the new buzzword "Bidenomics" in the white wing sphere.

 

[madman]

The score so far: Deflections 2, OP 1.

you cant be taken seriously when YOUR PARTY does the same ****ing thing.