Biden's budget would bankrupt America, put national security at risk

[ALiberalModerate]

So when a young couple signs up to buy a couple of hundred thousand dollar house, they are trying to bankrupt themselves?

Where do you find a 200k house these days?

 

[bongsaway]

Where do you find a 200k house these days?

Tell me you're kidding.

 

[ALiberalModerate]

Tell me you're kidding.

In what major city can you find a $200,000 home?

 

[vegas giants]

In what major city can you find a $200,000 home?

Birmingham Alabama

 

[bongsaway]

In what major city can you find a $200,000 home?

10 Cities With the Most Homes Under $200K—You Won't Believe Where They Are

Remember when you could snag an affordable home for under $200,000? The good old days. But buyers shouldn't give up. They just need to know where to look.

www.realtor.com

 

[ALiberalModerate]

10 Cities With the Most Homes Under $200K—You Won't Believe Where They Are

Remember when you could snag an affordable home for under $200,000? The good old days. But buyers shouldn't give up. They just need to know where to look.

www.realtor.com

Go on Zillow and find a 200k home in Houston. See if you can find a 200k home in a neighborhood you wont risk your life walking out your door every day in St. Louis. That article is from 2018 btw, houses on average are 40% more expensive today than then.

 

[ALiberalModerate]

Birmingham Alabama

This one needs a massive amount of cosmetic updating in the interior, but I think it's worth it: https://www.zillow.com/homedetails/1417-13th-St-S-Birmingham-AL-35205/989334_zpid/

 

[vegas giants]

This one needs a massive amount of cosmetic updating in the interior, but I think it's worth it: https://www.zillow.com/homedetails/1417-13th-St-S-Birmingham-AL-35205/989334_zpid/

There are a ton of homes here for 200,000

 

[bongsaway]

Go on Zillow and find a 200k home in Houston. See if you can find a 200k home in a neighborhood you wont risk your life walking out your door every day in St. Louis. That article is from 2018 btw, houses on average are 40% more expensive today than then.

Ok have it your way you can't find a home under 200k in america.

 

[Mr. Invisible]

Biden's budget would bankrupt America, put national security at risk

Is America serious about survival in this increasingly dangerous world? President Joe Biden’s $5.8 trillion budget says no. So does the recent $1.5 trillion earmark-filled spending bill.

www.foxnews.com

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

I don't think that it's less because of 'free money.' but rather because literally most of the populace makes so little they can't pay federal taxes. (https://www.cnbc.com/2022/03/25/57p...paid-no-federal-income-tax-in-2021-study.html) It's been creeping towards this for some time (https://www.marketwatch.com/story/45-of-americans-pay-no-federal-income-tax-2016-02-24) and points to just how little money the average American makes.

 

[Ug make hammer]

No, it’s not. That’s a fad theory advanced by a professor, but it’s not accurate. The only way this can legally be done is with a specie coin made from platinum and the government would have to buy a trillion dollars of platinum in order to make the coin.

And it’s not realistically possible

I never really got the One Big Coin idea to be honest. Why not masses of $100 bills? Those remain legal tender including for payment of debt, no matter how debased they become by being printed too much. Do you have some OTHER professor debunking the idea, or do you just expect me to take your word for it?

Hint: I'm not going to take your word for it.

 

[HangLow]

Biden's budget would bankrupt America, put national security at risk

Is America serious about survival in this increasingly dangerous world? President Joe Biden’s $5.8 trillion budget says no. So does the recent $1.5 trillion earmark-filled spending bill.

www.foxnews.com

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

​

 

[Patriotic Voter]

And yet it is a historical fact that the gop runs up the debt more than dems when in power, go figure.

It is pretty easy to figure: Republicans are all for lowering taxes, which means the federal government is getting billions of dollars LESS to make up for its borrowing.

 

[Ug make hammer]

It is pretty easy to figure: Republicans are all for lowering taxes, which means the federal government is getting billions of dollars LESS to make up for its borrowing.

Reagan, Bush and Trump all cut taxes, yeah. The only Republican who consented to Congress raising taxes was GHW Bush and he lost office for it.

Taxation and spending together serve to redistribute wealth from rich states like New York to poor states like Kentucky. I'm just waiting for the poor states to realize this, though I suppose they don't realize that deficits now mean higher taxes in the future. We're all a bit naive when we think we're getting a bargain, hence "you can't cheat an honest man".

 

[craig]

Biden's budget would bankrupt America, put national security at risk

Is America serious about survival in this increasingly dangerous world? President Joe Biden’s $5.8 trillion budget says no. So does the recent $1.5 trillion earmark-filled spending bill.

www.foxnews.com

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

I think you are getting your billions and trillions mixed up.

 

[Patriotic Voter]

Reagan, Bush and Trump all cut taxes, yeah. The only Republican who consented to Congress raising taxes was GHW Bush and he lost office for it.

Taxation and spending together serve to redistribute wealth from rich states like New York to poor states like Kentucky. I'm just waiting for the poor states to realize this, though I suppose they don't realize that deficits now mean higher taxes in the future. We're all a bit naive when we think we're getting a bargain, hence "you can't cheat an honest man".

Are you sure GHWB did not lose because of the Persian Gulf War?

 

[Ug make hammer]

The President has no role in taxation, and only a limited role in spending.

Only Trump had control of both chambers of Congress when tax cuts were passed. Reagan had control of the Senate but not the House. Bush II had the House while Democrats barely held the Senate.

Two times out of three, Democrats were complicit in tax cuts. Perhaps they foolishly thought they would get partial credit.

 

[Ug make hammer]

Are you sure GHWB did not lose because of the Persian Gulf War?

Both. If he'd been able to control the timing of the Gulf War it would have worked in his favor. The "proportionate response" was hugely popular at first.

 

[Kushinator]

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

FY 2021 had expenditures of $6.8 trillion. Why isn't a $1 trillion spending reduction getting any attention from you folks?

 

[wist43]

I mean, that’s the theory. There’s no reason to believe it’s true, because in actuality if the government ever actually tried to inflate the currency too fast to cover debts it would make the debt worthless and end future borrowing.

And as the I’ll advised sanctions on Russia have done, in 20 years the dollar will disappear as the reserve currency and once that happens then this game cannot go on.

Somebody has to buy the bonds that back the printing - apparently you didn't know that??

Eventually, that will come to an end, and once it does, the Federal Reserve (which is a private bank) will be forced to simply print. Once that happens it's only a matter of time before the currency has no value.

 

[post]

Biden's budget would bankrupt America, put national security at risk

Is America serious about survival in this increasingly dangerous world? President Joe Biden’s $5.8 trillion budget says no. So does the recent $1.5 trillion earmark-filled spending bill.

www.foxnews.com

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

Opinion | In Praise of Smoke and Mirrors​

If we need creative accounting to invest for the future, go for it.
www.nytimes.com
OPINION
PAUL KRUGMAN
Aug. 5, 2021
"...On the surface, Republican demands should have made agreement impossible. G.O.P. senators were adamantly opposed to tax increases. They also blocked proposals to give the I.R.S. resources to crack down on widespread tax evasion — a stance that even cynics like yours truly found a bit shocking. What kind of party more or less openly aligns itself with wealthy tax cheats? ..."

The kind of party that would target anything and anybody in its constant effort to divert attention away from discussion
of issues that most concern the party's wealthiest political donors...

Super-Rich Americans Feel Relief as Tax Hikes Are Canceled ...​

https://www.bloomberg.com › news › articles › super-ri...
Dec 20, 2021 — Meanwhile, the very richest Americans have reaped massive windfalls. The net worths of Americans on the Bloomberg Billionaires Index, a daily ...

Make this the last year that millionaires stop paying into Social ...​

https://thehill.com › blogs › congress-blog › politics › 5...
Feb 22, 2022 — The payroll wage cap for 2022 is $147,000. Capping payroll taxes according to wages deprives Social Security of much-needed revenue.

Elites Earning $50,000 Per Hour Already Paid Their Social ...​

https://www.forbes.com › teresaghilarducci › 2022/01/03
Jan 3, 2022 — They earn the Social Security tax cap of $147,000 in just a few hours. After their first $147,000 of earnings, high-income workers stop ...

After Four Years, IRS Finally Confirms There Was No Targeting of Tea Party Groups​

https://www.motherjones.com › kevin-drum › 2017/10
Oct 6, 2017 — Let's take a trip down memory lane. Do you remember Lois Lerner? BOLO? The IRS audits of tea party organizations? Sure you do.

Republicans stand against president's IRS bank plan - WAVY ...​

https://www.wavy.com ›
Oct 19, 2021 — Toomey says the IRS has a track record of discriminating against conservative organizations and doesn't believe the collected information .

 

[post]

Somebody has to buy the bonds that back the printing - apparently you didn't know that??

Eventually, that will come to an end, and once it does, the Federal Reserve (which is a private bank) will be forced to simply print. Once that happens it's only a matter of time before the currency has no value.

Federal Reserve has the largest U.S. bond portfolio in the world. As long as U.S. Gov. debt is primarily owed in dollars that are the world's reserve currency, the only limit to borrowing level is world financial markets' perception of taxing potential of U.S. government,

The Fed - Distribution: Distribution of Household Wealth in the U.S. since 1989

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

..also the case if the dollar was not the reserve currency. As the reserve currency, the borrowing level is likely irrelevant. Do you actually see a competitor to the dollar for the reserve currency? 80 percent of US physical currency is in $100 bill denomination and 80 percent of those $100s are :

"The estimates suggest that more than 60% of all U.S. bills and nearly 80% of $100 bills are now overseas—up from 15% to 30% around 1980. In her research, Judson has found that economic and political instability contribute to this demand."
Understanding the Demand for Currency at Home and Abroad

Treasury Securities Operational Details - Federal Reserve ...​

https://www.newyorkfed.org › markets › treasury-secur...
The New York Fed purchases Treasury securities as directed by the Federal Open Market Committee (FOMC). These purchases are conducted in the secondary market ...

What happens when the Federal Reserve purchases US government bonds?
"If the Fed buys bonds in the open market, it increases the money supply in the economy by swapping out bonds in exchange for cash to the general public. Conversely, if the Fed sells bonds, it decreases the money supply by removing cash from the economy in exchange for bonds."
The Fed's Tools for Influencing the Economy - Investopedia

 

[jonny5]

Biden's budget would bankrupt America, put national security at risk

Is America serious about survival in this increasingly dangerous world? President Joe Biden’s $5.8 trillion budget says no. So does the recent $1.5 trillion earmark-filled spending bill.

www.foxnews.com

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

That would not bankrupt us. No need for hyperbole. The budget request has plenty of serious problems on its own, like using medicaid to fund violence intervention programs, instead of yah, medical care. or 60 million for the Centers for Disease Control and Prevention and National Institutes of Health to conduct research on gun violence.

 

[jonny5]

I don't think that it's less because of 'free money.' but rather because literally most of the populace makes so little they can't pay federal taxes. (https://www.cnbc.com/2022/03/25/57p...paid-no-federal-income-tax-in-2021-study.html) It's been creeping towards this for some time (https://www.marketwatch.com/story/45-of-americans-pay-no-federal-income-tax-2016-02-24) and points to just how little money the average American makes.

Not paying income tax isnt proof they cant pay income tax. Certainly not MOST of the populace. Median income is 67k in the US.

Income and Poverty in the United States: 2020

This report presents data on income, earnings, income inequality & poverty in the United States based on information collected in the 2021 and earlier CPS ASEC.

www.census.gov

40% of America’s lowest-income families’ consumption goes on luxuries

The rich use the biggest share of their expenditures on luxury goods.

www.marketwatch.com

 

[LouC]

Biden's budget would bankrupt America, put national security at risk

Is America serious about survival in this increasingly dangerous world? President Joe Biden’s $5.8 trillion budget says no. So does the recent $1.5 trillion earmark-filled spending bill.

www.foxnews.com

Really? That idiot wants a $5,800,000,000! We only bring in about $3,000,000,000 in revenue, and less now that people got free money from the government. He is purposely trying to bankrupt us.

Obviously the only way to counteract the Biden Budget is via Tax Cuts for the wealthy!