Economists bullish on Biden's $3 trillion infrastructure plan

[mrjurrs]

What debt? You asserted that “this bill” was paid for.

If you're going to jump in, check the context.

 

[skeptic llc]

They've got five-Trillion dollars left on the credit card.

They better raise taxes, so we can balnce the budget and start paying back and all this money doesn't just get lapped up by the rich.

Why balance the budget? Reagan taught that tax cuts and increased spending are both more popular than fiscal responsibility. Easier to borrow and hand out goodies than to act like adults.

 

[rickc]

If you want to see real economic growth you have to put the money in at the bottom and let it flow through the economy. It always winds up back at the top eventually.

What we have done for the last 40 years is put it in at the top and let it trickle down through the economy. Pretty obvious this hasn't worked for 90% of Americans.

This infrastructure plan along with raising taxes on corporations will start us into the right durection. I like Biden's plan to have a minimum corporate rate to force corporations that aren't paying any taxes now to have to pay something.

We need to raise the top marginal tax rate. I like Biden's idea that anyone earning over a million dollars pays capital gains at the earned income rate.

 

[Logophile]

The debt servicing is 6% of GDP, well within what the nation can handle. Moreover, the plan calls for raising taxes on corporations.

We already have enormous debt that we haven't paid off. In fact we haven't made a dent in it. And corporations will headquarter elsewhere. We need our businesses here. And we need manufacturing home. Biden even admits it. Thanks!!

 

[ttwtt78640]

The debt servicing is 6% of GDP, well within what the nation can handle. Moreover, the plan calls for raising taxes on corporations.

Yep, but total federal revenue is about 18% of GDP - meaning that 1/3 of our taxation is dedicated to servicing debt on prior “investments”. The basic problem with our annual federal “budget” is that we tax at about 18% of GDP and spend at about 20% of GDP, thus (no matter how big GDP gets) we add about 2% of GDP to the national debt annually.

 

[rickc]

So what did all those republican tax cuts for the rich get us?

 

[MTAtech]

Yep, but total federal revenue is about 18% of GDP - meaning that 1/3 of our taxation is dedicated to servicing debt on prior “investments”. The basic problem with our annual federal “budget” is that we tax at about 18% of GDP and spend at about 20% of GDP, thus (no matter how big GDP gets) we add about 2% of GDP to the national debt annually.

Interest (debt carrying cost) is way down, as a p% of GDP.

 

[ttwtt78640]

Interest (debt carrying cost) is way down, as a p% of GDP.

Thank you, I was just going along with the claim previously made.

 

[MTAtech]

We already have enormous debt that we haven't paid off. In fact we haven't made a dent in it. And corporations will headquarter elsewhere. We need our businesses here. And we need manufacturing home. Biden even admits it. Thanks!!

We haven’t been debt free since 1835. I’d say we’ve done pretty well in the last 186 years.

Why, specifically, would public debt play into a corporation’s decision to move its headquarters?

 

[Logophile]

U.S. National Debt Clock April 2021

An Overview of the United States National Debt

The Current Outstanding Public Debt of the United States is:

$27,752,835,868,445.35

Last Updated: Thursday, April 1st, 2021


Every man, woman and child in the United States currently owes $84,099 for their share of the U.S. public debt.

Which Foreign governments own the most U.S. debt?

Answer: Here is the Top 10 (as of Sep/2019)

1. Japan, $1145.8 billion dollars
2. China, Mainland, $1102.4 billion dollars
3. All Other, $484.8 billion dollars
4. United Kingdom, $346.2 billion dollars
5. Brazil, $301.2 billion dollars
6. Ireland, $274.1 billion dollars
7. Luxembourg, $252.5 billion dollars
8. Cayman Islands, $238.7 billion dollars
9. Switzerland, $231.3 billion dollars
10. Hong Kong, $224.2 billion dollars

How much Money does the United States Owe China?

A: $1.1 Trillion (Sep/2019)

How much Money does the United States Owe Japan?

A: $1.15 Trillion (Sep/2019)

How much Money does the United States Owe Russia?

A: $0 Billion (Sep/2019)

How much Money does the United States Owe the United Kingdom?

A: $346.2 Billion (Sep/2019)

How much Money does the United States Owe Germany?

A: $84.9 Billion (Sep/2019)

How much Money does the United States Owe Canada?

A: $119.1 Billion (Sep/2019)


https://www.davemanuel.com/us-national-debt-clock.php

 

[j brown's body]

Why the obsession with America's infrastructure? Sure our "infrastructure" is "tottering". But American infrastructure is ALWAYS tottering. I can show you cover stories from U.S. News & World Report from the early 1980s (40 years ago) that was about America's tottering infrastructure.

Yet despite the so called problems with our infrastructure our economy has grown pretty decently over those four decades.

Thats how I feel about my1984 Camry. What could go wrong?

 

[MTAtech]

U.S. National Debt Clock April 2021

An Overview of the United States National Debt

The Current Outstanding Public Debt of the United States is:

$27,752,835,868,445.35

Last Updated: Thursday, April 1st, 2021


Every man, woman and child in the United States currently owes $84,099 for their share of the U.S. public debt.

Which Foreign governments own the most U.S. debt?

Answer: Here is the Top 10 (as of Sep/2019)

1. Japan, $1145.8 billion dollars
2. China, Mainland, $1102.4 billion dollars
3. All Other, $484.8 billion dollars
4. United Kingdom, $346.2 billion dollars
5. Brazil, $301.2 billion dollars
6. Ireland, $274.1 billion dollars
7. Luxembourg, $252.5 billion dollars
8. Cayman Islands, $238.7 billion dollars
9. Switzerland, $231.3 billion dollars
10. Hong Kong, $224.2 billion dollars

How much Money does the United States Owe China?

A: $1.1 Trillion (Sep/2019)

How much Money does the United States Owe Japan?

A: $1.15 Trillion (Sep/2019)

How much Money does the United States Owe Russia?

A: $0 Billion (Sep/2019)

How much Money does the United States Owe the United Kingdom?

A: $346.2 Billion (Sep/2019)

How much Money does the United States Owe Germany?

A: $84.9 Billion (Sep/2019)

How much Money does the United States Owe Canada?

A: $119.1 Billion (Sep/2019)


https://www.davemanuel.com/us-national-debt-clock.php

So, what’s your point? What your numbers show is that other Americans hold most federal debt.

However, it’s irrelevant. The topic is Biden’s infrastructure plan, which is funded by 16 years of taxation for eight years of spending.

 

[j brown's body]

The only way out of what? The economy is growing. Unemployment is low and falling. We arent in a recession. What is it you think we need to stimulate ourselves out of?

The last century.

 

[Kushinator]

Yep, but total federal revenue is about 18% of GDP - meaning that 1/3 of our taxation is dedicated to servicing debt on prior “investments”. The basic problem with our annual federal “budget” is that we tax at about 18% of GDP and spend at about 20% of GDP, thus (no matter how big GDP gets) we add about 2% of GDP to the national debt annually.

That's an invalid means of observing the situation. Debt service is always entirely borrowed... And when it's not the signs point towards deficit reduction.

When government doesn't reduce deficits during growth stages... It's a major sign of mismanagement.

I believe we are capable of taking 25% of the economy long term if we guarantee health care.

 

[j brown's body]

Interesting that Trump's popularity was due to "economic anxiety" and since he crashed the economy y and got thrown out of office, and a Democratic president is addressing it, they're like "what economic anxiety. Things were never better."

 

[Fletch]

The last century.

You want to expand on that?

 

[Bullseye]

Economists increasingly giddy at prospect of $3 trillion Biden infrastructure plan

S&P predicts Biden's infrastructure plan will create 2.3 million jobs by 2024.

www.axios.com

Most economists agree; the government should continue injecting money into the US economy to stimulate consumer buying, employment, and economic growth.

Most economists don’t, just most economist axios calls - reliable left-wingers.

 

[Fletch]

Interesting that Trump's popularity was due to "economic anxiety" and since he crashed the economy y and got thrown out of office, and a Democratic president is addressing it, they're like "what economic anxiety. Things were never better."

Trump didnt 'crash the economy." Cant any of you liberals make an honest argument?

 

[Fletch]

That's an invalid means of observing the situation. Debt service is always entirely borrowed... And when it's not the signs point towards deficit reduction.

When government doesn't reduce deficits during growth stages... It's a major sign of mismanagement.

I believe we are capable of taking 25% of the economy long term if we guarantee health care.

We are in a growth stage, yet you dont call out Bidens mismanagement. How come? Oh thats right, hes a democrat.

 

[rickc]

Biden's plan puts America to work. It injects money into the real economy instead if padding the already riches bank accounts

You want to see real economic growth. This will do it. This money will flow through the economy helping all small business's

 

[ttwtt78640]

That's an invalid means of observing the situation. Debt service is always entirely borrowed... And when it's not the signs point towards deficit reduction.

When government doesn't reduce deficits during growth stages... It's a major sign of mismanagement.

I believe we are capable of taking 25% of the economy long term if we guarantee health care.

We already have federal spending of 20% to 21% of GDP. The rosiest guesstimate of M4A “cost savings” was taking US medical care spending from about 18% of GDP to 10% of GDP. That would mean adding over your 5% of GDP in additional federal spending.

 

[Kushinator]

We already have federal spending of 20% to 21% of GDP. The rosiest guesstimate of M4A “cost savings” was taking US medical care spending from about 18% of GDP to 10% of GDP. That would mean adding over your 5% of GDP in additional federal spending.

It's likely more complicated, and dead weight loss is going to shoot down.

Nevertheless... Long term federal expenditures at 25% of GDP is actually rather desirable... If it includes healthcare....

 

[Logophile]

So, what’s your point? What your numbers show is that other Americans hold most federal debt.

However, it’s irrelevant. The topic is Biden’s infrastructure plan, which is funded by 16 years of taxation for eight years of spending.

If only it were true. But that's not how we do things, is it?? We just borrow more. Not to mention, very vague numbers with regard to debt. Regardless, again, we just keep borrowing more. You know, this isn't just like a personal debt load, where in seven years, it's erased. All is forgiven and up goes your credit score?? Nothing gets erased here, And if WE try to erase vis a vis nationalization, it's a military issue AND economic issue. Thanks!!

 

[MTAtech]

If only it were true. But that's not how we do things, is it?? We just borrow more. Not to mention, very vague numbers with regard to debt. Regardless, again, we just keep borrowing more. You know, this isn't just like a personal debt load, where in seven years, it's erased. All is forgiven and up goes your credit score?? Nothing gets erased here, And if WE try to erase vis a vis nationalization, it's a military issue AND economic issue. Thanks!!

Ive been hearing all my life about whatever the current debt was it was critical.
The reality is the federal government can borrow huge sums at near zero rates. It would be irresponsible not to take advantage of that ability.

 

[Kushinator]

Nothing gets erased here

You aren't saying anything of value. Just a consistent regurgitation of statements that have already been refuted. That people refuse to learn is a most troubling reality.