https://usdebtclock.org/
The is nobody suggesting there is unchecked inflation on the way…no serious economist. - Joe Biden
Moderator: Community Team
The is nobody suggesting there is unchecked inflation on the way…no serious economist. - Joe Biden
American Rescue Plan (Biden’s $1.9 Trillion Stimulus Package)
What is the American Rescue Plan?
The American Rescue Plan Act of 2021 is a $1.9 trillion coronavirus rescue package designed to facilitate the United States’ recovery from the devastating economic and health effects of the COVID-19 pandemic. The nearly $2 trillion price tag makes this economic rescue legislation one of the most expensive in U.S. history. It one part of President Biden's Build Back Better plan, which also includes the American Jobs Plan and the American Families Plan.
The package includes direct stimulus payments of $1,400, extending unemployment compensation, continuing eviction and foreclosure moratoriums, and increasing the Child Tax Credit while making it fully refundable. It provides funds for state and local governments to help compensate for lost tax revenues, money for schools from kindergarten through eighth grade to safely reopen amid the pandemic, and subsidizes COVID-19 testing and vaccination programs.
HitRed wrote:Inflation is with us for at least 3 more years. Possible recession. Possible stagflation. 30 trillion in gov debt means the government won’t be able to prime the economy back to health as much.
https://usdebtclock.org/The is nobody suggesting there is unchecked inflation on the way…no serious economist. - Joe Biden
jusplay4fun wrote:HitRed wrote:Inflation is with us for at least 3 more years. Possible recession. Possible stagflation. 30 trillion in gov debt means the government won’t be able to prime the economy back to health as much.
https://usdebtclock.org/The is nobody suggesting there is unchecked inflation on the way…no serious economist. - Joe Biden
Again, Democrats like Biden only know one economic tool: Spend more money and raise the national debt.
Donald Trump is one of three presidents with the biggest budget deficits in history.
The deficit topped $1 trillion in 2020.
By 2022, under Joe Biden's administration, the deficit has declined to some $900 billion.
The U.S. government has run a budget deficit for nearly all of the past 60 years.
Under pressure from Republicans in Congress, President Bill Clinton, a Democrat, agreed to consistently cut the deficit and eventually oversaw the first budget surplus in decades.
The surplus stood at $236 billion in 2000, Clinton's final year in office. The $128 billion surplus recorded in 2001 was the last time a surplus had been seen this century.
When he took office in 2001, President George W. Bush cited the Clinton surplus as evidence that taxes were too high. He pushed through significant tax cuts and oversaw an increase in spending, and the combination again drove the U.S. budget into the red.
The deficit reached a record $458 billion in 2008, Bush's last year in office, and would triple the following year as the Bush and Obama administrations faced the Global Financial Crisis.
The U.S. budget deficit exploded in fiscal year 2009, ultimately reaching $1.4 trillion under President George Bush and the incoming Obama administrations struggled to contain the economic fallout from the financial crisis. Most of that deficit was created on Bush's watch, but Obama and the Democratic-controlled Congress added hundreds of billions of dollars to it in early 2009.
The deficit would remain above $1 trillion through the 2012 fiscal year but would be slashed to as low as $440 billion in the later years of Obama's presidency
President Trump continued the trend of pushing the deficit higher as he sought massive tax cuts and increased defense spending. His first budget, for the 2018 fiscal year, recorded a deficit of $779 billion.
Under Trump, the deficit reached $984 billion in 2019 and hit more than $1 trillion in 2020, and that was before Congress passed a $2 trillion stimulus package to fight the economic fallout from the coronavirus pandemic.
One of Joe Biden's campaign promises was to reduce the federal deficit, and there's been progress on the account. The Congressional Budget Office (CBO) estimates that the federal budget deficit was $475 billion in the first five months of fiscal year 2022, which represented an amount lower than those for the years 2021 and 2020.
"(President Ronald) Reagan took the deficit from 70 billion to 175 billion." This is more or less accurate. The federal deficit went from about $78.9 billion at the beginning of Reagan’s presidency to $152.6 billion at the end of it. At points between 1983 and 1986, the deficit was actually more than $175 billion.
"(George H.W.) Bush 41 took it to 300 billion." Close, but not exactly. The number was around $255 billion at the end of Bush’s term. The deficit spiked at around $290.3 billion the year before he left office.
"(Bill) Clinton got it to zero." This is true. During his presidency, Clinton managed to zero out the deficit and end his term with a $128.2 billion surplus.
"(George W.) Bush 43 took it from 0 to 1.2 trillion." This is in the ballpark. Ignoring the fact that he actually started his presidency with a surplus, Bush left office in 2009 with a federal deficit of roughly $1.41 trillion.
"(Barack) Obama halved it to 600 billion." This is essentially accurate. Obama left the presidency with a deficit of approximately $584.6 billion, which is more than halving $1.41 trillion. The deficit was even lower in 2015 at around $441.9 billion.
Dukasaur wrote:
I get it. Spending trillions on blowing shit up is redneck chic; spending money to help struggling poor people is icky and uncool.
jusplay4fun wrote:Do you want one BIG Reason for the increase in prices, i.e., INFLATION? The American Rescue Plan did NOT help lower inflation.
jimboston wrote:jusplay4fun wrote:Do you want one BIG Reason for the increase in prices, i.e., INFLATION? The American Rescue Plan did NOT help lower inflation.
Was that the intent of the American Rescue Plan?
No.
OK… so what was your point again?
Blaming inflation on one sole“cause” … or even “mostly” on one sole cause… is idiotic.
It’s like blaming your dumb ass ‘Captain Obvious’ posts on a failure of the Public Education System…. but in reality they are the result of many causes over a lifetime of experience.
Re: Why inflation may be worse than you think it is
Post by jusplay4fun on Sun Dec 05, 2021 5:03 am
I have said already:
1) (and perhaps twice in this thread) that the President gets too much credit and too much blame for economic successes and failures.
2) The Economy is very complex.
3) The monetary policies is what "The Fed" (The Federal Reserve) controls; it controls the money supply.
4) The fiscal policies (spending at the Federal level) is controlled by Congress and the President.
5) What any ONE person thinks is not as important as the collective opinion is for those who watch the polls and for the pols (Politicians) use to make key decisions. And the most important poll is the one each election cycle. And at this TIME, President Biden (rightly or wrongly) gets blamed for inflation.
HitRed wrote:CPI in the USA 5.63% year over year
CPI in Germany today 33.6% year over year
Inflation by Country 2022
Top 10 Countries with the Highest Inflation Rates (Trading Economics Jan 2022)
Venezuela — 1198.0%
Sudan — 340.0%
Lebanon — 201.0%
Syria — 139.0%
Suriname — 63.3%
Zimbabwe — 60.7%
Argentina — 51.2%
Turkey — 36.1%
HitRed wrote:Germany is the heart of manufacturing in Europe. The GDP has ben revised from 3.5 down to 1.5.
HitRed wrote:
CPI in the USA 5.63% year over year
CPI in Germany today 33.6% year over year
jusplay4fun wrote:jimboston wrote:jusplay4fun wrote:Do you want one BIG Reason for the increase in prices, i.e., INFLATION? The American Rescue Plan did NOT help lower inflation.
Was that the intent of the American Rescue Plan?
No.
OK… so what was your point again?
Blaming inflation on one sole“cause” … or even “mostly” on one sole cause… is idiotic.
It’s like blaming your dumb ass ‘Captain Obvious’ posts on a failure of the Public Education System…. but in reality they are the result of many causes over a lifetime of experience.
You TOTALLY misread my post, Jimmy Boy. Please re-read before posting such a DUMMM comment again.
And do you know why that was NOT THE INTENT? Stooopid Liberal Dems., apparently many of them who live in "Taxachusetts" do not really grasp or comprehend basic Economics.
And I guess you forgot or did not my MANY posts in this thread. Let me paste JUST ONE here for your benefit, Jimmy Boy:Re: Why inflation may be worse than you think it is
Post by jusplay4fun on Sun Dec 05, 2021 5:03 am
I have said already:
1) (and perhaps twice in this thread) that the President gets too much credit and too much blame for economic successes and failures.
2) The Economy is very complex.
3) The monetary policies is what "The Fed" (The Federal Reserve) controls; it controls the money supply.
4) The fiscal policies (spending at the Federal level) is controlled by Congress and the President.
5) What any ONE person thinks is not as important as the collective opinion is for those who watch the polls and for the pols (Politicians) use to make key decisions. And the most important poll is the one each election cycle. And at this TIME, President Biden (rightly or wrongly) gets blamed for inflation.
jimboston wrote:jusplay4fun wrote:jimboston wrote:jusplay4fun wrote:Do you want one BIG Reason for the increase in prices, i.e., INFLATION? The American Rescue Plan did NOT help lower inflation.
Was that the intent of the American Rescue Plan?
No.
OK… so what was your point again?
Blaming inflation on one sole“cause” … or even “mostly” on one sole cause… is idiotic.
It’s like blaming your dumb ass ‘Captain Obvious’ posts on a failure of the Public Education System…. but in reality they are the result of many causes over a lifetime of experience.
You TOTALLY misread my post, Jimmy Boy. Please re-read before posting such a DUMMM comment again.
And do you know why that was NOT THE INTENT? Stooopid Liberal Dems., apparently many of them who live in "Taxachusetts" do not really grasp or comprehend basic Economics.
And I guess you forgot or did not my MANY posts in this thread. Let me paste JUST ONE here for your benefit, Jimmy Boy:Re: Why inflation may be worse than you think it is
Post by jusplay4fun on Sun Dec 05, 2021 5:03 am
I have said already:
1) (and perhaps twice in this thread) that the President gets too much credit and too much blame for economic successes and failures.
2) The Economy is very complex.
3) The monetary policies is what "The Fed" (The Federal Reserve) controls; it controls the money supply.
4) The fiscal policies (spending at the Federal level) is controlled by Congress and the President.
5) What any ONE person thinks is not as important as the collective opinion is for those who watch the polls and for the pols (Politicians) use to make key decisions. And the most important poll is the one each election cycle. And at this TIME, President Biden (rightly or wrongly) gets blamed for inflation.
You totally misread my joke… because you’re not only Capt. Obvious you’re also Capt. Literal.
Also… no, I can’t be bothered to read all your posts. Thanks anyway.
You take things to literally Jimmy B
jusplay4fun wrote:
and here is what others say about you, Jimmy-B:You take things to literally Jimmy B
https://www.conquerclub.com/forum/viewtopic.php?f=8&t=238118
jusplay4fun wrote:
I gave you a chance. Gym-Boi; I will put you on my FOE list. I see no point in any further discussion of your very limited, shallow, hackneyed, insulting, denigrating, and trivial ideas. AND your jokes are NOT even FUNNY.
jusplay4fun wrote:
BTW: I am LT, not Captain; that should be obvious.
jimboston wrote:jusplay4fun wrote:
and here is what others say about you, Jimmy-B:You take things to literally Jimmy B
https://www.conquerclub.com/forum/viewtopic.php?f=8&t=238118
So now you are quoting ConfederateSS and using his words to prove your position or to prove some flaw in mine?
When you quote little-Hitler to prove your point it’s as good as an admission of failure.
Please quote someone with a brain.jusplay4fun wrote:
I gave you a chance. Gym-Boi; I will put you on my FOE list. I see no point in any further discussion of your very limited, shallow, hackneyed, insulting, denigrating, and trivial ideas. AND your jokes are NOT even FUNNY.
Please feel free to FOE me… it’s your right.
I disagree that my comments are “limited, shallow, hackneyed” or “trivial”. I admit they are definitely “insulting” and “denigrating”.
I believe it’s impossible for you to NOT reply…. so prove me wrong and FOE me.jusplay4fun wrote:
BTW: I am LT, not Captain; that should be obvious.
Why?
jusplay4fun wrote:
I proved you wrong,
jusplay4fun wrote:
and FOED you, Jimmi-Boi.
jusplay4fun wrote:
And you are insulting and denigrating, too. Just look at your avatar: do you grab your crotch to emulate Michael Jackson, or to insult the world, OR BOTH?
I admitted I was insulting and denigrating. Do you have any reading comprehension skills at all?
I never grab any crotch. I chose an Avatar Image of Stewie Griffin grabbing his crotch not to emulate Michael Jackson, nor to insult the world… I chose it to insult ducking dumb people who are easily offended in this forum.
Just look at your avatar: do you grab your crotch to emulate Michael Jackson, or to insult the world, OR BOTH?
Do you have any reading comprehension skills at all?
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