Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[B-Man]

Politico: Biden's domestic agenda near collapse -- and Democrats know it

 

A trillion here, a trillion there, and sooner or later people start noticing the math doesn’t add up. Enough people have noticed this about Joe Biden’s expansive and expensive domestic agenda to put the entire enterprise on the verge of collapse. And Democrats know it, Politico reports, but are too torn to stop what appears to be inevitable:

 

 

 

{snip}

 

On top of everything else, Biden and his team have mismanaged the expectations game.

 

Why they didn’t spend time with moderates to figure out the top end of their limit on spending is anyone’s guess, but apparently the White House thought they could just buffalo Manchin and Kyrsten Sinema while only holding 50 Senate seats and a four-vote swing in the House.

 

It’s almost akin to going all in with a pair of deuces and ignoring the other show cards on the table. Any failure here will look all the more acute because of it, and it will exacerbate the internecine tensions within the Democratic coalition that already exist when Congress ends up producing nothing at all.

 

https://hotair.com/ed-morrissey/2021/09/21/politico-bidens-domestic-agenda-near-collapse-and-dems-know-it-n417299

 

https://www.politico.com/news/2021/09/21/democrats-biden-domestic-agenda-implode-513218

[B-Man]

 

 

There's an Aesop's Fable About What the Democrats Are Set to Do to Themselves

 

 

Earlier on Sunday evening, my colleague Nick Arama wrote a piece about Joe Biden and the Democrats’ attempts to pull a fast one on the American people, whether on the Sunday shows or through slyly worded social media posts. They are claiming that not only does their boondoggle of an infrastructure plan contain spending items that the majority of Americans of every stripe and creed say they agree with, but that it will end up costing zero dollars.

 

After reading Nick’s piece and mulling over what the Dems are about to do to themselves in the coming hours and days, I remembered a tale my parents taught my sister and me to read many years ago, while we were growing up in former House Speaker John Boehner’s district. In the book pictured above, the story is called “The Dog And His Reflection.” And it goes like this:

 

More at the link: https://redstate.com/beccalower/2021/09/26/theres-an-aesops-fable-about-what-the-dems-are-set-to-do-to-themselves-n448421

 

 

 

[B-Man]

 

 

RICHARD FERNANDEZ: The Collapse of Biden’s World.

 

The fate of large parts of the U.S. economy consequently depends not on regulatory actions in Washington but on bureaucratic decisions in China. The global world that Joe Biden had hoped to inherit is falling apart right under him, like a comedy car shedding its parts as it rattles down the road.

 

As Niall Stanage of the Hill put it, “President Biden’s biggest vulnerability isn’t any single issue. It’s the risk that he could be seen as losing control of events.”

 

The dissolution of the landscape means the Biden administration isn’t plagued by any one malady anymore but by multiple organ failure.

 

At a time when America and the West need firm and imaginative leadership, we got Joe Biden.

 

https://pjmedia.com/richardfernandez/2021/09/27/the-collapse-of-bidens-world-n1481335

 

 

[B-Man]

 

 

 

Biden Bizarrely (and Falsely) Claims His $3.5 Trillion Spending Agenda Has a Price Tag of ‘Zero.’

 

https://fee.org/articles/biden-bizarrely-and-falsely-claims-his-35-trillion-spending-agenda-has-a-price-tag-of-zero/

 

This wasn’t just a verbal slip. In a tweet, the president reiterated the claim that “My Build Back Better Agenda costs zero dollars.” 

 

 

Biden’s allies in the mainstream media are pushing a similar narrative. Appearing on CNN, Washington Post opinion columnist Catherine Rampell argued that “The bill itself will not cost $3.5T in the sense it will be entirely, or at least partly, paid for. So the actual cost, in terms of deficits, will be smaller than that, perhaps zero, although I think that’s unlikely." Also on CNN, Congresswoman Pramila Jayapal said that “This is a zero-dollar bill because it's all going to be paid for with taxes on the wealthiest corporations and the wealthiest individuals.” 

 

 

[ALF]

If you raise taxes on the rich and corporations by $3.5T over 10 years , $350B a year is not massive. Then it pays for itself. 

[OrangeBills]

Just now, ALF said:

If you raise taxes on the rich and corporations by $3.5T over 10 years , $350B a year is not massive. Then it pays for itself. 

Laughable, and that ignores the fact that over 10 years, it's much, much more than $3.5T, prob 3x that

[B-Man]

 

 

Also "corporations" will pass any cost onto us

 

NOTHING "pays for itself"

 

 

 

[ALF]

31 minutes ago, B-Man said:

 

 

Also "corporations" will pass any cost onto us

 

NOTHING "pays for itself"

 

 

 

 

Corporations that make billions in profit and pay no taxes with loop holes like Amazon ok

[B-Man]

 

Chamber of Commerce Calls Biden Plan 'Existential Threat,' Businesses Already Revolting Against IRS Provision

 

 

 

One of the ways that Joe Biden says he will “pay” for the trillions of dollars of spending in his budget reconciliation plan is to impose more taxes and funnel more money and power to the IRS to go after people. Among the provisions? That banks would be required to give the IRS information on any accounts with more than $600.

 

So that would mean virtually every American and every business’ bank account would be open to the IRS. Now, given how we saw the IRS used during the Obama-Biden administration and the intrusive autocratic nature of the present Biden administration, does anyone really feel comfortable with the thought that the government would have that much increased power over us? This isn’t a situation where you’re talking about probable cause to look into account, this is a general rule applied to everyone.

 

Now, more than 40 trade associations are balking at this provision and they’re demanding Congress stop it.

 

 

https://redstate.com/nick-arama/2021/09/27/chamber-of-commerce-calls-biden-plan-existential-threat-businesses-already-revolting-against-irs-provision-n448603

 

https://redstate.com/nick-arama/2021/09/19/biden-budget-plan-provision-would-let-irs-look-into-virtually-everyones-bank-account-n445176

 

 

 

https://justthenews.com/nation/states/irs-would-track-all-bank-transactions-over-600-under-biden-plan-businesses-revolt

[ALF]

Under Biden no one earning less then $400K a year will see a tax increase. That sounds more then fair. 

[Boatdrinks]

28 minutes ago, ALF said:

Under Biden no one earning less then $400K a year will see a tax increase. That sounds more then fair. 

BS

[B-Man]

28 minutes ago, ALF said:

Under Biden no one earning less then $400K a year will see a tax increase. That sounds more then fair. 

 

 

You have a history of intelligent posts.

 

You simply cannot believe this.

 

You must be trolling.

 

 

 

[Irv]

1 hour ago, ALF said:

Under Biden no one earning less then $400K a year will see a tax increase. That sounds more then fair. 

 

You must be the most ignorant person on this site.  What do you think that milionaires do with their money?  What do you think corporations do with it?  They invest,  build things, buy things, employ people.  They pay out dividends to investors that do the same.  Money right into other Americans pockets.  Keep watching CNN and demonstrating your abject ignorance of how economies work.   

 

What

A

Mess

[unbillievable]

If you push inflation to %5000,  $3,500,000,000,000.00 will be worth almost nothing in 10 years!

 

 

Edited September 28, 2021 by unbillievable

[Doc]

If you took all the money from those making over $400K, it wouldn't even come close to even $1T. 

[SoCal Deek]

Some of you people need to own a corporation for a year. It’ll be a real eye opener! (Speaking from experience.)

[B-Man]

 

 

Here's Why Biden Is so Desperate to Sell the Lie That His Plan Costs 'Zero Dollars'

by Nick Arama

 

As we previously reported, Joe Biden is going all-in with this ridiculous claim, suddenly, that his $3.5 trillion budget reconciliation bill costs “zero dollars.” He wasn’t alone in trying to push this claim. As we pointed out, he had Sen. Cory Booker (D-NJ) parroting the claim. Now, other Democrats have jumped aboard the narrative train including Rep. Pramila Jayapal (D-WA), the head of the Congressional Progressive Caucus. Rep. Alan Lowenthal (D-CA) signed on board as well. Here’s White House Press Secretary Jen Psaki trying to sell the same claim. But, of course, what would a Democratic agenda narrative be without help from their buddies

 

More at the link: https://redstate.com/nick-arama/2021/09/27/heres-why-biden-is-so-desperate-to-sell-the-lie-that-his-plan-costs-zero-dollars-n448840

 

 

 

 

[unbillievable]

How about raising taxes without the pork so we can lower the debt by $3.5 Trillion.

[Boatdrinks]

13 minutes ago, unbillievable said:

How about raising taxes without the pork so we can lower the debt by $3.5 Trillion.

Don’t need to raise taxes to reduce the deficit. 

[Irv]

Maybe Demented Biden actually thinks spending $3.5T of our money IS actually free?  Dude's brian is mush.  Sad.  

 

What

A

Mess  

[unbillievable]

22 minutes ago, Boatdrinks said:

Don’t need to raise taxes to reduce the deficit. 

 

Raise taxes and lower spending to reduce the debt by more than $3.5 trillion.

 

Still would take 80 years to get to 0...

[Tenhigh]

On 9/27/2021 at 4:38 PM, ALF said:

Under Biden no one earning less then $400K a year will see a tax increase. That sounds more then fair. 

Unless you are married and both work, then it's 450k regardless of location.  And what makes it more than fair?

[SoCal Deek]

How about we raise everyone’s taxes and then sit back and watch how fast this spending plan evaporates? 

[Doc]

16 minutes ago, SoCal Deek said:

How about we raise everyone’s taxes and then sit back and watch how fast this spending plan evaporates? 

 

Flat tax those making more than $1M.  Poof!

[Doc Brown]

4 hours ago, unbillievable said:

How about raising taxes without the pork so we can lower the debt by $3.5 Trillion.

I’m beginning to think MMT enthusiasts better be right or we’re screwed.

Edited September 29, 2021 by Doc Brown

[plenzmd1]

8 hours ago, Doc Brown said:

I’m beginning to think MMT enthusiasts better be right or we’re screwed.

I have been saying that since March of 20, bu to be fair, many have been saying it since 09. I truly became aware of MMT prolly at the beginning of Trump era, and his escalation of the debt. Still don’t think I have a great grasp on it. 

[Orlando Tim]

On 9/27/2021 at 7:59 PM, SoCal Deek said:

Some of you people need to own a corporation for a year. It’ll be a real eye opener! (Speaking from experience.)

Why are you threatening me? I will not deal with that kind of paperwork. 😃

[SoCal Deek]

6 minutes ago, Buffalo Timmy said:

Why are you threatening me? I will not deal with that kind of paperwork. 😃

Ha! Here’s what people don’t understand. If my corporation makes a profit at the end of the year we only have a few options. First, we can try to convince the IRS that it’s not a profit by pushing back those earnings saying we’ve got costs related to them next year…but obviously that’s merely a delay strategy and the piper will eventually be paid. Second, we can declare the profit and get taxed on it at corporate rates. Third, we can distribute those profits to our employees and partners which means they all pay taxes on that distribution as regular earnings. There is NO BASEMENT where we can hide the money!!!  Sheeesh

 

By the way, we generally choose a mixture of all three of the above with the LEAST amount being left for corporate taxation. 

[BillStime]

 

[Tiberius]

On 9/28/2021 at 8:17 PM, SoCal Deek said:

How about we raise everyone’s taxes and then sit back and watch how fast this spending plan evaporates? 

Said no one. Damn, Biden is so good you have to sit there stuffing straw men to attack him 

[SoCal Deek]

7 hours ago, Tiberius said:

Said no one. Damn, Biden is so good you have to sit there stuffing straw men to attack him 

You have some of the strangest takes on things. No kidding...."said no one". The last thing any of these politicians (on both sides) want is to have everyone pulling in the same direction, or everyone paying their 'fair share'.  Politicians have learned that they keep their jobs longer if they pit one group of Americans against the other.  

[Irv]

At least Manchin doesn’t have his head up his ass on this idiotic spending plan Demented Biden is pushing. 
 

What

A

Mess

[B-Man]

 

 

UNEXPECTEDLY!

● Initial jobless claims unexpectedly rise.

https://www.foxbusiness.com/economy/initial-jobless-claims-september-25

 

● New Jobless Claims Keep Rising Unexpectedly Despite Nearly 6 Million Americans Dropping Unemployment Benefits.

https://www.forbes.com/sites/jonathanponciano/2021/09/30/new-jobless-claims-keep-rising-unexpectedly-despite-end-to-federal-unemployment-benefits-for-11-million-americans/?sh=7dfac42d1dec

 

● Weekly jobless claims rise more than expected to 362,000.

https://www.cnbc.com/2021/09/30/weekly-jobless-claims.html

 

As Joe Biden warned (threatened?), “Milton Friedman isn’t running the show anymore.”

 

But hey, happy days are here again! Amity Shlaes on Biden As the New FDR: It’s the same old bad deal for jobs.

https://thehill.com/opinion/white-house/552354-biden-as-the-new-fdr-its-the-same-old-bad-deal-for-jobs

 

Not until World War II did joblessness finally begin to subside, in good measure because of military mobilization — important, but not the same as peacetime employment.

 

As often discussed, errors in monetary policy contributed to the misfortune that was the 1930s. The cause of the duration of the Depression, though, was Washington’s persistent intervention. The chief economist at Chase, Benjamin Anderson, noted that after failing by playing God, the government chose not to retire but simply “to play God more vigorously.”

 

The first lesson of this sorry account is that an arbitrary national economic campaign from atop generates damaging uncertainty in the economy. However charmingly it reverberates, the very phrase “bold persistent experimentation” stifles growth.

 

The second point is that what helps the union hurts the worker. President Biden’s proposal to end “Right to Work,” if it becomes law, will dramatically stifle employment.

 

 

Flashback: FDR’s policies prolonged Depression by 7 years, UCLA economists calculate.

 

https://www.ff.org/fdrs-policies-prolonged-depression-by-7-years-ucla-economists-calculate/

 

 

 

 

[Irv]

1 minute ago, B-Man said:

 

 

UNEXPECTEDLY!

● Initial jobless claims unexpectedly rise.

https://www.foxbusiness.com/economy/initial-jobless-claims-september-25

 

● New Jobless Claims Keep Rising Unexpectedly Despite Nearly 6 Million Americans Dropping Unemployment Benefits.

https://www.forbes.com/sites/jonathanponciano/2021/09/30/new-jobless-claims-keep-rising-unexpectedly-despite-end-to-federal-unemployment-benefits-for-11-million-americans/?sh=7dfac42d1dec

 

● Weekly jobless claims rise more than expected to 362,000.

https://www.cnbc.com/2021/09/30/weekly-jobless-claims.html

 

As Joe Biden warned (threatened?), “Milton Friedman isn’t running the show anymore.”

 

But hey, happy days are here again! Amity Shlaes on Biden As the New FDR: It’s the same old bad deal for jobs.

https://thehill.com/opinion/white-house/552354-biden-as-the-new-fdr-its-the-same-old-bad-deal-for-jobs

 

Not until World War II did joblessness finally begin to subside, in good measure because of military mobilization — important, but not the same as peacetime employment.

 

As often discussed, errors in monetary policy contributed to the misfortune that was the 1930s. The cause of the duration of the Depression, though, was Washington’s persistent intervention. The chief economist at Chase, Benjamin Anderson, noted that after failing by playing God, the government chose not to retire but simply “to play God more vigorously.”

 

The first lesson of this sorry account is that an arbitrary national economic campaign from atop generates damaging uncertainty in the economy. However charmingly it reverberates, the very phrase “bold persistent experimentation” stifles growth.

 

The second point is that what helps the union hurts the worker. President Biden’s proposal to end “Right to Work,” if it becomes law, will dramatically stifle employment.

 

 

Flashback: FDR’s policies prolonged Depression by 7 years, UCLA economists calculate.

 

https://www.ff.org/fdrs-policies-prolonged-depression-by-7-years-ucla-economists-calculate/

 

 

 

 

Demented Biden. Since 1776, we have been a country of victors.  Now we reward victims.  Pathetic.  

 

What

A 

Mess

 

 

[B-Man]

 

 

 

House Budget Committee chair tells CNN host the federal gov’t ‘can afford anything it feels it needs to do’

 

 

 

https://twitchy.com/dougp-3137/2021/10/01/house-budget-committee-chair-tells-cnn-host-the-federal-govt-can-afford-anything-it-feels-it-needs-to-do/

 

 

 

 

[JaCrispy]

On 9/28/2021 at 10:54 AM, B-Man said:

 

 

Here's Why Biden Is so Desperate to Sell the Lie That His Plan Costs 'Zero Dollars'

by Nick Arama

 

As we previously reported, Joe Biden is going all-in with this ridiculous claim, suddenly, that his $3.5 trillion budget reconciliation bill costs “zero dollars.” He wasn’t alone in trying to push this claim. As we pointed out, he had Sen. Cory Booker (D-NJ) parroting the claim. Now, other Democrats have jumped aboard the narrative train including Rep. Pramila Jayapal (D-WA), the head of the Congressional Progressive Caucus. Rep. Alan Lowenthal (D-CA) signed on board as well. Here’s White House Press Secretary Jen Psaki trying to sell the same claim. But, of course, what would a Democratic agenda narrative be without help from their buddies

 

More at the link: https://redstate.com/nick-arama/2021/09/27/heres-why-biden-is-so-desperate-to-sell-the-lie-that-his-plan-costs-zero-dollars-n448840

 

 

 

 

Well, when you believe that 2+2 equals whatever you want, it all starts to make cents...😉

Edited October 2, 2021 by JaCrispy

[Backintheday544]

On 10/2/2021 at 4:40 PM, JaCrispy said:

Well, when you believe that 2+2 equals whatever you want, it all starts to make cents...😉

It’s an argument of net vs gross. The tax plan to pay for the bill could net it to $0.

 

Lets contrast this to TCJA, which was also a reconciliation bill. That was a $1.5 trillion dollar hand out to wealthy Americans without any netting component. Hell, Republicans were even lets handout money to Corporations over people so they made all the Corp tax cuts permanent and all the individual tax cuts expire in 2026.

[B-Man]

 

 

 

 

[Doc]

That's infinitely more than Trump gave Vlad...

[B-Man]

 

 

 

 

 

September’s jobs creation comes up short with gain of just 194,000

 

https://www.cnbc.com/2021/10/08/september-jobs-report.html