Biden will raise taxes by 4.3 Trillion, Trump will cut by 1.7 Tr.

[Paul Motter]

We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%.

Interestingly, he did the same thing in his business and private lives, using Deutsche Bank -- the ONE bank that would go NEAR him, which will be an interesting story to see unfold -- to fund his flamboyant private life and businesses that suffered massive losses.

So once again, we need a Democratic President to come in and clean up the fucking mess left by a "fiscally responsible", "limited government" Republican President.

I hope Biden wins so that we can return to fiscal sanity. It will almost certainly have to include personal tax increases.

Thanks for asking.

I have news. The President does not have a single iota of power or control over the Fed. The Fed is a private bank that makes its own decisions. J Powell decided to fund the recovery with low-interest rates and buying up debt, and so far it is working. That is good for our economy.

The last time the US had a balanced budget was at the end of the 1999 Stock Market bubble. Debts get paid down when the economy is doing well because the citizens have more revenue and pay more in taxes. But just raising taxes has never worked to clear out the debt because higher taxes always hurt the economy.

The more you know - ding!

Also - please see my first post about how Biden wants to raise taxes and where he wants to spend the money. Green Jobs - wasn't that the Obama plan as well? How did that work out?

 

[Mac1958]

I've been in the financial industry for over 20 years,

...and you are still a dumbass.

Increased taxes and more welfare doesn't make an economy more prosperous. Left Economics always fail. Go look it up. I shit you not.

Maybe you should remind him about the trillions Barry had printed to prop up his shitty economy. He thinks I'm lying or I'm ignorant. LOL

His shitty economy.

Another example of my point, thanks.

 

[Mac1958]

We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%.

Interestingly, he did the same thing in his business and private lives, using Deutsche Bank -- the ONE bank that would go NEAR him, which will be an interesting story to see unfold -- to fund his flamboyant private life and businesses that suffered massive losses.

So once again, we need a Democratic President to come in and clean up the fucking mess left by a "fiscally responsible", "limited government" Republican President.

I hope Biden wins so that we can return to fiscal sanity. It will almost certainly have to include personal tax increases.

Thanks for asking.

I have news. The President does not have a single iota of power or control over the Fed. The Fed is a private bank that makes its own decisions. J Powell decided to fund the recovery with low-interest rates and buying up debt, and so far it is working. That is good for our economy.

The last time the US had a balanced budget was at the end of the 1999 Stock Market bubble. Debts get paid down when the economy is doing well because the citizens have more revenue and pay more in taxes. But just raising taxes has never worked to clear out the debt because higher taxes always hurt the economy.

The more you know - ding!

I didn't say the President has direct control over the Fed. But he sure as hell has taken credit for the results. As have his sheep.

The more you know - ding!

 

[abu afak]

`
IOW, Biden would DECREASE the deficit, while Trump would Further Wildly increase it.

 

[Natural Citizen]

Okay.

I've been in the financial industry for over 20 years, but I invite you to shock me.

Compare and contrast the actions of the Federal Reserve during the Obama administration and the Trump administration. Please describe the actions taken, why they were taken, and the general results. Oh, and please be sure to cover the specific actions of the NY Fed within the context of short term credit markets in 2019.

Go ahead. Educate me.

Be careful what you ask for, Mac. Because someone just might.

 

[Paul Motter]

You said "We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%. "

Obviously, your "financial expertise" is only exceeded by your lack of short term memory. And by the way, 2.4 is the best in the post-pandemic world.

 

[my2¢]

I went to the Committee for a Responsible Federal Budget website, and reviewed some articles but did not find the figures presented in OP. I'm not doubting the figures, I only wish to know how they're comprised to appraise for myself what amount of bull the candidates are shoveling.

Based on what I did find, I'm not backing the economic plans of either candidate and haven't abandoned my notion that the only way back to fiscal sensibility is for the stalemate of each of their plans through legislative inaction.

Would Joe Biden Significantly Raise Taxes on Middle Class Americans? | Committee for a Responsible Federal Budget

2020-08-27-During the 2020 Republican National Convention, several speakers claimed that Democratic nominee and former Vice President Joe Biden would substantially raise middle-class taxes if elected Pre

www.crfb.org

 

[Mac1958]

Okay.

I've been in the financial industry for over 20 years, but I invite you to shock me.

Compare and contrast the actions of the Federal Reserve during the Obama administration and the Trump administration. Please describe the actions taken, why they were taken, and the general results. Oh, and please be sure to cover the specific actions of the NY Fed within the context of short term credit markets in 2019.

Go ahead. Educate me.

Be careful what you ask for, Mac. Because someone just might.

Hey, I'm open to anything. I don't ask questions like that unless I already know the answers.

I've had enough arrogant ignorance from Trumpsters on this topic.

 

[Mac1958]

You said "We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%. "

Obviously, your "financial expertise" is only exceeded by your short term memory. And by the way, 2.4 is the best in the post-pandemic world.

"Using", not directing. English.

And we're not at 2.4% GDP growth.

I'm embarrassed for you.

 

[Paul Motter]

I am not in favor of deficits, but let's be honest, they are necessary evils at times. The only time we have had a higher debt (by ratio) was during WWII. That is the kind of crisis we are in these days. But like I said, debts get erased when the economy is booming, not by raising taxes.

You asked for examples, look into how Reagan solved the stagflation of the Jimmy Carter years -

 

[Claudette]

I am not in favor of deficits, but let's be honest, they are necessary evils at times. The only time we have had a higher debt (by ratio) was during WWII. That is the kind of crisis we are in these days. But like I said, debts get erased when the economy is booming, not by raising taxes.

You asked for examples, look into how Reagan solved the stagflation of the Jimmy Carter years -

I just checked and GDP is 3.4. not 2.4. I think its pretty good considering this Covid bull shit.

I'm sure Mac will LHAO at your ignorance.

 

[Paul Motter]

You said "We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%. "

Obviously, your "financial expertise" is only exceeded by your short term memory. And by the way, 2.4 is the best in the post-pandemic world.

"Using", not directing. English.

And we're not at 2.4% GDP growth.

I'm embarrassed for you.

You really are arrogant. I never resort to name-calling, but you asked for it. First you deny you said the President was "using" the Fed and now you are putting words in my mouth.

 

[Claudette]

You said "We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%. "

Obviously, your "financial expertise" is only exceeded by your short term memory. And by the way, 2.4 is the best in the post-pandemic world.

"Using", not directing. English.

And we're not at 2.4% GDP growth.

I'm embarrassed for you.

You really are arrogant. I never resort to name-calling, but you asked for it. First you deny you said the President was "using" the Fed and now you are putting words in my mouth.

That's Mac, arrogant as hell. He's almost as bad as smartest guy in the room G. LOL

 

[easyt65]

An independent report released on Wednesday by the Committee for a Responsible Federal Budget (CRFB) estimates that Democratic presidential nominee Joe Biden's proposed policies would increase taxes by about $4.3 trillion over 10 years while President Trump's would decrease tax revenue for the government by about $1.7 trillion.

4.7 Trillion is a LOT of money folks. It is more than 7-times the size of our Military budget. Do you want to pay enough in NEW taxes to rebuild our military seven times? And where would it go? To solar panels and windmills which we in California know are useless for energy, just look at our rolling blackouts caused by what? HEAT! When it gets too hot here, they turn off our AC, refrigerators and even our fans, no electricity because it is too hot. It is hell, people.

In today's Democrat-mandated shutdown affected economy, exactly WHHO will be paying that additional $4.3 trillion in taxes?

Here's an idea - make the tax rate for foreign bribes, Influence'-peddling', and facilitated espionage 100% and take all of those millions Joe, Hunter, Feinstein et al... got from China, Russia, Burisma, etc...

 

[Mac1958]

You said "We have a President who has been using the Federal Reserve, the Federal Budget and the Federal Debt like a fucking piggy bank to fund a largely phony growth in GDP, which ended up at only 2.4%. "

Obviously, your "financial expertise" is only exceeded by your short term memory. And by the way, 2.4 is the best in the post-pandemic world.

"Using", not directing. English.

And we're not at 2.4% GDP growth.

I'm embarrassed for you.

You really are arrogant. I never resort to name-calling, but you asked for it. First you deny you said the President was "using" the Fed and now you are putting words in my mouth.

I just don't care. Sorry.

 

[iceberg]

We do not have a revenue problem. We have a spending problem.

When the Dems take control again you can bank on the Banana Republicans screaming "Fiscal Responsibility....Fiscal Responsibility....Fiscal Responsibility....an on an on......"

Its vice versa, too. It is vice versa on just about everything! Our duopoly and the dumbfucks that support it are COMPLETE fucking morons.

yea, unfortunately i don't see either too concerned about paying off debt. that bothers me.

The debt will never be paid off.

Sooner or later something has to give. What that is, scares me.

 

[iceberg]

Waiting.

Good. Getting the hardest part out of the way

 

[Daryl Hunt]

Ya, taxes were lowered in 2019 alright. My Fica went down but my other federal withholding went up more than enough to make up for it. I lost money. Those kind of tax cuts I can live without. But Rumps Buddies raked in Trillions. And someday, it's time to pay it all back. And guess who gets to pay it back? Under Presidents like Rump, it ain't going to be Rumps Buddies, it's going to be people like me.

Um... exactly who are "Rump's Buddies?" - this is one of the phrases democrats use all the time but they never have any examples of who these "buddies" are?

And by the way, with 360-million citizens, 4.3 Trillion is 120,000 per person in the US, or 12,000 per year for every man, woman, and CHILD in the U.S. Realistically, kids don't pay taxes, so figure that every adult will pay $30k more in taxes per year. This is not just a vague "Rump's Buddies" accusation, these are real numbers.

You can stop tapdancing now. You know, like everyone in here does, who Rumps Buddies are.

 

[Slade3200]

An independent report released on Wednesday by the Committee for a Responsible Federal Budget (CRFB) estimates that Democratic presidential nominee Joe Biden's proposed policies would increase taxes by about $4.3 trillion over 10 years while President Trump's would decrease tax revenue for the government by about $1.7 trillion.

4.7 Trillion is a LOT of money folks. It is more than 7-times the size of our Military budget. Do you want to pay enough in NEW taxes to rebuild our military seven times? And where would it go? To solar panels and windmills which we in California know are useless for energy, just look at our rolling blackouts caused by what? HEAT! When it gets too hot here, they turn off our AC, refrigerators and even our fans, no electricity because it is too hot. It is hell, people.

Raise taxes for who and to pay for what?

 

[bendog]

An independent report released on Wednesday by the Committee for a Responsible Federal Budget (CRFB) estimates that Democratic presidential nominee Joe Biden's proposed policies would increase taxes by about $4.3 trillion over 10 years while President Trump's would decrease tax revenue for the government by about $1.7 trillion.

4.7 Trillion is a LOT of money folks. It is more than 7-times the size of our Military budget. Do you want to pay enough in NEW taxes to rebuild our military seven times? And where would it go? To solar panels and windmills which we in California know are useless for energy, just look at our rolling blackouts caused by what? HEAT! When it gets too hot here, they turn off our AC, refrigerators and even our fans, no electricity because it is too hot. It is hell, people.

Well if you actually want the source rather than Fox spin ….

The Cost of the Trump and Biden Campaign Plans | Committee for a Responsible Federal Budget

Whoever is inaugurated on January 20, 2021, will face many fiscal challenges over his term.

www.crfb.org

Personally I think estimates of cost not taking into account congress or future events like wars and recessions is pretty much a waste of time. But CFRB is consistent in saying the increasing defitcts are going to create a social disaster