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Sorry but all those excuses happened because Biden’s executive orders turned around a great economy the Trump established. Biden prolonged the shutdowns with 0% leadership. This included not knowing what to do with supply chains. Trump would have known. This was all on Biden. The Buck stops with the President. The current President.So, you were okay with 10% inflation?
The inflation during the pandemic was caused by:
in the modern history of advanced economies, episodes of hyperinflation have always been associated with severe political and social upheavals, not with well-anchored monetary policy as practiced in countries like the US. Your claim that if our federal government creates USD to pay retirees their Social Security we will experience hyperinflation or "go broke", is groundless. More, the government can always take measures to lower, or even eliminate inflation when we have it, so your fearmongering about inflation is unfounded and doesn't justify privatizing Social Security or any other government social program.
Supply Chain Disruptions: Restrictions on movement, factory shutdowns, and difficulties in international trade due to the pandemic have caused significant supply chain disruptions. This has led to shortages in many sectors, pushing prices up. The World Bank explains this issue well: https://thedocs.worldbank.org/en/do...19506aa0c-0350012021/related/WP-inflation.pdf- Increased Consumer Demand: As countries began emerging from lockdowns, pent-up consumer demand outpaced supply in certain sectors, causing prices to rise. Federal Reserve Bank of San Francisco provides an analysis of this dynamic .https://www.frbsf.org/our-district/about/inflation/
- Rising Energy Prices: Energy prices, particularly oil, rebounded after a dramatic fall early in the pandemic. This contributed to rising costs of production and transport, which were passed on to consumers. The rise of energy prices is covered by the U.S. Energy Information Administration.: Short-Term Energy Outlook - U.S. Energy Information Administration (EIA)
- Fiscal Stimulus: While fiscal stimulus can contribute to inflation, it's typically not the sole or main driver. The stimulus checks in the U.S., for example, were a temporary measure intended to prevent a collapse in consumer spending, and were a response to an unprecedented economic emergency. The role of fiscal stimulus in inflation is addressed by The Brookings Institution: https://www.brookings.edu/wp-content/uploads/2023/06/WP86-Bernanke-Blanchard_6.13.pdf
- Housing Market Dynamics: Low interest rates and changing patterns in work (more remote work) and living due to the pandemic have led to increased demand in the housing market, pushing up house prices, contributing to inflation. The role of the housing market in inflation is analyzed by the Federal Reserve Bank of Cleveland: sp 20201014 effects of the pandemic
The inflation rate for what people spend most of their money on, especially the poor and poor middle class is still way over the 4% now. Bidenomics sucks!
Inflation is steadily going down, look at the stats:
We just came out of a worldwide pandemic. Hello? What the heck does this have to do with Uncle Sam meeting its obligations to pay our retirees their Social Security checks? Nothing. You're all over the place. Get a grip.
Trump's economy was awesome and people remember. Now, if we could get more Democrats to watch something than CNN and left wing media because only 34% of those people who watch that crap know that inflation rated income is down 7% year over year.
Comparing the Trump and Biden administrations' economies is unfair, because they faced very different circumstances. The Trump administration didn't have to navigate an economy through a global pandemic for the majority of its term. The pandemic induced economic contractions and disruptions on a scale unseen since World War II. What the heck does this have to do with whether the US federal government can meet its financial obligations and liabilities? Nothing. You're just blowing hot air.
You only "debunked" what I said earlier in your deluded mind. Hot air is all you have. Nothing else.
That printing money is a very good thing. I keep watching Stephanie and she is very convincing, but as we discussed, without guardrails on how much to print printing too much money always ends badly.
My solution to the fiscal problem facing the US is to implement a 4% or so National Sales tax. That would balance the Budget. Everyone pays the same.
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Sorry but all those excuses....Sorry but all those excuses happened because Biden’s executive orders turned around a great economy the Trump established. Biden prolonged the shutdowns with 0% leadership. This included not knowing what to do with supply chains. Trump would have known. This was all on Biden. The Buck stops with the President. The current President.
Correction, Biden throwing money around, buying votes.
LIAR. Checks went out in 2021, 2022, and 2023. Trump was gone in 2021, duh.Biden was not even the POTUS when they sent out the stimulus checks. Trump was and he spent extra money sending all of us a letter making sure we knew the money was for him and he argued that the last round of checks should have been 3 times bigger.
LIAR. Checks went out in 2021, 2022, and 2023. Trump was gone in 2021, duh.
Economic Impact Payments | Internal Revenue Service
We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.www.irs.gov
Here’s who gets a $1,400 stimulus check in 2022
Eligible parents who welcomed a newborn into their family during 2021 could receive another $1,400 stimulus payment in 2022.finance.yahoo.com
LIAR. Checks went out in 2021, 2022, and 2023. Trump was gone in 2021, duh.
Economic Impact Payments | Internal Revenue Service
We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.Here’s who gets a $1,400 stimulus check in 2022
Eligible parents who welcomed a newborn into their family during 2021 could receive another $1,400 stimulus payment in 2022.
Now you are just spinning things to fit your narrative. Trump’s deregulations assist the free market. Biden reversed those and increases regulations along with ignoring laws and rational decision making.Sorry but all those excuses....
Facts are "excuses" to you. You're essentially doing this:
happened because Biden’s executive orders turned around a great economy the Trump established.
There was a deadly, worldwide pandemic. You're being disingenuous and usually when people reach your level of denial, I just stop interacting with them. To continue going back and forth with such irrational people is a waste of my energy and time.
Biden prolonged the shutdowns with 0% leadership. This included not knowing what to do with supply chains. Trump would have known. This was all on Biden. The Buck stops with the President. The current President.
Do you now want government intervention? I thought the "invisible hand" of your "free market" would take care of everything.
Anyways, you're just ignoring the fact that covid disrupted our supply chains and it's only now that we can start recovering economically. None of this is relevant to the main issue we are discussing which is whether the US federal government can fund Social Security and other government programs without going insolvent, and so far all you've done is spew a bunch of irrelevant rhetoric against Biden and fearmongering about communism.
I will be ignoring you from now on, and if you want to have the last word and delude yourself into thinking you've "won" something, go ahead, and have fun.
OMG, you are really high energy!On everything but food and essentials. Maybe a luxury tax? Even a tax on wall street trades of 1% (even less than that) would generate several trillion dollars. I agree, it's good to rely on tax revenue whenever we can, to not need to "print" more money, but as I've shown if the US federal government creates more money and allocates it to infrastructure development, that increases our production capacity. It makes us more productive and increases our ability to fund more needed projects. Funding the right activities only grows our economy, it doesn't undermine it. Certain people just don't want the government to do anything.
They want the "invisible hand" of the "free market" to take care of everything, Well, the invisible hand can't meet all of our needs. It's often the case that market adjustments can cause a great deal of harm to the public, when not mitigated by government policy. Invisible hands have real, measurable, disruptive, painful consequences for the average Joe and small businesses, when not "smoothed" and addressed by a government authority. Even Milton Friedman an icon of capitalism, wanted the government to pay the poor a type of "UBI" or universal basic income:
I believe a UBI will make everyone poor and lazy. I would rather have the government provide all Americans with an employment guarantee in the public sector than hand everyone a welfare check. Whenever you see billionaires supporting a UBI, be careful:
They see the writing on the wall for market capitalism, due to advanced automation and artificial intelligence, and know that the alternative to high unemployment and the eventual collapse of markets is to create an artificial market supported by a government income, a.k.a. UBI. The capitalist system must be maintained at all costs for them to remain the ruling, wealthy elites and masters of the means of production. The specter of adopting a non-profit system of production, employing advanced technology, scares the bejesus out of them, because it renders them equal to everyone else. They lose their important social class status as the lords of production.
The pearl-clutching arguments against the government's role in handling the accounting and logistics of production in the future high-tech, automated economy, are designed to make people fearful that the USSR and Stalin will resurrect from the dead, due to such a system.
They pretend that we can't have a democratic government that also rationally, centrally plans a highly automated, autonomously driven economy in collaboration with worker-owned and democratically run enterprises.
Yes we can and eventually, we're going to have to do it, to survive. The alternative is a type of "techno-feudalism" where the wealthy capitalist elites own all of the robots and the vast majority of people become worthless and consigned to the compost heap.
To avoid a Soylent Green scenario, we must organize production at a national scale, to meet all of our needs, employing robots and artificial intelligence, which will be owned by everyone, collectively, and managed by our government (local, state, and federal). A democratic, constitutional republican government is simply a social apparatus organized by the people to manage their large-scale socioeconomic, civil affairs, and projects. It's not inherently good, nor is it inherently evil, it's whatever we want it to be. We're not Soviet Russia we're the United States of America, so our form of "socialism" will be fully democratic and all of our nation's hillbillies can keep their guns, beer, and chewing tobacco.
We can use the government as a production management and logistics tool, to get those robots working and producing all of the goods and services that we use. Extracting raw materials from mines, processing those raw materials, transporting them to the factories, and manufacturing and delivering all of the goods that we consume.
We work 20 hours weekly supervising the system, maybe, most likely also doing some work ourselves (including some labor intensive work as well in some situations), and in return, we get EVERYTHING., House, land for our personal garden, plenty of food, all of the current electronics that we currently use, like our smartphones, computers, radios..etc. We get access to all of the products and services that we currently rely on and love. With advanced automation and artificial intelligence, we can eliminate poverty in America.
We'll have even more toys, living in a world of extreme abundance due to the fact that robots don't rest or need food.
An intelligent, autonomous machine that doesn't need a human worker to operate it, works 24/7, mining, processing, transporting, manufacturing, storing, inventorying, accounting, delivering, "customer service", you name it.
We will still work, but we will have a lot more stuff and time to do the things that imbue our lives with meaning and happiness. We will spend more quality time with our families and friends, engaging in activities that we consider enjoyable and rewarding. That's the high-tech world that we can create, provided the capitalist masters and their cronies don't get in the way and attempt to essentially take private control of all of the robots and AI, rendering everyone worthless and in route to the grave through pandemics, crime, drugs, incarceration, wars..etc.
Sure, they'll send us a UBI, while they're planning to eliminate us. We become a threat to their wealth and power if we're no longer employable (useful to them).
Ironically, the current capitalist elites will be the ones who adopt high-tech, democratic communism. They will get rid of us, the working class, who once had value to them when they needed us to work their capitalist "plantation", but no longer see us as a valuable asset or commodity to be purchased in a labor market or as their customers, handing them our wages, when we buy their products. I know this might sound crazy...
But it's nonetheless true. In order to avoid the "tech-apocalypse", with all of its painful, catastrophic consequences, we must begin, gradually transitioning our economy to a non-profit, high-tech, mostly automated, centrally planned system of production. It might take a few decades, but the sooner we do it the better.
I liked a lot of what you posted. Then, the last paragraph.OMG, you are really high energy!
This reply took several sessions and hopes to condense the points you made to a few policy issues. I apologize for the delay.
1. We agree on a Federal Sales tax excluding food. Not sure what "essentials" refers to? That gets us back to a small budget surplus.
2. We also agree on a financial transaction tax of 0.5% or so, and a 1% Remittance Tax on money sent out of the US, which raises $150b (est.).
3. Certain people don't want the government to do too much, that's me. Whenever the government does anything it generally turns to shit. Solyndra is one example. Biden's war on energy another. The mismanagement of forests another. Not mining crucial metals due to over-regulation another. Needed infrastructure projects is the exception that I support, but those were usually funded by a gas/use tax.
4. We may disagree on the potential for "economic growth". history tells us that a 2% GDP growth is the norm. Whenever the government tries to goose that 2% it usually just creates a "bubble" that bursts and causes a deep recession. I don't know if 2% growth is the optimum with a stable population and a 62% participation rate, but its close top 2%. If AI becomes a "game changer" I'm not picturing how that economy would look. Fewer people working for sure.
5. I agree that the "invisible hand" of the free market is NOT the answer either. What happened in the past is the free market moved 6,000 factories and 3m manufacturing jobs to China to take advantage of the lower labor costs. This made the 1% $billions, but threw many people out of work. Somehow the government needs to balance "out-sourcing" with "in-sourcing" to keep critical manufacturing capacity here in the US.
6. We have UBI, its called the "social safety net", aka Welfare, Food Stamps and Medicaid.
7. To summarize your "Solyent Green" scenario picture this. Now kids go to college for jobs that may not be there. They borrow too much to pay back, and end up in debt that they can't escape. My solution is for kids and displaced workers to get UBI while they re-train for available jobs. Some may even be physical labor like electrician or HVAC mechanic. Community Colleges would need to work with local industries to produce the workers that can be employed immediately, such as machinists, mechanics, IT programmers, etc.
My sense is that the labor market doesn't need too many more philosophers, lawyers, and Art-History majors. But does need many more well paid specialists.
I don't know if this would be legal, but I would like to see a mandatory "profit sharing" bonus shared by all workers, and the Japanese law that limits CEO pay to a multiple of the lowest paid worker.
What happened? Back to socialist top down destruction of opportunity and the right to own our property.
If you are the sole owner of a business you can do what you want. Same as now.I liked a lot of what you posted. Then, the last paragraph.
OMG, you are really high energy!
This reply took several sessions and hopes to condense the points you made to a few policy issues. I apologize for the delay.
1. We agree on a Federal Sales tax excluding food. Not sure what "essentials" refers to? That gets us back to a small budget surplus.
2. We also agree on a financial transaction tax of 0.5% or so, and a 1% Remittance Tax on money sent out of the US, which raises $150b (est.).
3. Certain people don't want the government to do too much, that's me. Whenever the government does anything it generally turns to shit. Solyndra is one example. Biden's war on energy another. The mismanagement of forests another. Not mining crucial metals due to over-regulation another. Needed infrastructure projects is the exception that I support, but those were usually funded by a gas/use tax.
4. We may disagree on the potential for "economic growth". history tells us that a 2% GDP growth is the norm. Whenever the government tries to goose that 2% it usually just creates a "bubble" that bursts and causes a deep recession. I don't know if 2% growth is the optimum with a stable population and a 62% participation rate, but its close top 2%. If AI becomes a "game changer" I'm not picturing how that economy would look. Fewer people working for sure.
5. I agree that the "invisible hand" of the free market is NOT the answer either. What happened in the past is the free market moved 6,000 factories and 3m manufacturing jobs to China to take advantage of the lower labor costs. This made the 1% $billions, but threw many people out of work. Somehow the government needs to balance "out-sourcing" with "in-sourcing" to keep critical manufacturing capacity here in the US.
6. We have UBI, its called the "social safety net", aka Welfare, Food Stamps and Medicaid.
7. To summarize your "Solyent Green" scenario picture this. Now kids go to college for jobs that may not be there. They borrow too much to pay back, and end up in debt that they can't escape. My solution is for kids and displaced workers to get UBI while they re-train for available jobs. Some may even be physical labor like electrician or HVAC mechanic. Community Colleges would need to work with local industries to produce the workers that can be employed immediately, such as machinists, mechanics, IT programmers, etc.
My sense is that the labor market doesn't need too many more philosophers, lawyers, and Art-History majors. But does need many more well paid specialists.
I don't know if this would be legal, but I would like to see a mandatory "profit sharing" bonus shared by all workers, and the Japanese law that limits CEO pay to a multiple of the lowest paid worker.
1. Soros DAs have disrupted the "legal framework". No bail, no indictments, flash mobs, defunding the police, drugs all over, fentanyl killing 70,000 a year, etc. The Legal Framework needs to be fixed.Governments play a vital role in shaping and supporting society, including the economy. To declare all government actions as failures disregards the numerous ways governments facilitate and bolster numerous areas of society:
- Establishing the legal framework: Governments ensure a functioning legal system that resolves disputes, enforces contracts and protects property rights. This includes law enforcement, which maintains order and security, allowing businesses and individuals to operate with confidence.
- Building and maintaining infrastructure: Government investment in infrastructure, from transportation networks to digital connectivity, creates a backbone for societal operations. This was evident in the construction of the US interstate highway system and the development of the internet (originally ARPANET), both of which were government initiatives.
- Driving research and development: Government funding often fuels major scientific and technological breakthroughs. The internet, GPS, and touchscreen displays are prime examples of technologies that emerged from government-funded research.
- Consumer and environmental protection: Governments enforce standards for product safety and quality, protecting consumers from potential hazards.
- Preventing economic collapse: In crises such as the 2008 financial collapse, government intervention often prevents wider systemic failure, protecting the livelihoods of millions.
- Industrialization and economic development: The government has played a critical role in fostering economic development. Alexander Hamilton's economic plan protected American industry and allows our country to industrialize itself.
You mean a publicly TRADED company. Huge difference. I don't even know what a publicly owned corporation is or would look like. The New York Stock Exchange is not owned by the Federal Government. Nor is the S&P 500. Or any U.S. based stock exchange. You start monkeying around with stuff like that you may see major corporations take their money and run, going private. There would be a crash like we've never seen before.If you are the sole owner of a business you can do what you want. Same as now.
If however, you are a publicly owned corporation, then I believe that the upper management needs to share the wealth much more than happens now. They also need to work with community colleges to guide people toward available/potential jobs. Each State unemployment office should probably be consulted as well. We need to get the "participation rate" above 62% and keep it high.
1. Correct, publicly traded companies should have profit sharing and limits on management pay packages like in Japan. There won't be any crash, like Gordon Gekko said, besides "greed is good"....."all we have are VPs sending useless emails back and forth all day..."You mean a publicly TRADED company. Huge difference. I don't even know what a publicly owned corporation is or would look like. The New York Stock Exchange is not owned by the Federal Government. Nor is the S&P 500. Or any U.S. based stock exchange. You start monkeying around with stuff like that you may see major corporations take their money and run, going private. There would be a crash like we've never seen before.
What the government can do is work better with monopolies and keep competition at a much greater level. That way, corporations have to pay better with better benefits or lose good employees to their competitors. What you are talking about is socialism. The system should be set up to be have reasons for upper management to share more of their profits if they aren't already. It's really none of your business or government's business. What would happen is the Zuckerburgs of the country would end up being like Russian Oligarch far richer than anyone else without any new persons reaching that level. I'm sure Musk and others would relish this. Thou Shalt Not Covet seems to have lost importance with conservatives?
As far as businesses working with colleges, colleges have employment offices and do work with corporations. It already happens. Should corporations be forced to if they don't want to? Nope. Do you really understand what liberty and freedom are?
It's really none of your business or government's business. What would happen is the Zuckerburgs of the country would end up being like Russian Oligarch far richer than anyone else without any new persons reaching that level. I'm sure Musk and others would relish this. Thou Shalt Not Covet seems to have lost importance with conservatives?
Many company already have 401k profit sharing plans. However, it works as long as the company is profitable. If they go out of business, I would rather have my money in mutual funds inside an401k where I won’t lose money if the company tanks. The purpose of retirement plans is just that, retirement money, not socialism.1. Correct, publicly traded companies should have profit sharing and limits on management pay packages like in Japan. There won't be any crash, like Gordon Gekko said, besides "greed is good"....."all we have are VPs sending useless emails back and forth all day..."
2. I'm not talking about "socialism". My son's plant was bought by a European company, they implemented profit sharing and limits on management pay. It was like night and day, the workers are motivated and very happy. Hope you didn't think I dreamed up those benefits. Here is one more chart that might help you understand why the 1% own 90% of everything...that is bullshit. We are headed for oligarchs if we don't do something. We middle class people deserve a bigger piece of the pie, its not socialism, its basic fairness.
View attachment 803926
3. This sentence makes no sense to me:
WTF are you whining about?
Profit sharing plans are generally annual events, like Xmas bonuses are for executives, except EVERYONE gets the same amount.Many company already have 401k profit sharing plans. However, it works as long as the company is profitable. If they go out of business, I would rather have my money in mutual funds inside an401k where I won’t lose money if the company tanks. The purpose of retirement plans is just that, retirement money, not socialism.
Not true. Depends on how it is set up. Employers can set it up to give equal amounts or percentages. However, they can also set it up to give more to older workers nearing retirement in the Age -Based Profit Sharing plans. There's a couple others as well. Also, from year to year, the employer may decide not to give the bonus and be Mr. Scrooge. There's that flexibility. The point is, they are voluntary and therefore no need to force corporations to do this, especially if in some years, they have losses, not profits. That could cause businesses to go out of business, such as in the Covid years. Liberty and freedom to choose.Profit sharing plans are generally annual events, like Xmas bonuses are for executives, except EVERYONE gets the same amount.
Agreed that profit sharing or bonuses only happen when profits are available. Bad times means no bonus for anyone.Not true. Depends on how it is set up. Employers can set it up to give equal amounts or percentages. However, they can also set it up to give more to older workers nearing retirement in the Age -Based Profit Sharing plans. There's a couple others as well. Also, from year to year, the employer may decide not to give the bonus and be Mr. Scrooge. There's that flexibility. The point is, they are voluntary and therefore no need to force corporations to do this, especially if in some years, they have losses, not profits. That could cause businesses to go out of business, such as in the Covid years. Liberty and freedom to choose.
