Anonymous wrote:This massive debt, combined with inflation, is a huge problem.
High inflation produces higher interest rates. I remember when the government was paying 6% on debt. If they did that now, that would add $2 trillion dollars a year in debt payments.
Instead of trying to deal with this, all we get are partisan talking points.

How quickly you forgot about the crisis in 2008. Our economy has global repercussions. The “massive debt” shrug. Not sure it matters because the economy is huge. I always chuckle when people use a household budget analogy, so silly!

This massive debt, combined with inflation, is a huge problem.
High inflation produces higher interest rates. I remember when the government was paying 6% on debt. If they did that now, that would add $2 trillion dollars a year in debt payments.
Instead of trying to deal with this, all we get are partisan talking points.

You guys are overreacting. Mitch McConnell wants bigger government, as it makes it easier to get money to his donors.
John McCain managed to get them to get rid of earmarks, but I think those are back now.

There might be some push for a shutdown. Ideally they would just pass small debt limit increases for a month or so, with some budget cuts tacked on.
But that's not what McConnell and the corporate Republicans want, so we'll just have McCarthy make a show of negotiating hard.

Anonymous wrote:McCarthy is saying he won’t support a clean debt limit hike. Biden needs to keep explaining why that’s the way to go. But crickets so far

Because the money has already been legally appropriated and it is unconstitutional for the US to not pay its debts.

Isn't anyone else tired of the GOP playing these games every time they control Congress with a Democratic President in office? Why would a political party's goal be to create an economic crisis and throw our country into a recession, unless they are being supported by a coalition of the ultrawealthy, one-issue cultural warriors and our foreign adversaries?

Anonymous wrote:

Anonymous wrote:House Republicans are preparing to hold world economy hostage for political gain. Backed by Speaker McCarthy, the emboldened Far-Right "Freedom Caucus" plan to hold up raising the Debt Ceiling - which they raised 3 times under Trump - unless demands are met.

What are their demands?

20% cut to discretionary spending, but excluding defense from any cuts. That means closer to 50% cuts everywhere else to get to their 20% threshold which will never happen.

Anonymous wrote:House Republicans are preparing to hold world economy hostage for political gain. Backed by Speaker McCarthy, the emboldened Far-Right "Freedom Caucus" plan to hold up raising the Debt Ceiling - which they raised 3 times under Trump - unless demands are met.

What are their demands?

House Republicans are preparing to hold world economy hostage for political gain. Backed by Speaker McCarthy, the emboldened Far-Right "Freedom Caucus" plan to hold up raising the Debt Ceiling - which they raised 3 times under Trump - unless demands are met.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“The widening deficit, which was $587 billion in 2016, is due in part to increased government spending and the $1.5 trillion tax cut package signed by Mr. Trump in 2017.”

https://www.cbsnews.com/news/whats-in-the-budget-deal-negotiated-by-congress-and-the-white-house/

Funny to read that quote now. Trump's tax reform proved to improve the economy in 2018 and 2019 in ways that were both predictable and apparently mysterious to CBS "journalists"

Trump’s tax cuts had no net positive effect on economic growth. What minimal benefits they might have added were offset by the money taken from the economy to service the increased debt.

Not only were his tax cuts of absolutely no benefit to the economy, but his attacks on the IRS meant that we lost more money.

You folks are truly crazy. The Trump tax reform, controversial as it was, proved to be a massive success in the economic data of 2018, 2019 and 2020 up to Covid. Look it up,

You know who it wasnt a massive success for? Military and civilians who PCS. They now get taxed on everything the government gives them in order to move. HHG storage so you can go overseas- taxed. Meals and hotels while you look for housing in a different country- taxed.
Bezos 2nd yacht- not taxed.

McCarthy is saying he won’t support a clean debt limit hike. Biden needs to keep explaining why that’s the way to go. But crickets so far

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
You folks truly live in fantasy/ conspiracy land...

Pay gains during Trump’s first year in office best since the Great Recession
https://www.cnbc.com/2018/01/31/pay-gains-under-trumps-best-since-the-great-recession.html


And things only got better since on all respects (until Covid). This is not controversial at all, it's a fact.

Compare that to the pay gains under Biden. Hands diown, Biden wins. the reason they were up under Trump has more to do with liberal cities upping the local minimum wage.

Oh my.

Real wages are going DOWN under Biden. Heard of inflation at 7-9%?

In real GDP which accounts for inflation, every Biden quarter is higher than any Trump quarter.
https://fred.stlouisfed.org/graph/?g=8eiT

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
You folks truly live in fantasy/ conspiracy land...

Pay gains during Trump’s first year in office best since the Great Recession
https://www.cnbc.com/2018/01/31/pay-gains-under-trumps-best-since-the-great-recession.html


And things only got better since on all respects (until Covid). This is not controversial at all, it's a fact.

Compare that to the pay gains under Biden. Hands diown, Biden wins. the reason they were up under Trump has more to do with liberal cities upping the local minimum wage.

Oh my.

Real wages are going DOWN under Biden. Heard of inflation at 7-9%?

Did you live through the trump years? The government was give out so much money that people stayed home vs worked. The GDP shrank by almost 4% in his final year in office. Any way you measure it trump was a disaster.

Anonymous wrote:

Anonymous wrote:
You folks truly live in fantasy/ conspiracy land...

Pay gains during Trump’s first year in office best since the Great Recession
https://www.cnbc.com/2018/01/31/pay-gains-under-trumps-best-since-the-great-recession.html


And things only got better since on all respects (until Covid). This is not controversial at all, it's a fact.

Compare that to the pay gains under Biden. Hands diown, Biden wins. the reason they were up under Trump has more to do with liberal cities upping the local minimum wage.

Oh my.

Real wages are going DOWN under Biden. Heard of inflation at 7-9%?

Anonymous wrote:
You folks truly live in fantasy/ conspiracy land...

Pay gains during Trump’s first year in office best since the Great Recession
https://www.cnbc.com/2018/01/31/pay-gains-under-trumps-best-since-the-great-recession.html


And things only got better since on all respects (until Covid). This is not controversial at all, it's a fact.

Compare that to the pay gains under Biden. Hands diown, Biden wins. the reason they were up under Trump has more to do with liberal cities upping the local minimum wage.

Forbes, that liberal rag.

/s

This Forbes piece was before the pandemic

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy
https://www.forbes.com/sites/christianweller/2020/01/29/trumps-wasteful-tax-cuts-lead-to-continued-trillion-dollar-deficits-in-expanding-economy/?sh=76f6185266c4

“A temporarily larger deficit may be worth it, especially in a world of very low interest rates, if it translates into faster economic growth. But that is not what has happened. Economic growth increased briefly in early 2018 but quickly fell back to or even below the modest levels that persisted before the 2017 tax cuts (see figure below). Not all deficits are bad, but the ones from the supply-side tax cuts have proven to be.”