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Politics selectors, pages, etc.
‘Economic Disaster’: Biden’s Budget Dreams Would Add Even More Fuel To Sky-High Inflation, Experts Say
By oldedude
March 17, 2024 10:40 am
Category: Politics

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As I've said before, the pedojoe tax and spend budget isn't what he says. This is also going to hit Treasury Bonds, which drive housing interest rates. For Donna and Pondy especially, if they don't get locked in quickly (which I really hope you can within the week!), it could be bad. The good thing is that they're not in CA anymore. Most of that "low cost housing developments" are stalled because of state regulations. That puts CA folks trying to buy at a severe disadvantage.

It also looks like the fed's response isn't that promising either. And it doesn't get any better for 20 years (scheduled in this bill).

Biden's 10-year Budget:

Federal Taxes per household in 2025 - $41,600
Federal Taxes per household in 2034 - $60,600


President Joe Biden recently released his budget proposal for fiscal year 2025, which, if approved, could add even more fuel to sky-high inflation, according to federal government budget experts who spoke to the Daily Caller News Foundation.

The president’s proposal lays out a slew of new targeted spending measures and tax increases that, in total, would add at least $14.8 trillion to the already massive national debt by the end of Biden’s presumptive second term. Many provisions in the budget would contribute to inflationary runaway deficit spending while not addressing the real problems causing unaffordability and rising prices, experts told the DCNF.

“Between the new anti-growth taxes and large deficits, you get a reduction in the real supply of goods and services and more financial assets floating around — more dollars chasing fewer goods and services — lots of inflation going forward, and the Fed will likely respond by waffling between printing money like crazy to cover some of the deficits — jacking up inflation even higher — and tightening the money supply, sending interest rates to the moon and only slightly bringing down inflation,” Richard Stern, director of the Grover M. Hermann Center for the Federal Budget at the Heritage Foundation, told the DCNF.

Inflation currently sits at a rate of 3.2% year-over-year as of February and has risen 18.5% since Biden first came to office in January 2021. Biden has made huge stimulus packages part of his economic agenda, passing the American Rescue Plan in March 2021, which approved $1.9 trillion in new spending, and the Inflation Reduction Act in August 2022, which authorized another $750 billion.

“Biden’s budget is anticipating that the debt will go from $260k per household to $370k per household,” Stern told the DCNF. “That will continue to send interest rates way higher … which both pushes housing out of reach for most people but also will starve business growth.”

“He uses phony accounting and his budget in various ways to pretend that he reduces the deficit compared to baseline,” Edwards told the DCNF. “It’s extraordinary that the government has run up $3 trillion in debt, and a president proposes a budget to add another $17 trillion in debt over the next decade. It’s extraordinarily irresponsible.”


This is a pretty good talking point for the GOP to send nationally in their ads during the election.


Cited and related links:

  1. dailycaller.com

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Comments on "‘Economic Disaster’: Biden’s Budget Dreams Would Add Even More Fuel To Sky-High Inflation, Experts Say":

  1. by Curt_Anderson on March 17, 2024 11:06 am
    If you get upset about month-to-month fluctuations in inflation rate you are probably not budgeting your life very well. The idea is to maintain some savings in the bank so you can handle an occasional increase in the cost of eggs or gas.


    axios.com


  2. by oldedude on March 17, 2024 12:43 pm
    Month to month isn't a part of this equation. First, "bidenomics" increased inflation at 18.5% since pedojoe got into office. That is growing at 3%/month or ~36% per year.

    “Biden’s budget is anticipating that the debt will go from $260k per household to $370k per household,” Stern told the DCNF. “That will continue to send interest rates way higher … which both pushes housing out of reach for most people but also will starve business growth.

    I realize you don't care about others, but for single parent families, and those on fixed income, it could be a deal breaker. Most of the debt in the US is credit card debt. That's because the money a family "used" to make is no longer sufficient to make ends meet. I've said it before, He's using "part-time" and "underemployed" as "employed" in his numbers. That doesn't make sense to those that aren't fed by a silver spoon.

    “Additionally, his tax plans would make our tax system one of the least competitive for luring investment here and will pass right through the wealthy and big corps and end up being felt as lower wages, higher consumer prices, fewer startups — so a more concentrated market with less growth and opportunity,”

    So instead of having an economy that a good job is worth it, this makes it impossible to get any good jobs because no company that is globally competitive will invest here.

    “He uses phony accounting and his budget in various ways to pretend that he reduces the deficit compared to baseline,” Edwards told the DCNF. “It’s extraordinary that the government has run up $3 trillion in debt, and a president proposes a budget to add another $17 trillion in debt over the next decade. It’s extraordinarily irresponsible.”
    dailycaller.com


  3. by Indy! on March 18, 2024 1:47 pm

    President by president accounting of the debt (which even Dick Cheney said doesn't matter)...


    US Debt by President: By Dollar and Percentage
    Who increased the U.S. debt the most? That depends on how you measure it.
    By Kimberly Amadeo Updated on March 31, 2023

    Top 5 Presidents Who Contributed to the Debt by Percentage
    Franklin D. Roosevelt (1933-1945)

    President Roosevelt added the largest percentage increase to the national debt. Although he only added $236 billion, this was an increase of about 1,048% from the $22.5 billion debt level left by President Herbert Hoover before him. The Great Depression and the New Deal contributed to FDR's yearly deficits, but the biggest cost was World War II—it added $186.3 billion to the debt between 1942 and 1945.2

    Woodrow Wilson (1913-1921)

    President Wilson was the second-largest contributor to the debt, percentage-wise. He added about $21 billion, which was a 723% increase over the $2.9 billion debt of his predecessor. World War I contributed to the deficits that raised the national debt.2

    Ronald Reagan (1981-1989)

    President Reagan increased the debt by $1.86 trillion, or by 186%. Reagan's supply-side economics didn't grow the economy enough to offset the lost revenue from its tax cuts. Reagan also increased the defense budget by 35%.2

    George W. Bush (2001-2009)

    President Bush added $5.85 trillion to the national debt. That's a 101% increase, putting him in fourth. Bush launched the War on Terror in response to the 9/11 attacks, which led to multi-trillion-dollar spending on the War in Afghanistan and the War in Iraq. Bush also dealt with the 2001 recession and the 2008 financial crisis.2

    Barack Obama (2009-2017)

    Under President Obama, the national debt grew the most in dollar terms ($8.6 trillion) and was fifth by percentage at 74%. Obama fought the Great Recession with an $831 billion economic stimulus package and added $858 billion through tax cuts. Even though the fiscal year 2009 budget was set by President Bush, Obama added to it with the Economic Stimulus Act in 2009.


    Lot more at the link...



    thebalancemoney.com


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