dow jones
- Thread starter Jkloc420
- Start date
By the traditional numbers, we do. But capitalism is terribly broken right now.At least we have a strong Biden economy.
oldngray
nowhere special
Biden scolds media for negative coverage of economy: 'Start reporting it the right way'
Ahead of his holiday vacation, President Biden took a parting shot at the media over what he suggested was negative coverage of his handling of the economy.
Not sure why that would be the case. Use the numbers that have always been used. Compare them to past results. Today’s numbers are actually good which points to something else being the problem.
We have a service/gig economy that doesn't pay well. Credit was easy to get and now all those poorly paid people are in hock up to their necks. I was one of them. My dad loaned me the money to pay off credit cards but now I pay him $500 a month. Still better than making minimum payments where because of high interest I wasn't making much headway. Between that and high grocery prices and high gas and high rent or high mortgages and high car payments its pretty hard to say today's numbers are good for anyone but high earners and the stock market.
And what do those people do for retirement or health care?
In about 10 years, if Congress doesn't act, Social Security recipients are looking at a 20-22% reduction. Reducing that much when inflation has increased so much is going to put a lot of people in poverty.
Just A UPS Guy
Bully.
Social security will always be maintained and not reduced, they will take from other sectors to subsidize if necessary.
I certainly hope so. With the Social Security trust fund totally depleted they'll only have payroll taxes to fund it. With the debt we already have, and growing, it won't be feasible to service the debt and take money from elsewhere without a lot of money printing. And that as we've seen causes a lot more problems.
Just A UPS Guy
Bully.
Causes problems? C'mon man....everything's great right now...right?
But that’s been true for decades now. Are we really going to blame the Biden administration for the gig economy and the squeeze of the middle class? Personally, I don’t see it as political. Capitalism in the US is broken. Political parties can help fix it or make it worse, but it’s definitely broken.
What I'm blaming the Biden administration for is inflation unlike anything else in 40 years. Yes he was responsible for stoking it. Plenty of liberal economists will tell you so. A major reason people are in bad shape financially is trying to pay their credit card bills while everything is shooting up in price.
That's the problem. What are we going to do about it?
By the way for those who like to say Trump ran up the debt too, which he did, look at where both were/are at three years into their presidency. Biden has incurred $6 trillion in debt so far, Trump was a little over $3 trillion at this point. Where Trump got nailed was $4 trillion in new debt fighting the pandemic in his 4th year.
Capitalism isn't broken. There certainly isn't a system out there that will outperform it. Mismanagement is certainly a problem.
If you say so. The economy goes in cycles and how bad a downturn is depends very much on how big an economic bubble has developed before it's popped. If you look at consumer debt, real estate, stock markets, there's some pretty big bubbles out there. When things seem to be going well because the stock market is up for awhile people forget how serious downturns like 2008 affected them. Nothing lasts forever. Protect yourself.Causes problems? C'mon man....everything's great right now...right?
My favorite saying is trees don't grow to the sky
Up In Smoke
Well-Known Member
Tax Cuts and Jobs Act is costing us greater the 600B per year or nearly 2T of tax revenues and Federal deficit.
Our current income tax rate will expire at the end of 2025
Plus to see correct we'll make sure that when people pass away their retirement plans get drained earlier
Already proven that Trump's cuts increased Federal revenue. We don't have a revenue problem, we have a spending problem. And back when inflation was 2% we were spending around $300-$350 billion to service the debt. Due to raising rates and increasing debt we're now spending $900 billion. There's your extra money right there. Soon to be a trillion plus a year just servicing the debt. Did the geniuses in this administration take this into account because liberal economists like Larry Summers were warning that this was exactly what would happen. And now liberals are trying to find ways to blame it all on Trump. I remember when they came in they said the adults were back in charge. Not very adult like to blame your failures on someone else. And yes Trump does that too. We get the government we deserve because we won't elect a fiscal conservative and endure any economic pain that will come from righting the ship. Damn the torpedoes, full speed ahead!
Up In Smoke
Well-Known Member
Simple solution. Remove the caps and means test.
