Up In Smoke
Well-Known Member
An economic issue 20 years in the making. Plenty of blame to spread around.
dow jones
- Thread starter Jkloc420
- Start date
Thebrownblob
Well-Known Member
Absolutely but it was accelerated in the last couple years, you can call it warp speed. And now we’re building back better to what?
When they balanced the budget in '97 they should have stuck to that come hell or high water.
Thebrownblob
Well-Known Member
The people in charge don’t even think a balanced budget is necessary because there’s a magic money tree.
Up In Smoke
Well-Known Member
Since Powell was sworn in the US balance sheet has gone from 4 trillion in 2018 to 8 trillion in 2020 and nearly 9 trillion today. Cheap money for all is a bad economic plan.
Wally
BrownCafe Innovator & King of Puns
Why not include those two? Biden's war on fossil fuels is hurting average people in a big way.
newfie
Well-Known Member
sounds like you're trying to find a number you can spin to tell us things are good right now?
Up In Smoke
Well-Known Member
Not at all, still way to much spending. Our current administration is as blind as past administrations. Our elected officials are way more interested in reelection than fixing our fiscal problems. The Fed has acknowledged their mistakes from the past and are committed to trying to get out of the way. Unemployment, wages, dollar strength and our trade numbers are about all we have to be thankful for right now.
When Biden came in he ramped up the spending. Not talking about the Fed balance sheet but huge deficit spending by the government. Economists including Larry Summers warned them they were adding fuel to the fire and could increase inflation. They were ignored and we got the inflation. And now they're doubling down with the Inflation Reduction Act. They seem to truly believe they can spend us out of a recession. And these people wanted a hell of a lot more than they got. Expect a lot of it to go to special interest groups that vote Democrat. At least if the Republicans capture the House we can stop future spending bills.
Up In Smoke
Well-Known Member
Your data is incorrect. I've posted these before. 2015: 6.4T 2016: 6.7T 2017: 7T 2018: 7.3T 2019: 7.7T 2020: 10T 2021: 6.8T and this year government spending is on pace to be below 5.7T.
newfie
Well-Known Member
they passed two bills for an additional 2 trillion this year alone. biden forgave student loans which could easily be 1 trillion. nothing is coming down. its all smoke and mirrors.
Please tell that to the economists who told them their spending bills were too much and would cause inflation. We were running around 2% inflation until Biden restricted oil drilling and started spending.
Up In Smoke
Well-Known Member
I'm just going by current spending as it appears on our debt clock. IF any of the spending turns into higher revenues is yet to be seen. I have no crystal ball.
newfie
Well-Known Member
you seem like a stats savy guy why wouldn't you look at current spending trends too?
The Biden administration wanted what was it, $5 trillion in spending? Manchin caved but at least he got them under $800 billion. At what point do you consider it too much?
Up In Smoke
Well-Known Member
None of that money has been released and doesn't show on any charts yet. Spending many times doesn't show for months or even a year or more.
Up In Smoke
Well-Known Member
It's all too much, but far less than 18, 19 and 20.
Weren't those years dealing with a near crash plus the pandemic? Not to mention in order to get his military spending Trump had to agree with Dems and give them spending also.
Up In Smoke
Well-Known Member
Does it matter? Spending was just trending the wrong way without revenues responding.
Probably didn't catch my addition to that post. It helps to know the context. Trump and the Dems agreed to a huge budget to get his military spending he wanted. And when they got complete power the Dems last year wanted over $5 trillion in spending. If the Dems got what they wanted would you think it was too much or would you defend it?
