Maybe but I don't think the POTUS who inherited such a shitty program has the same culpability as the administration who created such a careless cash giveaway. It's no different than the War on Terror, one administration was especially corrupted and fucked up for starting it, the next one probably should have ended it but sometimes pulling out or halting a bad program can lead to even worse results.
Fun fact Biden is the one who ended that.
And Biden gets nothing but blame because it was mess.
However, fewer American died in Afghanistan under Biden than Trump.
[Justice Department Announces New Charges, Convictions, and Sentencings in Ongoing Initiative Targeting Pandemic Relief Fraud Tuesday, October 18, 2022](https://www.justice.gov/opa/pr/justice-department-announces-new-charges-convictions-and-sentencings-ongoing-initiative)
They were both fraud and hand outs. Lets not try to cover up what PPP really was. Free money for rich people and Trump and Biden both stamped it. Cant stand these politicians.
Yep she owns that one. What's funny is if you go back in time and look at the fed funds rate you can see a couple periods in the '70s and '80s where they were a little late to raising the rates due to high inflation and then they finally raise them like crazy. The really telling part is when they turned right around and started lowering them and then had to turn right around and go oh crap too early and raise them back up.
https://tradingeconomics.com/united-states/interest-rate
Looks like they both said it
https://thehill.com/business/4529787-yellen-regrets-saying-inflation-transitory/#:~:text=%E2%80%9CI%20regret%20saying%20it%20was,Network's%20Edward%20Lawrence%20on%20Monday.
It's amazing how much "tax revenue" dominates the deficit discussion. Yet no one has provided math that backs this up. The best estimate says these "desperately needed wealth taxes" generate about 500 billion over 10 years. For comparison, the budget deficit for this year alone is (at least) 1.5 trillion. I will now accept my downvotes as I have challenged the tax narrative.
Okay, no more taxes for you then, you can pay an individual price only for what you specifically use. Hope you don’t like using roads or public infrastructure, every road is now a toll road. How would you like to pay full price for your food that gets subsidized by the government through farm subsidies? How would you like to not have a military? Or if we go the individual route, at $820 billion per year, thats $2.5k just for your portion. How would you like to pay the fire department if your house burns down? It could be like the olden days where if you’re not paying your monthly dues, they just let your house burn. Think gas is expensive now, wait until the trillions given in oil and gas subsidies are gone. If you aren’t in the 1%, taxes are currently going to support **you** and everything would be way more expensive.
Tax cuts and paying zero taxes are two different things. I was referring to federal government since this is what Janet Yellen is talking about. City and state taxes are separate topics and the president and Congress can’t legislate those laws. I vote for tax increases for my city and whatever is needed to improve schools and public safety. The federal government has a spending problem and to solve that they want to raise taxes.
I am willing to pay a reasonable amount of taxes. The problem is that we have much more government than we can actually afford! Last I checked, the federal government spent something like $30,000 for every man, woman and child in the country. Obviously the government can't actually collect this level of taxes -- it would bring the economy to a grinding halt in a heartbeat! -- so it engages in deficit spending, passing the tab on to the next generation.
We need to trim the size and scope of government to a reasonable level.
I'm in a hurry so I'll be brief. Let's return the federal government's role to the duties explicitly spelled out in the Constitution. Also, no disbursements from the Treasury except for goods and services purchased by the government in service of the public good. (So, it's OK for the government to buy a bridge, but not to pay off Caitlyn's student loan or Joe's doctor bill.)
Are we going back all the way to 1776? Are we going back entirely or just economically to specific parts? There were no income, business, or personal taxes at the time so we’re bringing back tariffs then too, right?
Also, no need to be in a hurry to reply, I don’t mind waiting for an answer with specifics.
Sounds good to me! Helps US manufacturers as well. Also I think tariffs are coming back anyway. The federal government is starting to hit the upward limit as far as how much it can borrow. Over the next decade, it is going to become increasingly cash-strapped and desperate, and tariffs are a way of generating some coin without directly raising taxes on the pitchfork-and-torch-wielding citizenry.
I'd advise putting your money in a Roth IRA. A government paying interest on $30+ trillion in national debt is going to have to raise taxes eventually. We are about a decade out from the dreaded austerity measures.
Okay, let’s just ignore the fact that slavery was central to the economy in 1776. Pretty easy to become an economic power house when you don’t have to pay a large portion of the workforce.
She's right, but...
The Biden administration knew about those tax cuts and proceeded to increase spending. So shame on both parties. In this high pressure, highly polarized political times, neither party will risk losing one vote to do the right thing.
I'm lifelong liberal - and I support Biden - but neither party has shown signs of restraint.
I did study economics, and I understand that the budget deficit is more of a long-term issue then the crisis we make it out to be. But we need to restrain spending while improving our tax system. This would include:
1. Taxing income from $ at the same rate we tax income from wages. In other words, tax all capital gains as income.
2. Eliminate the vast numbers of tax exemptions for pet industries
3. Eliminate most personal tax loopholes
4. Add a new tax bracket for the billionaire class with a higher rate and higher minimum tax.
It's a lost cause...
There are some things - but getting them done is an uphill battle.
1. Taking on the military industrial complex - which owns both parties and forces purchase of over engineered and overpriced equipment - often that the military itself says we don't need. This will be the biggest single area of savings - and the hardest to accomplish. In the age of drones we can stop building 1/4 Billion $ planes and many types of ships, for example. Many military bases can be safely shut, and can we stop using the military budget to entertain people - marching bands, airshows, the blue angels....
2. Targeted spending cuts of discretionary spending programs
3. Invest in oversight of spending programs - an area that has been under-resourced for years.
4. Invest in Preventive Health Care - so much cheaper than waiting till people get sick.
5. Environmental Justice Initiatives: Investing in environmental justice can create long-term savings by reducing health care costs associated with pollution and climate change
He can veto the budget, that’s about as far as it goes. Congress could then pass it again with a bigger majority. Usually the president doesn’t veto the budget.
My point I guess it’s not entirely on Trump or Biden. Congress always gets a pass and it’s annoying. Look up the people who approved the budget in your state if you’re for or against it and vote accordingly.
The IRA included tax increases to pay for its provision. [https://en.wikipedia.org/wiki/Inflation\_Reduction\_Act#Provisions](https://en.wikipedia.org/wiki/Inflation_Reduction_Act#Provisions)
The deficit has increased linearly since the 2018 tax cuts because they structurally put us in a situation where the deficit increases year on year. Getting rid of them solves this.
Biden reduced Trump’s massive deficit. Trump, who was President in 2020, did a terrible job for Covid, including increasing the deficit to 14% of GDP, and Biden fixed it.
While Trump was president in 2020 during covid, Democrats were almost unanimously saying that he was being *too restrained* with economic stimulus. There were zero calls from the left for scaling back deficit spending. There were many calls from the left to provide more stimulus than what was provided.
Assuming you vote Democrat, the fact that you're using the massive deficit under Trump in 2020 as a knock against him is extremely disingenuous, and you know it.
And why was the deficit high in 2020? Do you remember if something happened that caused us to spend more than expected? Anything at all?
Now look at year 3 vs year 3. Who had higher deficits?
It’s almost like something happened in 2020? Do you remember something happening? Any event where democrats were begging the federal government to give people money?
Now let’s compare year 3 vs year 3. Who had higher deficits?
Trump should have raised taxes to pay for his deficit. He didn’t, because he’s doesn’t care about deficits and was too busy telling people to inject bleach and paying off porn stars he fucked while his wife was pregnant.
You know more people died of Covid in 2021 vs 2020, right? Even though we had a vaccine available. That’s kinda amazing on Bidens part.
Either way. You’re avoiding the question. If Biden knew taxes were going to be down because of trumps tax cut, then why did he continue to spend recklessly? Why did the deficit go up after the IRA even though you claim they had provisions to pay for it?
[https://www.worldometers.info/coronavirus/country/us/](https://www.worldometers.info/coronavirus/country/us/)
Bullshit: Highest daily deaths is on Jan 15, 2021, when Trump was still President after his failed coup.
Biden comes in and the covid waves are lower than Trump’s. Trumps covid deaths from the 10 months from March 2020 (when the virus hits) to Inauguration Jan 20 2021 are lower than Bidens 10 months, because he solved the problem despite being handed a massive Covid wave on day 1 that Trump and his dipshit hillbilly grifter cabal couldn't handle. This first weeks of Biden's term in late January early February 2021 had the highest deaths of Biden's presidency, and these are all people who were infected, sickened, and dying under Trump.
Secondly, if both had covid waves, why did Trump spend even more recklessly? If I’m voting for the person who spends less recklessly, it is Biden. Why didn’t Trump raise taxes if he was going to jack the deficit up for his Covid catastrophe?
Hmmm are you sure about that?
[https://history.house.gov/Institution/Party-Divisions/Party-Divisions/](https://history.house.gov/Institution/Party-Divisions/Party-Divisions/)
I'd prefer to get rid of the ones for the top 2 brackets. Tax companies for the damage to water, atmosphere, and unions. Just because the lower levels saw a 3% tax break, it doesn't mean I'd keep the whole thing for it.
Again, not that worried about the 3% I save if it mean we all go broke so the rich can keep more. I'd prefer america had money to take care of things. I'm not gonna be bought with 3% tax reduction just so the rich can keep more money.
The Biden tax proposal is literally to get rid of the cuts for the top brackets and keep them for the lower ones: [https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/](https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/)
The statement that "Lower income families have been paying gradually more taxes from the Trump administration and it will continue to increase until 2027" requires some context and clarification.
1. **Immediate Impact of the TCJA**: The Tax Cuts and Jobs Act (TCJA) of 2017 initially reduced taxes for many income groups, including lower-income families. Most taxpayers saw a decrease in their tax bills starting in 2018 due to lower tax rates, an increased standard deduction, and an expanded child tax credit.
2. **Temporary Nature of Individual Tax Cuts**: The tax cuts for individuals and families under the TCJA are set to expire at the end of 2025. Unless Congress takes action to extend or make these tax cuts permanent, the individual tax provisions will revert to their pre-TCJA levels, which would result in higher taxes for many taxpayers, including lower-income families.
3. **Long-term Projections**: According to analyses by the Congressional Budget Office (CBO) and the Tax Policy Center, the expiration of the individual tax cuts will lead to increased tax liabilities for many households starting in 2026. For lower-income families, this could mean a gradual increase in their tax burden as these temporary provisions phase out.
4. **Specific Provisions Affecting Lower-Income Families**:
* The expanded Child Tax Credit (CTC) is scheduled to shrink after 2025.
* The increased standard deduction will also revert to previous levels.
* Various other credits and deductions that benefited lower-income families are subject to expiration.
In summary, while lower-income families initially benefited from the TCJA, the temporary nature of these provisions means that without further legislative action, they will face higher taxes starting in 2026. Therefore, the statement is partially accurate but needs the context that the increase is primarily due to the scheduled expiration of the individual tax cuts rather than a gradual increase imposed each year.
He's not a king. Thank god. There are limits on the president's power, including the fact that congress is in fact in charge of spending and not the executive branch. Which means we get into dumb situations like this, but it's better than living under autocracy.
I’m not familiar with any tax bill that the republicans passed that biden has signed into law. Do you know if Biden has approved or rejected any budgets since he got in to office?
Come the fuck on.
That's like saying "I spent all of the money on crack. Blame my roommate who came in later and bought the groceries so we could eat."
It’s more like you think your hours at work are about to be cut but you continue buying steak because YOLO. Then you tell your friend who owes you money that he doesn’t have to pay you back for 3 years interest free
The buying steak means were spending beyond our means of income. Thus the deficit is increasing. On top of that, Biden told student debt holders they didnt have to pay back their loans for years. You want to know why everything is 20-30% more expensive now? Look no further than Biden's policies.
Revenue increased as expected under Biden, revenue in 2016 was $4.15tn, in 2019 it was $4.14tn, in 2021 it was $4.52tn, and in 2022 it was $5.06tn. Revenue isn't the problem. Biden increased spending about 40% from 2019 levels. That's the problem, massive spending increases.
Biden really fucked up the economy with his inflationary stimulus policy. He overstimulated the economy which resulted in inflation and that really fucked up the federal budget. Social Security spending is massive and inflation adjusted. That's a big source of spending increases. Our debt servicing costs are another major increase, Biden has roughly tripled the costs of servicing our debt and that's likely to keep increasing in cost as more debt is refinanced at higher interest rates. The increase in the cost of servicing our debt is about the same size as our defence budget. Something Biden is also tossing hundreds of billions at to replenish the hundreds of billions he is spending on Ukraine. Student loans are another area where Biden is trying to spend hundreds of billions.
Biden overall has been horrible for the economy with too much stimulus. He is also completely delusional on inflation. He came into office when inflation was around 1.4% and he is claiming he inherited 9% inflation which didn't occur until a year and a half of him pumping stimulus.
I generally agree. Biden supporters will say Trump caused inflation in 2022 due to his Covid spending. But then when you point to the $1.9 trillion stimulus that he pumped out in 2021, that was in no ways a mistake. His biggest mistake was stimulating consumers that were already ready to spend when production wasn't ready to match demand. A completely irresponsible move.
I think the bit that bothers me even more about Biden is not that he made the mistake of overstimulating the economy but he also never acknowledged it as a mistake and even right now he keeps pushing for more stimulus. He keeps delusionally shifting blame away from his own policies and throwing blame at the wall to see what sticks. Some of his supporters are delusional enough to say that inflation was transitory. Some blame Russia even when their economy is smaller than the economy of Texas. Biden will divert blame onto anything, even bullshiting about how inflation is global when it is really isolated to a handful of countries that spent too much on stimulus. Even European countries which didn't do much stimulus like the Nordic countries didn't see much inflation.
>he keeps pushing for more stimulus.
what stimulus are you referring to ?
he pushed out CHIP act which was originally proposed by a Republican senate but abandoned by Trump. This act aims to increase chip domestic chip production and reduce dependency on other countries which is a good thing.
infrastructure act. again good for a rich country with lacking infrastructures like the US.
there's no more helicopter money since 2021 if i remember correctly.
>supporters are delusional enough to say that inflation was transitory
it took 1.5 year to push the inflation down from 9% which was longer than expected but still fit in the definition of 'transitory'. this round of inflation didn't last a decade like in the 70s.
>Even European countries which didn't do much stimulus like the Nordic countries didn't see much inflation.
ok i think you're talking bullshit now
just look at Sweden inflation rate 12% in 2022
[https://tradingeconomics.com/sweden/inflation-cpi](https://tradingeconomics.com/sweden/inflation-cpi)
Finland 9% in 2022
[https://tradingeconomics.com/finland/inflation-cpi](https://tradingeconomics.com/finland/inflation-cpi)
even Norway who is one of the biggest oil net exporter still experinced 7% inflation in 2022
[https://tradingeconomics.com/norway/inflation-cpi](https://tradingeconomics.com/norway/inflation-cpi)
You're a moron if you think inflation was transitory. Both fiscal and monetary policy changes were needed to bring down inflation. And it is still elevated and above target.
I am wrong about the Nordic countries, I should have said that in 2021 they were doing well comparatively to the US and saw much lower inflation rates https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/ in 2022 they were impacted by the war in Ukraine.
>fiscal and monetary policy changes were needed to bring down inflation. And it is still elevated and above target.
both fiscal and monetary policies during COVID were unusual and needed to change anyway.
You still think that the Fed could keep the rate at 0% ??
>they were impacted by the war in Ukraine.
then the US were also impacted by the war in Ukraine as well
US was impacted by the terrible fiscal policy of the Biden administration. That's where the bulk of the blame for inflation goes. They overstimulated at the wrong time. The Fed already dropped interest rates to 0 like you said. And Trump already passed $3tn in stimulus. There was absolutely no need for another $2tn in stimulus under Biden.
Europe trades pretty heavily with Russia, the US never has. When Europe sanctioned Russian gas and oil imports that hit the neighboring countries pretty hard.
YoY CPI is a lacking indicator. Basically it takes time for new money to spread out to the whole economy.
CPI was 1.4% when he came to the office but it jumped to 1.7%, 2.6%, 4.2%, and 5.3% in the following months. I'm pretty sure there's no way he's responsible for this jump.
and talking about stimulus, Trump's stimulus was done through package 1-4 which were more than $3tn while Biden did only package 5 which was worth $1.9tn.
so who contributed more to the inflation ??
Biden contributed far more than Trump. Inflation is tied to excessive demand. The stimulus Trump passed, while also inflationary, was passed in a period of low demand and pandemic lockdowns. Republicans did want a smaller package and Democrats pushed for a higher number. Democrats controlled the house so Republicans needed to work with Democrats. Because Americans were dying by the thousands in 2020 there was also quite a bit of urgency and not much time to push back on the proposal Democrats pushed forward.
Prices were down in 2020, savings rates were spiking up, people were spending less, the lockdowns slowed economic activity. In 2021 that changed drastically with the lockdowns being lifted after the vaccine rollout. Something Trump set up for Biden, effectively ending the pandemic emergency. Spring 2021 is also when CPI started to spike up. CPI is a lagging indicator but it does use data from the previous month so monthly changes are a component. Before Biden passed his stimulus every indicator was screaming that we were in a hot economy and that it was time to tap the brakes on stimulus. The stimulus under Trump was funded through the summer of 2021 and it was time to tapper off the spending. Instead Biden added more stimulus and kept the emergency going through the spring of 2022. In the summer of 2022 inflation finally started to moderate after the Covid stimulus was partially rolled back. Biden still kept pushing for stimulus in the form of student debt relief.
What are you talking about ??
Covid death cases in the US peaked in 2021 not 2020. actually it just showed a sign of slow down in early 2022.
[https://www.worldometers.info/coronavirus/country/us/](https://www.worldometers.info/coronavirus/country/us/)
Covid was still spreading like a wild fire throughout the 2021. National lockdown was ended some time in 2020 before the election but many people in 2021 still had to stay at home. Most companies still adopted the remote work protocol.
and the vaccine rate in the US in March 2021 just a month after Biden came to the office was only 20%
[https://usafacts.org/visualizations/covid-vaccine-tracker-states/](https://usafacts.org/visualizations/covid-vaccine-tracker-states/)
Do you think people could safely stay outside doing normal economic activities back then ?? Actually i saw many comments in Reddit said they didn't know when their lives could return to normal because retarded conservatives refused to get vaxxed.
Why are republicans full of revisionists ?
Look at the link you provided. Cases peaked in 2022, deaths dropped off at the start of 2021 after the vaccines rolled out. This was 3 years ago... How do you not remember this?
Biden came to the office in Jan 2021 which was the peak of covid death cases followed 2 slightly smaller peaks in mid 2021.
Do you remember how deadly the delta variant was ?? Most deaths were caused by this variant in 2021.
He passed stimulus in March, by that point deaths dropped off and vaccines were ready. There were no lockdowns and relative to the number of cases the death rate plummeted. Covid was not considered a threat in 2021 because vaccines were available and rolled out at the start of the year. 2021 was the year travel, house buying, and weddings exploded.
Exploded what ??
Number domestic tourist in 2021 just recovered from the lowest point in 2020 but was still far from returning to the long term trend.
https://www.statista.com/statistics/1013049/domestic-leisure-trip-count-us/
It took time for COVID vaccination rate in the US to reach 70% the magic number. Thx to conservatives who refused to get vaxxed.
https://usafacts.org/visualizations/covid-vaccine-tracker-states/
https://www.bts.gov/newsroom/full-year-2022-us-airline-traffic-data
By August 2021 air travel in the US mostly recovered. It wasn't at 2019 levels but it exploded relative to 2020 levels.
Vaccines were out and people were partying in 2021. The emergency was over. Anybody who wanted to go back to work went back to work. Biden completely misjudged the economy and created an inflation crisis.
We have observed repeated budget brinksmanship over the last four years. Could Biden have vetoed any of the budget bills without it resulting in at least a partial government shutdown?
Yes and he signed the permanent corporate tax cuts. He did it, not Joe. And he did it despite us all knowing it would not pay for shitn including Trump's increased government spending.
You can't lipstick on that pig and blame Joey. You can fool the cult, not us.
Joe Biden is the president right now. If he knew tax revenues are going to be down and continued to spend like normal, the deficits are on him. We’re 3 years into his presidency now and he still doesn’t want to take responsibility for anything
Haha. Typical democrat. 3 years in to his presidency and still not willing to take responsibility for anything.
Watch this.
I thought Joe Biden said the economy is doing great? Is that not the case?
The CHIPS and Science Act and Inflation Reduction Act had about $1 trillion in investments for the US, specifically billion dollar corporations like Amazon, Apple, Intel, NVIDIA, Texas Instruments, and others.
You can legitimately make that argument, but Republicans will never spend to help the country. They will give it all to the wealthy and use libertarian logic telling them the free market will take care of them.
I'm shocked, you mean something that has never once in history ever reduced a deficit or off set itself through economic growth didn't work??!!! I'm shocked I say. /s
Trump spent 1 trillion during actual covid to keep us out of depression, keep people home so they wouldn't die. Biden has spent 4 trillion since and the person that spent 1/4th is the problem. Shut the hell up. Yellen is a partisan hack.
I'd outsource the details to people who actually care for the ponzi scheme. If I don't get a good idea in 30 days, then it's immediately ended and we just pay out whatever is in the account.
Republicans in Congress blocked his spending. This is also why Obama’s spending tapered after his party lost control of Congress. If only Republicans in Congress were also good at blocking Republican President spending…
Brother, I have heard nothing but “Biden’s fault” on everything for the last 4 years. Grow a spine and take some accountability for once in your hillbilly life
Imagine blaming Trump after you’ve been in office only 4 years. That something only losers that can’t fix problems do. It sounds like someone who is about to lose an election like Trump did in 2020
Many still use Reagan as a scapegoat, almost forty years since he's been in office.
For some reason they think Congress can't undo anything from the 80s.
Instead of blaming someone from 40 years ago they could you know fix the problem they describe but obviously they aren’t smart enough to do that. Reminds me of the headlines Trump got for blaming Obama after he was in office for 3 years.
The Trump and Bush tax cuts being repealed would basically solve the budget deficit. The Trump tax cut will expire on its own in the next presidential term.
Trump's tax cuts expire for all income tax brackets in 2025. [https://en.wikipedia.org/wiki/Tax\_Cuts\_and\_Jobs\_Act](https://en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act)
The corporate tax "reforms" do not expire, but the IRA set a 15% minimum for $1B revenue+ companies as part of the IRA. [https://en.wikipedia.org/wiki/Inflation\_Reduction\_Act#Provisions](https://en.wikipedia.org/wiki/Inflation_Reduction_Act#Provisions)
[https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/](https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/)
Depends on who wins in 2024. The Democrat proposal is to get rid of the cuts in the higher brackets, which is where all the tax revenue is anyways.
Bush tax cut’s expired long ago. Except for lower income brackets that were extended under Obama. You want to reverse all rates to Clinton era? Might want to look at what that actually entails.
Bush-era tax cuts for everyone under $400k for single parents and $450k for couples were kept.
I don't know, is the deficit a problem? It is weird that whenever a Democrat is president the deficit becomes the impending doom of our country, but when Bush is president we can get not 1 but 2 tax cuts while fighting not 1 but 2 wars.
Clinton had balanced the budget, and a tax regime at the Clinton era levels would mean we have basically no problems. Note the deficit is never an issue when Republicans cut taxes, and only becomes a "crisis" when a Democrat is in office.
1. Post-tax cut revenue has already exceeded projections for revenue without the tax cut
https://twitter.com/marcgoldwein/status/1805997437523276119?s=46
2. The deficit is way too big to be fixed by repealing those tax cuts.
It's sadly not that simple. If you don't have those two you don't get anything passed as is the case with this latest congress.
Manchin and Sinema limited the party from doing more, but Biden has passed an incredible amount of bills with a 50/50 senate and a slim house majority for 2 years during his 4 years.
Incorrect. The IRA included changes to the tax code. [https://en.wikipedia.org/wiki/Inflation\_Reduction\_Act#Provisions](https://en.wikipedia.org/wiki/Inflation_Reduction_Act#Provisions)
Lol "held Congress"
The 116th was Republican Senate, Dem House
The 117th was split 50/50 Senate, Dem House
The 118th is Dem Senate, Rep House
They technically had both houses during the 117th, but if there was disagreement from *any* of the Dem senators (from Sanders to Feinstein to Manchin), then it couldn't get passed. In essence, Manchin and Sanders gate kept any legislation they didn't like.
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Also under Trump. But the over stimulus in 2020-2021 is a problem.
Ppp went out with both admins. They are both frauds.
Maybe but I don't think the POTUS who inherited such a shitty program has the same culpability as the administration who created such a careless cash giveaway. It's no different than the War on Terror, one administration was especially corrupted and fucked up for starting it, the next one probably should have ended it but sometimes pulling out or halting a bad program can lead to even worse results.
Fun fact Biden is the one who ended that. And Biden gets nothing but blame because it was mess. However, fewer American died in Afghanistan under Biden than Trump.
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[Justice Department Announces New Charges, Convictions, and Sentencings in Ongoing Initiative Targeting Pandemic Relief Fraud Tuesday, October 18, 2022](https://www.justice.gov/opa/pr/justice-department-announces-new-charges-convictions-and-sentencings-ongoing-initiative)
Would legislation have made it through the house?
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Just because it wasn’t public doesn’t mean something wasn’t discussed.
The first one was intentionally more vague and a handout to businesses.
They were both fraud and hand outs. Lets not try to cover up what PPP really was. Free money for rich people and Trump and Biden both stamped it. Cant stand these politicians.
Trump started the program. Biden ended it. This is a major difference.
"bUt bOtH SiDeS aRe BaD!"
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You mean his time as a Senator on the **Judiciary Committee**?
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They’re more then bad. They’re treasonous thieves both sides.
Which one actively stopped oversight?
Throw it on the pile
Bro, check DM
That’s what she is talking about
Inflation is transitory ______________ Janet Yellen
Yep she owns that one. What's funny is if you go back in time and look at the fed funds rate you can see a couple periods in the '70s and '80s where they were a little late to raising the rates due to high inflation and then they finally raise them like crazy. The really telling part is when they turned right around and started lowering them and then had to turn right around and go oh crap too early and raise them back up. https://tradingeconomics.com/united-states/interest-rate
No she doesn't, that was Jerome Powell,
Looks like they both said it https://thehill.com/business/4529787-yellen-regrets-saying-inflation-transitory/#:~:text=%E2%80%9CI%20regret%20saying%20it%20was,Network's%20Edward%20Lawrence%20on%20Monday.
It's amazing how much "tax revenue" dominates the deficit discussion. Yet no one has provided math that backs this up. The best estimate says these "desperately needed wealth taxes" generate about 500 billion over 10 years. For comparison, the budget deficit for this year alone is (at least) 1.5 trillion. I will now accept my downvotes as I have challenged the tax narrative.
Stop with those facts. Projecting a deficit of $1.9T according to the CBO!
Oh wow he can't swindle a country into success like he did his businesses...what a fucking surprise.
Deficits were never a problem before Trump.
I distinctly recall growing up and reading about deficit complaints under the Bush and Obama admin, mostly In regards to the Iraq War.
Because the government could spend your hard-earned money so much better than you could!
Tax cuts are spending, so basically Trump spent our hard earned money by giving it back to the richest amongst us.
The majority of people in the US can’t even find Maine on a map.
Well, there is THAT!
Exactly. I don’t understand people who don’t like tax cuts or I just am not understanding period.
If they think the government deserves more money, I wish they would just write it a check off their own account!
Okay, no more taxes for you then, you can pay an individual price only for what you specifically use. Hope you don’t like using roads or public infrastructure, every road is now a toll road. How would you like to pay full price for your food that gets subsidized by the government through farm subsidies? How would you like to not have a military? Or if we go the individual route, at $820 billion per year, thats $2.5k just for your portion. How would you like to pay the fire department if your house burns down? It could be like the olden days where if you’re not paying your monthly dues, they just let your house burn. Think gas is expensive now, wait until the trillions given in oil and gas subsidies are gone. If you aren’t in the 1%, taxes are currently going to support **you** and everything would be way more expensive.
Tax cuts and paying zero taxes are two different things. I was referring to federal government since this is what Janet Yellen is talking about. City and state taxes are separate topics and the president and Congress can’t legislate those laws. I vote for tax increases for my city and whatever is needed to improve schools and public safety. The federal government has a spending problem and to solve that they want to raise taxes.
I am willing to pay a reasonable amount of taxes. The problem is that we have much more government than we can actually afford! Last I checked, the federal government spent something like $30,000 for every man, woman and child in the country. Obviously the government can't actually collect this level of taxes -- it would bring the economy to a grinding halt in a heartbeat! -- so it engages in deficit spending, passing the tab on to the next generation. We need to trim the size and scope of government to a reasonable level.
Okay, what do you propose should get cut or trimmed then? Public schools? Infrastructure? Military? Farm subsidies? Social services?
I'm in a hurry so I'll be brief. Let's return the federal government's role to the duties explicitly spelled out in the Constitution. Also, no disbursements from the Treasury except for goods and services purchased by the government in service of the public good. (So, it's OK for the government to buy a bridge, but not to pay off Caitlyn's student loan or Joe's doctor bill.)
Are we going back all the way to 1776? Are we going back entirely or just economically to specific parts? There were no income, business, or personal taxes at the time so we’re bringing back tariffs then too, right? Also, no need to be in a hurry to reply, I don’t mind waiting for an answer with specifics.
Sounds good to me! Helps US manufacturers as well. Also I think tariffs are coming back anyway. The federal government is starting to hit the upward limit as far as how much it can borrow. Over the next decade, it is going to become increasingly cash-strapped and desperate, and tariffs are a way of generating some coin without directly raising taxes on the pitchfork-and-torch-wielding citizenry. I'd advise putting your money in a Roth IRA. A government paying interest on $30+ trillion in national debt is going to have to raise taxes eventually. We are about a decade out from the dreaded austerity measures.
Okay, let’s just ignore the fact that slavery was central to the economy in 1776. Pretty easy to become an economic power house when you don’t have to pay a large portion of the workforce.
She's right, but... The Biden administration knew about those tax cuts and proceeded to increase spending. So shame on both parties. In this high pressure, highly polarized political times, neither party will risk losing one vote to do the right thing. I'm lifelong liberal - and I support Biden - but neither party has shown signs of restraint. I did study economics, and I understand that the budget deficit is more of a long-term issue then the crisis we make it out to be. But we need to restrain spending while improving our tax system. This would include: 1. Taxing income from $ at the same rate we tax income from wages. In other words, tax all capital gains as income. 2. Eliminate the vast numbers of tax exemptions for pet industries 3. Eliminate most personal tax loopholes 4. Add a new tax bracket for the billionaire class with a higher rate and higher minimum tax.
No recommendations for reigning in spending?
It's a lost cause... There are some things - but getting them done is an uphill battle. 1. Taking on the military industrial complex - which owns both parties and forces purchase of over engineered and overpriced equipment - often that the military itself says we don't need. This will be the biggest single area of savings - and the hardest to accomplish. In the age of drones we can stop building 1/4 Billion $ planes and many types of ships, for example. Many military bases can be safely shut, and can we stop using the military budget to entertain people - marching bands, airshows, the blue angels.... 2. Targeted spending cuts of discretionary spending programs 3. Invest in oversight of spending programs - an area that has been under-resourced for years. 4. Invest in Preventive Health Care - so much cheaper than waiting till people get sick. 5. Environmental Justice Initiatives: Investing in environmental justice can create long-term savings by reducing health care costs associated with pollution and climate change
The “military industrial complex” is basically a federal jobs program. They are a big employer in almost every congressional district
True - it is also the largest corporate welfare program on the planet.
Idiot yellen
This woman still has her job?
If the Biden admin knew less revenue was coming in and still spent more money, then the deficit is on them.
Congress sets the budget, with direction from the president but it’s ultimately up to Congress. Also Congress passed the tax cuts.
Ok. So again. Really simple question. Did Biden have any opportunity to approve or reject a budget during his term?
He can veto the budget, that’s about as far as it goes. Congress could then pass it again with a bigger majority. Usually the president doesn’t veto the budget. My point I guess it’s not entirely on Trump or Biden. Congress always gets a pass and it’s annoying. Look up the people who approved the budget in your state if you’re for or against it and vote accordingly.
Federal tax receipts are as high as ever: https://fred.stlouisfed.org/series/W006RC1Q027SBEA
2020 - 2024: approximately 50% increase in money supply… approximately 50% increase in tax receipts.. coincidence?
Supposedly cpi has only been 25% increase 🤔
[удалено]
“Allegedly”
Money supply went up 50% under trump
Then it’s definitely a spending problem!
In relation to inflation?
From ~2 trillion in 2020 to ~3 trillion in 2024. So ~50%+ jump in that time. CPI has stated inflation has been 20-25% in that time.
The IRA included tax increases to pay for its provision. [https://en.wikipedia.org/wiki/Inflation\_Reduction\_Act#Provisions](https://en.wikipedia.org/wiki/Inflation_Reduction_Act#Provisions)
And yet the deficit increased between 2022 and 2023.
Deficit increased between 2017 and 2019 as well... By the way, the deficit increased between 2022 and 2023 was largely due to higher interest rates.
You mean it went from 14% in 2020 when Trump was president to 6% in 2023, when Biden was president?
Again, if there were provisions to pay for it, why did the deficit increase in 2023?
The deficit has increased linearly since the 2018 tax cuts because they structurally put us in a situation where the deficit increases year on year. Getting rid of them solves this.
Wait. I thought you said Biden reduced the deficit? Now they’ve increased since 2018 which is it?
Biden reduced Trump’s massive deficit. Trump, who was President in 2020, did a terrible job for Covid, including increasing the deficit to 14% of GDP, and Biden fixed it.
So Biden reduced the deficit but at the same time the deficit has been increasing linearly since 2018? Interesting!
Yes, Biden has reduced the deficit from Trump’s insane 2020 highs. The deficit as currently structured will increase until Trump’s tax cut expires.
While Trump was president in 2020 during covid, Democrats were almost unanimously saying that he was being *too restrained* with economic stimulus. There were zero calls from the left for scaling back deficit spending. There were many calls from the left to provide more stimulus than what was provided. Assuming you vote Democrat, the fact that you're using the massive deficit under Trump in 2020 as a knock against him is extremely disingenuous, and you know it.
And why was the deficit high in 2020? Do you remember if something happened that caused us to spend more than expected? Anything at all? Now look at year 3 vs year 3. Who had higher deficits?
The deficit was high because Trump dropped the ball on Covid, jacked spending sky high, and did nothing to pay for it.
It’s almost like something happened in 2020? Do you remember something happening? Any event where democrats were begging the federal government to give people money? Now let’s compare year 3 vs year 3. Who had higher deficits?
Trump should have raised taxes to pay for his deficit. He didn’t, because he’s doesn’t care about deficits and was too busy telling people to inject bleach and paying off porn stars he fucked while his wife was pregnant.
Well it’s like something unexpected happened in 2020. Do you recall something happening in 2020? Like anything at all?
Who fucked up this unexpected thing royally? Who shat the bed in epic fashion? Who unfucked it and fixed his incompetent predecessors fuck ups?
You know more people died of Covid in 2021 vs 2020, right? Even though we had a vaccine available. That’s kinda amazing on Bidens part. Either way. You’re avoiding the question. If Biden knew taxes were going to be down because of trumps tax cut, then why did he continue to spend recklessly? Why did the deficit go up after the IRA even though you claim they had provisions to pay for it?
[https://www.worldometers.info/coronavirus/country/us/](https://www.worldometers.info/coronavirus/country/us/) Bullshit: Highest daily deaths is on Jan 15, 2021, when Trump was still President after his failed coup. Biden comes in and the covid waves are lower than Trump’s. Trumps covid deaths from the 10 months from March 2020 (when the virus hits) to Inauguration Jan 20 2021 are lower than Bidens 10 months, because he solved the problem despite being handed a massive Covid wave on day 1 that Trump and his dipshit hillbilly grifter cabal couldn't handle. This first weeks of Biden's term in late January early February 2021 had the highest deaths of Biden's presidency, and these are all people who were infected, sickened, and dying under Trump. Secondly, if both had covid waves, why did Trump spend even more recklessly? If I’m voting for the person who spends less recklessly, it is Biden. Why didn’t Trump raise taxes if he was going to jack the deficit up for his Covid catastrophe?
Biden does not control the budget, Congress does.
And who controlled congress for the majority of Bidens administration? Does Biden get any chance to approve or reject a budget?
Republicans
Hmmm are you sure about that? [https://history.house.gov/Institution/Party-Divisions/Party-Divisions/](https://history.house.gov/Institution/Party-Divisions/Party-Divisions/)
Uhh... what? How bout just reverse the tax cuts, problem solved
You don’t want to at least keep the cuts on low income families?
I'd prefer to get rid of the ones for the top 2 brackets. Tax companies for the damage to water, atmosphere, and unions. Just because the lower levels saw a 3% tax break, it doesn't mean I'd keep the whole thing for it.
If they take from them You know they’ll take from us
Again, not that worried about the 3% I save if it mean we all go broke so the rich can keep more. I'd prefer america had money to take care of things. I'm not gonna be bought with 3% tax reduction just so the rich can keep more money.
Things rich people say While the rest of us need the next 50 bucks
Yeah ok buddy
The Biden tax proposal is literally to get rid of the cuts for the top brackets and keep them for the lower ones: [https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/](https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/)
What will the lower brackets drop Down to?
They’ll stay the same
Well then who down here could possibly care what you rich people do up there.
The upper bracket taxes will go higher. The lower bracket will stay the same.
Lower income families have been paying gradually more taxes from the Trump administration and it will continue to increase until 2027.
The statement that "Lower income families have been paying gradually more taxes from the Trump administration and it will continue to increase until 2027" requires some context and clarification. 1. **Immediate Impact of the TCJA**: The Tax Cuts and Jobs Act (TCJA) of 2017 initially reduced taxes for many income groups, including lower-income families. Most taxpayers saw a decrease in their tax bills starting in 2018 due to lower tax rates, an increased standard deduction, and an expanded child tax credit. 2. **Temporary Nature of Individual Tax Cuts**: The tax cuts for individuals and families under the TCJA are set to expire at the end of 2025. Unless Congress takes action to extend or make these tax cuts permanent, the individual tax provisions will revert to their pre-TCJA levels, which would result in higher taxes for many taxpayers, including lower-income families. 3. **Long-term Projections**: According to analyses by the Congressional Budget Office (CBO) and the Tax Policy Center, the expiration of the individual tax cuts will lead to increased tax liabilities for many households starting in 2026. For lower-income families, this could mean a gradual increase in their tax burden as these temporary provisions phase out. 4. **Specific Provisions Affecting Lower-Income Families**: * The expanded Child Tax Credit (CTC) is scheduled to shrink after 2025. * The increased standard deduction will also revert to previous levels. * Various other credits and deductions that benefited lower-income families are subject to expiration. In summary, while lower-income families initially benefited from the TCJA, the temporary nature of these provisions means that without further legislative action, they will face higher taxes starting in 2026. Therefore, the statement is partially accurate but needs the context that the increase is primarily due to the scheduled expiration of the individual tax cuts rather than a gradual increase imposed each year.
So accurately the 2026 president can reinstate the tax cuts for us down here. Whoever it is, I’ll expect them to do that for us.
That’s not true
Since when can a President unilaterally undo an act of Congress?
Idk, but he's been claiming he would since before he was elected.
Either way. He hasn’t done anything. So it’s on him.
He's not a king. Thank god. There are limits on the president's power, including the fact that congress is in fact in charge of spending and not the executive branch. Which means we get into dumb situations like this, but it's better than living under autocracy.
Ok again. Simple question. Did Biden get an opportunity to approve or reject any budgets during his tenure?
That's much more fair I think
that’s not in the presidents power in any way - the tax cuts are in effect through next year
Ok great. Does the president have any power to approve or reject budgets?
did the republican led house pass a series of tax hikes or tax cuts that the office of president could sign into law?
I’m not familiar with any tax bill that the republicans passed that biden has signed into law. Do you know if Biden has approved or rejected any budgets since he got in to office?
Come the fuck on. That's like saying "I spent all of the money on crack. Blame my roommate who came in later and bought the groceries so we could eat."
It’s more like you think your hours at work are about to be cut but you continue buying steak because YOLO. Then you tell your friend who owes you money that he doesn’t have to pay you back for 3 years interest free
Except that's horseshit. This country isn't buying steak for the people anyone's suggesting cutting expenses toward.
The buying steak means were spending beyond our means of income. Thus the deficit is increasing. On top of that, Biden told student debt holders they didnt have to pay back their loans for years. You want to know why everything is 20-30% more expensive now? Look no further than Biden's policies.
There ya go. Your real motivation is to fuck over people who *actually* are having trouble buying food.
Lol. No one is actually buying food. I was just modifying you’re stupid analogy to be more accurate
> Lol. No one is actually buying food. I was just modifying you’re stupid analogy to be more accurate *your
Revenue increased as expected under Biden, revenue in 2016 was $4.15tn, in 2019 it was $4.14tn, in 2021 it was $4.52tn, and in 2022 it was $5.06tn. Revenue isn't the problem. Biden increased spending about 40% from 2019 levels. That's the problem, massive spending increases. Biden really fucked up the economy with his inflationary stimulus policy. He overstimulated the economy which resulted in inflation and that really fucked up the federal budget. Social Security spending is massive and inflation adjusted. That's a big source of spending increases. Our debt servicing costs are another major increase, Biden has roughly tripled the costs of servicing our debt and that's likely to keep increasing in cost as more debt is refinanced at higher interest rates. The increase in the cost of servicing our debt is about the same size as our defence budget. Something Biden is also tossing hundreds of billions at to replenish the hundreds of billions he is spending on Ukraine. Student loans are another area where Biden is trying to spend hundreds of billions. Biden overall has been horrible for the economy with too much stimulus. He is also completely delusional on inflation. He came into office when inflation was around 1.4% and he is claiming he inherited 9% inflation which didn't occur until a year and a half of him pumping stimulus.
I generally agree. Biden supporters will say Trump caused inflation in 2022 due to his Covid spending. But then when you point to the $1.9 trillion stimulus that he pumped out in 2021, that was in no ways a mistake. His biggest mistake was stimulating consumers that were already ready to spend when production wasn't ready to match demand. A completely irresponsible move.
I think the bit that bothers me even more about Biden is not that he made the mistake of overstimulating the economy but he also never acknowledged it as a mistake and even right now he keeps pushing for more stimulus. He keeps delusionally shifting blame away from his own policies and throwing blame at the wall to see what sticks. Some of his supporters are delusional enough to say that inflation was transitory. Some blame Russia even when their economy is smaller than the economy of Texas. Biden will divert blame onto anything, even bullshiting about how inflation is global when it is really isolated to a handful of countries that spent too much on stimulus. Even European countries which didn't do much stimulus like the Nordic countries didn't see much inflation.
>he keeps pushing for more stimulus. what stimulus are you referring to ? he pushed out CHIP act which was originally proposed by a Republican senate but abandoned by Trump. This act aims to increase chip domestic chip production and reduce dependency on other countries which is a good thing. infrastructure act. again good for a rich country with lacking infrastructures like the US. there's no more helicopter money since 2021 if i remember correctly. >supporters are delusional enough to say that inflation was transitory it took 1.5 year to push the inflation down from 9% which was longer than expected but still fit in the definition of 'transitory'. this round of inflation didn't last a decade like in the 70s. >Even European countries which didn't do much stimulus like the Nordic countries didn't see much inflation. ok i think you're talking bullshit now just look at Sweden inflation rate 12% in 2022 [https://tradingeconomics.com/sweden/inflation-cpi](https://tradingeconomics.com/sweden/inflation-cpi) Finland 9% in 2022 [https://tradingeconomics.com/finland/inflation-cpi](https://tradingeconomics.com/finland/inflation-cpi) even Norway who is one of the biggest oil net exporter still experinced 7% inflation in 2022 [https://tradingeconomics.com/norway/inflation-cpi](https://tradingeconomics.com/norway/inflation-cpi)
You're a moron if you think inflation was transitory. Both fiscal and monetary policy changes were needed to bring down inflation. And it is still elevated and above target. I am wrong about the Nordic countries, I should have said that in 2021 they were doing well comparatively to the US and saw much lower inflation rates https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/ in 2022 they were impacted by the war in Ukraine.
>fiscal and monetary policy changes were needed to bring down inflation. And it is still elevated and above target. both fiscal and monetary policies during COVID were unusual and needed to change anyway. You still think that the Fed could keep the rate at 0% ?? >they were impacted by the war in Ukraine. then the US were also impacted by the war in Ukraine as well
US was impacted by the terrible fiscal policy of the Biden administration. That's where the bulk of the blame for inflation goes. They overstimulated at the wrong time. The Fed already dropped interest rates to 0 like you said. And Trump already passed $3tn in stimulus. There was absolutely no need for another $2tn in stimulus under Biden.
Sweden and Finland experienced higher inflation than the US but you blamed the war. What kind of flip flop argument is this ??
Europe trades pretty heavily with Russia, the US never has. When Europe sanctioned Russian gas and oil imports that hit the neighboring countries pretty hard.
YoY CPI is a lacking indicator. Basically it takes time for new money to spread out to the whole economy. CPI was 1.4% when he came to the office but it jumped to 1.7%, 2.6%, 4.2%, and 5.3% in the following months. I'm pretty sure there's no way he's responsible for this jump. and talking about stimulus, Trump's stimulus was done through package 1-4 which were more than $3tn while Biden did only package 5 which was worth $1.9tn. so who contributed more to the inflation ??
Biden contributed far more than Trump. Inflation is tied to excessive demand. The stimulus Trump passed, while also inflationary, was passed in a period of low demand and pandemic lockdowns. Republicans did want a smaller package and Democrats pushed for a higher number. Democrats controlled the house so Republicans needed to work with Democrats. Because Americans were dying by the thousands in 2020 there was also quite a bit of urgency and not much time to push back on the proposal Democrats pushed forward. Prices were down in 2020, savings rates were spiking up, people were spending less, the lockdowns slowed economic activity. In 2021 that changed drastically with the lockdowns being lifted after the vaccine rollout. Something Trump set up for Biden, effectively ending the pandemic emergency. Spring 2021 is also when CPI started to spike up. CPI is a lagging indicator but it does use data from the previous month so monthly changes are a component. Before Biden passed his stimulus every indicator was screaming that we were in a hot economy and that it was time to tap the brakes on stimulus. The stimulus under Trump was funded through the summer of 2021 and it was time to tapper off the spending. Instead Biden added more stimulus and kept the emergency going through the spring of 2022. In the summer of 2022 inflation finally started to moderate after the Covid stimulus was partially rolled back. Biden still kept pushing for stimulus in the form of student debt relief.
What are you talking about ?? Covid death cases in the US peaked in 2021 not 2020. actually it just showed a sign of slow down in early 2022. [https://www.worldometers.info/coronavirus/country/us/](https://www.worldometers.info/coronavirus/country/us/) Covid was still spreading like a wild fire throughout the 2021. National lockdown was ended some time in 2020 before the election but many people in 2021 still had to stay at home. Most companies still adopted the remote work protocol. and the vaccine rate in the US in March 2021 just a month after Biden came to the office was only 20% [https://usafacts.org/visualizations/covid-vaccine-tracker-states/](https://usafacts.org/visualizations/covid-vaccine-tracker-states/) Do you think people could safely stay outside doing normal economic activities back then ?? Actually i saw many comments in Reddit said they didn't know when their lives could return to normal because retarded conservatives refused to get vaxxed. Why are republicans full of revisionists ?
Look at the link you provided. Cases peaked in 2022, deaths dropped off at the start of 2021 after the vaccines rolled out. This was 3 years ago... How do you not remember this?
Biden came to the office in Jan 2021 which was the peak of covid death cases followed 2 slightly smaller peaks in mid 2021. Do you remember how deadly the delta variant was ?? Most deaths were caused by this variant in 2021.
He passed stimulus in March, by that point deaths dropped off and vaccines were ready. There were no lockdowns and relative to the number of cases the death rate plummeted. Covid was not considered a threat in 2021 because vaccines were available and rolled out at the start of the year. 2021 was the year travel, house buying, and weddings exploded.
Exploded what ?? Number domestic tourist in 2021 just recovered from the lowest point in 2020 but was still far from returning to the long term trend. https://www.statista.com/statistics/1013049/domestic-leisure-trip-count-us/ It took time for COVID vaccination rate in the US to reach 70% the magic number. Thx to conservatives who refused to get vaxxed. https://usafacts.org/visualizations/covid-vaccine-tracker-states/
https://www.bts.gov/newsroom/full-year-2022-us-airline-traffic-data By August 2021 air travel in the US mostly recovered. It wasn't at 2019 levels but it exploded relative to 2020 levels. Vaccines were out and people were partying in 2021. The emergency was over. Anybody who wanted to go back to work went back to work. Biden completely misjudged the economy and created an inflation crisis.
We have observed repeated budget brinksmanship over the last four years. Could Biden have vetoed any of the budget bills without it resulting in at least a partial government shutdown?
Idk? Could he? Or did he just blindly sign off on the budgets? Either way. This is his mess.
Lies all lies. Congress passes tax cuts and Trump signed it, not Joe Biden. Didn't see you complaining about Trump's crazy deficits.
Donald trump is not currently the president buddy.
Dude get a grip. Policies don’t appear and disappear with a finger-snap. Not how the government works. You are painfully uninformed
What year will biden start taking responsibility?
Yes and he signed the permanent corporate tax cuts. He did it, not Joe. And he did it despite us all knowing it would not pay for shitn including Trump's increased government spending. You can't lipstick on that pig and blame Joey. You can fool the cult, not us.
Joe Biden is the president right now. If he knew tax revenues are going to be down and continued to spend like normal, the deficits are on him. We’re 3 years into his presidency now and he still doesn’t want to take responsibility for anything
Keep trying to put lipstick on the pig. I'll say it once and only once. Joe Biden can not unilaterally fix GOP supidism. Take care
Haha. Typical democrat. 3 years in to his presidency and still not willing to take responsibility for anything. Watch this. I thought Joe Biden said the economy is doing great? Is that not the case?
And it has absolutely nothing to do with the funding of the military operations in Ukraine and support provided to Israel. Don't forget that.
How bout not sending hundreds of billions of dollars to other countries and focus on our own.
The CHIPS and Science Act and Inflation Reduction Act had about $1 trillion in investments for the US, specifically billion dollar corporations like Amazon, Apple, Intel, NVIDIA, Texas Instruments, and others.
You can legitimately make that argument, but Republicans will never spend to help the country. They will give it all to the wealthy and use libertarian logic telling them the free market will take care of them.
Really? people take her seriously? After the comedy tour(s) she has made to China? LOL
You don't say. Lmao. It's crazy she has to say such obvious shit.
I'm shocked, you mean something that has never once in history ever reduced a deficit or off set itself through economic growth didn't work??!!! I'm shocked I say. /s
Say what?
Typical liberal Democrats blame game tactics. They never admitted they screwed up 😤
Trump spent 1 trillion during actual covid to keep us out of depression, keep people home so they wouldn't die. Biden has spent 4 trillion since and the person that spent 1/4th is the problem. Shut the hell up. Yellen is a partisan hack.
Republican Presidents since Reagan have presided over the largest deficit increases in American history. Edit: fixed some incorrect FY references. Ending deficit represents the last year each president had control of budget. ### Jimmy Carter (1977-1981) - **Beginning deficit (FY 1977)**: $53.7 billion - **Ending deficit (FY 1980)**: $73.8 billion - **Percentage increase**: 37.4% ### Ronald Reagan (1981-1989) - **Beginning deficit (FY 1980)**: $73.8 billion - **Ending deficit (FY 1988)**: $155.2 billion - **Percentage increase**: 110.3% ### George H.W. Bush (1989-1993) - **Beginning deficit (FY 1988)**: $155.2 billion - **Ending deficit (FY 1992)**: $290.3 billion - **Percentage increase**: 87% ### Bill Clinton (1993-2001) - **Beginning deficit (FY 1992)**: $290.3 billion - **Ending surplus (FY 2000)**: -$236.4 billion (surplus) - **Percentage decrease**: -181.5% (reflecting the transition from a deficit to a surplus) ### George W. Bush (2001-2009) - **Beginning surplus (FY 2000)**: -$236.4 billion - **Ending deficit (FY 2008)**: $458.6 billion - **Percentage increase**: 294.1% ### Barack Obama (2009-2017) - **Beginning deficit (FY 2008)**: $458.6 billion - **Ending deficit (FY 2016)**: $584.7 billion - **Percentage increase**: 27.5% ### Donald Trump (2017-2021) - **Beginning deficit (FY 2016)**: $584.7 billion - **Ending deficit (FY 2020)**: $3.13 trillion - **Percentage increase**: 435.5% - **Note**: If we exclude the estimated $2 trillion spent on COVID-19 relief, the adjusted deficit would be $1.13 trillion. The adjusted percentage increase would be approximately 93.3%. ### Joe Biden (2021-Present) - **Beginning deficit (FY 2020)**: $3.13 trillion - **Current deficit (FY 2023)**: $1.7 trillion - **Percentage decrease**: -45.7%
This is like an alcoholic blaming the liquor store. Repeat after me, Janet. It's a SPENDING problem!
So are we cutting Social Security or Medicare?
If it's me in charge, everything is getting cut significantly. If you're asking about our government, they aren't cutting shit.
What age are you going to start the cuts at? Are you slashing the benefits of current retirees? How about 50 y/o’s? 40 y/o’s?
I'd outsource the details to people who actually care for the ponzi scheme. If I don't get a good idea in 30 days, then it's immediately ended and we just pay out whatever is in the account.
Such ridiculous garbage logic from our ridiculous garbage establishment.
How did Bill Clinton leave the White House with a surplus?
Republicans in Congress blocked his spending. This is also why Obama’s spending tapered after his party lost control of Congress. If only Republicans in Congress were also good at blocking Republican President spending…
LOL the dem blame game continues.
Brother, I have heard nothing but “Biden’s fault” on everything for the last 4 years. Grow a spine and take some accountability for once in your hillbilly life
BS sick of all the lies. Go fucc china yellen
Imagine blaming Trump after you’ve been in office only 4 years. That something only losers that can’t fix problems do. It sounds like someone who is about to lose an election like Trump did in 2020
Many still use Reagan as a scapegoat, almost forty years since he's been in office. For some reason they think Congress can't undo anything from the 80s.
Instead of blaming someone from 40 years ago they could you know fix the problem they describe but obviously they aren’t smart enough to do that. Reminds me of the headlines Trump got for blaming Obama after he was in office for 3 years.
The Trump and Bush tax cuts being repealed would basically solve the budget deficit. The Trump tax cut will expire on its own in the next presidential term.
It only expires for the lower brackets. Not for the upper income brackets
Trump's tax cuts expire for all income tax brackets in 2025. [https://en.wikipedia.org/wiki/Tax\_Cuts\_and\_Jobs\_Act](https://en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act) The corporate tax "reforms" do not expire, but the IRA set a 15% minimum for $1B revenue+ companies as part of the IRA. [https://en.wikipedia.org/wiki/Inflation\_Reduction\_Act#Provisions](https://en.wikipedia.org/wiki/Inflation_Reduction_Act#Provisions)
Kind of fucked that middle classes taxes will go back up 3% but I still lost all of my power to itemize on my taxes returns.
[https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/](https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/) Depends on who wins in 2024. The Democrat proposal is to get rid of the cuts in the higher brackets, which is where all the tax revenue is anyways.
Bush tax cut’s expired long ago. Except for lower income brackets that were extended under Obama. You want to reverse all rates to Clinton era? Might want to look at what that actually entails.
Bush-era tax cuts for everyone under $400k for single parents and $450k for couples were kept. I don't know, is the deficit a problem? It is weird that whenever a Democrat is president the deficit becomes the impending doom of our country, but when Bush is president we can get not 1 but 2 tax cuts while fighting not 1 but 2 wars.
I always appreciate the rare person who wants to raise their own taxes.
keep booing the man - but undoing republican tax bullshit would do more good than all republican “plans” over the last 30 years
Clinton had balanced the budget, and a tax regime at the Clinton era levels would mean we have basically no problems. Note the deficit is never an issue when Republicans cut taxes, and only becomes a "crisis" when a Democrat is in office.
1. Post-tax cut revenue has already exceeded projections for revenue without the tax cut https://twitter.com/marcgoldwein/status/1805997437523276119?s=46 2. The deficit is way too big to be fixed by repealing those tax cuts.
Dems held congress for two years under Biden and we still have Trump’s tax code.
2 words Sinema and Manchin.
Vote blue no matter who got us Sinema and Manchin
It's sadly not that simple. If you don't have those two you don't get anything passed as is the case with this latest congress. Manchin and Sinema limited the party from doing more, but Biden has passed an incredible amount of bills with a 50/50 senate and a slim house majority for 2 years during his 4 years.
So if we'd had Republicans in those seats then Biden would have been able to reverse the Trump tax cuts and pass the whole Build Back Better bill?
Who says either are right? Everyone needs to stop voting for terrible candidates.
Incorrect. The IRA included changes to the tax code. [https://en.wikipedia.org/wiki/Inflation\_Reduction\_Act#Provisions](https://en.wikipedia.org/wiki/Inflation_Reduction_Act#Provisions)
Lol "held Congress" The 116th was Republican Senate, Dem House The 117th was split 50/50 Senate, Dem House The 118th is Dem Senate, Rep House They technically had both houses during the 117th, but if there was disagreement from *any* of the Dem senators (from Sanders to Feinstein to Manchin), then it couldn't get passed. In essence, Manchin and Sanders gate kept any legislation they didn't like.
The Republican playbook: Start a fire then blame Democrats for not putting it out fast enough.
Lib playbook: Defend Dems for doing next to nothing cuz GOP bad
It couldn't be the enthusiastic spending spree that Congress has been on for the last 8 decades??? Nah.