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Trump doesn't want his Repub Party and the country to wait until his Fed Chairman appointee gets around to blundering us into another Great Repub Recession / Depression and Massive Jobs Destruction. No, he wants his Repub Party to produce another one by June 1 if not sooner!
[B]Trump urges GOP to let U.S. default on debt if Dems don't accept spending cuts[/B]
[URL]https://www.cnbc.com/2023/05/11/trump-endorses-debt-ceiling-default.html?__source=androidappshare[/URL]
[QUOTE=EihTooms;2815795]Also, so now you are saying the inevitable but transitory Trump's Pandemic Crash rebound-related inflation was the fault of Trump and his Repubs for passing the TCJA, which you are now crediting with that rebound? I thought it was evil Joe Biden and his evil Dems who caused that inflation by putting too much money into Americans' pockets and all that. Which flies in the face of what happened when, according to you, Americans had more money put into their pockets by those fabulous Repub tax cuts.[/QUOTE]OK, let's look at inflation. At the end of February, 2021, YoY CPI inflation was running 1.7% per year. The Democrats' $1. 9 trillion American rescue plan (ARP) was passed in March, 2021, and the government mailed out $1400 checks to most Americans that month. This was despite the fact that the economy was already humming. The annualized quarterly change in GDP was 35.3% in 3Q 2020, 3.9% in 4Q 2020, and 6.3% in 1Q 2021. Larry Summers noted that COVID had reduced wages by about $250 to $300 billion over the course of 2020. Trump and Pelosi pushed through $900 billion of stimulus in December, 2020 -- the amount would have been much higher if not for the restraining influence of Republican Senators. Then Biden and a Democratic Congress follow up with $1.9 trillion more three months later (the ARP), without a single Republican vote. That was 9% of GDP! So you have 0.9 trillion + 1.9 trillion = 2. 8 trillion in stimulus to bridge a $250 billion to $300 billion gap in reduced wages. That resulted in a savings overhang (savings in excess of what it would have been without the stimulus) of about $2.5 trillion. That is, $2.5 trillion more in cash, chasing goods and services when consumers decided to spend the money.
That's a great recipe for inflation, and that's what happened. At the end of February, 2021, YoY inflation was running 1.7%. The ARP checks again went out in March of 2021. April inflation was 4.2%, and May was 5.0%. Inflation in Europe for the same two months was 1.6% and 2% respectively.
So, again, Biden et al's 1.9 trillion stimulus represented about 9% of GDP, pumped into the economy at the worst possible time.
How much extra money was left in the hands of the people and businesses as a result of the TCJA during the year after the ARP was passed? Well, based on earlier estimates, about 160 billion, or about 0.8% of GDP. It might have been a lot less. Government revenues were 17.4% of GDP in the year ended September 30,2021, and 19.2% of GDP in the year ended September 30,2022. Those numbers are above the long term average (1970 to 2019) of 17%. So maybe the "stimulus" provided by the TCJA in the year after the ARP was passed was considerably less than 0 8%.
But yeah, if it makes you feel secure in the superiority of Democratic Politicians, and you some how identify with that, go on believing that it was the TCJA that kicked off inflation.
[QUOTE=EihTooms;2815878]Trump doesn't want his Repub Party and the country to wait until his Fed Chairman appointee gets around to blundering us into another Great Repub Recession / Depression and Massive Jobs Destruction. No, he wants his Repub Party to produce another one by June 1 if not sooner!
[B]Trump urges GOP to let U.S. default on debt if Dems don't accept spending cuts[/B]
[URL]https://www.cnbc.com/2023/05/11/trump-endorses-debt-ceiling-default.html?__source=androidappshare[/URL][/QUOTE]If there is a default, it's because Biden and Yellen and others want a default for political purposes. All they have to do is maintain interest payments on the debt and cut other government expenditures, and there will be no default.
[QUOTE=ChuchoLoco;2815791]And I want reparations too. My family came here and built the steel mills over an hundred years ago. They were severely discriminated against by WASPs. You must be nuts or related to those who are crying. Will you contribute? Reparations have no benefit except to those who do nothing to deserve another handout.[/QUOTE]If you read my comment again you will note that I didn't express an opinion. And I am not from USA or Europe so I won't be asked to pay anything.
I am not familiar with your fmily story nor what a WASP is. So I am not position to comment on that. BUt what makes you say "Reparations have no benefit except to those who do nothing to deserve another handout. " IS there a historical record to support your claim?
Let's say I qualify for a payment. I use the money to start a small business that provide for me and my family. This means that I would not qualify for or deserve another benefit, yet the reparation have provided benefit. So surely this is an example which contradicts your statement?
Fascinating idea put forward here. I am not sure I have ever heard it myself. Its about how capitalism (remember, the freedom ideology) requires closed borders in order to function well.
[URL]https://www.youtube.com/watch?v=kXrWtRZofmE&t=823s[/URL]
Watch it until 20 min mark. You can apply this to USA too, although its a UK news show.
[QUOTE=Tiny12;2816091]If there is a default, it's because Biden and Yellen and others want a default for political purposes. All they have to do is maintain interest payments on the debt and cut other government expenditures, and there will be no default.[/QUOTE]So just "pay the interest" and "cut other government expenditures"?
How about we demonstrate to the world that we are not all Deadbeat Repubs here who can't be trusted to pay the bills Trump and Deadbeat Repubs racked up to the tune of 25% of all the debt the USA had racked up since the beginning without any bullshit hostage-taking and still damaging brinkmanship that might again result in Deadbeat Repubs lowering our credit rating?
You know, the way Deadbeat Repubs did at least 3 times under Trump when he and they added $Trillions to the debt / deficit with practically nothing of value to show for it even before Trump laid the groundwork for, created and developed Trump's Pandemic.
[QUOTE=JustTK;2816121]If you read my comment again you will note that I didn't express an opinion. And I am not from USA or Europe so I won't be asked to pay anything.
I am not familiar with your fmily story nor what a WASP is. So I am not position to comment on that. BUt what makes you say "Reparations have no benefit except to those who do nothing to deserve another handout. " IS there a historical record to support your claim?
Let's say I qualify for a payment. I use the money to start a small business that provide for me and my family. This means that I would not qualify for or deserve another benefit, yet the reparation have provided benefit. So surely this is an example which contradicts your statement?[/QUOTE]Start a business with your own money not some undeserved handout. I agree with you on many things but since you are not from USA you really can't know or promote such a thing. I think maybe you are from South Africa and even though there was minority white rule and segregation, it's a totally different history and situation. I wish slavered never took place but it was the Dutch who did most. WASP is white Anglo Saxon Protestant. I did study some about Mandela just a few years ago and he was a most incredible man. We all should be more like him. When I was young, Imwas a carpenter apprentice during the 70's. Jobs were impossible to get. But the city I lived in received a lot of federal money. There was a black mayor and his policy was that all jobs had to be manned by minorities! No whites! I lived in that shit hole city but couldn't work there! That's when I learned about reverse racism and changed my mind about the whole poor black men.
You can't understand but it's a real sore spot with me. Unless you have lived in a neighborhood or city that changed racially you can't relate. No personal attack on you.
[B]Republicans Finally Admit They Have No Incriminating Evidence on Joe Biden.
A 65-page report, a press conference, and nothing to show for it.
May 11, 2023[/B]
[URL]https://newrepublic.com/post/172627/republicans-admit-no-incriminating-evidence-joe-biden[/URL]
[QUOTE]Republicans big investigation into the Biden family has revealed not a lot.
The House GOP accused Joe Biden and his family on Wednesday of engaging in business with foreign entitiesbut were unable to provide any actual evidence linking the president to any wrongdoing.
House Oversight Committee Chair James Comer released a 65-page memo detailing a sprawling investigation into Biden and some of his relatives, particularly his son Hunter Biden. Nowhere in the massive document was there a specific allegation of a crime committed by Biden or any of his relatives.
During a press conference explaining the investigation, Comer was asked if he had evidence directly linking Biden to corruption. The Kentucky Republican hemmed and hawed but ultimately admitted he didnt.
The memo accuses the Biden family of involvement in a scheme to peddle influence in Romania from 2015 to 2017, as well as financial dealings with individuals in China. Hunter Bidens name comes up repeatedly. But the memo contains scant details of all of these alleged dealings, nor does it contain any evidence that any laws were broken or that Biden was involved in his sons Chinese business.[/QUOTE]Never fear, admitted Repubs and pro Repub Bothsiders / Neithersiders, this nothingess on Biden will still be a centerpiece of the Know Nothing, Do Nothing Repub campaign against him in 2024.
And, never fear, pro Repub Mainstream Media will be right there for them every step of the way to suggest there might still be kinda sorta maybe something kinda sorta maybe there for America to consider in their vote instead of, you know, the irrefutable historic data and record of results showing their beloved Repubs to be absolutely atrocious at handling the USA economy, national security, protecting and defending the Constitution and American democracy.
[QUOTE=JustTK;2816163]Fascinating idea put forward here. I am not sure I have ever heard it myself. Its about how capitalism (remember, the freedom ideology) requires closed borders in order to function well.
[URL]https://www.youtube.com/watch?v=kXrWtRZofmE&t=823s[/URL]
Watch it until 20 min mark. You can apply this to USA too, although its a UK news show.[/QUOTE]No, the guy on the left, Michael Walker, is right. Capitalism is all for more open borders. Walker correctly states that the Economist, the flagship publication of British liberal capitalism, encourages immigration. So do USA Corporations, which are always trying to get the government to issue more H1 B immigrant visas. I believe you define socialism as a system where workers control the businesses. Well then, it's the socialists and the labor unions which historically have been the biggest critics of immigration in the USA and the UK. They don't want competition for jobs. They'd rather the poor Mexican or African stay home and starve to death. And yes, more recently the populist right, represented by leaders like Nigel Farage and Donald Trump, is very anti immigrant.
The most capitalist countries in the world, Singapore and Hong Kong, are the easiest to visit. Practically no one needs a visa. And socialist or formerly socialist countries like Russia, China and Vietnam are among the hardest. I had to jump through hoops to get visas to go there anyway.
I’m an anarcho Libertarian capitalist, and my personal view is that the USA should allow anyone to immigrate who believes in Capitalism and who would vote for Republicans.
[QUOTE=ChuchoLoco;2816193][b]Reparations[/b][/QUOTE]I'm with you ChuchoLoco. San Francisco is considering $5,000,000 payments to every eligible black adult, the elimination of personal debt and tax burdens, guaranteed annual incomes of at least $97,000 for 250 years, and homes for $1.00 a family, among other recommendations from the city-appointed reparations committee.
[URL]https://apnews.com/article/san-francisco-black-reparations-5-million-36899f7974c751950a8ce0e444f86189[/URL]
The state of California's reparations task force has approved recommendations which could give black residents $1.2 million each as compensation for slavery.
[URL]https://www.dailymail.co.uk/news/article-12055465/California-panel-approves-reparations-proposal-life-long-black-residents-1-2million.html[/URL]
I don't get it. The people who deserve reparations are dead. Black, white, brown and yellow Americans are all better off than most people in the world. There are a lot of Nigerians, Ukrainians, Venezuelans and Chinese who would give their right nuts to go to America.
Yes, Black Americans on average don't receive as good of education or health care. And we should do more to alleviate that. But these multimillion dollar per person reparations are nuts. As I understand it, there never was much slavery in California, and it was outlawed in the 1840's, almost 200 years ago.
BUT, if Californians want to do that, I think they should have at it. As long as it doesn't affect my taxes I don't really care.
[QUOTE=ChuchoLoco;2816193]but since you are not from USA you really can't know or promote such a thing. That's when I learned about reverse racism and changed my mind about the whole poor black men.
Unless you have lived in a neighborhood or city that changed racially you can't relate.[/QUOTE]Firstly, I have lived in 2 countries where I was prejudiced against by the government bcos of my colour / origins. Not that it matters. One of those countries was where I heard this refrain as an excuse so often it was sickening "you were not from here, so how would you know, so shut up" - this is the most feeble excuse bcos I found that actually the most ignorant people were the ones that were living there at that time bcos they were subjected to the strongest propaganda by thier governments. They only heard one side (the false side) of the arguments.
I believe all forms of discrimination are abhorrent. That is why I am all for open borders. An end to nation states.
I don't have my mind set firmly yet on what the best way forward should be. At this point, I think some form of reparation is due. Simply bcos it has never been settled. BUt that could be in the form investment in prev disadvantaged regions, natuonal housing projects, citizenship opportunities (for the CARICOM nations). But before all this, we must put an end to continued discrimation that exists, otherwsie the 'debt' simply gets bigger.
[QUOTE=JustTK;2816395]Firstly, I have lived in 2 countries where I was prejudiced against by the government bcos of my colour / origins. Not that it matters. One of those countries was where I heard this refrain as an excuse so often it was sickening "you were not from here, so how would you know, so shut up" - this is the most feeble excuse bcos I found that actually the most ignorant people were the ones that were living there at that time bcos they were subjected to the strongest propaganda by thier governments. They only heard one side (the false side) of the arguments.
I believe all forms of discrimination are abhorrent. That is why I am all for open borders. An end to nation states.
I don't have my mind set firmly yet on what the best way forward should be. At this point, I think some form of reparation is due. Simply bcos it has never been settled. BUt that could be in the form investment in prev disadvantaged regions, natuonal housing projects, citizenship opportunities (for the CARICOM nations). But before all this, we must put an end to continued discrimation that exists, otherwsie the 'debt' simply gets bigger.[/QUOTE]TK,
I haven't walked in your shoes and you haven't walked in mine.
CL.
[QUOTE=Tiny12;2816390]I'm with you ChuchoLoco. San Francisco is considering $5,000,000 payments to every eligible black adult, the elimination of personal debt and tax burdens, guaranteed annual incomes of at least $97,000 for 250 years, and homes for $1.00 a family, among other recommendations from the city-appointed reparations committee.
[URL]https://apnews.com/article/san-francisco-black-reparations-5-million-36899f7974c751950a8ce0e444f86189[/URL]
The state of California's reparations task force has approved recommendations which could give black residents $1.2 million each as compensation for slavery.
Tiny,
Which one of the recipients was a slave? Thats just insane! The problem is that if California does it then they will want it in all states. Most wont be so stupid to do so, at least I hope not. The grocery store and the local Target cose to my house have a mixed clientele. This is because the grocery stores and others in minority areas here have closed for reasons that I wont go into here. But what I have noticed is that the shopping carts are full and the cars and SUVs the minority clients drive are for the most part, much nicer than mine. Im talking Audi, Lexus, Mercedes and late model US cars. I drive a Honda 2019 HRV so its decent and really what I can afford and all that I need. But I am really amazed every time Im in the parking lots.
I agree with what you have said too. Sometimes I wish that I was younger but the way things are going, maybe Im better off being a class of 69.Another couple years and Ill have to settle for the old gals. What a horrible thought! Hahaha. Get it while you can. Just say No to reparations should be a new motto.
[URL]https://www.dailymail.co.uk/news/article-12055465/California-panel-approves-reparations-proposal-life-long-black-residents-1-2million.html[/URL]
I don't get it. The people who deserve reparations are dead. Black, white, brown and yellow Americans are all better off than most people in the world. There are a lot of Nigerians, Ukrainians, Venezuelans and Chinese who would give their right nuts to go to America.
Yes, Black Americans on average don't receive as good of education or health care. And we should do more to alleviate that. But these multimillion dollar per person reparations are nuts. As I understand it, there never was much slavery in California, and it was outlawed in the 1840's, almost 200 years ago.
BUT, if Californians want to do that, I think they should have at it. As long as it doesn't affect my taxes I don't really care.[/QUOTE]Tiny, my turn to agree with you and all that you said.
The local grocery store and Target have a mixed clientele but more minorities the last couple years because all the stores in their neighborhoods have closed for reasons you can imagine. Their shopping cars are full and many pay with those welfare cards or whatever they use now but you should see the cars they drive. All new luxury foreign cars or SUVs. All better than my Honda HRV bare bones model. If California does it, everyone in every state will want and cry for it. Man, I used to want to be young but the way this is going, better to be from the class of '69 as I am.
The nice thing about Medellin for me until the last couple years was getting away from things.
[QUOTE=JustTK;2816395]I don't have my mind set firmly yet on what the best way forward should be. At this point, I think some form of reparation is due. Simply bcos it has never been settled. BUt that could be in the form investment in prev disadvantaged regions, natuonal housing projects, citizenship opportunities (for the CARICOM nations). But before all this, we must put an end to continued discrimation that exists, otherwsie the 'debt' simply gets bigger.[/QUOTE]JustTK, This actually is quite reasonable IMHO, if you're talking about countries like Jamaica, Dominica and Haiti that truly are poor. From having seen a couple of museums in Caribbean countries, yes, peoples' ancestors were subjected to incredible hardship by Europeans, who should have left their former colonies in better shape.
Where ChuchoLoco and I are having a problem is when this is extended to the USA. Or in my mind to other prosperous places like the Bahamas, Cayman Islands and British Virgin Islands. Many of us aren't as well off as the people we'd be paying reparations to.
This is a must watch for half the participants here:
[URL]https://www.youtube.com/watch?v=DX74Hij3aMM[/URL]
And its funny as FK for the rest.