Biden Domestic Policy

[TGHusker]

Biden to propose a $6 Trillion  budget.   I think we can remove the word 'moderate' from the campaign promise that "Biden is a Moderate Democrat" .   Biden has gone full bore to the left in his budgetary proposals and the cost is astronomical.   I wonder if there is any margin in his budget for emergency issues like Covid, a War wt who knows who, etc. ?    The Dems need to apologize to Bernie for 2016 & 2020. 

 

The bold part below is particularly alarming. 

 

https://dnyuz.com/2021/05/27/biden-to-propose-6-trillion-budget-to-boost-middle-class-and-infrastructure/

 

 

Quote

 

President Biden will propose a $6 trillion budget on Friday that would take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion throughout the next decade.

Documents obtained by The New York Times show that Mr. Biden’s first budget request as president calls for the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031. The growth is driven by Mr. Biden’s two-part agenda to upgrade the nation’s infrastructure and substantially expand the social safety net, contained in his American Jobs Plan and American Families Plan, along with other planned increases in discretionary spending.

 

The proposal shows the sweep of Mr. Biden’s ambitions to wield government power to help more Americans attain the comforts of a middle-class life and to lift U.S. industry to better compete globally in an economy the administration believes will be dominated by a race to reduce energy emissions and combat climate change.

Mr. Biden’s plan to fund his agenda by raising taxes on corporations and high earners would begin to shrink budget deficits in the 2030s. Administration officials have said the jobs and families plans would be fully offset by tax increases over the course of 15 years, which the budget request backs up.

In the meantime, the United States would run significant deficits as it borrows money to finance his plans. Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s. It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031.

 

Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031. By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record.

 

 

There are some words explaining the rational in this section:
 

Quote

 

If Mr. Biden’s plans were enacted, the government would spend what amounts to nearly a quarter of the nation’s total economic output every year over the course of the next decade. It would collect tax revenues equal to just under one fifth of the total economy.

In each year of Mr. Biden’s budget, the government would spend more as a share of the economy than all but two years since World War II: 2020 and 2021, which were marked by trillions of dollars in federal spending to help people and businesses endure the pandemic-induced recession. By 2028, when Mr. Biden could be finishing a second term in office, the government would be collecting more tax revenue as a share of the economy than almost any point in modern statistical history; the only other comparable period was the end of President Bill Clinton’s second term, when the economy was roaring and the budget was in surplus.

The documents also show the conservative approach Mr. Biden’s economic team is taking with regard to projecting the economy’s growth, as compared to his predecessor’s. Mr. Biden’s aides predict that even if his full agenda were enacted, the economy would grow at just under 2 percent per year for most of the decade, after accounting for inflation. That rate is similar to the historically sluggish pace of growth that the nation has averaged over the past 20 years. Unemployment would fall to 4.1 percent by next year — from 6.1 percent today — and remain below 4 percent in the years thereafter.

Former President Donald J. Trump consistently submitted budget proposals that predicted his policies would push the economy to a sustained annual rate of nearly 3 percent for a full decade. In his four years in office, annual growth only reached that rate once. The final budget submitted by President Barack Obama, when Mr. Biden was vice president, predicted annual growth of about 2.3 percent on average over the span of a decade.

The Biden forecasts continue to show his administration has little fear of rapid inflation breaking out across the economy, despite recent data showing a quick jump in prices as the economy reopens after a year of suppressed activity amid the pandemic. Under the Biden team’s projections, consumer prices never rise faster than 2.3 percent per year, and the Federal Reserve only gradually raises interest rates from their current rock-bottom levels in the coming years.

Mr. Biden has pitched the idea that now is the time, with interest rates low and the nation still rebuilding from recession, to make large up-front investments that will be paid for over a longer time horizon. His budget shows net real interest costs for the federal government remaining below historical averages for the course of the decade. Interest rates are controlled by the Federal Reserve, which is independent of the White House.

Even if interest rates stay low, payments on the national debt would consume an increased share of the federal budget. Net interest payments would double, as a share of the economy, from 2022 to 2031.

 

 

[ZRod]

5 hours ago, TGHusker said:

Biden to propose a $6 Trillion  budget.   I think we can remove the word 'moderate' from the campaign promise that "Biden is a Moderate Democrat" .   Biden has gone full bore to the left in his budgetary proposals and the cost is astronomical.   I wonder if there is any margin in his budget for emergency issues like Covid, a War wt who knows who, etc. ?    The Dems need to apologize to Bernie for 2016 & 2020. 

 

The bold part below is particularly alarming. 

 

https://dnyuz.com/2021/05/27/biden-to-propose-6-trillion-budget-to-boost-middle-class-and-infrastructure/

 

 

 

There are some words explaining the rational in this section:
 

 

You ever hear of that Regan guy before?...

[knapplc]

Quote

The proposal shows the sweep of Mr. Biden’s ambitions to wield government power to help more Americans attain the comforts of a middle-class life and to lift U.S. industry to better compete globally in an economy the administration believes will be dominated by a race to reduce energy emissions and combat climate change.

 

How dare he.

[BigRedBuster]

I wonder how many more were stopped by a good guy with a gun.  
 

 

[knapplc]

 

[teachercd]

2 hours ago, BigRedBuster said:

I wonder how many more were stopped by a good guy with a gun.  
 

 

Not a gun guy and would be fine if they all went away BUT while I know the idea that a good guy with a gun will stop a bad guy with a gun is pretty false, I can say that if I was trying to carry out a plan to shoot people, I would not pick a spot where I would think other people might have a gun.

[BigRedBuster]

I’m still glad I voted for Biden over Trump.  
 

But, I’m disappointed he’s gone Rambo on spending. 
 

 

 

Sad thing is, I still don’t see how I can vote Republican in 2022. 

[ZRod]

On 5/28/2021 at 6:15 PM, BigRedBuster said:

I’m still glad I voted for Biden over Trump.  
 

But, I’m disappointed he’s gone Rambo on spending. 
 

 

 

Sad thing is, I still don’t see how I can vote Republican in 2022. 

I don't agree that the added debt is the cause of inflation. It's a lot more complicated than that. Yes, you have the debt, Trump checks and Biden bucks; but there's the Fed pumping money into the repo market, mortgage rates at all time lows and the house buying frenzy, labor shortages leading to material shortages, weather events leading material shortages, and tariffs. Plus I'm sure there are other things I'm missing.

[BigRedBuster]

2 hours ago, ZRod said:

I don't agree that the added debt is the cause of inflation. It's a lot more complicated than that. Yes, you have the debt, Trump checks and Biden bucks; but there's the Fed pumping money into the repo market, mortgage rates at all time lows and the house buying frenzy, labor shortages leading to material shortages, weather events leading material shortages, and tariffs. Plus I'm sure there are other things I'm missing.

It's an all encompassing problem.  However, large amounts of money pumped into the economy is a major factor in inflation. 

PS....it's not the debt.  It's the money pumped in.

[BigRedBuster]

I haven't read this yet.  Hopefully, I will get to it today.

 

 

[BigRedBuster]

Not sure I agree with that. 
 

 

[TGHusker]

I hope tax reform is on Biden's radar.    It is amazing how the super rich pay so little.  If the Dems really mean 'fair share' they need to get rid of the loop holes that allow a Buffet, Bezos, Musk etc to get by with paying no to little income tax.

 

 

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

 

 

Quote

 

In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.

 

 

Quote

 

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.

Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

 

 

[BigRedBuster]

15 minutes ago, TGHusker said:

I hope tax reform is on Biden's radar.    It is amazing how the super rich pay so little.  If the Dems really mean 'fair share' they need to get rid of the loop holes that allow a Buffet, Bezos, Musk etc to get by with paying no to little income tax.

 

 

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

 

 

 

 

 

This is going to get really interesting.  Tax reform needs to happen and this leak of information might just be the key to getting it done.

 

It's also going to be interesting to see where the investigation goes as to how the information was leaked.

[knapplc]

On 6/1/2021 at 7:01 PM, BigRedBuster said:

Not sure I agree with that. 
 

 

 

 

I very much agree with that. We don't need to ruin ANWR for some oil. 

[TGHusker]

On 6/1/2021 at 11:03 AM, BigRedBuster said:

I haven't read this yet.  Hopefully, I will get to it today.

 

 

Sounds like she is taking hits from the right and the left on her Central American trip - regarding her comments and missed opportunities.  She may not have been ready for her big day in the sun.