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Biden - greatest 'economic recovery America has ever experienced'

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  • Originally posted by Gondwanaland View Post
    So it turns out this Inflation Resuctiom Act bill will raise taxes on those making under 400k a year (Breaking a Biden promise). Indeed according to the Joint Committee on Taxation (bipartisan and majority Democrat), those in the under 10k bracket will be hit the hardest, with a 3.1% increase. The next highest bracket will experience a 1.1% increase in tax.
    https://www.foxbusiness.com/politics...-past-promises
    They will either gaslight people and just keep repeating that it doesn't raise taxes, or redefine the word "tax" to mean something else, like "mandatory donation"

    Comment


    • Originally posted by Gondwanaland View Post
      So it turns out this Inflation Resuctiom Act bill will raise taxes on those making under 400k a year (Breaking a Biden promise). Indeed according to the Joint Committee on Taxation (bipartisan and majority Democrat), those in the under 10k bracket will be hit the hardest, with a 3.1% increase. The next highest bracket will experience a 1.1% increase in tax.
      https://www.foxbusiness.com/politics...-past-promises
      I'm not going to argue about whether it creates pressure on the lower brackets. But, I will say that the argument it raises taxes relies on the assumption of pass through. I do have to wonder if it is right to call a pass through of a tax on a corporation a tax on the person passed through.

      I personally get annoyed when companies hide price increases behind "fees" while claiming their price hasn't increased (see: comcast, waste management), so i find it equally annoying if someone calls their pass-through price increase due to taxes a tax, when it's just them raising their prices in response to the tax.

      Comment


      • Originally posted by Sparko View Post

        They will either gaslight people and just keep repeating that it doesn't raise taxes, or redefine the word "tax" to mean something else, like "mandatory donation"
        When Democrats sponsor a bill, if you want to know what it does, look at the name and then conclude it will do the exact opposite.

        The Inflation Reduction Act will increase the rate of inflation.

        I'm always still in trouble again

        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
        "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
        "Of course, human life begins at fertilization that’s not the argument." --Tassman

        Comment


        • Originally posted by CivilDiscourse View Post

          I'm not going to argue about whether it creates pressure on the lower brackets. But, I will say that the argument it raises taxes relies on the assumption of pass through. I do have to wonder if it is right to call a pass through of a tax on a corporation a tax on the person passed through.

          I personally get annoyed when companies hide price increases behind "fees" while claiming their price hasn't increased (see: comcast, waste management), so i find it equally annoying if someone calls their pass-through price increase due to taxes a tax, when it's just them raising their prices in response to the tax.
          As President Reagan famously said, businesses don't pay taxes, they collect them.
          Some may call me foolish, and some may call me odd
          But I'd rather be a fool in the eyes of man
          Than a fool in the eyes of God


          From "Fools Gold" by Petra

          Comment


          • Originally posted by Mountain Man View Post

            As President Reagan famously said, businesses don't pay taxes, they collect them.
            “You can’t tax business. Business doesn’t pay taxes. It collects taxes.”

            I don't know if it was the first time he said it, but when he made that statement on the Tonight Show with Johnny Carson, I figured he was going to be the candidate I backed.



            I'm always still in trouble again

            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
            "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
            "Of course, human life begins at fertilization that’s not the argument." --Tassman

            Comment


            • Unemployment continues to drop...

              US adds 528,000 jobs in July
              The US added 528,000 jobs in July as the jobs market returned to pre-pandemic levels.... The unemployment rate dipped to 3.5% in July, a half-century low and equal to its rate in February 2020 before the Covid-19 pandemic hit the US.

              The far stronger than expected report comes a month after the labor department announced the economy added 398,000 jobs in June, 26,000 more than its first estimate.

              Economists had been expecting jobs growth to slow in July and the latest figures from the labor department were far stronger than the average 388,000 jobs gained over the last four months.

              Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and healthcare...

              “The unexpected acceleration in non-farm payroll growth in July, together with the further decline in the unemployment rate and the renewed pick-up in wage pressures, suggests the economy is still a long way from recession,” said Michael Pearce, senior US economist at Capital Economics. “All the details support continued aggressive rate hikes from the Fed.”


              LPOT used to tell me that what people care about is "Jobs, jobs, jobs". Biden seems to be continuing to deliver.

              Comment


              • We were at full employment before the government began forcing businesses to close their doors putting people out of work. Now, even in the red states they have finally allowed the businesses to open again and let people return to work.

                And yet the government wants you to think that by allowing people to go back to work at their jobs that they are "creating" those jobs. That they're "new."

                Unfortunately a sizeable portion of the population isn't bright enough to see through this -- and most if not all voted for old Joe. I mean it is sort of like being pushed off a boat and then helped back onboard by the same person who now brags that he saved you.

                So the government is finally getting out of the way and letting things go back to how they were before the pandemic but wants the credit for doing what they had been preventing.

                I'm always still in trouble again

                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                Comment


                • Originally posted by rogue06 View Post
                  I mean it is sort of like being pushed off a boat and then helped back onboard by the same person who now brags that he saved you.
                  Different person. The job losses were under Trump. These job gains are under Biden.

                  For those who insist on ascribing praise and blame to presidents for the state of the economy, these continuous job gains are under Biden.

                  Comment


                  • Originally posted by Starlight View Post
                    Different person. The job losses were under Trump. These job gains are under Biden.

                    For those who insist on ascribing praise and blame to presidents for the state of the economy, these continuous job gains are under Biden.
                    Neither of them should get credit or blame. Job losses were due to covid, and job gains are due to recovery from covid. As you've often noted, we're looking at a global economy.
                    "You should just assume going forward that if I am ever wrong it is a typo" - Backup
                    "
                    Reality simply does not change based upon consensus or desire." - rogue

                    Comment


                    • Originally posted by Dimbulb View Post
                      LPOT used to tell me that what people care about is "Jobs, jobs, jobs". Biden seems to be continuing to deliver.
                      And yet the labor force participation rate remains low and continues to fall. Of course the White House has a novel excuse to explain away the data.

                      Claim: The decline in the labor force participation rate fell in July because fewer teenagers were working.

                      On Friday, after the Department of Labor’s jobs numbers showed that the labor force participation rate declined from 62.2 percent to 62.1 percent despite employers taking on 528,000 new workers, White House spokesperson Karine Jean-Pierre claimed that the decline was “about teenagers.”

                      lies.jpg

                      Verdict: False.

                      While the teenage participation rate did fall in July from a seasonally adjusted 36.6 to 35.8, this represented a decline in the number of teenagers in the labor force of 126,000. That contributed to the decline but it contributed less than the decline in the number of adult men in the labor force.

                      Men aged twenty and over saw their labor force participation rate decline from 70.1 to 69.9. While smaller in percentage terms than the teenage decline, it was larger in absolute terms because it represented a 183,000 decline in participation. As a result, grown men contributed more than teenagers to the decline in the participation rate. The data show that men aged twenty-five to thirty-four saw their labor force participation drop by 136,000, for a decline from 88.9 to 88.3.

                      https://www.breitbart.com/economy/20...ion-rate-down/
                      Some may call me foolish, and some may call me odd
                      But I'd rather be a fool in the eyes of man
                      Than a fool in the eyes of God


                      From "Fools Gold" by Petra

                      Comment


                      • Originally posted by Starlight View Post
                        Different person. The job losses were under Trump. These job gains are under Biden.

                        For those who insist on ascribing praise and blame to presidents for the state of the economy, these continuous job gains are under Biden.
                        There were no "gains" which is the point that you cannot comprehend.

                        Of course a Marxist understanding economics is basically an oxymoron so you can be forgiven.

                        People were simply going back to the jobs that the government shut down. And that was almost all on the backs of the governors.






                        I'm always still in trouble again

                        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                        "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                        "Of course, human life begins at fertilization that’s not the argument." --Tassman

                        Comment


                        • Originally posted by Starlight View Post
                          Unemployment continues to drop...

                          US adds 528,000 jobs in July
                          The US added 528,000 jobs in July as the jobs market returned to pre-pandemic levels.... The unemployment rate dipped to 3.5% in July, a half-century low and equal to its rate in February 2020 before the Covid-19 pandemic hit the US.

                          The far stronger than expected report comes a month after the labor department announced the economy added 398,000 jobs in June, 26,000 more than its first estimate.

                          Economists had been expecting jobs growth to slow in July and the latest figures from the labor department were far stronger than the average 388,000 jobs gained over the last four months.

                          Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and healthcare...

                          “The unexpected acceleration in non-farm payroll growth in July, together with the further decline in the unemployment rate and the renewed pick-up in wage pressures, suggests the economy is still a long way from recession,” said Michael Pearce, senior US economist at Capital Economics. “All the details support continued aggressive rate hikes from the Fed.”


                          LPOT used to tell me that what people care about is "Jobs, jobs, jobs". Biden seems to be continuing to deliver.
                          Assuming these numbers are on the up-and-up (after all, BLS data is always iffy, and our LFPR shrunk once again), this is actually bad news underneath the surface. Not only will it force the Fed to have to remain hawkish and keep aggressively hiking rates, which will end up hurting the economy and markets even more, but this is indication of how bad inflation is affecting consumers. In regards to the latter, since we (supposedly) have full employment, yet have had two quarters of negative growth shows that even fully employed, consumers can't afford discretionary items. Moreover, consumer debt is skyrocketing at the same time, which shows consumers are maxing their credit cards not for discretionary items (hence the negative growth), but to pay for non-discretionary items (i.e food, energy, rent, etc.). The BLS data certainly gives the Biden admin (as it does any politician) political bragging rights on the surface, but all this is going to come to a very ugly head very soon.
                          "What am I doing here?" -- Joe Biden 2021

                          Comment


                          • Originally posted by rogue06 View Post
                            There were no "gains" which is the point that you cannot comprehend.

                            Of course a Marxist understanding economics is basically an oxymoron so you can be forgiven.

                            People were simply going back to the jobs that the government shut down. And that was almost all on the backs of the governors.
                            I'd say "much of it" was governors. In Missouri, we never had a statewide shut down or even a mask mandate, but we've had tons of job openings for the past year. I suspect people just didn't go out as much during 2020 and sales were generally down across the board. I know most restaurants cut back on hours for a time. Businesses have been getting back to normal since.
                            "You should just assume going forward that if I am ever wrong it is a typo" - Backup
                            "
                            Reality simply does not change based upon consensus or desire." - rogue

                            Comment


                            • Looks like Biden's tax increase law "Inflation Reduction Act" has passed the Senate and is off to the House where it is likely to pass
                              "So when you actually get the virus, you're going to start producing antibodies against multiple pieces of the virus. So, your antibodies are probably better at that point than the vaccination."
                              - Pfizer Scientist Chris Croce

                              Comment


                              • When the Republicans sweep in and take Congress, it will be reversed. I hope.
                                "You should just assume going forward that if I am ever wrong it is a typo" - Backup
                                "
                                Reality simply does not change based upon consensus or desire." - rogue

                                Comment

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