DiscussMormonism.com

Res Ipsa wrote: ↑

Sat Sep 24, 2022 6:02 pm

If you know the information presented in even an introductory macroeconomics class, then you know how silly your claim is. You haven’t presented any sort of coherent economic theory to even try to explain our current economic situation other than “Democrats are evil.” Trying to discuss this topic with you is just an endless game of whack a mole in which you pop up with a new, freshly picked cherry when your last cherry is refuted. Rage and resentment is not a coherent anything.

This discussion reminds me of a joke once recounted by Isaac Asimov one of his books (I think it was The Stars in Their Courses) and it went something like this: Ronald Reagen was worriedly mulling over about some of the unpleasant realities facing him he was loath to accept. He called in a renowned historian and asked him, "what is two plus two?" "Four", answered the historian. This answer troubled him a bit, so he decided to seek other expert's opinions. His psychiatrist's answer was the same. A renowned mathematician said "definitely four." A renowned physicist said, "all the best available evidence indicates that four is the answer." Still not quite at ease with that answer, he went through a list of other experts, who all gave the same answer. Finally, he called in his chief economist. The economist closed the curtains, checked to make sure no one else was in earshot, pulled Reagon close to him and whispered in his ear, "what do you want the answer to be, Mr. President?"

Bidenomics Sends U.S. National Debt Soaring Past $31 Trillion for First Time


The Biden administration’s ceaseless borrowing addiction has driven gross national debt past $31 trillion for the first time amid record inflation, rising interest rates, and fears of a looming recession.

The United States’ public debt closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.

The milestone comes as the Federal Reserve continues to hike interest rates to fight the highest inflation in 40 years, and as the government borrows money to finance tax cuts even as it sends billions of taxpayer dollars offshore to Ukraine in aid.

“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest,” said Michael Peterson, chief executive officer of the Peterson Foundation, which promotes deficit reduction.

“Too many people were complacent about our debt path in part because rates were so low.”

The Congressional Budget Office (CBO), a U.S. federal agency that provides Congress with economic and budgetary analysis, has warned about America’s mounting debt load under the Biden administration, cautioning investors could lose confidence in the government’s ability to repay what it owes, as Breitbart News reported.

Those worries, the budget office said, could cause “interest rates to increase abruptly and inflation to spiral upward.”

The $31 trillion threshold poses a political problem for President Biden, who has pledged to seek a more sustainable fiscal path and reduce federal budget deficits by $1 trillion over a decade.

It also directly contradicts Biden’s claim in September, 2021 that his $3.5 trillion spending agenda actually cost “zero dollars” because of his sure, capable handling of taxpayer dollars.

“My Build Back Better Agenda costs zero dollars,” a post from Biden’s Twitter account read.

His message argued money was currently “wasted” on “tax breaks, loopholes, and tax evasion” and needed to be redistributed to American workers? (welfare collectors) as directed by his office.

The Committee for a Responsible Federal Budget estimates Biden’s debt addiction has added nearly $5 trillion to deficits since he took office.

That projection includes Biden’s signature $1.9 trillion economic stimulus bill, a variety of new congressionally approved spending initiatives and a student-loan debt forgiveness plan that is expected to cost taxpayers nearly $400 billion over 30 years.

Sung Won Sohn, an economics professor at Loyola Marymount University, told AP “it took this nation 200 years to pile up its first trillion dollars in national debt, and since the pandemic we have been adding at the rate of 1 trillion nearly every quarter.”

Predicting high inflation for the “foreseeable future,” he said, “when you increase government spending and money supply, you will pay the price later.”

https://www.breitbart.com/economy/2022/ ... irst-time/

He's still spending lest than Trump, so good luck complaining with any credibility, Ajax.

What did Trump spend his 6.7 trillion on? Did MTG complain about any of that?

I know some of that was Pandemic money that he signed personally on the checks. What else, Ajax?

Gadianton wrote: ↑

Wed Oct 05, 2022 2:28 pm

He's still spending lest than Trump, so good luck complaining with any credibility, Ajax.

What did Trump spend his 6.7 trillion on? Did Marjorie Taylor Greene complain about any of that?

I know some of that was Pandemic money that he signed personally on the checks. What else, Ajax?

Why isn't the "tax the rich" scheme covering this debt? Trump buckled to pressure on the scamdemic. But the driving force of that pressure was the liberal mainstream media pushing to censor, accuse of murder, and even incarcerate anyone who tried to keep working. And you and many others going to go out and vote for another four years of this kind of disaster. The economy is doomed.

LOL Ajax. What year set the record for highest budget deficit ever and how much was it? How much is the 2022 deficit?

Your’re becoming a Poe.

ajax18 wrote: ↑

Wed Oct 05, 2022 2:39 pm

Gadianton wrote: ↑

Wed Oct 05, 2022 2:28 pm

He's still spending lest than Trump, so good luck complaining with any credibility, Ajax.

What did Trump spend his 6.7 trillion on? Did Marjorie Taylor Greene complain about any of that?

I know some of that was Pandemic money that he signed personally on the checks. What else, Ajax?

Why isn't the "tax the rich" scheme covering this debt? Trump buckled to pressure on the scamdemic. But the driving force of that pressure was the liberal mainstream media pushing to censor, accuse of murder, and even incarcerate anyone who tried to keep working. And you and many others going to go out and vote for another four years of this kind of disaster. The economy is doomed.

That scamdemic pressure is sure rascally. It even managed to make him double the deficit in his very first year.

Now I read Biden is trying to ban oil companies from exporting gasoline in a last ditch effort to get gasoline prices lower by the midterms. Yet Buttigieg is trying to get gasoline powered vehicles banned by 2035. I'm sure that's going to really motivate oil companies and shareholders to invest in the necessary infrastructure to increase gasoline production. Just be honest and admit to the voters that gasoline needs to be expensive to force low income Americans to give up their vehicles and make EVs the only option for upper middle class people. As Gad says, nobody owes the American worker nor entrepreneur cheap gasoline. Who cares that a nonglobal self imposed regulation will do little if anything to change global warming? So why not be honest with the voters and tell them to give up their cars?

The Transportation Secretary's actual statement:

We need to move in the direction of electric vehicles, and look, industry is already there — at least one major automaker says they’re not even planning to make gas cars past 2035 – but we’ve got to make sure that this happens quickly enough to help us be climate change.

At some point, you'd think you'd switch sources. The major automaker he is referring to, incidentally, are the leftist liberal Chinese communists at General Motors.

Glad to know though that now Biden is bad for trying to lower gasoline prices. On a related note; months ago there was a Bill passed (and signed by Biden) that made price gouging harder for gas companies. Guess who voted against it, wanting the ability for prices to skyrocket? I'll give you a hint... they belong to a political party that starts with an "R."

It's like every time ajax drops another fake news piece from Brietbart, it is immediately exposed as fake news.

Yet nothing deters him from his course.

Because facts don't matter. Truth doesn't matter.

All that matters is the narrative.

"Bidenomics Sends U.S. National Debt Soaring Past $31 Trillion for First Time"

What a retarded headline. Here's the reality.

In 2018 Trump sent the National Debt soaring past $20 trillion for the FIRST TIME!

In 2019 Trump sent the National Debt soaring past $23 trillion for the FIRST TIME!

In 2020 Trump sent the National Debt soaring past $26 trillion for the FIRST TIME!

In 2021 Trump sent the National Debt soaring past $28 trillion for the FIRST TIME!