Biden economy 2023

[RandomGuy]

Jobs report shock: American economy added a stunning 336,000 jobs in September
From CNN's Alicia Wallace, Elisabeth Buchwald, Nicole Goodkind and Krystal Hur

Updated 9:53 a.m. ET, October 6, 2023

Economists had forecast the US added 170,000 jobs last month and for the unemployment rate to inch back down to 3.7%.
While that's better for the economy than August's tepid figures, it's not exactly the cooling labor market Fed Chair Jerome Powell is looking for to keep inflation in check.

https://www.cnn.com/business/live-news/markets-jobs-report-september/index.html

[CosmicCowboy]

https://www.cnbc.com/quotes/US10Y

The US will be paying a trillion dollars a year in interest soon. Interest will replace discretionary spending.

[CosmicCowboy]

https://www.cnn.com/2023/02/14/politics/interest-payments-federal-debt/index.html

Like many Americans, the federal government is shelling out a lot more money to cover interest payments on its debt after a series of Federal Reserve rate hikes over the past year.

The Treasury Department paid a record $213 billion in interest payments on the national debt in the last quarter of 2022, up $63 billion from the same period a year earlier.

The fourth-quarter tab was also nearly $30 billion more than in the prior quarter, which is the largest quarterly increase on record, said Jerry Dwyer, an economics professor emeritus at Clemson University.

Borrowing costs are expected to become an increasingly heavy burden in coming years. The Congressional Budget Office is set to provide its latest estimate on Wednesday.

The surge is due mainly to the Federal Reserve raising interest rates by 4.25% between March and December. The central bank increased the rate another quarter point in February.

Until recently, it cost the federal government very little to issue debt to finance its operations.

“It was almost free money,” Dwyer said. “You could borrow a trillion dollars, and if you financed it with Treasury bills, you paid almost no interest. But interest rates weren’t going to stay there forever.”

The national debt is once again in the spotlight now that the US has hit its $31.4 trillion debt ceiling, forcing Congress to take action or risk a catastrophic default. The Treasury Department is taking extraordinary measures to allow the government to continue paying its bills in full and on time, which it expects to last at least until early June.

The spike in interest payments also contributed to the federal government hitting the debt ceiling that much faster. And it adds to the pressure on Congress to raise taxes, cut spending or allow the government to borrow more to meet all its obligations.

Higher interest payment in coming years
Even if the Federal Reserve slows or stops raising rates this year, as many economists expect, the nation’s borrowing costs will continue to increase. That’s because as the existing debt matures, the government issues new debt with the higher prevailing interest rates.

The higher rates could increase the net interest cost on the national debt to about $9 trillion over the next decade, according to estimates by the Peter G. Peterson Foundation, a nonpartisan organization that seeks to raise awareness of America’s long-term fiscal challenges. That’s up from the record $8.1 trillion that the CBO projected in May 2022 and the $5.4 trillion it projected in July 2021.

By 2032, interest costs will triple to more than $3 billion per day and to at least $9,400 per household, on average, according to the foundation. They are on track to become the largest federal budget item, surpassing Social Security and Medicare by the middle of the century.

“Having rapidly growing interest makes it much more difficult for government to fund all the things that are important to our society,” said Michael Peterson, the foundation’s CEO.

[Thread]

Trump: $2 a gallon gas.
That squattin' fuck Biden: $5 a gallon gas.

[ElNono]

U.S. employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience
The unemployment rate was unchanged at 3.8%.

WASHINGTON — The nation’s employers added 336,000 jobs in September, an unexpectedly robust gain that suggests that many companies remain confident enough to keep hiring despite high interest rates and a hazy outlook for the economy.

Friday’s report from the Labor Department showed that hiring last month jumped from a 227,000 increase in August, which was revised sharply higher. July’s hiring was also healthier than initially estimated. The economy has now added a healthy average of 266,000 jobs a month in the past three months.

The unemployment rate was unchanged at 3.8%.

The job market has defied an array of threats this year, notably high inflation and the rapid series of Fed interest rate hikes that were intended to conquer it. Though the Fed’s hikes have made loans much costlier, steady job growth has helped fuel consumer spending and kept the economy growing.

The September hiring report comes at a time when the Fed is scrutinizing every piece of incoming economic data to decide whether it needs to raise its benchmark rate once more this year or instead just leave it elevated well into 2024.

https://www.politico.com/news/2023/10/06/us-jobs-report-00120332

[Thread]

Trump: $2 a gallon gas.
That squattin' fuck Biden: $5 a gallon gas.

[daboom1]

https://i.ibb.co/BP691Fk/20231007-093129.jpg

[daboom1]

https://i.ibb.co/rc1xv0z/20231007-093841.jpg

[daboom1]

https://i.ibb.co/xXgJ3fG/20231007-093958.jpg

[hater]

:lmao

https://x.com/IAPolls2022/status/1709912314583892460

[daboom1]

https://media1.giphy.com/media/l4EpgBl2RMDesSuac/giphy.gif?cid=6c09b95225q29jp7yyx5lf2r0xmd5so3srlh czh6orn98fst&ep=v1_internal_gif_by_id&rid=giphy.gif&ct=g

[ChumpDumper]

Man, Qhris should be looking for a job and see what it's really like to earn money.

[Spurs Homer]

When you lose an election to a fossil by 7 million votes -
an election you actually CHEATED at

and even tried a treasonous coup and FAILED there too…


i guess POLLS are what you spend your lives cheering for!




:spin
:spin
:spin
:spin
:spin
:spin
:spin
:spin
:spin:spin:spin:spin:spin

[Thread]

Trump: $2 a gallon gas.
That squattin' fuck Biden: $5 a gallon gas.

[Thread]

https://media1.giphy.com/media/l4EpgBl2RMDesSuac/giphy.gif?cid=6c09b95225q29jp7yyx5lf2r0xmd5so3srlh czh6orn98fst&ep=v1_internal_gif_by_id&rid=giphy.gif&ct=g

[ElNono]

U.S. employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience
The unemployment rate was unchanged at 3.8%.

WASHINGTON — The nation’s employers added 336,000 jobs in September, an unexpectedly robust gain that suggests that many companies remain confident enough to keep hiring despite high interest rates and a hazy outlook for the economy.

Friday’s report from the Labor Department showed that hiring last month jumped from a 227,000 increase in August, which was revised sharply higher. July’s hiring was also healthier than initially estimated. The economy has now added a healthy average of 266,000 jobs a month in the past three months.

The unemployment rate was unchanged at 3.8%.

The job market has defied an array of threats this year, notably high inflation and the rapid series of Fed interest rate hikes that were intended to conquer it. Though the Fed’s hikes have made loans much costlier, steady job growth has helped fuel consumer spending and kept the economy growing.

The September hiring report comes at a time when the Fed is scrutinizing every piece of incoming economic data to decide whether it needs to raise its benchmark rate once more this year or instead just leave it elevated well into 2024.

https://www.politico.com/news/2023/10/06/us-jobs-report-00120332


https://media1.giphy.com/media/l4EpgBl2RMDesSuac/giphy.gif?cid=6c09b95225q29jp7yyx5lf2r0xmd5so3srlh czh6orn98fst&ep=v1_internal_gif_by_id&rid=giphy.gif&ct=g

[Thread]

https://media1.giphy.com/media/l4EpgBl2RMDesSuac/giphy.gif?cid=6c09b95225q29jp7yyx5lf2r0xmd5so3srlh czh6orn98fst&ep=v1_internal_gif_by_id&rid=giphy.gif&ct=g

Daddy

[DMX7]

https://www.cnbc.com/quotes/US10Y

The US will be paying a trillion dollars a year in interest soon. Interest will replace discretionary spending.

I wouldn't touch a 10 year US Treasury with a 10-foot pole. Does anyone really trust this government to manage its finances in any way shape or form over the next 10-20 years?

Republicans will not raise taxes and Democrats will not cut social spending programs under any circumstances. Both parties will provide the military nearly blank checks.

That leaves one solution to dealing with the debt in the long-term -- simply printing money to pay off the interest and watching inflation skyrocket like it does in less developed countries that also can't manage their own finances.

It's the most predictable pending financial crisis in history.

[FuzzyLumpkins]

I wouldn't touch a 10 year US Treasury with a 10-foot pole. Does anyone really trust this government to manage its finances in any way shape or form over the next 10-20 years?

Republicans will not raise taxes and Democrats will not cut social spending programs under any circumstances. Both parties will provide the military nearly blank checks.

That leaves one solution to dealing with the debt in the long-term -- simply printing money to pay off the interest and watching inflation skyrocket like it does in less developed countries that also can't manage their own finances.

It's the most predictable pending financial crisis in history.

I remember hearing this type of thing in the 80s, then the 90s, then the 00s, then the last decade, and here we are again.

[DMX7]

I remember hearing this type of thing in the 80s, then the 90s, then the 00s, then the last decade, and here we are again.

I don’t know what you heard but we were running budget surpluses by the end of the 1990s. No reason to believe that’s happening in the foreseeable future.

We are where we are today because of what started under George W Bush…. Two wars, tax cuts we couldn’t afford, crazy spending on other things, etc.

[HemisfairArena]

I don’t know what you heard but we were running budget surpluses by the end of the 1990s. No reason to believe that’s happening in the foreseeable future.

We are where we are today because of what started under George W Bush…. Two wars, tax cuts we couldn’t afford, crazy spending on other things, etc.


lmao,,,do you democrats ever stop blaming the republicans?,,,,youre saying we are in the spot we are today because of a president that occupied the white house over 14 years ago,,,,,lmao We are were we are today because todays presidents are spending money like it grows on trees,,,,Obama added more to the national debt than all the presidents before him combined,,,then along came Trump and Biden who are gonna crush the record,,,,

[FuzzyLumpkins]

I don’t know what you heard but we were running budget surpluses by the end of the 1990s. No reason to believe that’s happening in the foreseeable future.

We are where we are today because of what started under George W Bush…. Two wars, tax cuts we couldn’t afford, crazy spending on other things, etc.

I recall that lasted for a couple of years and was put in place because of your type of doomcasting. It did not last long particularly, a couple of years, compared to how long the alternative that is supposed to doom us has been going on.

[DMX7]

I recall that lasted for a couple of years and was put in place because of your type of doomcasting. It did not last long particularly, a couple of years, compared to how long the alternative that is supposed to doom us has been going on.

How do you see things playing out then?

(while taking into consideration that the national debt is the highest ever, Debt-to-GDP ratio is WWII like yet we're not fighting a world war, a big percentage of our debt is very soon going to be refinanced at much higher rates, and we appear to have massive structural deficits despite a strong economy)

[FrostKing]

Took college courses in every main field

Beyond data tracking economics is a crapshoot

[FuzzyLumpkins]

How do you see things playing out then?

(while taking into consideration that the national debt is the highest ever, Debt-to-GDP ratio is WWII like yet we're not fighting a world war, a big percentage of our debt is very soon going to be refinanced at much higher rates, and we appear to have massive structural deficits despite a strong economy)

Not like your doomcasting.

[Thread]

Not like your doomcasting.

That's what you did, Lumps, that and trying to assassinate President Trump.

[daboom1]

JcAldahF9Hc?si=x8XFaYDfkmNwBDm2

[pgardn]

Gas is under 3 bucks a gallon in SA
Biden is bestest president Evah.

-MAGA thoughtmaster

[CosmicCowboy]

I wouldn't touch a 10 year US Treasury with a 10-foot pole. Does anyone really trust this government to manage its finances in any way shape or form over the next 10-20 years?

Republicans will not raise taxes and Democrats will not cut social spending programs under any circumstances. Both parties will provide the military nearly blank checks.

That leaves one solution to dealing with the debt in the long-term -- simply printing money to pay off the interest and watching inflation skyrocket like it does in less developed countries that also can't manage their own finances.

It's the most predictable pending financial crisis in history.

No kidding. The US is going to have to borrow one trillion.dollars just this third quarter. Fears that they are going to have a hard time placing this debt could keep driving up interest rates even more creating massive inverse losses in existing bonds.

[CosmicCowboy]

I still have quite a bit in the stock market (probably dumb) but the bulk I am just rolling in 3 month and 9 month CDs. No way I'm touching 10 year treasuries.

[FuzzyLumpkins]

I still have quite a bit in the stock market (probably dumb) but the bulk I am just rolling in 3 month and 9 month CDs. No way I'm touching 10 year treasuries.

They've made those markets to important to fail. If another crash happens they procedurally bail it out at this point.

It is more likely they will change the procedures that allow the debt ceiling yearly showdown than default.

[CosmicCowboy]

They've made those markets to important to fail. If another crash happens they procedurally bail it out at this point.

It is more likely they will change the procedures that allow the debt ceiling yearly showdown than default.

Feds already holding over 8 trillion in assets trying to moderate rates. There is a limit to what they can do.

[Blake]

Took college courses in every main field

Beyond data tracking economics is a crapshoot

Sure you did

[FuzzyLumpkins]

Feds already holding over 8 trillion in assets trying to moderate rates. There is a limit to what they can do.

I remember when the same thing as said when it first hit 10 figures. This is not home finance.

[CosmicCowboy]

I remember when the same thing as said when it first hit 10 figures. This is not home finance.

I take it you are a modern monetary theory believer?

[baseline bum]

Republicans will not stop cutting taxes on the rich at every opportunity and Democrats will eventually chip away at social programs to keep allocating more to our national offense. Both parties will provide the military nearly blank checks.


FIFY

[boutons_deux]

Most I'll be interested that the US pays on its national debt goes right into American pockets, AKA, American citizen bond holders

2001 and 2017 repug tax cuts cuts for the oligarchy cost, costing America several trillion dollars in tax revenue

[boutons_deux]

Reports say the capitalist private equity millionaires who own the Democratic machinery, polling services, etc. Are heavily cutting staffing levels

A back door way that the capitals rig elections against tax raising Democrats in favor of tax cutting repugs

[DMX7]

I take it you are a modern monetary theory believer?

He doesn't know what you're talking about, but clearly he is one.

[Thread]

Reports say the capitalist private equity millionaires who own the Democratic machinery, polling services, etc. Are heavily cutting staffing levels

A back door way that the capital stole the guard key rigs elections against tax raising Democrats in favor of tax cutting repugs

...and, and, how does Trump fit it here, buster?

[Splits]

https://pbs.twimg.com/media/F8Ay_upWMAAsTBa?format=jpg&name=900x900

[Thread]

https://pbs.twimg.com/media/F8Ay_upWMAAsTBa?format=jpg&name=900x900

Compiled by a Jew in another district.

---

P.S., are you ready to bury the old perverbial hatchet, Splits?

[ElNono]

I wouldn't touch a 10 year US Treasury with a 10-foot pole. Does anyone really trust this government to manage its finances in any way shape or form over the next 10-20 years?

Republicans will not raise taxes and Democrats will not cut social spending programs under any circumstances. Both parties will provide the military nearly blank checks.

That leaves one solution to dealing with the debt in the long-term -- simply printing money to pay off the interest and watching inflation skyrocket like it does in less developed countries that also can't manage their own finances.

It's the most predictable pending financial crisis in history.


No kidding. The US is going to have to borrow one trillion.dollars just this third quarter. Fears that they are going to have a hard time placing this debt could keep driving up interest rates even more creating massive inverse losses in existing bonds.

Didn't we have a hyperinflation thread years ago? Hasn't been there multitudes of discussions about the Yuan replacing the dollar? How's that going?

What you guys are missing is that the value of the dollar as a liquidity/savings currency of choice is only relative to other currencies. Those other currencies also depreciate and/or get manipulated (the Yuan being a prime subject, which China uses to remain competitive).

Of course "One Trillion Dollars!" sounds excessive, but given than we have a historical 2% inflation rate, the sums to pay for the same thing are going to continue going up, hand in hand with the value of the currency eroding over time due to said inflation.

But this is also why it's important for the Fed to level the inflation rate at 2%. It provides certainty and future outlook, which are important to the currency.

I think a more interesting discussion here is if we're overleveraged. ie: Is our debt/GDP output excessive. I do think you might have an argument there.

[Winehole23]

https://pbs.twimg.com/media/F8Ay_upWMAAsTBa?format=jpg&name=900x900Republicans wreck the economy, Dems fix their messes.

[Winehole23]

Didn't we have a hyperinflation thread years ago? Hasn't been there multitudes of discussions about the Yuan replacing the dollar? How's that going?

What you guys are missing is that the value of the dollar as a liquidity/savings currency of choice is only relative to other currencies. Those other currencies also depreciate and/or get manipulated (the Yuan being a prime subject, which China uses to remain competitive).

Of course "One Trillion Dollars!" sounds excessive, but given than we have a historical 2% inflation rate, the sums to pay for the same thing are going to continue going up, hand in hand with the value of the currency eroding over time due to said inflation.

But this is also why it's important for the Fed to level the inflation rate at 2%. It provides certainty and future outlook, which are important to the currency.

I think a more interesting discussion here is if we're overleveraged. ie: Is our debt/GDP output excessive. I do think you might have an argument there.Bad debt is the proximate cause of just about all recessions. Obligations that can't be paid won't be. Saving the bad debts rather than allowing default and liquidation only prolongs the problem.

We've been doing that since 2008, under Dems and Republicans.

[ElNono]

Bad debt is the proximate cause of just about all recessions. Obligations that can't be paid won't be. Saving the bad debts rather than allowing default and liquidation only prolongs the problem.

We've been doing that since 2008, under Dems and Republicans.

I get what you mean, and I do think AIG should've gone under alongside Bear Stearns. However, when you get to that point, there's a short distance to a bank run. And that's undoubtedly more expensive and doesn't help anybody.

What I'd like to see is some sort of protocol to unwind these companies that are "too big to fail" or important enough to make a dent on the overall economy.

Instead of flat out bailing them out, just provide enough cash to slowly let the zombie decompose and die, honoring debts, etc.

[ElNono]

There's also something to be said about "too big to fail". Isn't that a byproduct of a deficient enforcement of anti-trust laws?

If they're too big, then maybe they ought to be split up.

[daboom1]

https://twitter.com/KariLake/status/1711582240541659553?t

[daboom1]

https://twitter.com/RNCResearch/status/1710334053801476508?t

[daboom1]

https://twitter.com/WallStreetSilv/status/1709194977505345840?t

[ChumpDumper]

:lmao "Protect your Bitcoin."

[CosmicCowboy]

PPI came in hot this morning. 6% annual.

[Winehole23]

PPI came in hot this morning. 6% annual.Where'd you get the 6% figure? I'm not seeing that reported anywhere.The BLS year over year number is 2.2%.

[CosmicCowboy]

Where'd you get the 6% figure? I'm not seeing that reported anywhere.The BLS year over year number is 2.2%.

Month to month was .5 which translates to 6% annual.

[Winehole23]

Month to month was .5 which translates to 6% annual.back of the napkin projection. you just made up the number.

[CosmicCowboy]

back of the napkin projection

what do you think economists do?

[Winehole23]

:lol

[RandomGuy]

what do you think economists do?

If you laid all economists out end to end, they still would not reach a conclusion.

[Winehole23]

If you laid all economists out end to end, they still would not reach a conclusion.

Even so, the suggestion that trained economists make projections from one monthly data point is hilarious.

[RandomGuy]

PPI came in hot this morning. 6% annual.

The US economy grew at a blistering rate despite high interest rates
https://www.cnn.com/2023/10/26/economy/us-economy-third-quarter-gdp/index.html

Washington, DC
CNN
—

The US economy expanded at a remarkably strong pace in the third quarter, despite interest rates at their highest level in 22 years.

Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter, the Commerce Department reported Thursday. GDP is adjusted for inflation and seasonal swings.

That’s well above the second quarter’s 2.1% pace and faster than economists’ expectations of a 4.3% rate.

I expect boomer retirements are going to keep the cost of capital high for the near future. Our super cheap national debt will be refinanced at much higher interest rates.

But, hooray for my retirement account.

[CosmicCowboy]

The US economy grew at a blistering rate despite high interest rates
https://www.cnn.com/2023/10/26/economy/us-economy-third-quarter-gdp/index.html

Washington, DC
CNN
—


I expect boomer retirements are going to keep the cost of capital high for the near future. Our super cheap national debt will be refinanced at much higher interest rates.

But, hooray for my retirement account.

Everyone focuses on what the Fed does but interest rates are going to be out of their control as long as we keep running multi trillion dollar deficits. Those bonds have to be sold and the premium investors are going to demand to lock money up for ten years will determine what interest rates will really be. The ten year is what determines mortgage rates and as those keep rising it will fuck up a big part of our economy and pretty well lock out a large part of the population from ever being able to afford a house.

[Thread]

Even so, the suggestion that trained economists make projections from one monthly data point is hilarious.

Once upon a time you could take those projections with some degree of merit, then Clinton made President and that ended for goodPERIOD

[Thread]

If you laid all economists out end to end, they still would not reach a conclusion.

Unless like now (when they're being paid) to reach said conclusion, RG.

[Thread]

what do you think economists do?

Either teach, or, teach AND wait for a call from the Federal Gov't for a statement about how good/bad the economy is going. "Fine, send the payment over and I'll speak thereafter toot sweet."

"You got it, doc, it's already in there."

"Danka shane."

[RandomGuy]

Everyone focuses on what the Fed does but interest rates are going to be out of their control as long as we keep running multi trillion dollar deficits. Those bonds have to be sold and the premium investors are going to demand to lock money up for ten years will determine what interest rates will really be. The ten year is what determines mortgage rates and as those keep rising it will fuck up a big part of our economy and pretty well lock out a large part of the population from ever being able to afford a house.

that train has already sailed, so to speak. (yes that is a play on words/joke)

Time to raise taxes on the rich, who are the ONLY ones to have benefitted measurably from our economy for the last 20 years.

Trickle down my ass.

[SnakeBoy]

that train has already sailed, so to speak. (yes that is a play on words/joke)

Time to raise taxes on the rich, who are the ONLY ones to have benefitted measurably from our economy for the last 20 years.

Trickle down my ass.

We are trickling down your ass

[CosmicCowboy]

that train has already sailed, so to speak. (yes that is a play on words/joke)

Time to raise taxes on the rich, who are the ONLY ones to have benefitted measurably from our economy for the last 20 years.

Trickle down my ass.

classic libtard knee jerk response. We don't have a revenue problem we have a spending problem.

[spurraider21]

classic libtard knee jerk response. We don't have a revenue problem we have a spending problem.
why not both

[ChumpDumper]

If we're actually going to PAY DOWN the debt, the rich are going to have to have their taxes raised. No more free golf carts.

[Winehole23]

why not bothbecause taxes are bad, m'kay?

[SnakeBoy]

Everyone focuses on what the Fed does but interest rates are going to be out of their control as long as we keep running multi trillion dollar deficits. Those bonds have to be sold and the premium investors are going to demand to lock money up for ten years will determine what interest rates will really be. The ten year is what determines mortgage rates and as those keep rising it will fuck up a big part of our economy and pretty well lock out a large part of the population from ever being able to afford a house.

And then housing prices will crash
And then investors will cry for the govt to save them from their bad investments
And then the Fed & govt will try to do it once again
Probably 50/50 chance they fail this time and the unprepared will have to eat their losses

[SnakeBoy]

why not both

It is both. Too much spending and the middle/lower class isn't paying their fair share.

[CosmicCowboy]

If we're actually going to PAY DOWN the debt, the rich are going to have to have their taxes raised. No more free golf carts.

Well, you democrats need to quit giving free golf carts away, then.

[CosmicCowboy]

It is humorous that my Obamacarts still bother you.

[ChumpDumper]

Well, you democrats need to quit giving free golf carts away, then.We forced it on you. Gun to your head.

That said I'm all for closing the candy store for the rich.

Are you?

[ChumpDumper]

It is humorous that my Obamacarts still bother you.

It's humorous that you will lose your shit if you respond further.

[CosmicCowboy]

It's humorous that you will lose your shit if you respond further.

LOL as usual you give yourself way too much credit with your vivid imagination.

[ChumpDumper]

LOL as usual you give yourself way too much credit with your vivid imagination.Sure thing. If my prediction puts you on good behavior, so much the better.:tu

[ChumpDumper]

It is humorous that my Obamacarts still bother you.

:lol you're still talking about Blake's ex-wife like its a sick burn.

[CosmicCowboy]

:lol you're still talking about Blake's ex-wife like its a sick burn.

And I'll keep doing it every time Betaboy gets off the porch and tries to play with the big dogs.

[ChumpDumper]

And I'll keep doing it every time Betaboy gets off the porch to play with the big dogs.:lol Read that out loud where you are right now.

So childish.

[CosmicCowboy]

:lol Read that out loud where you are right now.

So childish.

You, RG, Whinehole and a few others actually bring some game to the conversation. Betaboy doesn't. Is what it is.

[baseline bum]

classic libtard knee jerk response. We don't have a revenue problem we have a spending problem.

LOL doesn't see the irony of the second sentence after the first

[boutons_deux]

God damn cozmyc cowboy is effing stupid

2001 shrub tax cuts and the 2017 trash tax cuts cost to US government revenue of 10 trillion in counting

That's a revenue problem

[baseline bum]

God damn cozmyc cowboy is effing stupid

2001 shrub tax cuts and the 2017 trash tax cuts cost to US government revenue of 10 trillion in counting

That's a revenue problem

Though we definitely do have spending problems: too much on the national offense drowning out things like Medicare For All and debt-free education that civilized nations provide that improve the lives of their citizens.

[daboom1]

Who voted for the shit stain Biden?

[benefactor]

Who voted for the shit stain Biden?
All those who didn't want shitty diaper Trump anymore.

[RandomGuy]

classic libtard knee jerk response. We don't have a revenue problem we have a spending problem.

That is what you have been brainwashed into believing, by an unbelievable amount of propaganda, coupled with your own confirmation bias.

The Bush and Trump tax cuts have added somewhere around 10 trillion dollars to the total debt.



$10 Trillion in Added US Debt Since 2001
https://www.commondreams.org/news/trump-bush-tax-cuts-fuel-growing-deficits

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

"After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Postreports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

Worth a thread right there.

[RandomGuy]

Though we definitely do have spending problems: too much on the national offense drowning out things like Medicare For All and debt-free education that civilized nations provide that improve the lives of their citizens.


The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

"After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Postreports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

Two republican tax cuts, as sops to weathy mega-donors.

ten.
trillion.
dollars.

and the average person is not better off. Trickle down is a myth, and a dangerous one.

[Thread]

Two republican tax cuts, as sops to weathy mega-donors.

ten.
trillion.
dollars.

and the average person is not better off. Trickle down is a myth, and a dangerous one.

$5 a gallon gas ain't nary picnic either. Nary.