JFlorio Loc: Seminole Florida

In a nutshell; we have full employment and the Biden administration has doubled the federal deficit.
The only reason we saw a reduction from the spike in inflation is because energy prices dropped, then leveled off. Now, energy is climbing up. I look for inflation to accelerate. This is what happens when you get away from a supply side economy not propped up with federal dollars (credit card). If the government would reduce spending (never happen) and the Fed would quit manipulating interest rates there would be light at the end of the tunnel. Unfortunately Biden has sealed the tunnel.

Radiance3

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The Deceptions of the Biden Administration:

The Biden administration is most deceptive to the American people. The massive spending of Joe Biden.

How he does it? The US Treasury keeps on printing money for Biden's massive spending. The value of the dollar loses every time money is printed.

In addition, Powell's deceptive interest rate increases to lower inflation has the opposite effects to inflation. Instead, it raises inflation. Here are the reasons why.

When interest rate goes up most commercial establishments are affected. These businesses especially the medium and smaller establishments depend on capital borrowing. When the rate is increased by Powel, their interests payable to the lender and banks also increases.

Overhead cost increases and therefore profit of the business decreases. Stock prices go down. Why because most investors withdraw their money when the investment is losing profits to the shareholder.

The law of supply and demand.
When borrowing rates go up, recourse of businesses to obtain profits for the investors, they raise their prices, or reduce employment.

Result, employment is reduced. Production is reduced as well. While demands are so high due to the rapid increase of people living in this country due to millions of added i******s by Biden, there's more consumptions of essentials than production. Therefore, prices go up.

This is a dumb and very deceptive stupid policy of Biden and his mentor. The objective of this is trying to punish the people more to make them poorer so at the end easier to manage people for total power control. Democrats h**e America and capitalism!

JFlorio Loc: Seminole Florida

You and I understand economics. Unfortunately I believe the t*****rs in the Biden administration do also. This is being done purposefully to fundamentally change America, as the previous t*****r Obama wanted.

straightUp Loc: California

LOL - Why not say he tripled the deficit? I mean, if your just going to pull it out of yerass. For those interested in actual facts... Here's the numbers according to the Federal Reserve (comments are mine)...

2020: -3,132,457 - Mostly because of the 2017 tax cut, which took effect in 2018 and the p******c.
2021: -2,775,359 - First year affected by Biden's policies
2022: -1,375,925 - Second year affected by Biden's policies

https://fred.stlouisfed.org/series/FYFSD

Of course the number isn't in for 2023 yet because we're still in the 3d quarter. Maybe you're dyslexic or something but the facts indicate that while Biden was in office, the deficit was CUT in half, not doubled.


None of that makes any sense...
First of all, energy prices are manipulated by energy companies not the government. Secondly, the fact that energy companies continue to be heavily subsidized by the government suggest we have NOT moved away from a supply-side economy with respect to the energy sector.

But what really caught my attention is how you seem to be suggesting that we should prop up a supply-side economy with "federal dollars" and then you paraphrase that as a credit card, which is in fact a method of going into debt.

Are you actually suggesting that we would be better off borrowing MORE money and getting deeper into debt in order to subsidize the energy sector? I mean, I know that's been the Republican standard for decades, but most advocates of supply-side economics don't make these suggestions while at the same time mentioning the deficit because the deficit is the reason why we DON'T want to borrow more money for supply-side BS.


As long as the government can cover its spending with taxes there will be no effect on the deficit. It's called living within your means. The problem starts when the government reaches for that credit card - THAT is when the deficit increases. That's why the deficit always grows more under Republican control than it does under Democratic control because you have morons like Trump slashing taxes while spending as much as ever.


There goes your dyslexia again... The fact is Biden is right. Supply-side economics is a disaster for the American people. It's basically a process of giving money to the corporations and waiting to see if American workers are lucky enough to get any trickle-down. The 2017 Tax Cut made it VERY clear that the money could just as easily trickle-out. All that money that the Republicans gifted corporations while saying that it will create jobs, mostly went to the stock market NOT jobs. Meanwhile, the deficit went from -$665,450 in 2017 to -$983,596 in 2019 BEFORE the p******c had any fiscal impact.

son of witless

I won't call you a moron or a liar. No I will not do that. I will call you uninformed. The figures of Biden's first years verses the last years of Trump are skewed because of C***d. Now that I have informed you, I expect you to apologize to everyone for what you posted. Have a nice day.

JFlorio Loc: Seminole Florida

JFlorio Loc: Seminole Florida

I see you’re still a liar and a punk.

Big Kahuna

Bribemnomics is designed to exponentially increase inflation and hurt the American people.

JFlorio Loc: Seminole Florida

I will. He’s an arrogant POS. He uses way more words than he needs because he twits facts and outright lies. Thinks he’s way smarter than he is no matter the subject. If you waste time responding to the brat he will just twist your words and or meaning. One of the worst losers on here.

son of witless

I don't mind. I also think I am smarter than I likely am. I keep waiting for one of these l*****ts to put me in my place, to outsmart me, to baffle me with logic and facts instead of Bullsh*t. So far they keep disappointing me. Generally they flee the scene of the crime.

straightUp Loc: California

Well... there's understanding grade-school concepts in economics and then there's understanding how it works in the real world. The glaring error in the assessment that Radiance pasted in is that the "US Treasury keeps printing out money for Biden's massive spending." The author of that statement may as well just post a stupid sign on his forehead.

First of all the U.S. Treasury does NOT print money. It borrows money. I know that's not what the Constitution says but ever since the Federal Reserve Act of 1913, what the Constitution says about this has become irrelevant. The Federal Reserve is the one and ONLY agent that can create money out of thin air. People say they just print money, but it's not even that... It really comes down to adding numbers to an account on a computer. Only a fraction of the money in circulation is even represented in coin or on paper.

In any case, if Biden is spending all this money, it means that he would have to tell Congress to tax the people to pay for it OR tell the Treasury to borrow it. Those are his two choices. The Treasury almost always borrows from the Federal Reserve. And that's when the money is "printed" out of thin air. Now, you guys are correct in saying that the more money that get's printed the less valuable each dollar becomes... valid point. However...

Since Biden would have to tell the Treasury to borrow the money for it to be "printed", there is going to be a record of debt. The government doesn't get free money - the Federal Reserve does - that's the agreement. So the government has to borrow it AND pay it back - PLUS interest! That record by the way is the national deficit.

The national deficit has been cut in half since Biden took office. So that indicates that twice as much money was being "printed" for the Treasury when Trump was in office, than what is being "printed" now.

Here's the numbers...

2020: -3,132,457 - Mostly because of the 2017 tax cut, which took effect in 2018 and the p******c.
2021: -2,775,359 - First year affected by Biden's policies
2022: -1,375,925 - Second year affected by Biden's policies

https://fred.stlouisfed.org/series/FYFSD

But who cares about details and things like reality, right? Far more important to talk s**t about Biden, right. LOL - I know you guys well enough by now... ;)

"Durdee-durr - What? There was an earthquake in Morocco? That damned Biden!"
"Why, what does Biden have to do with the earthquake in Morocco?"
"I dunno yet... give me a minute - I'll think of something."

JFlorio Loc: Seminole Florida

straightUp Loc: California

In the OP, JFlorio actually said that Biden doubled the federal deficit. I provided the facts that indicate the opposite is true. Now you're trying to make excuses for it and demanding that I apologize. What are you 10?

Obviously the p******c had an effect on the numbers. That does change the fact that the deficit was cut in half under Biden. And it doesn't change the fact that what was said in the OP was wrong.

JFlorio Loc: Seminole Florida

Liar. I never demanded you do anything. I was using info from the business channel I watch every morning. When the interest is added and the money released from Bills already passed the deficit will be doubled or very close so F.U. I’m sure you believe you are smarter than Charles Payne.
I also never inferred that government dollars should be used to prop up supply side policies or any other. You make blanket statements that you think are clever but you never tell the entire t***h.
GFY!

straightUp Loc: California

I don't disagree with any of the facts reported in this article. That being said you STILL lied about Biden doubling the deficit. There's nothing in this article that supports that i***tic assertion. The statement that Marc Goldwein makes about Biden "increasing the deficit" was based on CBO projections not actual facts. He goes on to say...

“They are taking credit for the fact that deficits fell in 2021-2022,” Goldwein said. “If they had done nothing, deficits would have fallen by $1 trillion. They fell by much less than they were going to.”

Again, none of that change the fact that the deficit DID decrease. Whether Biden can take credit for it or not doesn't change the bottom line. Again, here's the bottom line.

2020: -3,132,457 - Mostly because of the 2017 tax cut, which took effect in 2018 and the p******c.
2021: -2,775,359 - First year affected by Biden's policies
2022: -1,375,925 - Second year affected by Biden's policies

https://fred.stlouisfed.org/series/FYFSD

These are not CBO projections... This is the actual record. And just like before, I actually DO list the p******c as ONE reason for the deficit in 2020.

If you were a little less blinded by your prejudice you may have caught that, but you're so eager to bring Biden down that you didn't and you made fool of yourself in the process.

Something else you don't seem to understand was laid out in the fourth to the last paragraph states...

A Penn Wharton Budget Model analysis of Biden’s proposed FY 2023 federal budget — which includes more federal spending but also new revenues such as higher taxes on high-income earners — concluded that it would reduce government debt in the first decade (relative to current law, meaning the law without Biden’s budget being enacted) according to a conventional “static” forecast. That’s relatively in line with the White House projecting that its budget would cut deficits by more than $1 trillion over 10 years.

So, again - we're talking projections here. But the significance that I don't think you understand is the "new revenues". This is a fundamental difference between Trump policy and Biden policy. Trump CUT taxes... really deep in fact. You might not think it was all that much but I'm not talking about the temporary "Indian-giver" taxes that Trump offered to you and me as a way to entice us into supporting his policy. The REAL tax cuts, the PERMANENT tax cuts for the wealthy and the corporations were much bigger and they starved the federal budget while Trump continued to spend by borrowing more. He ADDED to the deficit.

Records at the Federal Reserve go back further than 2020... Let's have a look.

2017: -665,450
2018: -779,140 (15% increase)
2019: -983,596 (21% increase)

Each year Trump was in office and BEFORE spending ANYTHING on the p******c, the deficit increased. This is what happens when you cut taxes and continue to spend... you wind up borrowing the money. I've been trying to get Republicans to understand this for years because it's ALL they ever do. Cut taxes, borrow more, spend more.

Where Biden is different is that he wants to FUND his spending by ADDING revenue and he wants to do that by taxing people with incomes over $400,000. So he's going after the money, not the people.

If you know ANYTHING about the ridiculous state of wealth distribution in America today, you would know that the American people really don't have the money to tax. But the wealthy class has more money than they know what to do with. That's where all the money is. So, I agree... It's time we start taxing the wealthy. It's time to force corporations to pay their fair share.

The factcheck article does point out that Congress has not pushed all of Biden's tax plans through legislation. That's not on Biden. You can't blame a doctor for the consequences of not taking his advice. That's on Congress. If the president recommends spending and taxing to fund the spending and Congress approves the spending but not the taxing... That's a problem created by Congress.

But all proposals, projections and excuses aside, the bottom line is very clear... the deficit was climbing under Trump and declining under Biden, which means your original post was deceitful.