Biden administration planning to spend $3 trillion more

Discussion in 'Budget & Taxes' started by kazenatsu, Mar 22, 2021.

  1. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    They're going to drive the country and the economy bankrupt.

    President Biden's economic advisers are preparing to recommend spending as much as $3 trillion on a sweeping set of efforts aimed at boosting the economy, reducing carbon emissions and narrowing economic inequality, beginning with a giant infrastructure plan that may be financed in part through tax increases on corporations and the rich.​

    Biden Team Preparing Up to $3 Trillion in New Spending for the Economy (msn.com)

    The super-rich don't have this money; there simply are not enough of them. These people are living in some type of demented fantasy world. Either that, or the "rich" people they actually have in mind are people earning far less money than the super-rich. (think affluent middle class people)

    This is coming after the special emergency $900 billion "Covid relief" bill, and then the $1.9 trillion extra spending bill under Biden, which has already recently happened.
    These people don't think they can run out of money.

    Who exactly are these economic advisors that are advising these politicians? What type of wacky theories have these economists been indoctrinated with at places of learning?

    In case none of you are aware, we've seen these type of policies play out in other countries before, and the aftermath wasn't pretty.
     
    Last edited: Mar 22, 2021
    dharbert likes this.
  2. joesnagg

    joesnagg Banned

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    Aww, come on now! It's ALL TRUMPS FAULT! (just thought I'd save some folks the trouble of replying, LOL)
     
  3. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    I think after this, they're going to say they need to flood the country with Third Worlders to increase the population and have more people to tax, to be able to deal with the debt and future owed obligations to retired people.
    But that's going to be disastrous as well.

    (After all, all these people weren't really "pumping up" the economies of the impoverished countries they were coming from, were they?)
     
  4. Chrizton

    Chrizton Well-Known Member

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    Maybe "infrastructure" spending matters in states like WV where everybody and their cousin works for the highway department. In most places, however, not so much.
     
  5. dharbert

    dharbert Well-Known Member

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    The entire net worth of every billionaire in the United States would barely put a dent in the national debt.
     
  6. dharbert

    dharbert Well-Known Member

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    The entire net worth of EVERY billionaire on this PLANET wouldn't even pay off a third of the U.S. national debt.
     
  7. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    I wasn't even talking about that. Take all the rich households that have twenty times less than that, and it still wouldn't come close to what government spends, even if you took 100% of their income in taxes every year.
     
  8. dharbert

    dharbert Well-Known Member

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    I sure wish my bank would let me get trillions of dollars in debt and still keep writing checks. Must be nice...
     
  9. wgabrie

    wgabrie Well-Known Member Donor

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    We should build our infrastructure up NOW! It will only become more expensive as time goes by. Right? :)

    I like the idea of infrastructure spending and generally agree with Biden's proposal. I don't care for the spending on combating climate change and emissions reduction, but it's not a deal-breaker for me.
     
  10. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    How about you pay for it NOW ?

    With about 144 million taxpayers in the country, your share of that should only be about $20,800.
     
  11. wgabrie

    wgabrie Well-Known Member Donor

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    Hey, that's an interesting idea! If the government paid for things right up front, then it would be expensive, yes, but we could eliminate some taxes that would go to pay for infrastructure spending over the long term.

    Oh, and by the way, I won't be paying for it anyway because I'm a low-income individual. ;)
     
  12. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Oh you'll be paying for it alright, one way or the other, probably in deep painful government spending cuts in the future.

    I even started a past thread about this: If we run deficits now, it means cuts in the future
     
    Last edited: Apr 2, 2021
  13. wgabrie

    wgabrie Well-Known Member Donor

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    I commented in your thread.
     
  14. OldManOnFire

    OldManOnFire Well-Known Member

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    So you've evaluated the nation and believe no infrastructure projects are necessary? The nation's infrastructure is in shambles!
    $3 trillion over 8-10 years is about $300 billion per year...please explain how this will bankrupt the nation?
    Please explain how doing nothing about infrastructure is a good thing?
     
  15. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    The country definitely needs large infrastructure investments, but $3 trillion is grossly excessive, especially when it's just being paid for with more debt, and when it's coming in the wake of another massive deficit spending package.

    If they wanted to spend money on infrastructure, they should have done it in the previous "Covid relief" package.

    And why should the federal government be the one to have to spend this money? Where is the role for the states?

    Yeah, the country "needs" infrastructure, but you don't really "need" things that you can't afford.

    That would probably be a subject for another thread. (argument back and forth would be too long to have here) $3 trillion is a massive amount, all the more so to be adding on top of the current spending budget.

    If you want to "tax the rich", fine, but do it now. Don't pay for this with borrowed money.

    Anyone who promises all these "investments" with borrowed money is slime.
     
    Last edited: Apr 4, 2021
  16. Distraff

    Distraff Well-Known Member

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    The problem is that if we let the economy slip into a long-term recession like in 2008, the lack of revenue will increase the deficit all by itself. See the spending as an investment into a booming economy that will generate revenue.

    But I do agree that we need to restrict the deficit a little more. We can slash military spending and raise gas taxes and taxes on the rich.
     
  17. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    There's a much bigger long-term problem here, stemming from all this debt.

    Besides from that, I've already addressed in another thread that borrowing money to try to increase tax revenues probably isn't a good idea.
    Tax cuts don't make economic sense
     
    Last edited: Apr 4, 2021
  18. Distraff

    Distraff Well-Known Member

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    Here is a real problem that could happen. All the stimuluses have actually resulted in a record stock market during economic bad times. There is a good case that the stock market is in a bubble. So even if our economy is growing nicely, it will then get hit with another recession from a stock market crash. But this time interest rates are at zero and we are already running trillions of dollars of deficit. This is why it might be better to have less stimulus spending and let the economy and stock market be bad for a few years to get out of this bubble.
     
  19. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    I think those who believe government spending is always needed to "jumpstart" the economy are viewing Keynesianism totally out of context.
     
  20. OldManOnFire

    OldManOnFire Well-Known Member

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    Who says $3 trillion is excessive? It's over 8-10 years which is only $300 billion per year. Since when is $300 billion a big deal?

    Biden clearly said there would be tax increases to fund it...why do you say 'more debt'?

    Infrastructure IS NOT part of Covid relief??

    Why the federal government? Because it has roads and bridges and train tracks and airports and ferries, etc. etc. all over the nation that are not state jurisdiction. States need large funding and they can only turn to the federal government for assistance.

    The federal budget for 2021 is $5.8 trillion with $3.5 trillion in revenue...in what possible way can the nation not afford $300 bilion?

    You can't tax anyone until there is legislation.

    Wow...scary...you using big words like 'slime'! Try this out...if you don't have effective infrastructure, then you won't have effective commerce, then your economy will stall. Why has the US been an economic power for decades; because it has in place effective infrastructure. Why didn't the US maintain infrastructure...you can thank all the politicians and voters over the decades who are too cheap to do what's in the best interest of the nation...especially those who are frightened by $300 billion per year...while ignoring the benefits...
     
  21. ThatOneSecond

    ThatOneSecond Newly Registered

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    Everyone knows that money grows on trees.
     
  22. Big Richard

    Big Richard Well-Known Member

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    As usual I’m sure this thing will be filled with 75% Dem pet pork projects and payola with 25% perhaps, maybe, eventually doing something positive. Well, can always borrow more money from the Chicoms if needed. They seem to always be happy to lend us some cash.
     
  23. GrayMan

    GrayMan Well-Known Member

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    Yeah but they were not the world's reserve currency.

    Taxing the rich isn't to pay off debts. Paying off debts is just one excuse to get Republicans and the Moderate right on board.

    It's to knock down the super rich to keep the government(s) from being overrun by the oligarchy power of those who keep gobling up the world with their god like wealth.

    We all know Republicans fantasize about some day that simply by being intelligent and working hard will mean you get to be as wealthy some day, lol. When will reality remind them that it's wealth that creates wealth. Maybe if they realize that, they will stop supporting the oligarchy in hopes of getting meager scraps.
     
    Last edited: Apr 6, 2021
  24. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    If the US keeps doing this, they're on the road to trashing the dollar's status as the world's single main reserve currency.

    I believe it could start snowballing (maybe not very soon, but someday). The dollar would start having major problems, people in other countries would start trying to dump it, that would quickly exacerbate the problems, leading to people devaluing it even more, and so on, in a spiral.
     
    Last edited: Apr 6, 2021
  25. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Do you believe this economically benefits poorer people, or only politically/socially?
     

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