Biden Admits His Policies Are Hurting Us

[ttwtt78640]

Biden has decreased the deficit and his proposed budgets cut it even more.

Really? The FY2019 deficit was about $984B, then was about 1.376T in FY2022 and about $1.694T in FY2023. Biden brags about his miraculous deficit reduction after the COVID pandemic years (FY2020 and FY2021), but that’s political spin.

 

[Jason Warfield]

This is all fantasy. First, yes, the Fed is Biden's. His President, he owns what they do. Also, he was in favor of the rate hikes.

Second, the rate hikes were a huge mistake. Normally inflation is excess demand. This inflation was insufficient supply coupled with monetary easing. Raising the interest rates prevented a robust return to production and caused borrowed debt to be more expensive leading to more monetary easing. Inflation isn't under control. It is just beginning.

Finally, Biden did nothing. His handlers did it all..aka Obama's peeps.

The Fed is overseen by the Board of Governors who have to be approved by Congress for a 14 year term, which is staggered. So, it is designed not to be controlled by the President or Congress.

Yet inflation has slowed down considerably and moving back down more often than going up. And when it does go up, it is incremental.

You blamed Biden for all of this, now you’ve walked it back to his “handlers” from Obama’s administration. Pick a lane.

 

[SNOWFLAKE]

The OP apparently does not understand how the Federal Reserve operates. I’m guessing there is low value in attempting to educate him.

The OP apparently does not understand - would have been sufficient

 

[SNOWFLAKE]

Did you not call me gullible?

Some people's feelings are easily hurt.

 

[holbritter]

Trump SALT tax has already capped total deductions including the home mortgage tax deduction at $10,000. For many people he has in fact already eliminated the home mortgage deduction.

SALT is one of the things Trump did that I actually benefitted from. Along with SALT came the increase in standard deduction. Lots of people couldn't quite reach the amount needed where itemizing was beneficial anyway. When SALT and the increase in standard deduction came into play, it helped me quite a bit. Not everyone pays over $10,000 in property tax.

 

[Airyaman]

If it moves, tax it.

If it keeps moving, tax it more.

If it stops moving, subsidize it.




Biden's Fed screwed up with the interest rate hikes. Now Biden's handlers feel they need to subsidize the housing market because what they've done has hurt middle class and lower Americans.

Biden does not have any influence over the Federal Reserve other than appointing members. After that they do what they do without influence from the president.

 

[mrjurrs]

This is all fantasy. First, yes, the Fed is Biden's. His President, he owns what they do. Also, he was in favor of the rate hikes.

Second, the rate hikes were a huge mistake. Normally inflation is excess demand. This inflation was insufficient supply coupled with monetary easing. Raising the interest rates prevented a robust return to production and caused borrowed debt to be more expensive leading to more monetary easing. Inflation isn't under control. It is just beginning.

Finally, Biden did nothing. His handlers did it all..aka Obama's peeps.

Massive fail.
The Fed President is Jerome Powell, serving since 2018, appointed by 4/88.

You know nothing of what you claim.

 

[dmpi]

SALT is one of the things Trump did that I actually benefitted from. Along with SALT came the increase in standard deduction. Lots of people couldn't quite reach the amount needed where itemizing was beneficial anyway. When SALT and the increase in standard deduction came into play, it helped me quite a bit. Not everyone pays over $10,000 in property tax.

I think SALT was generally a good idea for the country just because it more fair to everyone. Even if you don't have a mortgage you can easily reach the $10,000 limit through property tax, state income tax and sales tax. The standard deductions now are huge and it grows every year. Over 85% of the tax filers now take the standard deduction.

 

[ColdHardTruth]

If it moves, tax it.

If it keeps moving, tax it more.

If it stops moving, subsidize it.

Quoting Ronald Reagan are we?

Biden's Fed screwed up with the interest rate hikes. Now Biden's handlers feel they need to subsidize the housing market because what they've done has hurt middle class and lower Americans.

 

[holbritter]

I think SALT was generally a good idea for the country just because it more fair to everyone. Even if you don't have a mortgage you can easily reach the $10,000 limit through property tax, state income tax and sales tax. The standard deductions now are huge and it grows every year. Over 85% of the tax filers now take the standard deduction.

Agreed. Just a small point. You cannot itemize both state income and sales tax. It’s one or the other.

 

[Superfly]

If it moves, tax it.

If it keeps moving, tax it more.

If it stops moving, subsidize it.




Biden's Fed screwed up with the interest rate hikes. Now Biden's handlers feel they need to subsidize the housing market because what they've done has hurt middle class and lower Americans.

Headline is wrong. Please remove the toilet paper from the bottom of your shoe, and try again.

 

[mrjurrs]

I think SALT was generally a good idea for the country just because it more fair to everyone. Even if you don't have a mortgage you can easily reach the $10,000 limit through property tax, state income tax and sales tax. The standard deductions now are huge and it grows every year. Over 85% of the tax filers now take the standard deduction.

I think you're wrong. It was clearly targeting blue states that generally have a higher tax liability.

 

[ksu_aviator]

I apologize for pointing out that this is a bad policy. Clearly the emotion of the issue is far more important than the consequences of bad policy.

 

[dmpi]

I think you're wrong. It was clearly targeting blue states that generally have a higher tax liability.

You can make it political if you want to but it's really not. It's just overall more fair. States that have a high tax liability in theory are getting those dollars back in state goverment services and benefits. So the state residents aren't really out anything and the federal goverment should not be subsidizing them.

 

[mrjurrs]

You can make it political if you want to but it's really not. It's just overall more fair. States that have a high tax liability in theory are getting those dollars back in state goverment services and benefits. So the state residents aren't really out anything and the federal goverment should not be subsidizing them.

No, states with high tax liability are the states sending excess tax revenues to the states that don't tax high enough to pay for their own expenses.

 

[PeacefulWarrior]

If it moves, tax it.

If it keeps moving, tax it more.

If it stops moving, subsidize it.




Biden's Fed screwed up with the interest rate hikes. Now Biden's handlers feel they need to subsidize the housing market because what they've done has hurt middle class and lower Americans.

 

[CanadaJohn]

What possesses leftists to believe that the answer to every problem is to throw government money at it? Every leftist solution, no matter the issue, is to send out a government cheque.

Conservatives have long understood that most people would be better off if the government just got out of the way and strictly focused on those areas that require government action, like the military, border security, infrastructure, etc.

 

[PIPEWRENCH]

How quickly people forget. We're doom to keep repeating ourselves.

Our leaders didn't forget. The rich and powerful got the houses and paid off. It is time to sell those houses again and repeat.

 

[Kushinator]

Really? The FY2019 deficit was about $984B, then was about 1.376T in FY2022 and about $1.694T in FY2023. Biden brags about his miraculous deficit reduction after the COVID pandemic years (FY2020 and FY2021), but that’s political spin.

It's more appropriate to look at deficits relative to output to make comparison. Normally, it takes about 5 - 6 years to stabilize.

In 2019, the deficit was 4.5% of GDP. For 2022 and 2023, it was 5.3% and 6.2% respectively.

 

[ttwtt78640]

It's more appropriate to look at deficits relative to output to make comparison. Normally, it takes about 5 - 6 years to stabilize.

In 2019, the deficit was 4.5% of GDP. For 2022 and 2023, it was 5.3% and 6.2% respectively.

Yep, and federal spending as % of GDP is a better way to look at things. Either way, Biden is spending too much.

 

[Kushinator]

I apologize for pointing out that this is a bad policy.

Your opinion isn't supported in any way. A few empty colloquialisms are a sad means of building an argument.

Clearly the emotion of the issue is far more important than the consequences of bad policy.

Housing supply is not being addressed by the matter, and Biden has done absolutely nothing to contribute to this form of market failure.

Furthermore, interest rates are a reflection of economic growth... Inflation is a reflection of economic growth. Hence your diatribe about Biden's Fed is just partisan ignorance.

Making housing more affordable is already federal policy, and has been for over 70 years.

 

[Kushinator]

Yep, and federal spending as % of GDP is a better way to look at things. Either way, Biden is spending too much.

It continues to decline.

You should be happy!

 

[ttwtt78640]

It continues to decline.

You should be happy!

That’s not what Biden’s FY2025 federal “budget” calls for. Of course, congress will ‘tweak’ it considerably.

Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion in non-defense base discretionary spending.

The White House Releases FY 2025 Budget Tax Priorities

Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion in non-defense base discretionary spending. The request is the fourth...

www.bhfs.com

 

[Kushinator]

That’s not what Biden’s FY2025 federal “budget” calls for. Of course, congress will ‘tweak’ it considerably.

We won't know how the economy will respond. I'm assuming GDP grows above $1.75 trillion for 2025, unless of course we are driven into recession.

I promise you the economy will respond negatively to a reduction in spending. Meaning, you can see spending decline, but spending as a % of output grows.

 

[ttwtt78640]

We won't know how the economy will respond. I'm assuming GDP grows above $1.75 trillion for 2025, unless of course we are driven into recession.

I promise you the economy will respond negatively to a reduction in spending. Meaning, you can see spending decline, but spending as a % of output grows.

My point was that level of federal spending is closer to 25% of GDP, rather than the ‘traditional’ level of about 20%.