Biden Admits His Policies Are Hurting Us

[Kushinator]

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

It's not...

It's not.

 

[Lovebug]

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.

Are you sure you have the correct title for this thread?
I actually clicked on X to see if there's more to the story but it seems not. So, how did you come up with this?

 

[Lovebug]

Rather than a tax cut, I’d rather the government incentivize the construction of more and more affordable housing.

That would address the problem more directly.

 

[Lovebug]

It is quite simple.

View attachment 67498157

Are you saying that TFG has a clue what the average working man/woman wants?

Oh, and don't start with the whataboutism. They are both running. We must measure things.

 

[post]

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.

Uh, no.,.,. pigs at the trough
.

Across metro Atlanta, large companies are buying up ...​

AJC.com

https://www.ajc.com › investor-owned-houses-atlanta
Feb 9, 2023 — The largest firms bought more than twice as many homes in Atlanta as any other market in 2019 and 2020, according to the Congressional study.


.

 

[Ahlevah]

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.

The Fed didn’t screw up by raising rates. It screwed up by leaving them too low for too long. Remember the “transitory” inflation that refused to go away? We had almost free money for years, and it’s distorted our economy by goosing asset prices, including the cost of homes.

 

[Kushinator]

The Fed didn’t screw up by raising rates. It screwed up by leaving them too low for too long. Remember the “transitory” inflation that refused to go away? We had almost free money for years, and it’s distorted our economy by goosing asset prices, including the cost of homes.

Easy for you to say.

But the economy was barely growing 2.5% rGDP with deficits that exceeded GDP growth and too low for too long interest rates.

You want people to suffer on your terms. Screw everyone for ideology purposes, and when things do go wrong and the government steps in to save the day, nit-pick as a means of missing the forest for the trees.

In the contrast, I accept reality for what it is and am grateful we live in a time where critical thought has surpassed superstitious nonsense... like the tripe you push on a daily basis. By all means, cry some more about inflation being so tough and then cheer when it isn't in a realm desired by the same authorities you argue against.

 

[Ahlevah]

But the economy was barely growing 2.5% rGDP with deficits that exceeded GDP growth and too low for too long interest rates.

Give me $9 trillion and I’ll grow real GDP, too. Nvidia stock and Bitcoin will shoot to the moon and back. We’ll worry about the debt hangover later.

You want people to suffer on your terms. Screw everyone for ideology purposes, and when things do go wrong and the government steps in to save the day, nit-pick as a means of missing the forest for the trees.

Do you think Wall Street and its Washington Beltway apologist pals give a shit about the cost of steak and potatoes in Flyover Country? As long as they get richer by buying up everything they’re happy. Give the masses Facebook and YouTube and they’ll be fine.

What I want is for government to stop lying to people while pandering for votes. Stop selling people on the idea that government can solve all of their problems if it just prints more money to give them “free” shit and raises taxes on rich people to pay for it. It has no intention of paying for it other than by monetizing it, because it’s spending money faster than it can grow its way out of this snowballing debt tsunami it’s sending our way. Stop trying to make things more “affordable” by subsidizing them. That only works in a lunatic’s reality.

In the contrast, I accept reality for what it is and am grateful we live in a time where critical thought has surpassed superstitious nonsense... like the tripe you push on a daily basis. By all means, cry some more about inflation being so tough and then cheer when it isn't in a realm desired by the same authorities you argue against.

Reality? Reality is our banks are sitting on a tender box of commercial loans that will never be repaid, and yet the Fed just ended its BTFP lending facility because banks were using it like just another piggy bank. Both Powell and Yellen say, “We can handle it.”

A real estate CEO predicts hundreds of banks will fail or be taken over by 2026​

MSN

 

[post]

Give me $9 trillion and I’ll grow real GDP, too. Nvidia stock and Bitcoin will shoot to the moon and back. We’ll worry about the debt hangover later.



Do you think Wall Street and its Washington Beltway apologist pals give a shit about the cost of steak and potatoes in Flyover Country? As long as they get richer by buying up everything they’re happy. Give the masses Facebook and YouTube and they’ll be fine.

What I want is for government to stop lying to people while pandering for votes. Stop selling people on the idea that government can solve all of their problems if it just prints more money to give them “free” shit and raises taxes on rich people to pay for it. It has no intention of paying for it other than by monetizing it, because it’s spending money faster than it can grow its way out of this snowballing debt tsunami it’s sending our way. Stop trying to make things more “affordable” by subsidizing them. That only works in a lunatic’s reality.



Reality? Reality is our banks are sitting on a tender box of commercial loans that will never be repaid, and yet the Fed just ended its BTFP lending facility because banks were using it like just another piggy bank. Both Powell and Yellen say, “We can handle it.”

A real estate CEO predicts hundreds of banks will fail or be taken over by 2026​

MSN

 

[Gatsby]

This is a stupid and counterproductive policy. The last thing we need to be doing is subsidizing demand for housing even MORE. We already do that too much, and we already have a housing shortage in many big cities. We need to be drastically expanding supply of housing in expensive areas by upzoning the cities, repealing building requirements like height maximums and parking minimums, and generally letting people build more housing on their own property.

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.

This part is wrong. Raising interest rates to fight inflation is appropriate monetary policy, just as cutting interest rates to fight unemployment is appropriate monetary policy.

 

[ALiberalModerate]

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.

The Fed is independent from the President. Moreover, the Fed Chairman was appointed by Trump.

 

[ALiberalModerate]

The Fed didn’t screw up by raising rates. It screwed up by leaving them too low for too long. Remember the “transitory” inflation that refused to go away? We had almost free money for years, and it’s distorted our economy by goosing asset prices, including the cost of homes.

Why was inflation a worldwide phenomenon then?

 

[Kushinator]

This is a stupid and counterproductive policy. The last thing we need to be doing is subsidizing demand for housing even MORE. We already do that too much, and we already have a housing shortage in many big cities. We need to be drastically expanding supply of housing in expensive areas by upzoning the cities, repealing building requirements like height maximums and parking minimums, and generally letting people build more housing on their own property.

Housing issues in big cities are driven by market sentiment. There's simply little desire on behalf of developers to invest in low-income housing. Instead, they'll dump millions gentrifying areas to sell / rent to higher income individuals who have 6 figure jobs in these cities.

I'm from Chicago... and this is exactly what's happened in Logan Square and the West loop. It's already rolling in Avondale, Pilsen, and Ukrainian village. Even Hyde Park is catering to higher incomes.

The only thing the federal government can do is try to make housing more affordable. It's not really going to matter in major markets. But in the burbs, it's going to stretch that monthly payment.

 

[Kushinator]

Why was inflation a worldwide phenomenon then?

They'll argue that the dollar caused it via Biden's stimulus. It's a stupid argument, but desperate folks will say ridiculous things.

 

[Gatsby]

Housing issues in big cities are driven by market sentiment. There's simply little desire on behalf of developers to invest in low-income housing. Instead, they'll dump millions gentrifying areas to sell / rent to higher income individuals who have 6 figure jobs in these cities.

That's fine. Increasing the supply of high-income housing lowers the cost of housing for everyone at all price points in the market.

I'm from Chicago... and this is exactly what's happened in Logan Square and the West loop. It's already rolling in Avondale, Pilsen, and Ukrainian village. Even Hyde Park is catering to higher incomes.

Those high-income people moved to those new Logan Square units from somewhere else. Their previous landlord will now have to cut rent in order to find a new tenant, which means their previous high-income apartment is now a medium-high-income apartment. (Same logic applies to homeownership, not just rentals.)

The only thing the federal government can do is try to make housing more affordable. It's not really going to matter in major markets. But in the burbs, it's going to stretch that monthly payment.

I agree that the federal government can't do much about housing (it's more of a state/local matter). But they can at least avoid making the problem worse by subsidizing demand.

 

[Kushinator]

Give me $9 trillion and I’ll grow real GDP, too. Nvidia stock and Bitcoin will shoot to the moon and back. We’ll worry about the debt hangover later.

You'll just pretend to care about suffering when it's politically convenient. And then... is back to boot straps and the same sour grapes.

Do you think Wall Street and its Washington Beltway apologist pals give a shit about the cost of steak and potatoes in Flyover Country?

Huh?

What I want is for government to stop lying to people while pandering for votes. Stop selling people on the idea that government can solve all of their problems if it just prints more money to give them “free” shit and raises taxes on rich people to pay for it.

That's not what the government does. What I want is for you and the cult to stop lying to yourselves. For the most part people who do not live in poverty work and invest in their future. Most people will succeed, some will fail, and the government will be there to help soften that blow. I'm not sorry this bothers you.

It has no intention of paying for it other than by monetizing it, because it’s spending money faster than it can grow its way out of this snowballing debt tsunami it’s sending our way.

We've been through this. Debt to GDP continues to ebb down. Why do you lie? Why do you only negative when Republicans lose elections?

Stop trying to make things more “affordable” by subsidizing them. That only works in a lunatic’s reality.

It worked for 50+ years until markets began to fail.

Reality? Reality is our banks are sitting on a tender box of commercial loans that will never be repaid, and yet the Fed just ended its BTFP lending facility because banks were using it like just another piggy bank. Both Powell and Yellen say, “We can handle it.”

Your track record for predicting economic result is terrible. Nobody cares about your .

A real estate CEO predicts hundreds of banks will fail or be taken over by 2026​

Ok.

 

[Kushinator]

I agree that the federal government can't do much about housing (it's more of a state/local matter). But they can at least avoid making the problem worse by subsidizing demand.

People are still going to buy... it will just be in cheaper areas, with higher mortgage payments, which means less spendable income and savings.

Doing nothing makes the problem worse. With more demand for middle to lower income housing, the market will likely respond outside of major cities.

 

[Gatsby]

People are still going to buy... it will just be in cheaper areas, with higher mortgage payments, which means less spendable income and savings.

What's wrong with that?

Doing nothing makes the problem worse.

I'm defining "the problem" as the high cost of living (either owning or renting) in major cities, especially those on the coast.
It sounds like we might be talking about two different things. Which problem are you talking about?

With more demand for middle to lower income housing, the market will likely respond outside of major cities.

The market responds to more demand by increasing prices.

 

[Kushinator]

What's wrong with that?

What's wrong with greater instances of housing being less affordable and people having less spendable income?

I'm defining "the problem" as the high cost of living (either owning or renting) in major cities, especially those on the coast.
It sounds like we might be talking about two different things. Which problem are you talking about?

High cost of living means less spendable income, less savings, and lower standard of living.

The market responds to more demand by increasing prices.

Incorrect. Markets respond to increases in demand by increasing supply. It's when they're unable to do so of where the pricing mechanism comes into play, as a means of sorting out scarcity.

I believe you're confusing quantity demanded.

 

[yankintx]

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.

The title of the thread is misleading.

 

[Gatsby]

What's wrong with greater instances of housing being less affordable and people having less spendable income?

Yes. We just had a two-year bout of very high inflation, unemployment is near its all-time low, and interest rates are still quite high. Is "Americans don't have enough spendable income" a problem that our economy currently faces?

High cost of living means less spendable income, less savings, and lower standard of living.

The way to solve that problem is to increase supply of housing, not increase demand for housing.

Incorrect. Markets respond to increases in demand by increasing supply. It's when they're unable to do so of where the pricing mechanism comes into play, as a means of sorting out scarcity.

I believe you're confusing quantity demanded.

I'm not.

 

[Crunchtime]

Quote the name I called in my post or apologize for lying.

You sound like a robot. Is that name calling?

 

[Kushinator]

Yes. We just had a two-year bout of very high inflation, and interest rates are still quite high. Is "Americans don't have enough spendable income" a problem that our economy currently faces?

I didn't understand the response.

The way to solve that problem is to increase supply, not demand.

The market reacts to higher prices by increasing supply. If not, that's an example of market failure.

I'm not.

You are. Increases in quantity demanded is about price increases by definition. An increase in demand is shift to the right for the demand curve. It only results in higher prices if supply doesn't react accordingly, and that's provided that supply isn't elastic.

Now for the sake of argument, housing possesses extremely inelastic demand properties, so much that it's reflective of an upward slope which is another way of calling it a Giffen good.

Nevertheless, housing is extremely segmented. Much of new investment is being pushed towards higher priced real estate. Part of that is because people on the lower end of the income / wealth spectrum do not want to live in cheaper housing or in cheaper areas. They want to live in areas where housing takes up 50% of their income.

Social media likes cost money.

 

[Crunchtime]

This probably would piss off a bunch of people with investments in real-estate, but I am starting to wonder if we should DIS-incentivize high-end apartments.

Bernie Sanders is the answer. Elect Bernie. He’ll handle it.

 

[Kushinator]

Bernie Sanders is the answer. Elect Bernie. He’ll handle it.

What a terrible response. You didn't even attempt to address anything you've quoted.

Why? You have nothing but partisanship to bring to discussions.

Own the libs!!! Amirite?