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https://en.m.wikipedia.org/wiki/Jared_Bernstein
Why is this important? Because it explains the administration’s approach to debt and deficit spending. This man, with no formal economics training, is the chair of the Council of Economic Advisors.
This idiot, Jared Bernstein, is Biden's Chairman of the Council of Economic Advisors. He spews BS about our horrific Biden economy. He graduated with a degree in music, with a doctorate in Social Services. He's clueless like the rest of the Biden Administration, about anything… pic.twitter.com/2xScU7KvMg
— Jon C Whiteman CPA (@GMastersonCPA) April 29, 2024
He can’t address the dumb MMT talking point of why do we borrow money instead of simply spending printed money. We’re all screwed.
I went through 256 pages of Biden's new tax proposal.
Here is all you need to know:
— The Money Cruncher, CPA (@money_cruncher) May 1, 2024
Closing the paths to upward mobility and reducing the incentives to save for retirement (outside of Social Security).
Being reported widely – 25% tax on unrealized capital gains for high net worth individuals. 44.6% capital gains tax on large capital gains. The war on private savings continues.
Math is racist. It must be decolonized, because power is the only thing that can remedy racism. And power is best manifested by taking people’s money through taxation and inflation and laundering it in a manner that keeps Democrats in power.
https://www.statista.com/statistics/947781/homicide-rates-latin-america-caribbean-country/
Bukele has made El Salvador the safest country (well, by murder rate) in Latin America. It is midway between Chile and California, and I assume looking for foreign investment. I believe they just rolled out an investment / special skills visa program. Did they do chapter 7 or 11 bankruptcy?
I think that’s for the black male vote. Likely black voter support is over 90% still.
🇺🇲 2024 GE: [Among respondents who voted in the 2018, 2020 and 2022 GE]
🟦 Biden 50% (+11)
🟥 Trump 39%
—
Voted once since 2018
🟥 Trump 45% (+12)
🟦 Biden 33%
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voted in none of those three elections
🟥 Trump 44% (+18)
🟦 Biden 26%
—
AP/NORC | 2/20-3/18 | n=2,462… pic.twitter.com/4xUPm7uuBw— InteractivePolls (@IAPolls2022) April 14, 2024
That is, the activist class and the votes that get harvested / early voters will continue to build a blue wall that will be difficult to overcome. It used to be that Republicans were better at grabbing absentee voters and military votes (the bankable vote, when the rules were that they had to be mailed well before election day). Now it’s a free for all.
The US gov't debt machine is truly out of control. The US (lhs) runs a budget deficit that's more than twice as big as Canada, Euro zone, Japan & UK combined (rhs). More important, the US – unlike everyone else – funds all this with very short-term debt (red). What are we doing? pic.twitter.com/JlbgJpF4Yy
— Robin Brooks (@robin_j_brooks) March 29, 2024
Then why the war on saving? Proposed wealth taxes, increased capital gains taxes, inheritance taxes, getting rid of Prop. 13 in California, and most importantly inflation all punish saving. There’s even a proposal to tax capital gains when securities and property is transferred upon death, instead of resetting the basis upon the transfer. The government wants you dependent on Social Security, which is really inefficient, but funds deficit spending.
Speaking of the middle class…..
Elizabeth Warren says her wealth tax will "rebuild America's middle class." Amusingly enough, that's true! The reason the middle class has been shrinking is not because more people are becoming poor, but because more are becoming rich. Her tax will reverse that trend. pic.twitter.com/WJnp4YQRvv
— Paul Graham (@paulg) March 26, 2024
Still, inflation has eroded the middle class in America. There’s no choice but debt for most risk averse families.
Government expenditures are now about 25% of GDP, a non-WW high. Without debt financed growth in G (government expenditures for non-economists), the economy would not be growing. But we’re more politicized than ever. Why? Because when the government becomes the most important part of the economy, each fight over who controls the government becomes that much more important. And when the politicians see citizens as revenue streams rather than customers, there’s no end to what the state is owed.
60 Minutes interviewed @katestarbird for their show on misinformation last night.
Kate works at the University of Washington and for a misinformation research group that helped censor Americans during the 2020 election.
In this interview she whined that old Twitter “only”… pic.twitter.com/CaoW9SPTi8
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) March 25, 2024
Watching a democracy blossom into life always brings a tear to the eye pic.twitter.com/sPMjksJ2Lz
— Tom Elliott (@tomselliott) March 17, 2024
