Unemployment Under Biden

Tiny is a bright guy but he is stuck to the concept of lower taxes creates more tax revenue and jobs. Evidently he grew up sucking the fake Ronald Reagan tit of supply side hogwash.

Reagan was the worst President ever because he has gotten this country hooked on debt.

HWBush and Clinton and Newt showed how you can control debt and still grow the economy but he refuses to acknowledge their economic numbers. Originally Posted by WTF

How many times have I applauded Newt and Clinton here? Countless times.

I am deeply saddened, because Satan has hardened your heart. And he has hardened Blackman’s heart. And Satan has spoken directly to adav8s28 and he told him how many electors Biden would receive and how many people would die in the USA of Covid before December 31, 2021.

I have tried to bring the message of the Free Markets Church of Tiny to this forum. And the True Church of Tiny has made some inroads, albeit small ones, with those who belonged to the Church of Trump, like HedonistForever and Oeb. But the infidels of the Church of Obama are beyond hopeless.

I have posted data showing that the most prosperous developed countries in the world, save the petro states and tiny countries, have the lowest tax revenues as a % of GDP,

https://en.wikipedia.org/wiki/List_o...e_to_GDP_ratio
https://en.wikipedia.org/wiki/List_o...PP)_per_capita

LustyLad has posted several times about the Church of Obama’s myths about the performance of the economy after the recession. I will add a chart of historical unemployment, and recessions shaded in gray, which is not abbreviated and deceptive like the one you posted to show only the decline after the 2008/2009 recession,

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

From this you should note that a marked decrease in the unemployment rate after the end of a recession is a common thing, and a 3.5% unemployment rate was last seen in the USA in 1969.

And Satan has blinded you WTF. He has made you an acolyte of Larry Summers, one of the somewhat-dark-but-not-completely-dark angels of Satan who wants to run up the national debt even more, because he believes interest rates will stay low:
https://www.brookings.edu/wp-content...sion-draft.pdf

You yourself have wisely speculated that we may be up shit creek without a paddle if interest rates go back to 10%. I don’t know if that has changed. That is, if Satan has further poisoned your mind so that you no longer fear the national debt that will result from the 25% of GDP that we will allocate to stimulus during Covid if the additional Pelosi/Biden/Trump $2 trillion bill passes.

Summers in his article you quoted said we need another bill to accelerate the availability of testing, and extend the eviction moratorium and unemployment insurance. Reasonable minds can agree upon that. And he also wrote the following, which you conveniently left out of your quote:

The data are striking. Total employee compensation is now running only about $30 billion per month behind the pre-Covid baseline. Measures in the congressional stimulus bill to strengthen unemployment insurance and to support business will add about $150 billion a month to household income in order to replace all this loss….Bringing working families’ income up to benchmark levels is natural. Perhaps bringing them somewhat above benchmark levels makes sense. But further adding to earnings when losses are being replaced seven times over seems hard to justify — especially at a time when pent-up savings totals $1.6 trillion and is rising.

I give up. I see no point in doing what Brother David Koresh or Brother Warren Jeffs did, and starting my own compound for the Free Markets Church of Tiny here in the USA. This country is beyond hope. I shall go to another country, a tax haven country, like Brother Jim Jones. So although I may leave you, please realize you may always contact me through PM if you would like to make a donation to the Church.

Tiny - well written

your Satire is completely incomprehensible to the DPST/CCP minions.

They revere marx and atheist adherence to his marxist authoritarian religion - and God and Satan are 'forbidden subjects" under the New Age Regime of fiden and his cabal.



time to move to Switzerland!

Tiny - well written

your Satire is completely incomprehensible to the DPST/CCP minions.

They revere marx and atheist adherence to his marxist authoritarian religion - and God and Satan are 'forbidden subjects" under the New Age Regime of fiden and his cabal.



time to move to Switzerland! Originally Posted by oeb11

Yes Oeb. Historically of the developed countries, Switzerland, Ireland, Singapore, Hong Kong and the USA have had the highest GDP per capita adjusted for purchasing power, and the lowest tax revenues as a % of GDP. That's kicking out small places and petro states. A larger private sector and smaller government equate with greater prosperity. The USA will drop off that list if it pursues big government policies over the longer term. I don't think that will happen during the next four years. But after what happened between November 3 and January 20, and the fracturing of the Republican Party, big government Democrats may reign for a long while. I hope America at the national level does not become a one party state.

Timy - your comments, IMHO are prescient - the DPST/ccp party aims for precisely that - big government and a one party marxist state.

The Patriot Party will aid us in our cause. Making America Great Again.

Tiny my dear friend, your avoidance of accepting that the Obama years made it possible for the laizzez faire policies of the Trump administration is astounding. Tax revenue in the Trump years lagged behind spending and caused larger deficits than in the Obama years.

I know you can bring yourself to give fiscal credit to democrats because somewhere along the way that was ingrained in you head as bad or defeatist but the reality is this.

The last 3 Republican presidents ended their terms starting a recession. Last three Democrat presidents started their terms with republicans hading over bad economies. During the last two democrats presidencies they turned around those bad economies and handed their successors lower deficits and debt and growing economies. Biden will be the third straight to do it.

Chart away my friend and come up with convoluted excuses for republicans failures during their terms and somehow state it wasn’t the democrats that actually achieved those economies but at night when you go to bed, you know the truth.

You should pray to your gods that democrats continue with their records of success. He use what’s true is the last three republicans have continued their records of failure.

Summers in his article you quoted said we need another bill to accelerate the availability of testing, and extend the eviction moratorium and unemployment insurance. Reasonable minds can agree upon that. And he also wrote the following, which you conveniently left out of your quote:

The data are striking. Total employee compensation is now running only about $30 billion per month behind the pre-Covid baseline. Measures in the congressional stimulus bill to strengthen unemployment insurance and to support business will add about $150 billion a month to household income in order to replace all this loss….Bringing working families’ income up to benchmark levels is natural. Perhaps bringing them somewhat above benchmark levels makes sense. But further adding to earnings when losses are being replaced seven times over seems hard to justify — especially at a time when pent-up savings totals $1.6 trillion and is rising.

h. Originally Posted by Tiny

I did not conveniently leave it out....I made it clear that Summers was not FOR the added direct payment of 1400$.

You seem to now be aligned with Summers!

I don't have time....but I merely pointed out the flaw in your initial blasting of Summers. He did not say what you'd said he did.

The Patriot Party will aid us in our cause. Making America Great Again.

Tiny my dear friend, your avoidance of accepting that the Obama years made it possible for the laizzez faire policies of the Trump administration is astounding. Tax revenue in the Trump years lagged behind spending and caused larger deficits than in the Obama years.

I know you can bring yourself to give fiscal credit to democrats because somewhere along the way that was ingrained in you head as bad or defeatist but the reality is this.

The last 3 Republican presidents ended their terms starting a recession. Last three Democrat presidents started their terms with republicans hading over bad economies. During the last two democrats presidencies they turned around those bad economies and handed their successors lower deficits and debt and growing economies. Biden will be the third straight to do it.

Chart away my friend and come up with convoluted excuses for republicans failures during their terms and somehow state it wasn’t the democrats that actually achieved those economies but at night when you go to bed, you know the truth.

You should pray to your gods that democrats continue with their records of success. He use what’s true is the last three republicans have continued their records of failure. Originally Posted by 1blackman1

I shall attempt to raise the discourse of this forum to levels in the world's greatest legislative bodies and therefore shall address Blackman in the third person.

My right honorable friend fails to note that many factors affect GDP and employment. Each of the Fed, the business cycle, Congress, civil servants, and changes in the labor force, productivity and technology are often more important than who is president.

I believe you can attribute better economic performance to good policies over the long term.

Bill Clinton, Newt Gingrich, Robert Rubin and others instituted good policy in the second half of the 1990's, like lowering the capital gains tax, balancing the budget, promoting free trade, and carrying out welfare reform. I have given them huge credit for this in my posts, and believe it favorably affected the economy. I will even go so far as to say that Clinton in his second term, moderated by a Republican Congress, was the last decent president we've had.

And so exactly what are we supposed to give Obama credit for? A budget deficit of 586 billion, or 3% of GDP, in his last year in office, which undoubtedly would have been higher if not for a Republican Congress? Higher taxes? Doubling down on a failed health care system, the most expensive in the world, so that when he left office health care costs were 17.9% of GDP, up from 16.6% when he started? And longevity and infant mortality were the same as Cuba, and still we don't have universal health care?

I have praised the corporate tax rate cuts passed by Ryan and the Republicans, because they were a game changer. Including state taxes, the average corporate tax rate in the USA was 40%. Most of the rest of the world, wisely seeking to promote businesses, was in the 20% to 30% range. This cut had a favorable effect on GDP growth and employment. I have also criticized the deficits and the trade wars during Trump's term. But at least so far the positive effect of the lower corporate tax rates and less regulation on the economy have outweighed those.

Based on the logic of my right honorable friend, who attributes economic performance solely to the party which controls the presidency, we should have all bought stocks when an NFC or former NFL team won the Super Bowl and otherwise sold our portfolios. For the first 16 Super Bowls this worked much, much better than any strategy based on interest rates, P/E ratios, etc. And of course, it was based on coincindence, not cause and effect.

Tiny - well written

your Satire is completely incomprehensible to the DPST/CCP minions.

They revere marx and atheist adherence to his marxist authoritarian religion - and God and Satan are 'forbidden subjects" under the New Age Regime of fiden and his cabal.

time to move to Switzerland! Originally Posted by oeb11

dunno about Switzerland. they're under pressure from the EU about their gun laws. they were forced to change some aspect of it.

https://www.businessinsider.com/how-...20-11?r=oo-pol



Here 4k more jobs.

According to economists at Moody's Analytics if Biden's 1.9 Trillion dollar rescue plan is passed by congress the unemployment rate can would be lowered to pre-pandemic levels by Sep 2022. If there is no extra stimulus it would take until fourth quarter 2023 to regain the 10 million lost jobs.

https://www.yahoo.com/money/biden-re...181903486.html Originally Posted by adav8s28

I did not conveniently leave it out....I made it clear that Summers was not FOR the added direct payment of 1400$.

You seem to now be aligned with Summers!

I don't have time....but I merely pointed out the flaw in your initial blasting of Summers. He did not say what you'd said he did. Originally Posted by WTF

I wrote that about Summers at midnight 5 minutes before I went to sleep. And I'll admit it, it was bull shit. But eccieuser has done the same thing when he was plastered and you, WTF, have as well on occasion for reasons unknown.

If Biden gets his stimulus but cannot realize his job-destroying policies described in the OP, then yeah, Moody's may be right. And it is presumptuous of me to challenge Moody's and Larry Summers, just as it is presumptuous of those here on the left to challenge Steve Mnuchin, er, sorry, LustyLad.

THANK YOU

dunno about Switzerland. they're under pressure from the EU about their gun laws. they were forced to change some aspect of it. Originally Posted by dilbert firestorm

Outside of the USA, and some tribal areas of Afghanistan, Pakistan and Africa which are not under government control, you're not going to find anyplace with a more liberal attitude towards firearms than Switzerland. The Swiss live by what we call the second amendment in the USA. Members of the citizen militia, in which all able bodied men serve at some point in their lives, are allowed to take their rifles home to defend the country from invasion.

I wrote that about Summers at midnight 5 minutes before I went to sleep. And I'll admit it, it was bull shit. But eccieuser has done the same thing when he was plastered and you, WTF, have as well on occasion for reasons unknown.

If Biden gets his stimulus but cannot realize his job-destroying policies described in the OP, then yeah, Moody's may be right. And it is presumptuous of me to challenge Moody's and Larry Summers, just as it is presumptuous of those here on the left to challenge Steve Mnuchin, er, sorry, LustyLad. Originally Posted by Tiny

Thank you for the admission...many here could follow your lead.

Another point: You leave out in your praise of Newt, Clinton and Rubin is both Clinton's and HWBush tax increases prior to their bending the spending curve.

This unyielding approach that low taxes can not have a long term negative effect on future economic growth because of booming debt they spur is a flaw in your, Reagan, GWBush, Obama's and Trumps thinking.

That is why I say Reagan was the worst President ever; it got wanna be economist like lustylad thinking that debt does not matter(at least when a Republican is in the WH)

Many fail to understand the Laffer Curve. It shows the harm of both a tax rate too high as well as one too low.

Also remember your famed lustylad could not even pay off his GDP bet with me when I correctly predicted the Trump tax cuts would produce a sugar high but not sustain 3plus GDP. That laddyboy was screaming about 4 and 5% GDP predictions at the time!

If you want to bring someone in the conversation that understands the bigger picture. ask Captainmidnight to the party. lustylad is a supply side follower of what the late,great GWBush would label "Voodoo Economics" and Bush proved to be correct.

And so exactly what are we supposed to give Obama credit for? A budget deficit of 586 billion, or 3% of GDP, Originally Posted by Tiny

Have you seen the deficits of the last 3 years and the one soon to be?

WTF, Your last two posts, in terms of the representations you make about my beliefs and what I've written are complete and total bull shit. I've complained about deficits more than anyone in this forum except you. The difference is that you don't see fit or don't believe it's possible to make government more efficient and control expenditures. You want big government and high taxes. Yes, you do say the right things about reducing defense expenditures. But that's just a drop in the bucket compared to everything else.

So what are the models for how you'd like America to be? Well, if you read post #63 above and spend some time with the Wikipedia tables in post #61, you'll see the best case scenario for a large country would be that we become like Germany-- our GDP per capita drops 15%. We become 15% poorer than we were before. But Germans are smarter and more industrious than we are. More realistically, we become like France, 20% poorer. Oh, but you argue, the USA has resources, like oil and gas, that those countries don't. Well, not as long as the New Progressive Democratic Party controls the federal government. They've shown in the last four days they're going to make sure those resources stay in the ground.