Inflation? Pfffttzz! What you really need is ...

Biden ‘Value Statement’ Budget Seeks Big Tax Hikes, Spending Increases, And Mounting Debt

President Joe Biden on Thursday is expected to use his budget proposal to score political points with his base rather than seriously engage in negotiations with Republicans about government finances as the U.S. nears the legal limit on borrowing.

House Republicans have called for significant cuts to federal spending in exchange for lifting or suspending the debt ceiling. Senator Joe Manchin, the Democratic Senator from West Virginia, has criticized his party for refusing to cooperate with Republicans on “reasonable and responsible” budget cuts.

Biden’s package of tax hikes and spending increases is unlikely to pass either the Republican-controlled House or the Democrat-controlled Senate—something the White House is well aware of. Instead, it is meant to signal Democrat priorities...

you totally omit the dei good it could do

you totally omit the dei good it could do Originally Posted by nevergaveitathought

Seems more like DIE to me.

Yeah! That's the ticket

GM offers buyouts as part of cost reduction plan
Automaker says buyout plan ‘not layoffs’

General Motors will offer buyouts to most salaried employees and global executives, in a move that will cost up to $1.5 billion in estimated pre-tax charges to cover the costs, the largest U.S. automaker announced on Thursday.

Under the terms of the staff reduction plan, all U.S. salaried employees with at least five years of service and all global executives with at least two years of service will be offered lump sum payments and other compensation to exit the company, GM said.

"Employees are strongly encouraged to consider the program," the automaker added. "By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasingly competitive market."

Eligible employees interested in the voluntary program must sign up by March 24 and those agreeing will leave GM by June 30.

The announcement comes as layoffs by U.S. companies in the past two months touch their highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced...

you totally omit the dei good it could do Originally Posted by nevergaveitathought

Seems more like DIE to me. Originally Posted by Why_Yes_I_Do

especially when it (dei) means GOD in latin.

Markey: Biden Budget Designed to Continue ‘Success Story’ Where ‘Inflation Is Going Down’

On Thursday’s broadcast of CNBC’s “Closing Bell: Overtime,” Sen. Ed Markey (D-MA) stated that President Joe Biden’s budget proposal “is just aimed at continuing” the economic “success story” under the Biden presidency where “Inflation is going down.”

Markey said, “President Biden is making a good faith effort to put together a package, like he did in his first two years, in order to solve a problem. And that is to make a proper investment in Medicare, Medicaid, in education, in our society, at the same time, ensure that those who have benefited most from the incredible boom that our country has been going through over the last two decades…pay their fair share to keep our country strong in the years ahead. And I think it’s a very good formula that the President has put together and I think that it’s the beginning, mayhaps, of a discussion around the debt ceiling, but for the rest of the year, in terms of what the priorities for our country should be in the long term. We’re at 3.4% unemployment. Inflation is going down. We’re seeing dramatic increases in manufacturing. The Biden economic plan has been working for our country, and I think this plan is just aimed at continuing that success story.”

One may recall the recent Berni-mania line that people should pay in excess of 50% tax on their income - ostensibly to fund his version of a dystopian socialist hell-scape. Ironic though that he charged attendees $95 per person to attend his book signing for his 'It's OK to Be Angry About Capitalism' book.

one good thing

the budget dei is doa

300,000 more jobs.

300,000 more jobs. Originally Posted by 1blackman1

Thanks in part to the corporate tax reform in the 2017 Tax Cuts and Jobs Act, which increased the incentive to do business in America, and brought corporate cash and jobs back to the USA.

Please see the OP. Biden et al want moar taxes, moar spending and moar debt. In other words, they want to grow the size of government relative to the size of the private sector. In the long term, I can't see how that could be good for employment in the USA. The private sector is the engine for growth and jobs.

Here's a list of countries by government expenditure and revenue as a % of GDP,

https://en.wikipedia.org/wiki/List_o...centage_of_GDP

The data is for 2020. I'd rather look at 2019, before COVID, but am too lazy.

Anyway, here are the developed countries with the highest government expenditure as a % of GDP, filtering out the petrostates, and the most recent unemployment rates for those countries.

France 7.2%
Belgium 5.8%
Greece 10.8%
Austria 7%
Italy 7.9%
Finland 7.6%


Here are the developed countries with lowest government expenditures as a % of GDP and unemployment rates, again filtering out the petrostates.

Singapore 2.0%
Ireland 4.3%
Hong Kong 3.4%
Switzerland 1.9%
New Zealand 3.4%
Australia 3.5%
United States 3.6%

If you want moar jobs, you don't want Biden's big government policies.

300,000 more jobs. Originally Posted by 1blackman1

Compared to what, where, when, as claimed by whom? <--- fun schtuff one might find in a quoted source.

Buried in the news of the SVB insolvency news is a tiny nugget of what lurks just below the surface -- Commercial loans. Recall that given rates have gone towards negative on bonds, many banks have a lot of commercial loans out on the street. Yet, commercial occupancy rates are way, way down. <cue Shark Week music>

Reagan would be proud of you Tiny. Still believing in trickle down economics, which is a failed economic theory 100 times over. But you and lusty still believe that the 2017 tax cuts helped our post Covid recovery. I’ll once again agree to disagree but I know it won’t change your beliefs.

Reagan would be proud of you Tiny. Still believing in trickle down economics, which is a failed economic theory 100 times over. Originally Posted by 1blackman1

There is no such thing as "trickle down economics". But please go ahead and tell us exactly where the Reagan economic record failed. Since you argue it failed "100 times over" you should have no problem pointing out plenty of key economic metrics such as growth, inflation, unemployment, median income, etc. that worsened during Ronnie's tenure.

But you and lusty still believe that the 2017 tax cuts helped our post Covid recovery... Originally Posted by 1blackman1

Do you honestly consider yourself a "progressive"? Then please explain what would be "progressive" about going back to a scenario where the US burdens itself with the highest corporate tax rate among 37 OECD nations?

That would be moving backwards, not forward!

Here's a simple bar graph showing where we stood in terms of global (non-) competitiveness before smart Republicans reduced the US corporate tax rate (from 35% to 21%) in 2017:



All those ignorant jackasses in the dim-retard party wanted to keep our corporate tax rate highest among all 37 OECD nations, thereby blunting our international competitiveness and undermining our attractiveness as a destination for foreign investment. Originally Posted by lustylad

...But you and lusty still believe that the 2017 tax cuts helped our post Covid recovery... Originally Posted by 1blackman1

Lemme see... you believe that raising taxes on corporations is NOT inflationary, i.e. won't impact the final cost of goods sold? While we're in da hood; you think shutting down all businesses, except liquor and CDB shops is a sound business practice that bolsters corporations that happen to employ people?

Reagan would be proud of you Tiny. Still believing in trickle down economics, which is a failed economic theory 100 times over. But you and lusty still believe that the 2017 tax cuts helped our post Covid recovery. I’ll once again agree to disagree but I know it won’t change your beliefs. Originally Posted by 1blackman1

PLEASE Blackman, you don't get to say "I know it won't change your beliefs" unless either

(a) you've written at least 200 words trying to change my beliefs, or

(b) the topic we're discussing has a lot to do with law

LustyLad and Why_Yes_I_Do answered better than I could. Please pay particular attention to the orange bars in LL's chart, the corporate rates in 2014. Our corporate rate was the highest in the developed world and needed to come down. And the TCJA coupled a rate reduction with changes in the regulations, like the Global Intangible Low Tax Income tax and tax-free repatriation of cash held overseas, that encouraged our multinationals to bring cash, jobs and investment back to the USA.

I didn't say anything about personal tax rates, which is what I guess you're referring to when you say "trickle down economics". The TCJA's changes in personal rates made the our tax system more progressive. People in lower tax brackets saw their taxes reduced more, in percentage terms, than people in higher brackets.

And as to Reagan, as Texas Contrarian has documented here more than once, the bipartisan changes in the tax code during his administration resulted in the wealthy paying more taxes. The changes shut down certain tax dodges. And when the maximum tax rate was 28%, the wealthy didn't have as much motivation to invest in tax shelters. Instead they found more productive ways to use their money. And that benefited the economy more than their investments in tax dodges.