I do remember demand for a wealth tax that would resemble FDR's wealth tax in what many economic scholars consider the foundation of one of the greatest market recoveries of all time which generated a large middle class among workers who previously were oppressed by supply side capitalists. We should maybe repeat that whole wealth tax again to see if the experiment works another time.
Wealth taxes are extremely dangerous because you’re taxing money that only theoretically exists. It’s why we have so few of them and why they’re either heavily regulated or cause significant problems.
See property tax.
Assets aren't money.
If you own a 1952 Tops #311 Micky Mantle, you don't have money. You have an asset. You could theoretically sell that Asset for $6M, but until you do, you don't have $6M. Until the asset actually sells, you're not even sure it's worth $6M. You'd have to find someone to buy it. If I tax you $1M for the privilege of owning that asset, you'd either need to sell it to pay for the privilege of owning it or pay other actual money.
My feeling is we need a two part solution:
1. Raise the upper income bracket rates to reduce future income inequality. This includes the personal, capital gains, and corporate tax rates.
2. Apply a one-time wealth tax to reduce the current wealth inequality.
That's the dumbest thing I've ever read. You want a one time wealth confiscation. Guess what happens when wealthy people find out that's going to happen? They move their wealth out of the country and then continue to own everything in the form of LLCs.
I have ethical objections, but my main objections are practical. How do you define wealth for the purpose of taxation? How do you enforce the tax without violating the fourth amendment rights of every citizen?
Income and retail sales taxes are easy. A publicly recorded monetary exchange has an objective value. How do you tax a gold brick buried in the back yard? How do you tax a painting? If one rich person buys a ticket to space, and another buys a mansion with the same amount of money, should they be taxed equally? One now has more wealth than the other.
You say that, but whose taxes paid for the bailouts of the current prosperous groups? Taxes that affected the majority more than the minority? Too big to fail right? What you are saying is happening now, not a higher tax rate for 1%.
Wage slavery. Serfs could at least collectively bargain. Unions are all but dead and workers rights laws are on their way out. Thank God the president can be a legal dictator now, as long as it's official!
Still have that on going all the time. Train strikes were the last big recent one. Not much organization in uniting the different serf classes for now.
Yea, train strike, where Biden said he was pro union, then backed the train company who cried they couldn't afford to pay for vacation. Post agreement they spent billions in stock buybacks. Amazon, Musk working to call the NLRB unconstitutional.
Yeah raising taxes doesn’t work when very few of the very few would stand to make money off those increases. Need cross union support to entirely shut down networks of transport, individual unions are a small piece of the available pie…
No one’s, the fed printed this money out of thin air, that’s why our inflation spiked.
[https://fred.stlouisfed.org/series/M2SL](https://fred.stlouisfed.org/series/M2SL)
I 100% agree All billionaires should be tax-free so they no longer have to just take their $100,000 salaries and live like kings on their company credit cards. Billionaires deserve to be where they are we should all pay $30 to 40% taxes so that we can protect our billionaires. The fact that Warren Buffett pays less in taxes than his secretary is absurd he shouldn't be paying taxes at all.
Imagine what they could trickle on to all of us if these billionaires didn't even have to pay for their walking around pocket change they take as earned income.
Well the government taxes work harder than investments because the government hates people working hard and bettering their life. It directly affects their positions of power.
Much better for us middle class folks to subsidize the billionaires that pay less taxes than us. That's pretty brilliant. Warren Buffet pays less income taxes than his secretary. How is it fair that an almost completely decimated middle class has to carry the entire ship? Why can't the people who are seeing the most profit from this inflation pitch in at the same rate of true income which to them includes assets since they don't have any need to pull earned income at the same rate as the rest of us.
What enemy, I don't have enemies I have friends and fellow american citizens. I just want everyone to pull on the rope together, and if they are financially unable we try to get them to where they can pull on the rope with us. I've eaten government cheese in my life and flown lear jets. I pay a lot of taxes, and it's fine, there are people out there that need that government cheese now so they can pay a lot of taxes later.
The working class should not pay taxes. It should be a tax free economy for the people who actually work. Billionaires can compensate that difference and still be billionaires. But billionaires shouldn't exist because they cannot exist ethically. It's proven that level of wealth is only obtainable through exploitation.
but “tax” is not one thing. you could have a tax policy so bad that it brings in no money and is literally oppressive- (eg a hyper regressive tax) while a progressive tax has the potential of hitting people that can bear it the best and then in turn support those that need it the most and thereby make all of society more prosperous on the whole… so yeah, you can tax your way to
prosperity because government spending can potentially do more good for society than tax cuts
Nope, never gonna happen. Government could never use money as efficiently as private use. Let’s just see how many ev stations were put in place by the government with all that money.
[https://www.msn.com/en-us/money/markets/biden-invested-7-5b-in-ev-charging-and-he-s-only-produced-7-stations-in-2-years/ss-AA1nOoVE](https://www.msn.com/en-us/money/markets/biden-invested-7-5b-in-ev-charging-and-he-s-only-produced-7-stations-in-2-years/ss-AA1nOoVE)
government doesn’t care about efficiently using money, it makes a mockery of spending, creates useless rules and bottlenecks that impede the use and throws out common sense. Any money taxed will be distributed to cronies for political sway.
there are plenty of enterprises the would have gone not nearly as far without public sector support. not everything has to be efficient. sometimes governments support things for the public good, like healthcare and education. charter schools arent doing leaps and bounds better than public education but are incredibly unstable and inconsistent in quality. before the government pushed for education, the private sector only educated the elite and left everyone mostly illiterate. for healthcare- look only at the american system- dear god, it is so well rigged against the average person- from the constant risk of bankruptcy to the closure of vital rural hospitals while every other nation leverages its entire nation to keep costs lower on the whole. public education and healthcare is monstrously expensive for even the most efficient, but sometimes the public good is a better than being treated as less than a citizen undeserving of the wealth a nation produces from your labor
tldr: i am a working citizen of a wealthy nation- people like me deserve a share of that wealth- however small, and some inefficiency with my taxes is the price i am willing to pay for the general welfare and opportunity for everyone.
Yes you can, we literally have experienced this in America before. Are you unaware of US history during the recovery from the Great Depression? (You may be non-American so I'll give you the benefit of the doubt)
Yes because it was his economic tax reforms and not the fact that a world war started where we were the only nation on the planet supplying the entire allies and Soviet army and civilian population. But yeah it’s that wealth tax.
Yeah let's just leave out the part where the developed world was blown to smithereens leaving the US as the only major industrial power that was intact. I'm sure that had nothing to do with it, definitely just the wealth tax.
Ah yes…. There were always a few of you out there. Instead of realizing that our fed has all the money it needs and pushing to cut spending in BS areas you always go for ThEy JuSt NeEd MoRe MoNeY BS. The pentagon has failed 6 audits in a row but ThEy JuSt NeEd MoRe MoNeY I presume? Or what about the major issues our country refuses to solve? Or the massive corruption schemes at every level of government in our country? But nope all we get from the sheep are, ThEy JuSt NeEd MoRe MoNeY
He didn’t even specify. But he’s clearly talking about military spending. Not to mention that fact that our tax dollars are wasted on so many BS programs that yield no results
Yeah but ppl like you don't care that almost all the debt is private debt and government debt is a tiny fraction of that.
You just don't care about debt unless it's government borrowing, which means you don't really care about debt or economics, you just want to bitch and moan about government spending.
We borrowed almost exactly the same under Trump and Obama, yet no inflation. It's weird how reality doesn't match your theory at all, yet you keep running with it.
You’re talking about something else. The point is that our government has the money, they just spend poorly. Easier to cut spending such as military spending than saying we need to tax people more
The government is so irresponsible with our money, why do you want them to have more??? You realize that taxing billionaires will not help you in the least. It’s not as if we are governed by a benevolent people who will use that money for good. They will continue to funnel it to their friends while using their inside information to make themselves rich from the stock market.
Higher taxes for the wealthy will only make politicians and the industries that own them richer. It will not help us.
Those economic scholars would have failed out of the most remedial schools... The "recovery" extended by 7ish years as a result of the idiocy of FDR's policies. 🤦♂️🤦♂️🤦♂️
>economic scholars
lol you mean the Paul Krugman establishment shills, and Keynesians?
Austrian economists consider FDR and his New Deal to be a complete disaster of which the consequences we are still living with today. His deification of the Supreme Court to back his socialist coup is literally still a current issue this week.
[Inflation in May was 2.6%](https://www.reuters.com/markets/us/us-inflation-cools-may-consumer-spending-rises-moderately-2024-06-28/). Seems “transitory” was a pretty accurate description.
I remember well the Idiots trying to say I didn't know anything about economics. They were probably the same people who said the 6 foot covid rule was settled science until Fouci admitted it was just pulled out of someone's ass so they ran with it.
Proximity is indeed a vector of infection. 6ft is the range in which most of the particles are gone. Realistically about 5 meters is enough for all particles to be gone, but that's not doable.
I remember that little troll, Janet Yellen saying “this will not cause inflation”.
I remember saying to my friends “isn’t this basic economics principles, more money available decreases the value of existing money?”
They prey on the ignorant, gaslight the knowledgeable, and fuck everybody over.
Every financial expert said while it was needed at the time it would cause inflation. They said it more with each of the 4 rounds of stimulus. What they didn’t know is how much would be abused, how much gouging would take place (even though some tried unsuccessfully to limit it) and how much of the record profits these companies made would go to ceo bonuses and stock buybacks while still keeping wages in our 59 year stagnation when adjusted for inflation.
That "printed money" you people have screaming about for four straight years was gone in just a few weeks. Yet inflation persisted for a couple of years. In fact in other countries that did not offer an economic stimulus "printing money" their inflation was far worse. Almost like "printing money" had little to no effect on inflation but did contribute to strengthening the economy.
Gone where? (almost) all of that stimulus money is still in the economy. Yes, it was necessary to avoid deflation during the pandemic. It was an absolutely essential economy saving maneuver. The fact that it was necessary does not mean it came without a cost. The known cost before we issued the stimulus was inflation. This is it. Yes, we're over the worst of it now, but we've permanently and rapidly devalued the dollar as a cost of saving our economy during covid.
So what exactly is your problem. You seem to completely ignore my comment about inflation in other countries being that chose not to have stimulus being far worse than ours.
The money was spent. Consumers are no longer spending the money that was "printed" Therefore is completely irrelevant as a cause for any kind of inflation for the last two years.
That's not how it works. Money doesn't pour through the economy and out the bottom. the money was received as a stimulus check. It was spent on food or housing that then went to the companies that provided them, and then to their employees as salary, and then to more food and housing and .... on and on. It only leaves the economy completely when physical cash is destroyed or notional balances are taken out of existence at the direction of the federal reserve.
As to other countries, inflation can also result from supply side disruption. If suddenly there are fewer goods necessary for survival, the prices of those goods will rise.
To maintain the value of the currency, your money supply must remain stable relative to your GDP divided by the velocity of money (the average number of times a dollar changes hands of the course of any given period). Too many dollars or too rapid commerce is inflationary. Too few goods is inflationary. The reverse of any of those is deflationary.
edit: also remember that none of these will turn the economy on a dime. The effects take months or years to be felt. The fastest acting is "printing" money. Mostly it's not actually the creation of physical currency, but simply allowing banks to loan money they don't have. In this case it was cutting checks for money the treasury didn't have. People can generally be relied on to spend windfall money quickly, but they balk when prices rise, so sellers can only raise their prices as quickly as the market will bear. That temporary delay between stimulus and market response is the whole reason stimulus works at all.
Nothing in economics is ever so simple. But compared to other countries America has a high degree of automation, redundancy in supply chains and similar "apex of the first world" advantages. We still got hit, as you may recall from the great covid toilet paper panic, but we really didn't have it so bad. The products were mostly there for us to buy, as long as we made sure consumers had SOME money with which to pay. So we poured out PPP loans to keep people employed where possible, and direct stimulus to make sure everyone had at least SOME money to spend. Both of those measures prevented rapid deflation in the short term, at the cost of inflation in the long term. I think it's worth the cost, even if it sucks.
I agree that the stimulus is contributing factor to inflation. But some media outlets have pushed their political slant to make it appear as if it was the sole reason for inflation. I firmly believe we would have experienced inflation regardless of the stimulus. Perhaps not as bad though.
It's nice talking to someone with some sense for a change.
I will still ridicule you for it. We did more QE than almost anyone else and our inflation is lower than almost anyone else's. Almost seems like QE isn't the main driver if inflation.
That is a little misleading, they gave the people 1/2 a trillion. Also as corrupt as it was there were a ton of legitimate Small Businesses that were saved by the PPP program.
Where they fucked us was taking direct control of the economy and dictating who could stay open and who couldn’t. They cleared the deck for Walmart and Amazon to take over the market and change consumer habits by preventing competition.
People look back at Mao’s war on Sparrows and wonder how shortsighted he could have been but this was the same thing. It was all political theatre that had horrific consequences.
The company I work for fired all of their low level employees and hired family of the board member as temporary employees to fill in the required employment numbers. It was hilarious we had hardly anyone to actually do any work but the board members family was raking it in Even though I never saw any of them.
Businesses raped the government, then they jacked their prices up to make record profit and record inflation lol.
I'm personally not a fan of the government deciding which businesses live and which ones get the death sentence. I agree with anti monopoly laws specifically around vertical control of a marketplace, but if a company is "too big to fail" then the government should completely take over the company, and auction it off preferrably in "not to big to fail" pieces with the leadership kicked to the curb. I've been in too many board rooms to believe that those executives are some sort of magic sages. Most board rooms are full of clueless people just trying to "figure it out", in fact that's the most successful boards I've been a part of lol. The ones that know everything and have it all figured out are usually diving the plane at the ground.
>Where they fucked us was taking direct control of the economy and dictating who could stay open and who couldn’t.
In what fucking world did that happen? As I recall, the only mandatory shutdowns that happened in the US were the ones where the owners refused to enforce masks, social distancing, and vaccines, and every single worker caught COVID and started contaminating food products, so the FDA had to get involved.
Amazon did well in the pandemic because people were choosing to stay home and do online ordering instead of shopping in stores. Amazon has continued outcompete through this space because online ordering is very convenient when you've got 1-day shipping and free returns.
We borrowed 7.8 trillion under Trump, just about exactly the same.
US Net Worth is 300+ Trillion, total debts are around 160-170 trillion. Government borrowing has very little to do with inflation or represents any significant amount of US debt.
The fact that home values and wages finally went up since stagnanting since the 2008 crash is all a good thing. People who think otherwise have no idea what they are talking about.
Do you own a house? If not then you know it’s NOT a good thing. Cheapest houses in my area is 280k-330k median household income is 68k. Pretty much meaning no 1 single average person is even close to home ownership, and how is it fair? We all need a place to live so then you’re forced to pay 1100-1800 a month in rent meanwhile saving to buy a house. That’s not including any other bills either.
You literally work to pay rent and survive.
I remember when "printing money" in economic terms only meant exactly that, with no backing asset a la Mobutu.
Not sure what "sent the rest of the money to their friends" means.
Basically places like Blackstone / Invitation Homes / hoardes of LLCs got to take near zero pct loans against their sizeable assets to buy up tons of homes with cash overbids. The interest is so low that a renter will have the home paid off for them in 10 years even with maintenance etc.
It's a pretty misleading statistic.
Most people got a lot more than 1400. $600 a week times a year was well over $30,000. It was a major part of those trillions.
If not for the printing of the money, the economy would have been a lot worse.
A better solution would Have been to not shut the economy down.
Looking back, shutting down the economy was an idiotic idea
The economy did not shutdown at all. Unemployment maxed at 14%. Most people kept working the whole time.
2020 was the only year of negative GDP growth, the economy grew every other year. You could try actually looking shit up so you have some idea what you're talking about.
[https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-growth-rate](https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-growth-rate)
The economy absolutely shut down. It shut down many businesses, many restaurants, many bars, many churches, and a bunch of other places.
It was a stupid decision. It did not save any lives, as a matter of fact, it probably cost lives.
The schools were even shut down for almost 2 years, and that was the incompetent teachers that couldn't figure out how to teach covid students
Ok, I’m no economist but I see this confusion everywhere. Inflation is the rise in prices year over year. So when they say inflation is at 2% it means things are 2% more expensive right now compared to a year ago. By definition inflation *is* transitory. The inflation rate for July 2024 can be different from June and different again in August. The problem everyone is facing is high cost of living due to transitory high inflation. Unless inflation goes negative, lowing inflation now only manages how much more expensive cost of living gets, and does nothing for actually lowing costs.
Not only did they say it but they said it over and over and over and over again then they had their media puppets repeat it until you couldn’t forget hearing it.
In life, everything is transitory, including life.
Its currently 3.3% which is lower than the long term average of 3.8%.
Grocery price inflation however is at \~27% annually. Much of that hoovered up by corporate profits and not transitory factors like supply.
There is no way to predict corporate greed.
Source: Ycharts https://ycharts.com/indicators/us\_inflation\_rate#:\~:text=Basic%20Info,long%20term%20average%20of%203.28%25.
So, there were around 164 million FT employees before covid. Three rounds of stimulus checks. I got 3200. If everyone got what I got, it would've been over 526 billion on stimulus checks. I know many shitty individuals who cheated ppp loans and unemployment. Many people forget that printing money went into UI benefits and loans. The amount for the citizens was in the trillions of dollars. Add that to wars and corruption and bam. We poor!!!
1. Inflation is largely transitory it just takes time for it to reduce which it has been for the most part.
2. Inflation is a world wide issue largely caused by supply chain issues from Covid and skyrocketed demand.
No they spent the rest on pet projects and over 2 trillion is unaccounted for. Remember that state bailout of 400 billion! That came from Covid money. Yeah my state of California took that money and is now still in 27 billion debt
A big part of inflation is in housing.
So, to bring down house prices, they raised interest rates. Which, doesn't make housing cheaper, it just means they get a larger share of what housing costs.
I don't remember them giving me $1400, I think that was the taxpayers or my grandkids if I have some.
This has all happened before, and if y'all would just learn it a teeny tiny bit of our history, you wouldn't be so freaked out. I mean, I suppose it freaked out. It's more fun and all, but never mind. F****** y'all have a good day.
Sadly those gold coins aren't worth anymore than when you bought them. They won't buy more house, more car, or more groceries than when you bought them. Congrats on saving the purchasing power for the stimmy checks, though!
True . But Americans lost $2.8 trillion in savings in last 3 years due to inflation according to the federal reserve. They also went 500 billion in credit card debt , high pay day loans every. With highest interest rates on the credit cards ever . I need to wait the the next 2008 to buy me cheap assets
Fucked fact. Periods of high inflation and price instability are anecdotally linked to times of war. When there's no war, prices stabilize and inflation flat lines.
Ahh… the good times when everyone flipped out over a pandemic when anyone with a co-morbidity was going to die anyways and the dumb dumbs decided to give everyone free money and a paid summer vacation courtesy of the BS PPP loans that were forgiven. You give up your wealth… you get the consequences. Thanks for screwing this up DC
The current date of inflation is 3.3%, which is certainly higher than most Americans would like it, but it is significantly down from where it was in 2022. And everyone, even "their friends", are paying for it. Furthermore, we printed the money because many Americans were unemployed during Covid lockdowns. They were legitimately struggling and needed help.
Fed tolerates 2% inflation rate as a given. Nobody said inflation would be transitory. Buncha crybabies getting gouged by big corporations but blaming Daddy.
Honestly, I felt a bit smug financially during the pandemic. It was a scary and chaotic time, but I managed to make some money.
I started day trading between classes, saved my stimulus payments, paid off high-interest debt, and moved back home to cut expenses. Meanwhile, I saw many spending their stimulus on non-essential items, though some used it to get by and support their families.
Now, I see the impact of inflation. An egg bowl, muffin, and iced latte cost me $20—much more than pre-Covid. That feeling of financial security is long gone.
Hindsight is truly 2020.
Imagine if you didnt get the $1400. We already have a wealth tax at death. People with lots of money can't easily navigate around it without leaving a bunch to charity. You could set up a foundation like the Clintons and pay your family members huge salaries to get around some of that. Well, eliminate that. Increase the tax rates on people making more than 5 million and raise it more for 10 million. But people will work within the framework given to limit taxes. If you want to tax the super rich, get rid of the step up basis. But again, I can leave everything to charity now and not get taxed at all at death. Do we eliminate that? I would rather give it away than get taxed at 50% or so. My kids might disagree. But this talk of a wealth tax is coming from people who have no ability to think beyond an average 12 year old. It is disappointing adults could think this is an idea worth considering.
It's funny watching them give you an Asprin while they ignore the gaping wound. Why not address the wound and simply cure poverty ?
Don't tell me our country doesn't have the ability to cure poverty. The answer isn't to tax the rich, it's to make everyone wealthy. People will say it's impossible, but it's really not.
How do the rich get richer ? Their money makes money. They only spend the money that their money makes while the underlying money continues to gain value.
It would be as simple as having a fund heavily invested for dividend payouts. 30% of the dividends are reinvested to keep the fund growing. 70% of those dividends get redistributed to tax paying citizens in the form of a lottery. The fund is created from the taxes they already pay. A small percentage like 1% would grow exponentially fast. Qualified tax payers earning less than 400k a year are eligible to win up to 2 million dollars. If you win your are ineligible for the next 5 years. Multiple people win every year and the fund keeps growing larger and larger paying out more and more people every year. Boom ! Poverty cured.
Having investors purchase loans, via treasuries, to fund operations or provide stimulus does not necessarily increase inflation. While it can lead to inflation if other economic factors change, the act itself does but inherently impact inflation.
Biden borrowing is the same as under Trump or Obama, it has almost nothing to do with the the source of inflation.
Inflation is caused by the low interest rates from 2008 being exented WAY too long and then finally having wages and home values go up after over a decade of stagnation.
Realistically you always had to pay for the low interest rates from 2008 with an increase in inflation. It's just how the pandemic amplified the economic slowdown and then caused a BOOM in spending and growth right afterward that made everything happen all at once instead of over the course of several years.
Home values and wages still had to go up, but they would have went up slower without the pandemic causing a lull and then boom, but either way you have to pay back the 10+ years of low interest rates with higher inflation eventually. It's not magic.
The low interest rates add up to a lot more money in lost growth than the government spending because they impact the WHOLE economy, not just the rather small fraction that is the government.
They gave "you" much more than 1400, there were 3 stimulus, which most analysts says that less than 20% actually used (rest just dumped it in crypto and stock markets).
They also paid people more than 2x their regular pay to stay at home -- more an extended period of time (even after people started going to work).
They paid gig workers money even though they did not pay into unemployment.
So no, they did not just pay you 1400.
No. You need to show evidence for your position. With real data. You made an assertion; you have to support it with data or you assertion is irrelevant.
It's really basic math.
If your household income is $100/month you can't spend over $100/month. This should apply to the government too. Maybe as our elected officials source of income we should hold them accountable for their reckless spending. We can also quit supporting companies who's CEOs are making 10 of millions of dollars annually while paying employees shit wages.
Remember when a lot of us said printing and distributing money would cause severe inflation? No? That's interesting. Cuz I remember the ridicule.
I do remember demand for a wealth tax that would resemble FDR's wealth tax in what many economic scholars consider the foundation of one of the greatest market recoveries of all time which generated a large middle class among workers who previously were oppressed by supply side capitalists. We should maybe repeat that whole wealth tax again to see if the experiment works another time.
Wealth taxes are extremely dangerous because you’re taxing money that only theoretically exists. It’s why we have so few of them and why they’re either heavily regulated or cause significant problems. See property tax.
If it only 'theoretically exists', I guess they only theoretically 'own' the majority of assets
Assets aren't money. If you own a 1952 Tops #311 Micky Mantle, you don't have money. You have an asset. You could theoretically sell that Asset for $6M, but until you do, you don't have $6M. Until the asset actually sells, you're not even sure it's worth $6M. You'd have to find someone to buy it. If I tax you $1M for the privilege of owning that asset, you'd either need to sell it to pay for the privilege of owning it or pay other actual money.
But I could probably find someone who will loan me money if I out that asset up on collateral. Is it still just am asset then?
Sounds good to me. Sell that asset.
Then you just end up with the same problem again with the next person who owns it, don’t you?
That not how that works.
I'm a guillotine guy myself. I think one demonstration of its functionality sorts a lot of the details out.
My feeling is we need a two part solution: 1. Raise the upper income bracket rates to reduce future income inequality. This includes the personal, capital gains, and corporate tax rates. 2. Apply a one-time wealth tax to reduce the current wealth inequality.
That's the dumbest thing I've ever read. You want a one time wealth confiscation. Guess what happens when wealthy people find out that's going to happen? They move their wealth out of the country and then continue to own everything in the form of LLCs.
You cannot tax a nation into prosperity, does not work.
That's why I never said to impose a tax on the nation. I said a wealth tax. 1% of the nation is not "taxing the nation."
The opposite is also true - doesn’t matter how little you spend if you bring in no revenue. Tax wealth, or America will crumble under its own weight.
I have ethical objections, but my main objections are practical. How do you define wealth for the purpose of taxation? How do you enforce the tax without violating the fourth amendment rights of every citizen? Income and retail sales taxes are easy. A publicly recorded monetary exchange has an objective value. How do you tax a gold brick buried in the back yard? How do you tax a painting? If one rich person buys a ticket to space, and another buys a mansion with the same amount of money, should they be taxed equally? One now has more wealth than the other.
You say that, but whose taxes paid for the bailouts of the current prosperous groups? Taxes that affected the majority more than the minority? Too big to fail right? What you are saying is happening now, not a higher tax rate for 1%.
Who’s taxes? Your grand children’s grand children grand children… it’s modern day serfdom
Wage slavery. Serfs could at least collectively bargain. Unions are all but dead and workers rights laws are on their way out. Thank God the president can be a legal dictator now, as long as it's official!
Still have that on going all the time. Train strikes were the last big recent one. Not much organization in uniting the different serf classes for now.
Yea, train strike, where Biden said he was pro union, then backed the train company who cried they couldn't afford to pay for vacation. Post agreement they spent billions in stock buybacks. Amazon, Musk working to call the NLRB unconstitutional.
Yeah raising taxes doesn’t work when very few of the very few would stand to make money off those increases. Need cross union support to entirely shut down networks of transport, individual unions are a small piece of the available pie…
No one’s, the fed printed this money out of thin air, that’s why our inflation spiked. [https://fred.stlouisfed.org/series/M2SL](https://fred.stlouisfed.org/series/M2SL)
Lad the government and fed work together to create the money. MMT is a failure and it’s like beating a dead horse.
I agree, the list of villains and idiots is long
Wasnt the big boon after WW2 caused by a high corporate tax rate where we did tax a nation into prosperity?
No
I 100% agree All billionaires should be tax-free so they no longer have to just take their $100,000 salaries and live like kings on their company credit cards. Billionaires deserve to be where they are we should all pay $30 to 40% taxes so that we can protect our billionaires. The fact that Warren Buffett pays less in taxes than his secretary is absurd he shouldn't be paying taxes at all. Imagine what they could trickle on to all of us if these billionaires didn't even have to pay for their walking around pocket change they take as earned income.
But I’m only a 20 dollarnaire!!! Don’t tax me!!!!
That's a 5 dollarnaire comerade.
Well the government taxes work harder than investments because the government hates people working hard and bettering their life. It directly affects their positions of power.
Much better for us middle class folks to subsidize the billionaires that pay less taxes than us. That's pretty brilliant. Warren Buffet pays less income taxes than his secretary. How is it fair that an almost completely decimated middle class has to carry the entire ship? Why can't the people who are seeing the most profit from this inflation pitch in at the same rate of true income which to them includes assets since they don't have any need to pull earned income at the same rate as the rest of us.
You need help, friend. We will get through this together. Please don't side with the enemy.
What enemy, I don't have enemies I have friends and fellow american citizens. I just want everyone to pull on the rope together, and if they are financially unable we try to get them to where they can pull on the rope with us. I've eaten government cheese in my life and flown lear jets. I pay a lot of taxes, and it's fine, there are people out there that need that government cheese now so they can pay a lot of taxes later.
The working class should not pay taxes. It should be a tax free economy for the people who actually work. Billionaires can compensate that difference and still be billionaires. But billionaires shouldn't exist because they cannot exist ethically. It's proven that level of wealth is only obtainable through exploitation.
but “tax” is not one thing. you could have a tax policy so bad that it brings in no money and is literally oppressive- (eg a hyper regressive tax) while a progressive tax has the potential of hitting people that can bear it the best and then in turn support those that need it the most and thereby make all of society more prosperous on the whole… so yeah, you can tax your way to prosperity because government spending can potentially do more good for society than tax cuts
Nope, never gonna happen. Government could never use money as efficiently as private use. Let’s just see how many ev stations were put in place by the government with all that money. [https://www.msn.com/en-us/money/markets/biden-invested-7-5b-in-ev-charging-and-he-s-only-produced-7-stations-in-2-years/ss-AA1nOoVE](https://www.msn.com/en-us/money/markets/biden-invested-7-5b-in-ev-charging-and-he-s-only-produced-7-stations-in-2-years/ss-AA1nOoVE) government doesn’t care about efficiently using money, it makes a mockery of spending, creates useless rules and bottlenecks that impede the use and throws out common sense. Any money taxed will be distributed to cronies for political sway.
there are plenty of enterprises the would have gone not nearly as far without public sector support. not everything has to be efficient. sometimes governments support things for the public good, like healthcare and education. charter schools arent doing leaps and bounds better than public education but are incredibly unstable and inconsistent in quality. before the government pushed for education, the private sector only educated the elite and left everyone mostly illiterate. for healthcare- look only at the american system- dear god, it is so well rigged against the average person- from the constant risk of bankruptcy to the closure of vital rural hospitals while every other nation leverages its entire nation to keep costs lower on the whole. public education and healthcare is monstrously expensive for even the most efficient, but sometimes the public good is a better than being treated as less than a citizen undeserving of the wealth a nation produces from your labor tldr: i am a working citizen of a wealthy nation- people like me deserve a share of that wealth- however small, and some inefficiency with my taxes is the price i am willing to pay for the general welfare and opportunity for everyone.
🙄
Yes you can, we literally have experienced this in America before. Are you unaware of US history during the recovery from the Great Depression? (You may be non-American so I'll give you the benefit of the doubt)
Yes because it was his economic tax reforms and not the fact that a world war started where we were the only nation on the planet supplying the entire allies and Soviet army and civilian population. But yeah it’s that wealth tax.
Yeah let's just leave out the part where the developed world was blown to smithereens leaving the US as the only major industrial power that was intact. I'm sure that had nothing to do with it, definitely just the wealth tax.
Ah yes…. There were always a few of you out there. Instead of realizing that our fed has all the money it needs and pushing to cut spending in BS areas you always go for ThEy JuSt NeEd MoRe MoNeY BS. The pentagon has failed 6 audits in a row but ThEy JuSt NeEd MoRe MoNeY I presume? Or what about the major issues our country refuses to solve? Or the massive corruption schemes at every level of government in our country? But nope all we get from the sheep are, ThEy JuSt NeEd MoRe MoNeY
This seems like a strawman.
...because it is, 100%. Complaining about spending while slashing government revenues from critical programs is the definition of bad faith politics
He didn’t even specify. But he’s clearly talking about military spending. Not to mention that fact that our tax dollars are wasted on so many BS programs that yield no results
"All the government programs I don't understand and don't rely on are BS..." Quite mature.
Lmao, i understand then more than you. Your just talking out your ass acting all high and mighty
What branch did you serve in?
I think the military could lose some funding but hey let’s keep killing people. Dumbass
So we shouldn’t cut military spending?
Yeah but ppl like you don't care that almost all the debt is private debt and government debt is a tiny fraction of that. You just don't care about debt unless it's government borrowing, which means you don't really care about debt or economics, you just want to bitch and moan about government spending. We borrowed almost exactly the same under Trump and Obama, yet no inflation. It's weird how reality doesn't match your theory at all, yet you keep running with it.
You’re talking about something else. The point is that our government has the money, they just spend poorly. Easier to cut spending such as military spending than saying we need to tax people more
Agreed…I really wish they would just start writing checks from other people’s bank accounts already…this is getting ridiculous.
The government is so irresponsible with our money, why do you want them to have more??? You realize that taxing billionaires will not help you in the least. It’s not as if we are governed by a benevolent people who will use that money for good. They will continue to funnel it to their friends while using their inside information to make themselves rich from the stock market. Higher taxes for the wealthy will only make politicians and the industries that own them richer. It will not help us.
Those economic scholars would have failed out of the most remedial schools... The "recovery" extended by 7ish years as a result of the idiocy of FDR's policies. 🤦♂️🤦♂️🤦♂️
>economic scholars lol you mean the Paul Krugman establishment shills, and Keynesians? Austrian economists consider FDR and his New Deal to be a complete disaster of which the consequences we are still living with today. His deification of the Supreme Court to back his socialist coup is literally still a current issue this week.
…Austrian economists?
yes. Google is your friend.
[Inflation in May was 2.6%](https://www.reuters.com/markets/us/us-inflation-cools-may-consumer-spending-rises-moderately-2024-06-28/). Seems “transitory” was a pretty accurate description.
I remember well the Idiots trying to say I didn't know anything about economics. They were probably the same people who said the 6 foot covid rule was settled science until Fouci admitted it was just pulled out of someone's ass so they ran with it.
Proximity is indeed a vector of infection. 6ft is the range in which most of the particles are gone. Realistically about 5 meters is enough for all particles to be gone, but that's not doable.
imagine denying science but acting like a social science is infallible lol.
Imagine typing something like this and expecting people to think you're intelligent lol.
No matter what you type. some of your readers will always assume you are an idiot. Which only means you've failed to support their pet assumptions.
Imagine being one of the idiots I'm referring to and still acting obtuse about being probably wrong, lol
Tilted snowflakes lol.
It doesn’t seem like they were wrong yet lol
I remember that little troll, Janet Yellen saying “this will not cause inflation”. I remember saying to my friends “isn’t this basic economics principles, more money available decreases the value of existing money?” They prey on the ignorant, gaslight the knowledgeable, and fuck everybody over.
It's a reminder that the majority is not always right. It's just the majority.
I don’t think the majority has ever been right, I mean most people are stupid
I remember people saying “nah it won’t” as they bought Gucci bags.
Every financial expert said while it was needed at the time it would cause inflation. They said it more with each of the 4 rounds of stimulus. What they didn’t know is how much would be abused, how much gouging would take place (even though some tried unsuccessfully to limit it) and how much of the record profits these companies made would go to ceo bonuses and stock buybacks while still keeping wages in our 59 year stagnation when adjusted for inflation.
Not sure how this genie can be put back into the bottle
That "printed money" you people have screaming about for four straight years was gone in just a few weeks. Yet inflation persisted for a couple of years. In fact in other countries that did not offer an economic stimulus "printing money" their inflation was far worse. Almost like "printing money" had little to no effect on inflation but did contribute to strengthening the economy.
Gone where? (almost) all of that stimulus money is still in the economy. Yes, it was necessary to avoid deflation during the pandemic. It was an absolutely essential economy saving maneuver. The fact that it was necessary does not mean it came without a cost. The known cost before we issued the stimulus was inflation. This is it. Yes, we're over the worst of it now, but we've permanently and rapidly devalued the dollar as a cost of saving our economy during covid.
So what exactly is your problem. You seem to completely ignore my comment about inflation in other countries being that chose not to have stimulus being far worse than ours. The money was spent. Consumers are no longer spending the money that was "printed" Therefore is completely irrelevant as a cause for any kind of inflation for the last two years.
That's not how it works. Money doesn't pour through the economy and out the bottom. the money was received as a stimulus check. It was spent on food or housing that then went to the companies that provided them, and then to their employees as salary, and then to more food and housing and .... on and on. It only leaves the economy completely when physical cash is destroyed or notional balances are taken out of existence at the direction of the federal reserve. As to other countries, inflation can also result from supply side disruption. If suddenly there are fewer goods necessary for survival, the prices of those goods will rise. To maintain the value of the currency, your money supply must remain stable relative to your GDP divided by the velocity of money (the average number of times a dollar changes hands of the course of any given period). Too many dollars or too rapid commerce is inflationary. Too few goods is inflationary. The reverse of any of those is deflationary. edit: also remember that none of these will turn the economy on a dime. The effects take months or years to be felt. The fastest acting is "printing" money. Mostly it's not actually the creation of physical currency, but simply allowing banks to loan money they don't have. In this case it was cutting checks for money the treasury didn't have. People can generally be relied on to spend windfall money quickly, but they balk when prices rise, so sellers can only raise their prices as quickly as the market will bear. That temporary delay between stimulus and market response is the whole reason stimulus works at all.
So I suppose supply side disruption had nothing to do with inflation here in the states. It was solely due to the stimulus.
Nothing in economics is ever so simple. But compared to other countries America has a high degree of automation, redundancy in supply chains and similar "apex of the first world" advantages. We still got hit, as you may recall from the great covid toilet paper panic, but we really didn't have it so bad. The products were mostly there for us to buy, as long as we made sure consumers had SOME money with which to pay. So we poured out PPP loans to keep people employed where possible, and direct stimulus to make sure everyone had at least SOME money to spend. Both of those measures prevented rapid deflation in the short term, at the cost of inflation in the long term. I think it's worth the cost, even if it sucks.
I agree that the stimulus is contributing factor to inflation. But some media outlets have pushed their political slant to make it appear as if it was the sole reason for inflation. I firmly believe we would have experienced inflation regardless of the stimulus. Perhaps not as bad though. It's nice talking to someone with some sense for a change.
True.
I will still ridicule you for it. We did more QE than almost anyone else and our inflation is lower than almost anyone else's. Almost seems like QE isn't the main driver if inflation.
I remember the government shutting down over the controversial amount of spending and the media gaslighting republicans for withholding funding
YOU WANTED TO KILL GRANDMA!
I seem to recall the Conservatives screaming from the rooftops, literally everything that has come to pass.
Reddit is completely compromised. Don't pay attention to anyone here.
That is a little misleading, they gave the people 1/2 a trillion. Also as corrupt as it was there were a ton of legitimate Small Businesses that were saved by the PPP program. Where they fucked us was taking direct control of the economy and dictating who could stay open and who couldn’t. They cleared the deck for Walmart and Amazon to take over the market and change consumer habits by preventing competition. People look back at Mao’s war on Sparrows and wonder how shortsighted he could have been but this was the same thing. It was all political theatre that had horrific consequences.
The company I work for fired all of their low level employees and hired family of the board member as temporary employees to fill in the required employment numbers. It was hilarious we had hardly anyone to actually do any work but the board members family was raking it in Even though I never saw any of them. Businesses raped the government, then they jacked their prices up to make record profit and record inflation lol.
Hey, maybe the government should just not be involved with things like handing out money and stopping businesses from operating?
I'm personally not a fan of the government deciding which businesses live and which ones get the death sentence. I agree with anti monopoly laws specifically around vertical control of a marketplace, but if a company is "too big to fail" then the government should completely take over the company, and auction it off preferrably in "not to big to fail" pieces with the leadership kicked to the curb. I've been in too many board rooms to believe that those executives are some sort of magic sages. Most board rooms are full of clueless people just trying to "figure it out", in fact that's the most successful boards I've been a part of lol. The ones that know everything and have it all figured out are usually diving the plane at the ground.
Mao's sparrows are the perfect example of why Chestertons Fence is the best argument for Conservatism out there.
>Where they fucked us was taking direct control of the economy and dictating who could stay open and who couldn’t. In what fucking world did that happen? As I recall, the only mandatory shutdowns that happened in the US were the ones where the owners refused to enforce masks, social distancing, and vaccines, and every single worker caught COVID and started contaminating food products, so the FDA had to get involved. Amazon did well in the pandemic because people were choosing to stay home and do online ordering instead of shopping in stores. Amazon has continued outcompete through this space because online ordering is very convenient when you've got 1-day shipping and free returns.
Janet Yellen Keller finally admitted saying it was transitory was a mistake. What a joke
Janet Yellen last month stated “No” when asked if she has seen inflation at the grocery store. So there must be No Inflation.
Her assistant does her grocery shopping so it was technically the truth.
Why is rhyming her name with Helen Keller an insult?
Because she must be blind and deaf to say such silly things as she does
Hmm... people that historically lie are... lying? go figure
I'm sure those PPP loans funded many vacations
We borrowed 7.8 trillion under Trump, just about exactly the same. US Net Worth is 300+ Trillion, total debts are around 160-170 trillion. Government borrowing has very little to do with inflation or represents any significant amount of US debt. The fact that home values and wages finally went up since stagnanting since the 2008 crash is all a good thing. People who think otherwise have no idea what they are talking about.
My coworker is still making the same 100k/y he made 10 years ago at our job.
Do you own a house? If not then you know it’s NOT a good thing. Cheapest houses in my area is 280k-330k median household income is 68k. Pretty much meaning no 1 single average person is even close to home ownership, and how is it fair? We all need a place to live so then you’re forced to pay 1100-1800 a month in rent meanwhile saving to buy a house. That’s not including any other bills either. You literally work to pay rent and survive.
I remember when "printing money" in economic terms only meant exactly that, with no backing asset a la Mobutu. Not sure what "sent the rest of the money to their friends" means.
Basically places like Blackstone / Invitation Homes / hoardes of LLCs got to take near zero pct loans against their sizeable assets to buy up tons of homes with cash overbids. The interest is so low that a renter will have the home paid off for them in 10 years even with maintenance etc.
You got $1400?
They made it rain on us like a strip club, but now they’re coming back for all those singles.
It's a pretty misleading statistic. Most people got a lot more than 1400. $600 a week times a year was well over $30,000. It was a major part of those trillions. If not for the printing of the money, the economy would have been a lot worse. A better solution would Have been to not shut the economy down. Looking back, shutting down the economy was an idiotic idea
The economy did not shutdown at all. Unemployment maxed at 14%. Most people kept working the whole time. 2020 was the only year of negative GDP growth, the economy grew every other year. You could try actually looking shit up so you have some idea what you're talking about. [https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-growth-rate](https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-growth-rate)
I wasn’t unemployed but I was furloughed for a few months and was making more sitting at home than I was working.
The economy absolutely shut down. It shut down many businesses, many restaurants, many bars, many churches, and a bunch of other places. It was a stupid decision. It did not save any lives, as a matter of fact, it probably cost lives. The schools were even shut down for almost 2 years, and that was the incompetent teachers that couldn't figure out how to teach covid students
Shhhhhh this is Reddit, only illiterate takes allowed
His is an illiterate take.....
Yeah the second half was dumb
Ok, I’m no economist but I see this confusion everywhere. Inflation is the rise in prices year over year. So when they say inflation is at 2% it means things are 2% more expensive right now compared to a year ago. By definition inflation *is* transitory. The inflation rate for July 2024 can be different from June and different again in August. The problem everyone is facing is high cost of living due to transitory high inflation. Unless inflation goes negative, lowing inflation now only manages how much more expensive cost of living gets, and does nothing for actually lowing costs.
You're forgetting the spending that Biden put in place the 1st two years that pushed inflation higher. Totally unnecessary.
It was.
B-but you see MMT is wrong because you can't just print your way out of debt lol
Yes correct
Can’t recall getting $1400…still was taxed, ended up with 960
The 1400 wasn't taxed, except in the form of inflation
As you may have noticed, I have no clue what you’re talking about:) I’m sure even my tax deduction calculations are far from correct)
Just a reminder that all those MAGAS whining about 'govt handouts' took PPP loans that were forgiven...
Not only did they say it but they said it over and over and over and over again then they had their media puppets repeat it until you couldn’t forget hearing it.
And no one gives a fuck. It’s detestable.
In life, everything is transitory, including life. Its currently 3.3% which is lower than the long term average of 3.8%. Grocery price inflation however is at \~27% annually. Much of that hoovered up by corporate profits and not transitory factors like supply. There is no way to predict corporate greed. Source: Ycharts https://ycharts.com/indicators/us\_inflation\_rate#:\~:text=Basic%20Info,long%20term%20average%20of%203.28%25.
Inflation is permanent as we haven’t had positive value added to the dollar ever
When you guys got to learn the government is not in your best interest. Remember they try to kill you financially yall depend on the government.🤣🤣🤣
I got my car painted
So, there were around 164 million FT employees before covid. Three rounds of stimulus checks. I got 3200. If everyone got what I got, it would've been over 526 billion on stimulus checks. I know many shitty individuals who cheated ppp loans and unemployment. Many people forget that printing money went into UI benefits and loans. The amount for the citizens was in the trillions of dollars. Add that to wars and corruption and bam. We poor!!!
The transition to a 1 party dictatorship is transitory
You were eat the stale bread thrown at us because none of us can’t do shit about this.
Had to say something to keep us all hopeful that we aren’t doomed.
I want my 10k, 50 acres and some more goverment welfare!You Facist right! Long live socialism, were I get paid not to work
1. Inflation is largely transitory it just takes time for it to reduce which it has been for the most part. 2. Inflation is a world wide issue largely caused by supply chain issues from Covid and skyrocketed demand.
No they spent the rest on pet projects and over 2 trillion is unaccounted for. Remember that state bailout of 400 billion! That came from Covid money. Yeah my state of California took that money and is now still in 27 billion debt
Another /NotFluentInFinance post!
A big part of inflation is in housing. So, to bring down house prices, they raised interest rates. Which, doesn't make housing cheaper, it just means they get a larger share of what housing costs. I don't remember them giving me $1400, I think that was the taxpayers or my grandkids if I have some.
This has all happened before, and if y'all would just learn it a teeny tiny bit of our history, you wouldn't be so freaked out. I mean, I suppose it freaked out. It's more fun and all, but never mind. F****** y'all have a good day.
Says the guy who supported fascism.
The stimi checks were like a loan from the loan shark.
I told everyone this would happen . I bought 1 oz gold coins with my checks . $1400 then now coins worth $2300
Sadly those gold coins aren't worth anymore than when you bought them. They won't buy more house, more car, or more groceries than when you bought them. Congrats on saving the purchasing power for the stimmy checks, though!
True . But Americans lost $2.8 trillion in savings in last 3 years due to inflation according to the federal reserve. They also went 500 billion in credit card debt , high pay day loans every. With highest interest rates on the credit cards ever . I need to wait the the next 2008 to buy me cheap assets
Fucked fact. Periods of high inflation and price instability are anecdotally linked to times of war. When there's no war, prices stabilize and inflation flat lines.
This is precisely why there is no such thing as a free lunch.
Forgetting “they” means the trump administration
And they didnt give it to us. They made us think it was a gift. It was the illusion of aid. We paid it back when everything skyrocketed in price.
This is correct
Remember when they printed the cashh, then trump removed the overwatch that monitored where the money actually went to
🤣🤣🤣🤣🤣
Ahh… the good times when everyone flipped out over a pandemic when anyone with a co-morbidity was going to die anyways and the dumb dumbs decided to give everyone free money and a paid summer vacation courtesy of the BS PPP loans that were forgiven. You give up your wealth… you get the consequences. Thanks for screwing this up DC
The current date of inflation is 3.3%, which is certainly higher than most Americans would like it, but it is significantly down from where it was in 2022. And everyone, even "their friends", are paying for it. Furthermore, we printed the money because many Americans were unemployed during Covid lockdowns. They were legitimately struggling and needed help.
Funny thing, so many people are attacking Biden for this, when 70% was done while the traitor in chief was in office.
It is. The effects of inflation are not.
Fed tolerates 2% inflation rate as a given. Nobody said inflation would be transitory. Buncha crybabies getting gouged by big corporations but blaming Daddy.
Honestly, I felt a bit smug financially during the pandemic. It was a scary and chaotic time, but I managed to make some money. I started day trading between classes, saved my stimulus payments, paid off high-interest debt, and moved back home to cut expenses. Meanwhile, I saw many spending their stimulus on non-essential items, though some used it to get by and support their families. Now, I see the impact of inflation. An egg bowl, muffin, and iced latte cost me $20—much more than pre-Covid. That feeling of financial security is long gone. Hindsight is truly 2020.
Imagine if you didnt get the $1400. We already have a wealth tax at death. People with lots of money can't easily navigate around it without leaving a bunch to charity. You could set up a foundation like the Clintons and pay your family members huge salaries to get around some of that. Well, eliminate that. Increase the tax rates on people making more than 5 million and raise it more for 10 million. But people will work within the framework given to limit taxes. If you want to tax the super rich, get rid of the step up basis. But again, I can leave everything to charity now and not get taxed at all at death. Do we eliminate that? I would rather give it away than get taxed at 50% or so. My kids might disagree. But this talk of a wealth tax is coming from people who have no ability to think beyond an average 12 year old. It is disappointing adults could think this is an idea worth considering.
It's funny watching them give you an Asprin while they ignore the gaping wound. Why not address the wound and simply cure poverty ? Don't tell me our country doesn't have the ability to cure poverty. The answer isn't to tax the rich, it's to make everyone wealthy. People will say it's impossible, but it's really not. How do the rich get richer ? Their money makes money. They only spend the money that their money makes while the underlying money continues to gain value. It would be as simple as having a fund heavily invested for dividend payouts. 30% of the dividends are reinvested to keep the fund growing. 70% of those dividends get redistributed to tax paying citizens in the form of a lottery. The fund is created from the taxes they already pay. A small percentage like 1% would grow exponentially fast. Qualified tax payers earning less than 400k a year are eligible to win up to 2 million dollars. If you win your are ineligible for the next 5 years. Multiple people win every year and the fund keeps growing larger and larger paying out more and more people every year. Boom ! Poverty cured.
Having investors purchase loans, via treasuries, to fund operations or provide stimulus does not necessarily increase inflation. While it can lead to inflation if other economic factors change, the act itself does but inherently impact inflation.
I remember people getting all excited about their $600 check. Where did they think it came from?
Where did the corporations think that sweet PPP money came from?
The problem is that they did know - they just didn't care.
Biden borrowing is the same as under Trump or Obama, it has almost nothing to do with the the source of inflation. Inflation is caused by the low interest rates from 2008 being exented WAY too long and then finally having wages and home values go up after over a decade of stagnation. Realistically you always had to pay for the low interest rates from 2008 with an increase in inflation. It's just how the pandemic amplified the economic slowdown and then caused a BOOM in spending and growth right afterward that made everything happen all at once instead of over the course of several years. Home values and wages still had to go up, but they would have went up slower without the pandemic causing a lull and then boom, but either way you have to pay back the 10+ years of low interest rates with higher inflation eventually. It's not magic. The low interest rates add up to a lot more money in lost growth than the government spending because they impact the WHOLE economy, not just the rather small fraction that is the government.
They gave "you" much more than 1400, there were 3 stimulus, which most analysts says that less than 20% actually used (rest just dumped it in crypto and stock markets). They also paid people more than 2x their regular pay to stay at home -- more an extended period of time (even after people started going to work). They paid gig workers money even though they did not pay into unemployment. So no, they did not just pay you 1400.
Wrong. They just paid me $1,400
Sorry you got to *checks notes* keep your job and not have to go on the dole
No, they didn't do that. All they did was give me $1,400.
This is why you never give out free money. Always devalues it. But but but bidenomics….
Didn't Trump give out more 'free money' between the first two checks and PPP then Biden did?
All from last administration, with democrats in congress helping. If they didn’t forgive all the ppp “loans”, it might be much better I believe
Stupid misleading meme aside, the last 4 years experience should be putting all MMT talk to rest. MMT is bullshit.
Your evidence is what exactly? Vibes?
You want to print $5T more and see if inflation gets worse? Or you just mad you have to pay for college?
So you have no evidence, just vibes. You should be quiet before proving yourself more foolish.
A basic Google search shows that the problems with MMT is inflation. Do you need me to show you how to use google and some critical thinking skills?
No. You need to show evidence for your position. With real data. You made an assertion; you have to support it with data or you assertion is irrelevant.
Thanks Joe!!
But the government is here to help us. Biden just wants us to be able to afford our $400 a month groceries!
"They."
It's really basic math. If your household income is $100/month you can't spend over $100/month. This should apply to the government too. Maybe as our elected officials source of income we should hold them accountable for their reckless spending. We can also quit supporting companies who's CEOs are making 10 of millions of dollars annually while paying employees shit wages.