Looks like you finally understand why fiscal stimulus is a waste of money when the economy is near full employment.
What should we do after cutting taxes for fat cats and mega corps? I know. How about cutting benefits for the poor?
At some point, not working or working part-time is a lifestyle choice and not due to economic circumstances. I think record low unemployment and more open jobs than unemployed people is past that point. Why should we subsidize the lifestyle choice?
The welfare cliff incentivizes them to stay low income. We should remove the incentive and let them become more productive members of society. Keeping people in low income jobs shouldnât be the goal of welfare programs, but it is the end result.
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So eliminating the mortgage interest deduction for mortgages over $500,000 and the deductability of state income tax was a fat cat tax cut?
Surviving on hand-outs is humiliating and degrading. When it becomes habit itâs soul-killing. Just look at the inner city disasters where everyone lives on some form of welfare. Or rural areas where the extractive industries were destroyed by government regulation. Drugs, crime, dysfunction. Itâs one thing to be a âhave notâ in a world of haves but being conditioned to believe that you are a âcan notâ in a world of âcansâ is dehumanizing.
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For all you liberals and socialists
an economics professor at a local college made a statement that he had never failed a single student before, but had recentlyfailed an entire class.That class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer.The professor then said, "OK, we will have an experiment in this class on this planâ.All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A⌠(substituting grades for dollars - something closer to home and more readily understood by all). After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little. The second test average was a D! No one was happy.When the 3rd test rolled around, the average was an F.As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed.These are possibly the 5 best sentences youâll ever read and all applicable to this experiment
:1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.
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For all the dumb people calling themselves âconservative=republicansâ. Have you noticed the national debt? The debt ceiling going higher and higher when the rest in peace tea party bitched about it?
Go eat a cake of smelly thing bunch of hypocrite trickled down economists.
Last year, we had what? $8-$6 billion SOCIALIST HANDOUT for the poor farmers, oh my God! The poor guys are losing thanks to the shitty mouth of a president sending their former clients to Russia or Argentina.
What do we have for them poor farmers this year? Another what? $14-$16 BILLION SOCIALIST handout? 
Redistribution of wealth anyone? 
But poor Joe trying to make ends meet asking for a few bucks? Socialist welfare is called by the retuglicans.
Excuse me again, but you need to really go eat something smelly.
Time is so preciousâŚ
Just want to give everyone a chance to do a 180 on tax cuts donât cause growth, now that Biden signed a tax cut much bigger than Trumpâs. The irony of the left saying tax cuts donât cause growth then cutting taxes when they need to grow the economy is pretty amazing.
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The irony is that it likely wonât grow the economy any more than Obamaâs handouts did. Regulatory crackdowns and general uncertainty will drag down growth faster than money printing can prop it up.
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Good for the boat business, cannabis and Bitcoin
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Thereâs that.
The guy included stimulus checks as âtax cutsâ. If you label every government welfare program as a tax cut, it doesnât make much sense to apply the study cited in this thread. The study specifically looked at capital gains taxes and top marginal tax rate.
Heâs counting stimulus checks under Trump and Biden which makes the impact of them fairly neutral. The real impact is increasing the tax credit for kids which is a massive tax cut.
Again the study is fairly focused: whether lowering capital gain tax and top marginal tax rate led to economic growth. Child tax credit is like UBI for kids. Itâs not covered in that study.
I donât care how you label that kiddie UBI. If you like calling it tax cut thatâs fine with me. I thought people on the right like tax cuts. But everyone on the GOP side voted against the Biden plan.
BTW I think the kiddie UBI is here to stay. It will be made permanent and the Dems will dare GOP run on taking money away from kids.
Four years ago I posted this article asking whether Trump will be the Rightâs Carter and end the long rein of Reaganism:
It turns out the theory is spot on. We are watching a new redefinition of governmentâs role under Biden. Biden is the Leftâs Reagan.
I do wonder if anyone will care about the debt and fiscal responsibility once thereâs not a crisis giving them a blank check. Weâre playing a very dangerous game as the recent spike in bond yield shows. The fed lost control of bond rates a LONG time ago. Now they move to change rates after the market has already decided the rates.
Dementia was somewhat an issue with Reagan, particularly after he was shot, and itâs an issue with Biden. The similarities end there. Reagan was âThe Great Communicator.â Biden doesnât take questions after press briefings and apparently canât handle the customary joint session speech to Congress which is typically done withing a month of taking office. Reaganâs talent was to win the country over to his agenda. Tip OâNeil had to work with him or the Dems would have become irrelevant. So far Biden has rammed through just a single piece of legislation on a party line vote.
Whatâll be the effect of rising 10 year yields is the question short term and long term. Is this indicating short term(maybe long term too) inflation?
Thoughts?
I struggle with the idea we will see inflation increasing rapidly. By far, the biggest input cost is labor. Thereâs still far too many unemployed or under employed to see a sharp increase in wages. We may get a 1-2 quarter blip of higher inflation as consumers unleash pent up demand, but I just donât see inflation sustaining above 3%. Thereâs just way too much going on thatâs structurally deflationary now.
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Seems like then Bond yields should go down?
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Yes, they should.