How is this quantified? I remember when these tax cuts happened they stated that they would create a lot more jobs, raise wages, etc. You even had a few companies (like Walmart) advertise that they were going to be providing workers bonuses due to the tax cuts. I wonder if there is a report that shows how much of these tax cuts have actually made it back to workers pockets (in the form of wage increases or bonuses) and how much has been used in stock buybacks, CEO bonuses, and dividends for shareholders.
Walmart Cuts Starting Pay for Some New Hires Revised compensation structure will allow for better staffing throughout stores, retailer says https://www.wsj.com/business/retail...-for-some-new-hires-c0a2b603?mod=hp_lead_pos1 excerpt: Walmart is paying some new store workers less than it would have three months ago, a sign that employers are seeking to cut labor costs as the once-hot market for hourly staff cools. The country’s largest private employer changed its wage structure for hourly workers in mid-July, according to documents reviewed by The Wall Street Journal and store workers. Under the new structure most new hires will make the lowest possible hourly wage for that store. In the past, some new hires, such as those who collect items for online orders, would have made slightly more than other new hires such as cashiers. Walmart’s minimum hourly wage of $14 remains unchanged and still varies by region, for example starting at $17 in some stores. Existing workers don’t receive pay cuts. Walmart said the change in pay structure allows workers to move between work groups such as food, registers, stocking or digital fulfillment without pay impacts, according to documents given to some store workers. more at the link
“Bidenomics is working — big time. President Biden promised to help America outcompete authoritarian China and to heal some of the economic divides at home. Both those goals are being achieved. Over 80 percent of the investment made through the Inflation Reduction Act is going to counties with college graduation rates lower than the national average. Nearly 90 percent of investments are being made in counties with below-average weekly wages. I know many of you think Biden is too old, but I’d vote for a 100-year-old who could keep delivering results like that.”
Biden Aims To Give Federal Workers Largest Pay Increase in 40 Years The White House plans to boost federal workers' pay by 5.2 percent, the largest increase since 1980. https://reason.com/2023/09/08/biden-aims-to-give-federal-workers-largest-pay-increase-in-40-years/ excerpt: Federal employees are set to receive the largest pay increase in four decades, courtesy of President Joe Biden. In a letter sent to Congress last week, Biden called for a 5.2 percent overall pay increase for federal workers—the same increase that he'd included in his budget plan that was sent to Congress earlier this year. Biden said the huge pay increase was necessary so the federal government could "attract, recruit, and retain a skilled workforce with fair compensation in order to keep our government running, deliver services, and meet our nation's challenges today and tomorrow." Technically, the pay increase will be divided into two separate categories. Federal workers would receive a 4.7 percent across-the-board pay raise, combined with a 0.5 percent bump in so-called locality pay. Because the amount of a federal employee's locality pay varies from place to place based on the cost of living, the actual pay increases might not be the same for all workers. Well that's one explanation . . . I didn't suppose the increase is to cope with Bidenflation. more at the link
‘Bidenomics’ is going globalAt the G20 meeting, the administration will unveil its plans to counter growing Chinese influence with a new approach to economic development that prioritizes climate action and inclusive growth. Biden’s forthcoming trip to the G20 meetings in New Delhi marks the most concerted effort by the United States in decades to win the favor of so-called developing nations — more than 70 countries, concentrated in the Southern Hemisphere, with high debt burdens and poverty levels. he will need their buy-in for his campaign to rewrite the rules of the global economy to encourage fair trade between democracies, and penalize China’s state-led industries. The administration “is seeking to enhance its value proposition” to developing nations, national security adviser Jake Sullivan told reporters during an August preview of the G20 trip, “broadly through investments in the kinds of things that these countries are looking for,” like roads, ports and clean energy infrastructure. That investment-first strategy marks a dramatic shift from decades of U.S. economic policy that largely focused on removing tariffs and other trade barriers in hopes that private U.S. companies would rush in and industrialize poorer nations. That was the broad thinking behind the establishment of the World Trade Organization at the turn of the century, but administration officials say that agenda has now run its course. At the G20, Biden will lay out its intention to offer hundreds of billions of dollars to the developing world by reforming the World Bank, the International Monetary Fund, and attracting private money for infrastructure projects. The hope is that by leveraging a comparatively small U.S. investment — $3 billion that Biden requested from Congress last month — the U.S. can rebrand those institutions into viable alternatives to China’s “coercive” lending through the Belt and Road Initiative. “Together, our IMF and World Bank proposals will generate nearly $50 billion in lending for middle income and poor countries from the United States alone,” Sullivan said. “And because our expectation is that our allies and partners will also contribute, we see these proposals ultimately leveraging over $200 billion. The old conditions of neoliberalism — privatization and austerity — are giving way to new conditions under Biden’s new economic order — namely, climate action, pandemic resilience and a turn away from Chinese-style autocracy. Biden’s plan to alter neoliberal development practices can be summed up in one term: de-risking. In U.S. media, “de-risking” is most often used to describe Biden’s push to move supply chains out of China — thereby reducing the risk of disruptions during a conflict or crisis.
You have to love this part of the article: I mean yeah, both parties do it. The government, red, blue, whatever color, likes to spend more than the revenues we bring in. With the China economy heading for tough times, I don't see the big deal in deficits anymore. No matter what party I support, there will be a deficit, unless someone has the balls to cut certain programs and increase taxes. Isn't social security funding getting tight with a ton of people eligible for retirement soon? Are we just going to give them a big "F U" when we can't fund their retirement funds. Nope. So yeah, lets get real here, people that care about deficits only fake care, they don't really care. Joe Biden just happens to be the current punching bag. I expect the same energy throughout your lifetime @Os Trigonum whether democrat, republican, whatever.
Best way to reduce the deficit is by going after the tax cheats. I'm sure Republicans are on board for that huh @StupidMoniker
"Unquestionably, high-speed rail is a major opportunity for a wide swath of organized labor. The biggest nationwide infrastructure building project in seven decades will grow the labor movement as a whole. A new industry is being created before our eyes." Your welcome @Os Trigonum
The best way to reduce the deficit is to radically cut spending. I don't have any issue with enforcement of the existing tax laws, I have an issue with the existence of the existing tax laws. I don't really care what Republicans are on board for. Both Republicans and Democrats are on board for bloated, intrusive government and redistribution of other people's money.
oldie but a goodie: The sheer size of our government workforce is an alarming problem https://thehill.com/opinion/finance...rnment-is-the-largest-employer-in-the-nation/ excerpt: Walmart, which has a presence in communities of all shapes and sizes, is the largest private employer in the nation with 1.5 million workers. Yet the number of Americans who rely on the corporate giant for their livelihoods is dwarfed by the number who rely on the federal government for their paychecks. The federal government employs nearly 9.1 million workers, comprising nearly 6 percent of total employment in the United States. The figure includes nearly 2.1 million federal employees, 4.1 million contract employees, 1.2 million grant employees, 1.3 million active duty military personnel, and more than 500,000 postal service employees. more at the link
Please elaborate....Biden made the tax system cleaner by introducing s corporate minimum tax and got other g7 countries to adopt it so now there's less tax heavens.. corporations are finally paying their fair share of taxes... You do support bidens transformational infrastructure bill right?
There should be no federal income tax, no federal corporate taxes, and no federal estate and gift taxes. The federal government should be reduced in size and scope, and what little remains (primarily the military and courts to deal with issues of actual interstate commerce) would be funded by use fees, tariffs, and fines. I don't support raising taxes. Absolutely not. What could possibly have given you the impression that I support over a trillion dollars in new government spending?
to the extent that you are not able to provide any eg, it is just meaningless rhetoric from 1970 to 2023, there has been only one instance that the US had a budget surplus, the result of higher taxes on the wealthy
