u don't care that ur posting the opinion of someone as stupid as Stephen Moore ? ¯_(ツ)_/¯ ¯_(ツ)_/¯ ¯_(ツ)_/¯ ¯_(ツ)_/¯
no I don't care about you responding with an ad hominem about Stephen Moore. The arguments as stated remain. MMT is simply spending like a drunken sailor, which, when done on a large scale, fuels inflation. Good luck in November.
Trump increased the debt by more than any president in history. That wasn't a lie, you misread it. Try again. I said Trump had lower debt increases than any Biden year in 3/4 of his years in office, then provided the one exception to that (2020) when he had by far the highest.
OT, you do understand that the US dollar has been the de-facto global reserve currency, no? also, do you even understand what MMT is?
MMT is related to the Fed's monetary policies of controlling the money supply in circulation; also, the Fed is not involved in spending decisions, the Congress is. yes, the US national debt is huge, at a level larger than its GDP the telltale sign that the US economy is strong, despite this huge national debt, has been that every single one of the Treasury securities that the government issued was bought such are the benefits of having built the most effective / efficient access to capital in the annals of mankind, paving the way for the US dollar becoming the de-facto global reserve currency.
An outgrowth of Bidenomics, America is in the midst of an extraordinary startup boom Although America has a deserved reputation as a country at the cutting edge of innovation, fuelled by entrepreneurial vim, in recent years some economists have worried this reputation no longer holds true. Startups have formed a smaller and smaller portion of the business landscape: in 1982 some 38% of American firms were less than five years old; by 2018, 29% were that young. The share of Americans working for startups likewise fell. Silicon Valley sizzled with high-tech wizardry, but its giant companies hoarded the best researchers, leading to a slower spread of new ideas throughout the country. Researchers, including at the Federal Reserve, pointed to this decline in dynamism as a cause of America’s weaker productivity growth. then came Bidenomics!
I apologize if you're not doing it on purpose but I'm sure you obviously realize you can't compare total dollars from 50 years apart. You can't even compare FDR to Wilson which you did At least convert the earlier year amount to the dollar value it would be in the later year.
again, you will have to take that up with Mssrs. Laffer and Moore, who as you know, wrote the piece. I merely summarized--which is not hard to do given the essay's title: Bidenomics, Also Known as MMT The crazy economic theory that spending has no consequences. so perhaps a letter to the editor would be in order. You would, of course, have to use complete sentences and conventional paragraph structure.
Since you asked, and I have some extra time today: Woodrow Wilsons debt increase in 2024 dollars would have been $659.54 billion for his full 8 year term (I used inflation from 1913, which penalizes him a bit as a not insignificant amount of inflation happened during his time in office. FDR's single largest year of adding to the debt (1944) would be $1.142 trillion in 2024 dollars. Reagan's 1986 would be $865 billion in 2024 dollars. GWB in 2008 would be $1.484 trillion in 2024 dollars. Carter's 1980 would be $308 billion in 2024 dollars. Trump's 2020 would be $5.128 trillion in 2024 dollars. So, adjusting for inflation, Trump still had the largest year ever for adding to the debt, Woodrow Wilson's entire presidency still added less debt than the single worst year of any of the others mentioned except Carter. Reagan and GWB are nowhere near the top debt adders.
Reagan term 1: $2.110 trillion in 2024 dollars Reagan term 2: $2.889 trillion in 2024 dollars (combined $4,999.22 trillion). GWB term 1: $2.909 trillion in 2024 dollars GWB term 2: $4.028 trillion in 2024 dollars (combined $6.937 trillion). Trump term 1: $9,055.57 trillion in 2024 dollars (much more in 4 years than Bush or Reagan in 8 years). Biden first three years: $5.534 trillion in 2024 dollars (more than Reagan in 8 years, more than any 4 years of GWB).
If Bidenomics is MMT why did biden attempt to balance the deficit in his budget proposals? Why did bidens signature legislation have revenue raisers instead of all deficit spending like trumps legislation had? Why did bidens infrastructure bill raise revenue also? Why do none of you people on the right have half a brain. None of yalls braindead talking points ever make any sense
Biden actually raised revenue by funding the IRS and passing a common sense corporate minimum tax of 15% in the legislation he passed through congress. Trump never attempted to raise revenue or cut spending. Trump is 1000x worst for the deficit and its not even close
Regardless of the specific actions they took, I gave you the actual numbers. It doesn't matter if Trump's plan was to sprinkle fairy dust on the tax code, the result was that he raised the debt by $9,055.57 trillion dollars (in 2024 dollars). Biden will probably come in under that, around $8 trillion or so. So Trump will have been about 1.13 times worse for the deficit, and it is pretty close. They are both terrible though.
Again if trump wins he will be worst for the deficit as he has no plan to raise revenue but rather do the opposite. Extending the tax cut scam will add 5.3 trillion to the deficit without taking into account his other policies such as deporting 11 million low wage workers. Trump has no plan to balance the budget. Say what you want about biden but his policy proposal he asked congress to enact will balance the budget and cut the deficit by trillions
That's totally speculative. The president doesn't have absolute control, Congress has the lion's share of the say, and it will depend a lot on control of the House and the Senate. Ideally, we would have someone proposing massive spending cuts, but I don't see it in the cards. I also don't believe any projections on what will balance the budget, especially when they don't involve massive spending cuts but instead rely on tax increases.
"It's totally speculative to assume Trump will do what he's promising to do" lol. Jesus christ you sound utterly pathetic
