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It's a matter of Bidenomics!

Discussion in 'BBS Hangout: Debate & Discussion' started by adoo, Jun 28, 2023.

  1. DonnyMost

    DonnyMost be kind. be brave.

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    You have no idea what you're talking about and it shows. Where did you get that trash stat from, here?

    1) No one knows how many addresses/keys various individuals control

    2) Regardless, Bitcoin is not a proof of stake network. The amount you hold grants you no influence over the protocol
     
  2. adoo

    adoo Member

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    yip, the mythpical marketcap with which you can't grocery, gas, and other necessisties of life; but you can use it to pay ransom to hackers

    roflmao

    at one time, this precursor to the bitcoin fad was the most valuable assets in the world. they were worth more than mansions.
    tulip mania started in ~~1593, with the bubble occurring primarily from 1634 to 1637.
    [​IMG]

     
    #2642 adoo, Jun 19, 2024
    Last edited: Jun 19, 2024
  3. astros123

    astros123 Member

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    Bitcoin wallets are publicly available WTF are you talking about. I didn't say bitcoin was a proof of stake. That has nothing to do with what I posted which was bitcoin will never have a fast enough hashrate to be used as a currency.

    A small group of whales control all of btc

    https://insights.glassnode.com/content/the-ultimate-guide-to-bitcoin-whales-2/#:~:text=As of mid-2023, addresses,of the year to 40.4%.
     
  4. DonnyMost

    DonnyMost be kind. be brave.

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    Know what else you can't buy groceries with? Gold real estate Fine Art oil etc etc. Are those things worthless too according to your little Piggly Wiggly acid test?

    Also, we're 15 years in. Approx 500% longer than "tulip mania". Since you're using time as a measuring stick for the validity of Something's value how about you actually put your nuts on the dresser and come up with a time frame where you admit you're wrong and promise to actually learn what you're talking about?
     
  5. DonnyMost

    DonnyMost be kind. be brave.

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    This is an older article but it explains why using addresses creates false metrics.

    https://insights.glassnode.com/bitcoin-supply-distribution/

    Newer numbers.

    https://www.ccn.com/education/crypto/global-bitcoin-ownership-and-distribution-in-2024/

    You said Bitcoin can be manipulated, and it can't. Sure, anyone can dump or buy a lot and change the price (as with any property/asset), but the product and protocol cannot be changed without consensus.

    If manipulation and concentration are your worries, you should be shittin' bricks presently:

    [​IMG]
     
    #2645 DonnyMost, Jun 19, 2024
    Last edited: Jun 19, 2024
  6. adoo

    adoo Member

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    El Salvador adopted bitcoin as the legal tender. effectively force fitting it into a fiat currency
    ur confused, all mixed up..

    convenient false equivalency on your part, force-fitting the latest fad into gold, fine art.


    man, ur all over the place w this latest fad.
     
  7. astros123

    astros123 Member

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  8. DonnyMost

    DonnyMost be kind. be brave.

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  9. DonnyMost

    DonnyMost be kind. be brave.

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    That's not how fiat works.

    Here's something inconvenient for you:

    BTC price when adoo made his first post about it (sh1tting on it with a closed mind, of course): $8,773

    BTC price today: $65,000

    [​IMG]
     
  10. adoo

    adoo Member

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    thank you for corroborating your willful ignorance, but i don't need the help
     
  11. adoo

    adoo Member

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    Let's get back on topic, Bidenomics

    by all economic metrics, bidenomics has been working.
    • GDP growing above expectation, every quarter for 13 consecutive quarters.
    • monthly job creation avg > 100K every month for 41 Consecutive months
    • lowest unemployment rate ever
    • from its high of 9% in late 2022, inflation has come down to the low 3%
      • As of June 12, 2024, according to the CPI, the inflation rate in the United States is 3.3% for the 12-month period ending in May 2024.
    • avg hourly wage has increased steadily

    as the economy continued to grow stronger, Americans for Prosperity, the conservative think tank funded by the Koch Brothers, launched a very strategic and well-funded effort
    to “Swiftboat” Bidenomics and all the good news and positive outcomes for Americans from bipartisan policies that have led to the strongest post-recession recovery in US History.

    no better eg than Fox News Business anchor Bartiromo framing the "avg hourly wage increases" as wage inflation; such intellectual dishonesty




    Then came the turning point on 25 Jn 2024,
    when Fox Business Channel personality, Larry Ludlow, a former official in the Trump White House and consistent dispenser of grim economic predictions
    during President Biden’s term, went on Fox’s “America Reports” telecast and acknowledged that the Biden economy was, you know, good.

    That day, government figures had been released showing a 3.3% annual increase in the gross domestic product for the fourth quarter of 2023, on top of a 4.9% growth rate for the third quarter.

    Candidly, Kudlow stated, “It was a good quarter, don’t get me wrong, and the last quarter was
    a good quarter, 4.9.” Biden, he said, “gets his due. If I were he, I’d be out slinging that hash too,
    no problem.” Asked by the host if this meant that the economy was not as bad as
    he had been saying, he answered, “I would say, probably, I would agree.”​

    if the bad-economy camp has lost even Larry Kudlow, they’re on the wrong side of the argument.

    Sentiment may now finally be shifting. In January, the University of Michigan saw the largest two-month jump in its consumer sentiment index since the end of the Gulf War in 1991. News coverage, which
    throughout 2023 relentlessly forecast a recession, now touts the prospect of a “soft landing” — that is, a successful battle against inflation without an increase in the unemployment rate or a general economic slowdown.

    In political terms, the economy is a moving target. There is always something for naysayers and pessimists to point at to make the case that all is not well. for the most part, it is meaningless rhetorics.
    egs include, but not limited to.

    • the Fed is
      • exploding its future balance sheet
      • wrecking its balance sheet
    • interest payment alone on debt is xxxx

    But there’s certainly a case to be made that Biden has been an effective steward of the U.S. economy — and one who has succeeded in pushing to favor ordinary Americans through initiatives
    such as infrastructure spending. That’s a big change from Trump, whose most significant economic achievements included
    • an enormous tax cut for corporations and the wealthy.
    • the only POTUS to have experienced a net loss in job creation under his watch
    Despite all that, opinion polls show that Biden still gets low marks for his management of the economy. But recognition of the truth may soon come his way.


    https://www.latimes.com/business/st...ers-finally-notice-that-bidenomics-is-working
     
    #2652 adoo, Jun 19, 2024
    Last edited: Jun 19, 2024
    astros123 likes this.
  12. astros123

    astros123 Member

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    #2653 astros123, Jun 20, 2024
    Last edited: Jun 20, 2024
  13. Os Trigonum

    Os Trigonum Contributing Member
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    link should work for everyone

    https://www.wsj.com/articles/u-s-de...gakg9oc2wbn&reflink=desktopwebshare_permalink

    Soaring U.S. Debt Is a Spending Problem
    Revenue is stable, but outlays are reaching new heights as a share of GDP.
    By The Editorial Board
    June 19, 2024 at 5:53 pm ET

    You may have heard that the 2017 GOP tax cuts blew a giant hole in the federal budget—or so Democrats tell voters. The Congressional Budget Office’s revised 10-year budget forecast out Tuesday offers a reality check. Spending is the real problem, and it’s getting worse.

    CBO projects that this year’s budget deficit will clock in at roughly $2 trillion, some $400 billion more than it forecast in February and $300 billion larger than last year’s deficit. This is unprecedented when the economy is growing and defense spending is nearly flat. The deficit this fiscal year will be 7% of GDP, which is more than during some recessions.

    CBO says deficits will stay nearly this high for years, and the total over the next decade is now expected to total $21.9 trillion compared to $19.8 trillion in its February forecast. Debt held by the public will grow to 122.4% of GDP in 2034 from 97.3% last year.

    Notably, CBO’s revenue projections are little changed. Revenue is expected to total 17.2% of GDP this year—roughly the 50-year average before the pandemic, as the nearby chart shows. But CBO significantly revised up projections for federal spending. Outlays are now expected to hit 24.2% of GDP this year and average 24% over the next decade. Wow.

    Screenshot 2024-06-20 at 6.59.30 AM.png

    For perspective, consider that spending before the pandemic exceeded 24% only once since World War II—in 2009 amid the financial panic and the Obama-Pelosi “stimulus” binge. CBO notes that one culprit for the larger deficit this year is Congress’s recent military aid bill. But overall defense spending is still falling as a share of the economy and is expected to hit a postwar low of 2.8% of GDP in 2034.

    Not so President Biden’s latest plans for student-loan debt transfer to taxpayers, which CBO estimates could cost $211 billion this year above what it estimated in February. This is on top of the hundreds of billions of dollars in student debt that Mr. Biden has already written down in part with his SAVE plan, which turns loans into de facto grants.

    Spending on Affordable Care Act subsidies and Medicaid is also exceeding earlier projections owing to higher enrollment. CBO increased its ACA spending estimate by $22 billion for this year and $244 billion over the next decade. It also raised its ACA enrollment projection by four million for this year and an average of three million over the next 10 years.

    That’s because the Inflation Reduction Act’s sweetened subsidies and a Biden Administration regulatory change increased eligibility for subsidies. CBO also notes that the recent surge in immigration—migrants qualify for premium tax credits—has boosted enrollment. The result: ACA subsidies this year will cost more than double pre-pandemic projections.

    The end of the pandemic emergency was expected to cause Medicaid enrollment to plunge. That hasn’t happened, in part because Democratic-run states have been slow to remove able-bodied adults who are no longer eligible. CBO has thus increased its forecast for Medicaid spending by $50 billion in 2024 and $314 billion over the next decade.

    Entitlement spending—which now includes student loans—is growing at a pace that is fiscally unsustainable. Financing these programs has also become more expensive owing to higher interest rates, which CBO also projects will need to stay higher for longer in order to subdue inflation. Spending on interest is now expected to be $1.02 trillion next year, exceeding $964 billion for defense.

    CBO’s budget forecasts are getting progressively uglier, but it’s not because Americans aren’t paying their fair share in taxes. If spending as a share of GDP remained at the pre-pandemic average, the deficit would be roughly $890 billion this year and $13.4 trillion smaller than CBO’s 10-year projection. This would keep debt as a share of GDP at roughly 90%.

    ***
    Neither Mr. Biden nor Donald Trump talks about the national debt, perhaps because they might then have to do something about it. But a moment of tax truth at least will arrive at the end of 2025 when most of the 2017 Trump individual tax cuts expire.

    Mr. Biden’s plan is to raise taxes by $5 trillion or more, which would put the overall federal tax burden above 20% of GDP, which is close to the highest in peacetime. That still won’t finance Mr. Biden’s spending ambitions, which will continue to cost trillions in future years even if he loses the election.

    Mr. Trump says he wants to renew and maybe expand the Trump tax cuts, and the best way to finance that is by repealing the Biden spending blowouts in the Inflation Reduction Act, student-loan write-offs and pandemic-era welfare expansions. Failing to take on that challenge means either a monumental tax increase or a debt panic down the road.

    Appeared in the June 20, 2024, print edition as 'Soaring U.S. Debt Is a Spending Problem'.


     
  14. adoo

    adoo Member

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    disinformation alert, even if it is from WSJ


    Just The Fact, The Most Fiscally Responsible POTUS Since LBJ


    the current debt level under President Biden represents an increase of 16.67% since he took office in 2020.

    when Trump was fired as POTUS, the debt level was 40.43% higher than when he was hired.




    as a matter of fact, Biden has generated the lowest increase in debt since LBJ, some 54 years ago.
    Reagan and W more than doubled the debt level during their presidency
    https://www.self.inc/info/us-debt-by-president/
    • Barack Obama 2009–2017
      • 69.98%
    • George W. Bush 2001–2009
      • 105.08%
    • William J. Clinton 1993–2001
      • 31.64%
    • George H. W. Bush 1989–1993
      • 54.39%
    • Ronald Reagan 1981–1989
      • 186.36%
    • Jimmy Carter 1977–1981
      • 42.79%
    • Gerald Ford 1974–1977
      • 47.11%
    • Richard Nixon
      • 34.30%
    • Lyndon Johnson 1963–1969
      • 15.65%
     
  15. Os Trigonum

    Os Trigonum Contributing Member
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    WSJ is a well-known Russian disinformation outlet
     
  16. adoo

    adoo Member

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    wish that you'd stop lying



    Just The Fact, The Most Fiscally Responsible POTUS Since LBJ

    the current debt level under President Biden represents an increase of 16.67% since he took office in 2020.

    when Trump was fired as POTUS, the debt level was 40.43% higher than when he was hired.


    as a matter of fact, Biden has generated the lowest increase in debt since LBJ, some 54 years ago.
    Reagan and W more than doubled the debt level during their presidency
    https://www.self.inc/info/us-debt-by-president/
    • Barack Obama 2009–2017
      • 69.98%
    • George W. Bush 2001–2009
      • 105.08%
    • William J. Clinton 1993–2001
      • 31.64%
    • George H. W. Bush 1989–1993
      • 54.39%
    • Ronald Reagan 1981–1989
      • 186.36%
    • Jimmy Carter 1977–1981
      • 42.79%
    • Gerald Ford 1974–1977
      • 47.11%
    • Richard Nixon
      • 34.30%
    • Lyndon Johnson 1963–1969
      • 15.65%
     
  17. StupidMoniker

    StupidMoniker I lost a bet

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    As debt levels increase, the percent change in the debt by even increasing deficits can become smaller. That is just a function of math. The facts are that 3 out of 4 of Trump's years in the White House, the deficit was less than it has been every year with Biden in the White House (2020 was by far the biggest deficit of all time). Biden has added more to the debt than Trump. Biden is also only the second president (after Obama) to have multiple years of trillion dollar plus deficits, and the only president ever to have every year with trillion dollar plus deficits.
    Federal Surplus or Deficit [-] (FYFSD) | FRED | St. Louis Fed (stlouisfed.org)
     
    Invisible Fan likes this.
  18. Os Trigonum

    Os Trigonum Contributing Member
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    you must be Russian
     
  19. adoo

    adoo Member

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    intellectual dishonesty on your part.

    you just won't acknowledge "as the GDP increases"


    btw,

    data from Reagan and W admin runs counter to your convenient rationalization;
    the debt level more than doubled under their watch respectively​
     
    #2660 adoo, Jun 20, 2024
    Last edited: Jun 20, 2024

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