Analysis finds Americans need extra $11,400 to afford the basics as GOP lawmakers blame Bidenomics

[USincognito]

I'm not sure if you really understand the economic freedom ratings from the Heritage Foundation.

I understood what Heritage Foundation was in the mid-1980s so don't worry, I've got this.

 

[Laodicean60]

All this talk of how good of a job Biden is doing is pure ignorance or Trump for that matter. American credit rating matters especially for countries loaning us money through bond purchases. More countries are unwilling to purchase bonds because of our out-of-control spending and partisanship.
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said in a statement.

We all know what happens to families who can't pay interest on debt, but what happens to countries? If we the people keep our tribalism up we will have to learn a new language someday.

 

[JustOneWay]

All this talk of how good of a job Biden is doing is pure ignorance or Trump for that matter. American credit rating matters especially for countries loaning us money through bond purchases. More countries are unwilling to purchase bonds because of our out-of-control spending and partisanship.
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said in a statement.

We all know what happens to families who can't pay interest on debt, but what happens to countries? If we the people keep our tribalism up we will have to learn a new language someday.

Why would we need to learn a new language? There are already around 400 languages spoken in America.

Those who believe Biden is doing a good job are ignorant? Instead of insults, do you have any proof Biden is not doing a "good job"?

What does 'good job' mean specifically? He does well on some things and not well on others. You tossed out some vague "good job" comment without any specifics.

 

[iluvatar5150]

All this talk of how good of a job Biden is doing is pure ignorance or Trump for that matter. American credit rating matters especially for countries loaning us money through bond purchases. More countries are unwilling to purchase bonds because of our out-of-control spending and partisanship.
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said in a statement.

They didn't cite "out of control spending and partisanship." They cited "a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters" - a problem that comes almost entirely from the Republican camp. If the GOP wants our credit ratings to improve, they ought to stop electing clowns, get rid of the debt ceiling, and stop getting all of their information from professional instigators in low-quality media. When you have an entire party that hates government, is it any wonder that you wind up with "[deteriorating] standards of governance"?

 

[Vambram]

Getting rid of the debt ceiling is one of the very worst ideas that I have ever heard.

 

[iluvatar5150]

Getting rid of the debt ceiling is one of the very worst ideas that I have ever heard.

Why do you say that?

 

[Paulos23]

Getting rid of the debt ceiling is one of the very worst ideas that I have ever heard.

What does that debt ceiling do for balancing the budget?

 

[KCfromNC]

This is a different topic than the one for this thread.

Remind me who posted this list of how free various countries are again.

However, you might trust the government to run the nation's health care system. But, I know for a fact that I will never trust the USA government to run the nation's health care system..... no matter who is in charge of our government.

Seems like this economic freedom ranking isn't something anyone actually believes is a useful way to evaluate government policy.

 

[KCfromNC]

Mostly thanks to the peace bonus from the end of the Cold War.

Armed services personnel went from 2.1 million at the start of the Clinton Administration to 1.4 million at the end of it. The VA and various intelligence services also ended up with considerable reductions.

Tax revenues from the dot com bubble probably helped on the other side of the ledger as well.

But then again Bush jr had a bubble of his own to work with and we all know how the debt grew under his watch, so maybe it isn't that simple. Or maybe the GOP idea of cutting taxes and then cutting them again has some downsides?

 

[rambot]

Not showing the connection between policies and results + Not providing alternatives = Who cares?

 

[Tropical Wilds]

I am told eliminating avocado toast fixes such issues.

And Starbucks.

 

[Laodicean60]

on fiscal and debt matters"

What creates debt? lol

 

[Pommer]

What creates debt? lol

Tax cuts, for one thing.
The richest among us aren’t paying their fair share even though they at present, pay the lion’s share of the taxes received.
Rake in 75% of the money, expect to pay 75% on that.
The top tax-bracket is 37%*; it forces us to borrow to pay for stuff today because Washington has never been fiscally responsible enough to tell the military that $400 billion/yr ought to be plenty for anybody.

*or something like this

 

[iluvatar5150]

What creates debt? lol

Do you understand how sentence structure works? When they cite “steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters”, they aren’t pointing the finger at spending, they’re pointing the finger at “deterioration in standards of governance.” The bad governance comes from Republicans.

 

[Laodicean60]

Not showing the connection between policies and results + Not providing alternatives = Who cares?

The alternative is to stop partisanship and tell your politicians to curb spending. We the people need to educate ourselves about how fiscal policy affects our lives. Politicians are as clueless as we are on the effects.
2019 Article: Republicans are doing it now.

There is a dangerous game going on between the two major political parties. The primary concern is that the heated disagreements and hatred between the two camps will push both parties onto an aggressive, reckless path in pursuit of their agenda, especially as we get closer to the election.

The FEDs monetary experiment with QE (Keynesian economics) since the GFC has spent us into oblivion.

Expansionary, or loose policy is a form of macroeconomic policy that seeks to encourage economic growth. Expansionary policy can consist of either monetary policy or fiscal policy (or a combination of the two). It is part of the general policy prescription of Keynesian economics, to be used during economic slowdowns and recessions in order to moderate the downside of economic cycles.

Does anyone wonder why we keep raising the debt ceiling every few months now when in the past it was years?

What Happens If the U.S. Defaults on Its Debts?​

A default on government debt would send shock waves through global financial markets as confidence in U.S. borrowers falls. According to credit analysis firm Moody’s Analytics, a four-month default would:

• Shave around 4% from U.S. gross domestic product (GDP)
• See stock prices fall by a third
• Result in companies slashing nearly six million job

Credit rating: Our treasuries bills will no longer be pristine forms of collateral.

"Increasing the debt ceiling has an inverse effect on the country's reputation in the global markets. As such, it may lead to a downgrade of the credit rating of the U.S. while increasing the overall cost of its debt."

 

[Laodicean60]

Tax cuts, for one thing.
The richest among us aren’t paying their fair share even though they at present, pay the lion’s share of the taxes received.
Rake in 75% of the money, expect to pay 75% on that.
The top tax-bracket is 37%*; it forces us to borrow to pay for stuff today because Washington has never been fiscally responsible enough to tell the military that $400 billion/yr ought to be plenty for anybody.

*or something like this

You are right but also there is a lot of wasteful spending that can be reduced. Spending on pet projects and coorperations. Bribing congressman "pork" for their vote. I would be open to a flat tax and have the government live within its means. Oversite on spending there is so much fraud, especially from the healthcare industry.

 

[USincognito]

All this talk of how good of a job Biden is doing is pure ignorance or Trump for that matter. American credit rating matters...

The reduction in our credit rating was due to ongoing Republican brinkmanship with the debt ceiling.

 

[Pommer]

You are right but also there is a lot of wasteful spending that can be reduced. Spending on pet projects and coorperations. Bribing congressman "pork" for their vote. I would be open to a flat tax and have the government live within its means. Oversite on spending there is so much fraud, especially from the healthcare industry.

Earmarks (pork) have been off of the table since the early 2000s, where’ve you been?
Hint: genuine “infrastructure projects” aren’t “pork”.
A flat tax is regressive.

 

[Laodicean60]

Earmarks (pork) have been off of the table since the early 2000s, where’ve you been?

I've been right here like the rest of the American people blinded by tribalism but for a couple of years now I finally crawled out of my box and used the internet for information. It's amazing what you'll find once you're bold and educated enough to look for.

Earmarks and pork barrel spending are two very similar terms for allocating money to certain projects or events within government. The terms are often used interchangeably when it comes to Congressional spending, but they are not quite the same thing...

"Earmarks were banned in the House in 2011, when a Republican majority ended the practice of inserting special projects in spending bills because of concerns about corruption, according to Roll Call. Critics were concerned they allowed for special favors and that limits on earmarks were not strict enough.
Earmarks were banned because “the public was convinced that earmarks were blowing up the deficit and we were spending too much money on things that didn’t matter,” Burgat says. They saw earmarks as “a way to legally bribe someone to vote for something that they otherwise wouldn’t.” This perception caused earmarks to become so unpopular that they were outlawed as a way to “clean up politics to say we’re not bribing our legislators with taxpayer dollars anymore...”

Hint: genuine “infrastructure projects” aren’t “pork”.

What does this even mean? Examples, please!

A brief history of wasteful infrastructure spending - Americans for Prosperity

President Biden's infrastructure proposal is the latest in a long line of similar bills with a history of waste and embarrassment. Read more.

americansforprosperity.org

A flat tax is regressive.

Can you explain?

 

[Laodicean60]

The reduction in our credit rating was due to ongoing Republican brinkmanship with the debt ceiling.

Educate yourself and read the history of the credit rating downgrades that I lived through maybe from 1980 to the present.