I liked Biden's speech. But these huge bills will increase inflation and may have other adverse consequences. This graph shows how the value of US dollars, which is reflected in buying power, has declined over the past year:
Xe: USD / CAD Currency Chart. US Dollar to Canadian Dollar Rates
The majority is slim enough that some political trading would be required to get this passed.
America needs measures to redistribute wealth from the absurdly rich to those in dire need.
Government is largely in place to facilitate the transfer of wealth from the very tippy-top to the bottom, otherwise all the money would eventually languish at the very tippy-top because capitalism doesn’t work but in one direction.No it actually doesn't need that at all.
That's socialism in a net shell. Take money away from the guy who worked for it and redistribute it evenly to everyone, whether they did anything to earn it or not.America needs measures to redistribute wealth from the absurdly rich to those in dire need. Billionaires could give away enough to make any tax measures unnecessary. They won't, of course. So take it anyway, in the form of taxes on the very wealthy. That way, the squeezed middle classes will not be penalised.
Those billions of dollars hoarded by the mega-rich do nothing for the economy; put them to use by letting the poor have something to spend! And the mega-money men would lose nothing of their way of life and feel much better.
Win win!
Capitalism works fine for people like me who have worked hard to make it above the poverty level and don't give a care whether we are considered middle or lower class. The point is, with capitalism, the harder you work, the luckier you get.Government is largely in place to facilitate the transfer of wealth from the very tippy-top to the bottom, otherwise all the money would eventually languish at the very tippy-top because capitalism doesn’t work but in one direction.
The point is, with capitalism, the harder you work, the luckier you get.
That's socialism in a net shell.
The Trump tax cuts were misguided and only the wealthiest got any significant benefit.
When allowable deductions are factored in, United States corporate taxes prior to Trump's misguided 2017 tax cuts were not out-of-line with other industrialized nations and did not put us at a competitive disadvantage.
What hurts businesses and corporations most is the lack of a middle class, the lack of educated and skilled workers, etc.
I sometimes think of my Guatemala mission experience. One day we took a side trip to the "tablon," a squatters village. The last thing you saw before roads, electricity, running water, heat, broadband connections, etc. disappeared was a coffee plant, and the owner's lavish home with pool, tennis courts, mansion, completely gated off....
Would you want to live there, knowing that your "neighbors" built houses out of trash bags and sheet metal and had no education for their children, utilities, water, etc. ?
We aren't there....yet....but income inequality is unacceptably high, and at some point soon businesses will lose customers and have a hard time finding skilled workers.
How shortsighted the greedy "me-firsters" are...
You need a middle class because there is no prosperity without a broad consumer base, and even if the 1% shops till they drop it won't make a dent.
So I can give the man who has never worked for anything your money?
Yes they are. What will happen is more and more of our income will be taxed away. Perhaps you remember our history? We came here to get away from that. To create a country where there is truly equal opportunity. We who lived through the cold war, saw where socialism / communism leads. We heard about the food lines in Russia. And the same crap is happening now in other socialistic countriesI think this is a rather trite response and an indication of a misunderstanding of social spending. You have food stamps for the indigent and their children, I guess.
If you want to see what a country with strong social budgets look to Scandinavia.
All taxes tend to be redistributive; few object to taxes being spent on defence, for example. Police, fire fighting and education are paid for without demur from the public purse. The courts, and their officials similarly. Are these entities socialistic?
Yes they are. What will happen is more and more of our income will be taxed away. Perhaps you remember our history? We came here to get away from that. To create a country where there is truly equal opportunity. We who lived through the cold war, saw where socialism / communism leads. We heard about the food lines in Russia. And the same crap is happening now in other socialistic countries
There's far more failed socialistic systems than successful ones.