Nobel Economists Say Build Back Better Will Ease Inflation...

[Fantine]

Biden's Build Back Better Plan Will 'Ease' Inflation, 15 Nobel Prize Economists Say (newsweek.com)

Yes, Manchin has downsized Build Back Better to "Build Back A Little Bit Better" but the basic premise still holds true.

"Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures," they wrote in an open letter dated Wednesday.

In the meantime, in case you didn't notice, the child poverty rate went from 12% to 17% when the enhanced child tax credit (which BBB would continue) ended.

 

[dqhall]

Biden's Build Back Better Plan Will 'Ease' Inflation, 15 Nobel Prize Economists Say (newsweek.com)

Yes, Manchin has downsized Build Back Better to "Build Back A Little Bit Better" but the basic premise still holds true.



In the meantime, in case you didn't notice, the child poverty rate went from 12% to 17% when the enhanced child tax credit (which BBB would continue) ended.

They do not have enough taxes to pay for things, then they printed money or borrowed more increasing monetary inflation. They paid people not to work to provide the things the middle class purchases. This added to inflation. Raising corporate taxes takes away from companies providing useful things like Walmart, Nike, Chevron, Pulte Homes, Lowes etc. Then these companies have less money available to expand or improve. Some corporations moved to Ireland where taxes are cheaper. This deprived the U.S. of income. Lack of good education led to poverty. Drug and alcohol abuse led to poverty. Lust and unplanned children led to poverty. These things build back better does not fix. Most deteriorating bridges are state and local problems, not in the Federal highway system. Some voters do not want to pay more registration fees, sales taxes and property taxes to pay for it. Venezuela taxed the rich and seized corporate property. They are now one of the poorest nations in the hemisphere. Grocery store shelves were empty. Haiti and Central America are also very poor as the fertility rate is high with women are having four or more children, more than they can feed. This also increased child poverty.

 

[disciple Clint]

Biden's Build Back Better Plan Will 'Ease' Inflation, 15 Nobel Prize Economists Say (newsweek.com)

Yes, Manchin has downsized Build Back Better to "Build Back A Little Bit Better" but the basic premise still holds true.



In the meantime, in case you didn't notice, the child poverty rate went from 12% to 17% when the enhanced child tax credit (which BBB would continue) ended.

From the article
"Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures,"
Unfortunately our problem is not long-term inflationary pressures, it is the short term price increases that is a problem but nice try to mislead the public.

 

[The IbanezerScrooge]

Raising corporate taxes takes away from companies providing useful things like Walmart, Nike, Chevron, Pulte Homes, Lowes etc. Then these companies have less money available to expand or improve.

The corporate tax rate sits unchanged at 21% as Biden hasn't yet gotten a corporate tax hike passed, but how are the companies you mentioned doing?

Let's check!

Walmart turns in strong U.S. performance for fiscal 2022

NIKE, Inc. - Investor Relations - NIKE, Inc. Reports Fiscal 2022 Second Quarter Results.

Chevron Rakes in $15.6 Billion in Annual Profits as Oil Prices Climb.

PulteGroup profit and revenue rise above expectations, as average home sales price jumps 10%

https://www.cnbc.com/2021/11/17/lowes-low-q3-2021-earnings.html

Hmmm. They seem to be doing just fine.

Venezuela taxed the rich and seized corporate property. They are now one of the poorest nations in the hemisphere. Grocery store shelves were empty.

Grocery store shelves here and now are emptier and no taxes have yet been raised on corporations or the wealthy. In fact, the previous administration cut taxes by almost 2 TRILLION dollars.

 

[Fantine]

Problem is that corporations did not expand in the U.S. or raise worker salaries or hire more. They did stock buybacks or expanded overseas. That's the problem with trickle down...it trickles every way other than down.

You are not disputing me. You are disputing Nobel Economists. They have more credibility.

 

[dqhall]

The corporate tax rate sits unchanged at 21% as Biden hasn't yet gotten a corporate tax hike passed, but how are the companies you mentioned doing?

Let's check!

Walmart turns in strong U.S. performance for fiscal 2022

NIKE, Inc. - Investor Relations - NIKE, Inc. Reports Fiscal 2022 Second Quarter Results.

Chevron Rakes in $15.6 Billion in Annual Profits as Oil Prices Climb.

PulteGroup profit and revenue rise above expectations, as average home sales price jumps 10%

https://www.cnbc.com/2021/11/17/lowes-low-q3-2021-earnings.html

Hmmm. They seem to be doing just fine.




Grocery store shelves here and now are emptier and no taxes have yet been raised on corporations or the wealthy. In fact, the previous administration cut taxes by almost 2 TRILLION dollars.

Not only did they cut taxes, they increased spending and it was bipartisan.

You might look back to 2020 when corporations were reporting huge losses due to the pandemic. Corporate profits rebounded in 2021. Not every year is good to investors. Current stock prices are in a downtrend.

Government provided trillions of dollars of deficit spending and now inflation is 7.5%. Not good for retirees who draw upon savings accounts. A corporation pays a Vietnamese worker to make athletic shoes and sells them in a competitive U.S. market. They may earn a profit. Not everyone who starts a company earns a profit.

If government pays able bodied people large sums of money to do nothing, they may claim they are helping the poor. The Vietnamese shoemakers got less. Both Trump and Biden own very expensive homes. Others are homeless.

Venezuela taxed the rich, wasted the money, then the whole nation was poor.

 

[Saucy]

Problem is that corporations did not expand in the U.S. or raise worker salaries or hire more. They did stock buybacks or expanded overseas. That's the problem with trickle down...it trickles every way other than down.

You are not disputing me. You are disputing Nobel Economists. They have more credibility.

This isn't true at all. Jobs were increasing at record rates (until the pandemic). Pay increased. Over $1 trillion was brought back into the country. You don't get the economy roaring with inflation or increasing taxes. Businesses don't hire when they're being squeezed. Businesses don't expand and increased wages when they're being squeezed. They pass the cost down to consumers, which makes everything more expensive.

https://www.cnbc.com/2018/01/31/pay-gains-under-trumps-best-since-the-great-recession.html

 

[Oompa Loompa]

Biden's Build Back Better Plan Will 'Ease' Inflation, 15 Nobel Prize Economists Say (newsweek.com)

Yes, Manchin has downsized Build Back Better to "Build Back A Little Bit Better" but the basic premise still holds true.



In the meantime, in case you didn't notice, the child poverty rate went from 12% to 17% when the enhanced child tax credit (which BBB would continue) ended.

But biden said that inflation was a good thing and we need more of it. So why would he do anything to prevent or reduce further inflation?

 

[FireDragon76]

This isn't true at all. Jobs were increasing at record rates (until the pandemic). Pay increased. Over $1 trillion was brought back into the country. You don't get the economy roaring with inflation or increasing taxes. Businesses don't hire when they're being squeezed. Businesses don't expand and increased wages when they're being squeezed. They pass the cost down to consumers, which makes everything more expensive.

https://www.cnbc.com/2018/01/31/pay-gains-under-trumps-best-since-the-great-recession.html

Inflation was caused by the pandemic, not Biden's policies.

 

[disciple Clint]

Inflation was caused by the pandemic, not Biden's policies.

"Biden unexpectedly endorsed the stance of his critics who have said the US dollar is losing its buying power as a result of the government printing money to cover COVID-19 aid.

The president said stimulus funds that he signed into law are in part to blame for demand exceeding the supply of goods, causing a backlog at major US ports and the highest rate of annual inflation since 1990."
Biden says COVID stimulus checks fueled spike in inflation

 

[FireDragon76]

"Biden unexpectedly endorsed the stance of his critics who have said the US dollar is losing its buying power as a result of the government printing money to cover COVID-19 aid.

The president said stimulus funds that he signed into law are in part to blame for demand exceeding the supply of goods, causing a backlog at major US ports and the highest rate of annual inflation since 1990."
Biden says COVID stimulus checks fueled spike in inflation

The stimulus had bipartisan support. COVID stimulus predated Biden.

 

[disciple Clint]

The stimulus had bipartisan support. COVID stimulus predated Biden.

Sorry too late to blame it on Trump now, Biden already confessed it was his fault.

 

[Pommer]

Inflation was caused by the pandemic, not Biden's policies.

And “trade wars are good and easy to win”, yes.