No matter how you cut or dice it, the Biden administration is going to print and spend tons of money
I don't think it matters how the gov't uses this money, the fact remains there will be a lot of money printed
Even the taxation rules, doesn't really matter, as the money needed will exceed taxes . High earners won't like it, USA Corp will have a harder time to be competative,
But does that affect you and me. Most people could care less about money so long as they have some to spend.
Perhaps I should ask a question
what do you think the value of the USD will be worth vs other major currencies. After all, we can print as much as Biden needs for his spending programs. Nobody expects a German type hyperinflation so why worry??. MM says Biden wants to help the poor and possibly the homeless. Child care and lots of other things to help the poor. So we print the money and help the poor. What's wrong with that??
Correct - no worries??? So long as we have money to buy stuff, why worry???
However: I think inflation will get out of control. When that happens will you have money to buy stuff???
If they keep printing money at this rate, we'll be looking at the peak of Covid as the good old days.
One of the elements that makes this especially problematic is that people very concerned about the consequences are shrinking/getting weaker and no longer acting to keep as much of a lid on the spending and printing and spending and printing bonanza.
Those warning of the consequences have been wrong so far.....which gives the other side even more ammo to print and spend.
It’s not the things in life that we are worried about and prepared for that hurt the most......this is why we buy insurance.
It’s the things we don’t worry enough about and are not prepared for that are the most catastrophic.
It would also be like a woman that has a cancerous lump in her breast or a man with a melanoma on his back.
Both those things can be treated but you have to recognize the cancer in an early enough stage and treat it then, not later to have the best outcome.
If you wait too long and it spreads to other parts of your body, it may be too late.
If you know it’s there but don’t want to lose a breast or have a big scar on your back or chemo/radiation today because you feel just great and decide to live in denial.....when it gets bad enough so that you don’t feel great any more....it’s too developed for any measures to reverse its path.
When printing and spending start taking a toll on the economy....it will be too late.
The momentum will be greater than any actions we can take to stop the negative consequences.
At that point, all we can do is slow it down until we hit a nasty inevitable bottom.
"But the budget also calls for tax increases on the wealthy and corporations that are designed to pay for the cost of Biden’s proposals, which would start bringing deficits down by 2030, and lop $1.7 trillion off current projections by 2041."
metmike: That last statement tells us that this is a joke. Projections out to 2041?
Yeah, right. Just like, here in 2021, we are using the projections from the 2001 budget, early in Bush's first term. The fact that they even waste time going out 20 years when there is little chance of them using whatever work they did in 2021 for more than Bidens first term is an indication of them doing it all for "show time" presentation to the gullible sheeple to manipulate them into thinking our politicians are brilliant with their wonderful plan for our country that allows them to accrue massive deficits today with spending that gets them elected today........and always pay for it a decade from now when there is a zero chance anything in todays budget will matter.
This is exactly how the Green New Fairy Tale plan is set up based on magic Fairy energy that will replace fossil fuels, in 2035.
This is how it goes people:
They totally make things up about what will happen in a decade, to get their political objectives/plans passed today.
We hear that the planet will be destroyed with only 10 years to save it(there's that made up future, so they can impose really dumb political ideas today).
The planet is greening up with a climate optimum today and WILL BE GREENER in 2030.
Just like with this budget. Congress will not magically become fiscally responsible in a decade and start paying down the debt. This is completely made up to sell you the current LACK OF fiscal responsibility.