Build Back beatdown for Biden: Fiscal double whammy for prez and his agenda

m.knox

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Aug 20, 2003
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The majority of democrats are complete morons. All they care about is how they feel. Their vision. Nothing else. And then, reality gets in the way of their high ideas........

https://nypost.com/2021/12/10/labor-dept-reports-inflation-at-almost-7-percent-under-biden-admin/

Friday was arguably the worst day for Joe Biden’s presidency so far. And it could be the death knell for the Build Back Better bill’s lurch toward big-government socialism.

First, the Labor Department reported inflation is now running at just under 7 percent over the last year. Prices were rising at a 2 percent annual pace when Donald Trump left office in January and then 5 percent this summer and now this.

Notice a trend?

And, sorry, no, this inflation isn’t “transitory.” And, no, CNN, it isn’t “good for you” — or me, or anyone. Meat prices are up 20 to 25 percent, car prices up 29 percent, and a fill-up at the gas station costs $20 more than a year ago.

Joe Biden and his media flacks rushed to the TV cameras in full damage-control mode on Friday to assure Americans that passing the BBB plan would reduce inflation. One wonders whether these folks would pass a lie-detector test. Americans aren’t buying it. Polls show more than half of voters blame Biden and runaway spending for inflation.

But then a few hours later came the second body blow to the Biden agenda. The Congressional Budget Office released a report that examined the true cost of the Biden BBB plan — minus the accounting gimmicks. The results were devastating: twice as high as previously reported and closer to $5 trillion in spending over the next decade. Instead of “paying for itself,” as Biden claims, the deficit could skyrocket by almost $3 trillion more if Congress passes BBB.

Whoops! This is a bit more than a rounding error. If a private CEO tried to get away with these accounting scams, they’d be put in jail.
 

fairfaxlion2

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Oct 12, 2014
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Goldman now predicts 7 rate hikes in the between now in 2024.

We are coming up on a tipping point and they are trying to ram through stuff that relatively few people care about

Combine that with the personalities in the prez and VP slots and there is no possible way this is a two-term administration
 

KnightWhoSaysNit

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What is amazing about the 7% inflation number is that Yellen said only a few weeks ago that inflation would be 4% at the end of the year.

None of these people are good enough to run our government. I have never seen a period that is more scary. The incompetence and corruption is palpable.

They will print money going forward, create hyper-inflation, and then deflect blame to greedy corporations and rich CEOs. Book it.

If they don't print money then their spending policies will lead to a depression. Since it's tough to blame a business when they are out of business, expect the former: Inflation
 
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franklinman

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Pa and Fl
What is amazing about the 7% inflation number is that Yellen said only a few weeks ago that inflation would be 4% at the end of the year.

None of these people are good enough to run our government. I have never seen a period that is more scary. The incompetence and corruption is palpable.

They will print money going forward, create hyper-inflation, and then deflect blame to greedy corporations and rich CEOs. Book it.

If they don't print money then their spending policies will lead to a depression. Since it's tough to blame a business when they are out of business, expect the former: Inflation
Just go back 2 years if you forgot about CORRUPTION.
 

HartfordLlion

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Sep 28, 2001
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Goldman now predicts 7 rate hikes in the between now in 2024.

We are coming up on a tipping point and they are trying to ram through stuff that relatively few people care about

Combine that with the personalities in the prez and VP slots and there is no possible way this is a two-term administration

7 rates hikes between now and 2024, well you can say hello recession going into the 2024 elections.
 
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m.knox

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why do you and Little Linda Graham hate the little man and women but love the CEOs ?

LOL... That's what the cult tells you and @2lion70 .

Here's the truth.

It’s Official: Trump Unleashed A Middle-Class Boom That Benefited Women, Minorities Most​


All while you cultists support a president who is GENUINLEY screwing the little guy.

Inflation is hitting the 3 big areas of household budgets​


https://www.cnbc.com/2021/12/10/inflation-is-hitting-the-3-big-areas-of-household-budgets.html

  • Housing, transportation and food are the three largest areas of the average household budget.
  • Inflation is pushing up these costs for consumers at the fastest clip in many years.
  • Accelerating prices may not last in many categories, but may prove more persistent in others like rent.
 

m.knox

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Aug 20, 2003
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Goldman now predicts 7 rate hikes in the between now in 2024.

We are coming up on a tipping point and they are trying to ram through stuff that relatively few people care about

Combine that with the personalities in the prez and VP slots and there is no possible way this is a two-term administration

LOL.. Shit, Trump had 8 in 2 years, and the economy was on fire......
 
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KnightWhoSaysNit

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7 rates hikes between now and 2024, well you can say hello recession going into the 2024 elections.

And real interest rates will still be negative. We are that far out of whack with the money supply.

And Democrats want to make the money supply even larger while raising the cost of energy. It's lunacy.

Their solution to inflation? Deflect blame.
 

fairfaxlion2

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Oct 12, 2014
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And real interest rates will still be negative. We are that far out of whack with the money supply.

And Democrats want to make the money supply even larger while raising the cost of energy. It's lunacy.

Their solution to inflation? Deflect blame.

In the end the Fed will allow the markets to tank and explode the interest on the national debt, if that's what is necessary to keep reserve currency status. It's the one factor that will trump all the others. The Fed is independent and their decisions are not subject to review. The most the politicians can do about it is hold hearings or replace the Chairman.
 

KnightWhoSaysNit

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In the end the Fed will allow the markets to tank and explode the interest on the national debt, if that's what is necessary to keep reserve currency status. It's the one factor that will trump all the others. The Fed is independent and their decisions are not subject to review. The most the politicians can do about it is hold hearings or replace the Chairman.

Elizabeth Warren drilled Powell for not having controls to prevent another 2008. Will he test that charge, force Congress into drastic cuts, drive a market decline, and create unemployment, all to preserve Reserve Currency status? ... And do that while there is nothing to cover his back -- no budget for his balance sheet?

What you suggest would take GUTS, which I do not see in Powell. Others in line were even more dovish. The tight bankers are retiring.
 

m.knox

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Oh yes, we remember Corrupt Filthy Dons CORRUPTION and so did the voters. But you know that.

Give me more corruption............. LMFAO.....

It’s Official: Trump Unleashed A Middle-Class Boom That Benefited Women, Minorities Most​

 

fairfaxlion2

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Elizabeth Warren drilled Powell for not having controls to prevent another 2008. Will he test that charge, force Congress into drastic cuts, drive a market decline, and create unemployment, all to preserve Reserve Currency status? ... And do that while there is nothing to cover his back -- no budget for his balance sheet?

Yes, that is what will happen because there will be no other choice. The Fed doesn't really care what a senator or any other politician thinks. The most recent unemployment report was not much above 4 percent, so they have all the cover that they need. And higher interest rates are not bad for the banks
 

KnightWhoSaysNit

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Yes, that is what will happen because there will be no other choice. The Fed doesn't really care what a senator or any other politician thinks. The most recent unemployment report was not much above 4 percent, so they have all the cover that they need. And higher interest rates are not bad for the banks

But there is another choice.

Debase the dollar and grow the Fed's balance sheet. This will improve export industry competitiveness. We'll pay more for oil but that is a good thing. Windmills will provide power for electric cars.

Citizens will pay ever higher prices, and have less discretionary money, but that can be blamed on the corporations who charge the prices, not the politicians "helping" with low taxes and more social programs.

If you think this won't happen, truth is, this is already happening.
 
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fairfaxlion2

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But there is another choice.

Debase the dollar and grow the Fed's balance sheet. This will improve export industry competitiveness. We'll pay more for oil but that is a good thing. Windmills will provide power for electric cars.

They can't. The US is now at full employment and inflation is out of control. Their dual mandate is full employment and 2% inflation. Tapering and rate hikes will start extremely soon
 

KnightWhoSaysNit

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They can't. The US is now at full employment and inflation is out of control. Their dual mandate is full employment and 2% inflation. Tapering and rate hikes will start extremely soon

Rate hikes to chill double digit inflation while the fiscal side deliberately increases the cost of energy and spends trillions more? All this will do is force printing more money to cover the interest payments, another headwind on the objective. We'd be talking the need for double digit interest rates like the 1970/80s.

Such hikes will require serious austerity, such as deep cuts on military spending, entitlements, and/or the federal bureaucracy. They won't do that. They'll be voted out of office.

I do think that the Fed cannot do both, i.e., keep both inflation and unemployment low. It's one or the other at this point due to the structure of our economy. A lot of people are basically unemployable.
 

bdgan

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May 29, 2008
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The majority of democrats are complete morons. All they care about is how they feel. Their vision. Nothing else. And then, reality gets in the way of their high ideas........

https://nypost.com/2021/12/10/labor-dept-reports-inflation-at-almost-7-percent-under-biden-admin/

Friday was arguably the worst day for Joe Biden’s presidency so far. And it could be the death knell for the Build Back Better bill’s lurch toward big-government socialism.

First, the Labor Department reported inflation is now running at just under 7 percent over the last year. Prices were rising at a 2 percent annual pace when Donald Trump left office in January and then 5 percent this summer and now this.

Notice a trend?

And, sorry, no, this inflation isn’t “transitory.” And, no, CNN, it isn’t “good for you” — or me, or anyone. Meat prices are up 20 to 25 percent, car prices up 29 percent, and a fill-up at the gas station costs $20 more than a year ago.

Joe Biden and his media flacks rushed to the TV cameras in full damage-control mode on Friday to assure Americans that passing the BBB plan would reduce inflation. One wonders whether these folks would pass a lie-detector test. Americans aren’t buying it. Polls show more than half of voters blame Biden and runaway spending for inflation.

But then a few hours later came the second body blow to the Biden agenda. The Congressional Budget Office released a report that examined the true cost of the Biden BBB plan — minus the accounting gimmicks. The results were devastating: twice as high as previously reported and closer to $5 trillion in spending over the next decade. Instead of “paying for itself,” as Biden claims, the deficit could skyrocket by almost $3 trillion more if Congress passes BBB.


Whoops! This is a bit more than a rounding error. If a private CEO tried to get away with these accounting scams, they’d be put in jail.
Manchin will have after the dems agree to something smaller.
 
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m.knox

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Manchin will have after the dems agree to something smaller.

Your timing is impeccable. The leftwing media is begging Manchin to "give" something to Biden.... That's just sooooo left of them.... GIVE ME SOMETHING....

Manchin, You Won. Now Give Biden a Win, Too.​


https://washingtonmonthly.com/2021/12/13/manchin-you-won-now-give-biden-a-win-too/

For one of the first fights between Al and Peg Bundy on the farcical sitcom Married … With Children, Peg belts out a song Al hates, the sappy “Honey” by Bobby Goldsboro. Al retaliates by clipping his toenails in front of her. Peg raises the stakes by shifting to Helen Reddy’s feminist anthem, “I Am Woman,” which is too much for Al, and he surrenders. After a moment of tranquility, Peg starts singing the chirpy 1963 hit “Dominique” from Jeannine “the Singing Nun” Deckers. A pained Al pleads, “Peg, you won. There’s no need to spike the ball.”

Senator Joe Manchin is the Senate’s Peg Bundy.
 

bdgan

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May 29, 2008
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Libs think sources like the CBO, Tax Foundation, Wharton, and The Wall Street Journal are not credible.

Pelosi and Peppermint Patty are in denial. They still argue that the bill pays for itself and that it should only be scored for what's in it. Of course that sounds fair but what are they really saying?

1) Their programs will expire after 1-3 years? They wouldn't dare say that.

2) An additional $3 trillion per decade in debt should be ignored? That might be their thinking but they won't say it out loud.

3) We'll push for more tax hikes in a year or two so we can keep these programs going? Probably, but they won't dare say that now.
 

tIUguy2

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May 25, 2016
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The majority of democrats are complete morons. All they care about is how they feel. Their vision. Nothing else. And then, reality gets in the way of their high ideas........

https://nypost.com/2021/12/10/labor-dept-reports-inflation-at-almost-7-percent-under-biden-admin/

Friday was arguably the worst day for Joe Biden’s presidency so far. And it could be the death knell for the Build Back Better bill’s lurch toward big-government socialism.

First, the Labor Department reported inflation is now running at just under 7 percent over the last year. Prices were rising at a 2 percent annual pace when Donald Trump left office in January and then 5 percent this summer and now this.

Notice a trend?

And, sorry, no, this inflation isn’t “transitory.” And, no, CNN, it isn’t “good for you” — or me, or anyone. Meat prices are up 20 to 25 percent, car prices up 29 percent, and a fill-up at the gas station costs $20 more than a year ago.

Joe Biden and his media flacks rushed to the TV cameras in full damage-control mode on Friday to assure Americans that passing the BBB plan would reduce inflation. One wonders whether these folks would pass a lie-detector test. Americans aren’t buying it. Polls show more than half of voters blame Biden and runaway spending for inflation.

But then a few hours later came the second body blow to the Biden agenda. The Congressional Budget Office released a report that examined the true cost of the Biden BBB plan — minus the accounting gimmicks. The results were devastating: twice as high as previously reported and closer to $5 trillion in spending over the next decade. Instead of “paying for itself,” as Biden claims, the deficit could skyrocket by almost $3 trillion more if Congress passes BBB.

Whoops! This is a bit more than a rounding error. If a private CEO tried to get away with these accounting scams, they’d be put in jail.
Wait. You mean they lied?