If the Trump 2017 tax cuts were such a horrible thing...

[tahuyaman]

Don't reinterpret the question.

Answer it.

Congress has the authority to change tax policy and tax rates. Why didn’t they do they when they had the power to do so? I know want yo answer that with another question. That’s because you’re a hack.

 

[The5thHorseman]

Congress has the authority to change tax policy and tax rates. Why didn’t they do they when they had the power to do so? I know want yo answer that with another question. That’s because you’re a hack.

Because Congress isn't responsible for Fiscal Policy.

The idea that the 2017 tax cuts generated bumper revenues was bullshit in 2019, and it's even less true today.

 

[bendog]

Only Trump influenced the fed?


Lol.

You may want to read the posts. LOL

Trump did it most recently. But Nixon bullied Arthur Burns into igniting the 80s inflation. And in a flipping the script, Greenspan was one of the forces causing HW to raise taxes in the face of deficits.

What's happened post-Great Recession is the Fed became the primary funder of govt deficits. The fed buys US treasuries, and with the bailouts of industry and banking, when the money is repaid to the Fed, the Fed turned around and bought Treasuries.

And now we have rising rates and a Fed that can't close out bonds it bought when the bonds mature fast enough. Actually, had it raised rates while Trump was potus, we'd have less money in circulation. And less inflation.

 

[bendog]

Because Congress isn't responsible for Fiscal Policy.

The idea that the 2017 tax cuts generated bumper revenues was bullshit in 2019, and it's even less true today.

What do you mean by "Congress isn't responsible for Fiscal Policy."?

Fiscal policy - Wikipedia

en.wikipedia.org

 

[The5thHorseman]

I agree, but the Potus has the bully pulpit to cajole the Fed, and that does happen, and did with Trump

Reagan had all kinds of issues with Volker, but as empty headed as Ron was he understood that replacing him would be ruinous.

 

[The5thHorseman]

What do you mean by "Congress isn't responsible for Fiscal Policy."?

Fiscal policy - Wikipedia

en.wikipedia.org

I hate this shit.

Why can a POTUS run on a platform of tax cuts?

Because he has the authority to do so.

Technically, he/she needs congress to pass the Act, but historically an incoming POTUS is granted a deference....as long as he's white.

 

[bendog]

I hate this shit.

Why can a POTUS run on a platform of tax cuts?

Because he has the authority to do so.

Technically, he/she needs congress to pass the Act, but historically an incoming POTUS is granted a deference....as long as he's white.

fiscal policy refers to decisions by congress and the executive to raise/cut spending and or taxes, and it includes defense spending as wall as social spending.

monetary policy refers to decisions by the central bank or fed. The potus and congress decide who is on the fed's board of governors. Governors may be removed "for cause" but that generally doesn't mean getting fired because rates are too high or too low. Still, it's at worst 50-50 that a potus can remove a governor from the fed chairperson slot, and make him a mere governor again, and appoint someone else.

We now have a situation where the fiscal arm needs to sell a LOT of debt bonds. The fed, or monetary arm, stepped in to support not just the fed debt, but also buy as much of the US's mortgages as it needed to do to shore up banks. And, the fed did that by expanding the amount of "money" its member banks had to lend, and the low rates.

If the cong/executive (fiscal) promote econ policies opposed by the Fed (monetary), it would not be good. And it very possibly decided the 92 election. And both can increase or decrease the money supply M-2. Only the Fed can raise or lower rates. And the Fed can make it easier to run higher deficits by both having lower rates, and by buying govt debt directly.

 

[22lcidw]

Because Congress isn't responsible for Fiscal Policy.

The idea that the 2017 tax cuts generated bumper revenues was bullshit in 2019, and it's even less true today.

We were living better until the Covid war release.

 

[maybelooking]

Trumps economy was the greatest we have seen in a very long time, until Covid was released on the world.

There's not a single demtard on this board that truly believes things are better now, under the Potato.

 

[The5thHorseman]

fiscal policy refers to decisions by congress and the executive to raise/cut spending and or taxes, and it includes defense spending as wall as social spending.

monetary policy refers to decisions by the central bank or fed. The potus and congress decide who is on the fed's board of governors. Governors may be removed "for cause" but that generally doesn't mean getting fired because rates are too high or too low. Still, it's at worst 50-50 that a potus can remove a governor from the fed chairperson slot, and make him a mere governor again, and appoint someone else.

We now have a situation where the fiscal arm needs to sell a LOT of debt bonds. The fed, or monetary arm, stepped in to support not just the fed debt, but also buy as much of the US's mortgages as it needed to do to shore up banks. And, the fed did that by expanding the amount of "money" its member banks had to lend, and the low rates.

If the cong/executive (fiscal) promote econ policies opposed by the Fed (monetary), it would not be good. And it very possibly decided the 92 election. And both can increase or decrease the money supply M-2. Only the Fed can raise or lower rates. And the Fed can make it easier to run higher deficits by both having lower rates, and by buying govt debt directly.

Glad to see you recognize these distinctions. Your take on the Fiscal thing lacks nuance.

Vaya con huevos!

 

[The5thHorseman]

We were living better until the Covid war release.

No, we weren't.

That's measurable and subject to the Ordinal Property of Numbers.

 

[bendog]

Glad to see you recognize these distinctions. Your take on the Fiscal thing lacks nuance.

Vaya con huevos!

I'm wary of asking the question. What lacks nuance about fiscal policy?

 

[The5thHorseman]

I'm wary of asking the question. What lacks nuance about fiscal policy?

Your take.

 

[tahuyaman]

What do you mean by "Congress isn't responsible for Fiscal Policy."?

Fiscal policy - Wikipedia

en.wikipedia.org

Congress is in charge of fiscal policy. They are not in charge of the fed.

 

[tahuyaman]

Because Congress isn't responsible for Fiscal Policy.

Yes they are, you nit-wit.

 

[The5thHorseman]

Yes they are, you nit-wit.

Sure...if you really, really, believe so..

 

[tahuyaman]

I hate this shit.

Why can a POTUS run on a platform of tax cuts?

Because he has the authority to do so.

Technically, he/she needs congress to pass the Act, but historically an incoming POTUS is granted a deference....as long as he's white.

No president has the authority to cut taxes. All they can do is advocate tax policy. You’re an idiot.

 

[The5thHorseman]

No president has the authority to cut taxes. All they can do is advocate tax policy. You’re an idiot.

What's the first step in the budget process?

 

[tahuyaman]

Sure...if you really, really, believe so..

You’re the idiot who doesn’t know fiscal policy from monetary policy. You are making a fool of yourself.

 

[The5thHorseman]

You’re the idiot who doesn’t know fiscal policy from monetary policy. You are making a fool of yourself.

Show me what gives you that idea.