We have seen (and solved) Bidenomics before

[Doc7505]

We have seen (and solved) Bidenomics before​

We have seen (and solved) Bidenomics before

The last time America encountered Bidenomics was the late 1970s. Ronald Reagan provided the answers.

thehill.com

2 Nov 2023 ~~ By David McIntosh

Reckless government spending. Incessant money printing. Historically high interest rates. The worst inflation in 40 years.
Despite the Biden administration’s best efforts to deceive them, the American people know that Bidenomics isn’t working.
Lucky for the next Republican president, this means that he or she already has a roadmap offering a way out: the policies of President Ronald Reagan, famously known as the four pillars of economic growth.
By prioritizing tax cuts, deregulation, reducing domestic social spending, and combating inflation, President Reagan was able to restore prosperity for American working families in the 1980’s after the similarly catastrophic Jimmy Carter administration. In its new white paper, “Reaganomics for the 21st Century,” the Club for Growth Foundation describes how America currently faces remarkably similar challenges to those Reagan faced as a new president. The next president should apply lessons from his leadership to restore confidence that our best days are ahead of us.
~Snip~
As with the Biden administration, inflation also plagued the Jimmy Carter administration in the 1970s. As a result of its fiscally irresponsible policies, prices climbed by nearly 50 percent in just four years under Carter. In response, Reagan provided the political protection that the Federal Reserve needed to bring inflation under control through restrictive policy, even though it was unpopular. As a result of his bravery (which cost him dearly in the 1982 midterm), annual inflation fell from 12 percent when Reagan took office in 1980 to 4 percent in 1988 when he left.
~Snip~
As Judy Shelton, a former economic advisor to President Trump, wisely noted in a recent op-ed, “It’s clear where this is going. When government is unconstrained by budgetary discipline and monetary-policy makers punish the private sector with high interest rates to rectify the errors of fiscal policy, democratic capitalism can’t last long.”
This is why our organization exists — to fight to save not only our economic system, but also our political system that depends on it.

Commentary:
The Federal Government now spends more money on Social Security, Medicare, Medicaid, interest on the National Debt, and defense than it collects in taxes. So without cuts to those categories, even if the government totally eliminated all other spending, the budget still wouldn't balance.
Appallingly, these massive deficits in spending every year, by every president of late, has kept the system barely functioning. The only 'growth' we get now has been massive deficits and debt.
Meanwhile, both Democrat and Republican voters show no interest in stopping the spending.
In essence Joey Bai Dung has returned us to "Carternomics" of the 1970's.

 

[kyzr]

We have seen (and solved) Bidenomics before
2 Nov 2023 ~~ By David McIntosh

Reckless government spending. Incessant money printing. Historically high interest rates. The worst inflation in 40 years.
Despite the Biden administration’s best efforts to deceive them, the American people know that Bidenomics isn’t working.
Lucky for the next Republican president, this means that he or she already has a roadmap offering a way out: the policies of President Ronald Reagan, famously known as the four pillars of economic growth.
By prioritizing tax cuts, deregulation, reducing domestic social spending, and combating inflation, President Reagan was able to restore prosperity for American working families in the 1980’s after the similarly catastrophic Jimmy Carter administration. In its new white paper, “Reaganomics for the 21st Century,” the Club for Growth Foundation describes how America currently faces remarkably similar challenges to those Reagan faced as a new president. The next president should apply lessons from his leadership to restore confidence that our best days are ahead of us.
~Snip~
As with the Biden administration, inflation also plagued the Jimmy Carter administration in the 1970s. As a result of its fiscally irresponsible policies, prices climbed by nearly 50 percent in just four years under Carter. In response, Reagan provided the political protection that the Federal Reserve needed to bring inflation under control through restrictive policy, even though it was unpopular. As a result of his bravery (which cost him dearly in the 1982 midterm), annual inflation fell from 12 percent when Reagan took office in 1980 to 4 percent in 1988 when he left.
~Snip~
As Judy Shelton, a former economic advisor to President Trump, wisely noted in a recent op-ed, “It’s clear where this is going. When government is unconstrained by budgetary discipline and monetary-policy makers punish the private sector with high interest rates to rectify the errors of fiscal policy, democratic capitalism can’t last long.”
This is why our organization exists — to fight to save not only our economic system, but also our political system that depends on it.

Commentary:
The Federal Government now spends more money on Social Security, Medicare, Medicaid, interest on the National Debt, and defense than it collects in taxes. So without cuts to those categories, even if the government totally eliminated all other spending, the budget still wouldn't balance.
Appallingly, these massive deficits in spending every year, by every president of late, has kept the system barely functioning. The only 'growth' we get now has been massive deficits and debt.
Meanwhile, both Democrat and Republican voters show no interest in stopping the spending.

You could also add Welfare in with SS, Medicare, Interest on the Debt and Defense.

There are three solutions:
1. Roll back the Budget to 2021, from $7T to $4T. Except the interest is double now what it was in 2021, and Medicare and SS are going broke.

2. Find $3T in new taxes to cover the spending. The GOP would never accept this.

3. A combination of 1 & 2. Cutting spending and raising taxes to get a surplus to pay down the $33.6T Debt. This is the only viable solution.

 

[1srelluc]

The prime rate was 21.50% and the bond yield was 10.50%....What his administration accomplished was nothing short of spectacular.

 

[Greenbeard]

Commentary:
The Federal Government now spends more money on Social Security, Medicare, Medicaid, interest on the National Debt, and defense than it collects in taxes. So without cuts to those categories, even if the government totally eliminated all other spending, the budget still wouldn't balance.
Appallingly, these massive deficits in spending every year, by every president of late, has kept the system barely functioning. The only 'growth' we get now has been massive deficits and debt.
Meanwhile, both Democrat and Republican voters show no interest in stopping the spending.

Well, the geezers have disproportionate electoral influence and they don't seem to want to take a haircut on their benefits.

 

[Doc7505]

Well, the geezers have disproportionate electoral influence and they don't seem to want to take a haircut on their benefits.

~~~~~~~
What do you have against people over 65 years of age receiving a stipend that they've paid for the greater part of their lives?

 

[Greenbeard]

~~~~~~~
What do you have against people over 65 years of age receiving a stipend that they've paid for the greater part of their lives?

If they paid for it, you wouldn't be bitching about the budget. We can either afford to spend trillions propping up geezer nation or we can't, make up your mind.

 

[Thinker101]

If they paid for it, you wouldn't be bitching about the budget. We can either afford to spend trillions propping up geezer nation or we can't, make up your mind.

Sounds like a great idea, return the funds government TOOK from me, then you can go on your merry way.

 

[Augustine_]

Yes yes the cure for Bidenomics is to double down on a system that redistributes wealth from the working class to the ruling class. What a great take that we've never heard before. The core GOP philosophy.

 

[Laslow]

Yes yes the cure for Bidenomics is to double down on a system that redistributes wealth from the working class to the ruling class. What a great take that we've never heard before. The core GOP philosophy.

The problem is that it takes money from working people into politicians' pockets and many who don't want to work. This creates less workers, more money printing, and presto, working people get shafted.

 

[TroglocratsRdumb]

left wing economics

 

[Winco]

is there ANY good news for the economy?

Please give me some hope!

 

[Cellblock2429]

Well, the geezers have disproportionate electoral influence and they don't seem to want to take a haircut on their benefits.

/—-/ We “Geezers” paid for those benefits our entire working life and still pay for them in our retirement. So go pound sand.

 

[Cellblock2429]

Yes yes the cure for Bidenomics is to double down on a system that redistributes wealth from the working class to the ruling class. What a great take that we've never heard before. The core GOP philosophy.

/——/ Oh bullshyt. What you describe is Communism not Capitalism. Moron.

 

[Doc7505]

If they paid for it, you wouldn't be bitching about the budget. We can either afford to spend trillions propping up geezer nation or we can't, make up your mind.

~~~~~~~
I began paying SSI when I was 14 yrs old. They even deducted SSI when I was in the military. That amounted to 51 years of paying SSI before I became entitled to receive any SSI benefits.
Perhaps we should be looking at how Britain and Germany revamped their SSI programs for retirees?

Social Security Privatization in Britain: Key Lessons forAmerica's Reformers

Introduction

www.heritage.org

**********​

https://www.jstor.org/stable/2125987

**********​

What Germany’s Welfare State Can Teach the United States

Examples from Europe's largest economy that could and should inform the current debate about Biden's Build Back Better proposals.

progressive.org

 

[Mac1958]

My goodness, these people have a short memory.

 

[Greenbeard]

/—-/ We “Geezers” paid for those benefits our entire working life and still pay for them in our retirement. So go pound sand.

Alas, I'm told we're running massive deficits and need to stop the spending.

 

[kyzr]

If they paid for it, you wouldn't be bitching about the budget. We can either afford to spend trillions propping up geezer nation or we can't, make up your mind.

How about ending Medicaid and Welfare instead? They didn't work and pay for those benefits like SS recipients?

 

[kyzr]

~~~~~~~
I began paying SSI when I was 14 yrs old. They even deducted SSI when I was in the military. That amounted to 51 years of paying SSI before I became entitled to receive any SSI benefits.
Perhaps we should be looking at how Britain and Germany revamped their SSI programs for retirees?

Actually a small tweak is all that is needed to make SS solvent.
Raise the retirement ages 1-year (from 62/67 to 63/68) since people are living longer, and raise the cap.
The sooner we do this the longer SS is extended.

 

[leftwinger]

You could also add Welfare in with SS, Medicare, Interest on the Debt and Defense.

There are three solutions:
1. Roll back the Budget to 2021, from $7T to $4T. Except the interest is double now what it was in 2021, and Medicare and SS are going broke.

2. Find $3T in new taxes to cover the spending. The GOP would never accept this.

3. A combination of 1 & 2. Cutting spending and raising taxes to get a surplus to pay down the $33.6T Debt. This is the only viable solution.

they could cut non-value added GOVT DEPTS., have a massive garage sale. Camp Pendleton land (and countless others) may be very valuable? Sell NATL parks? I am no expert but private business does it all the time.

eliminate, consolidate, reduce, cut and repeat until solvent.

 

[Cellblock2429]

Alas, I'm told we're running massive deficits and need to stop the spending.

/---/ Yes, stop the spending on massive government pork. do I need to post the link again?