President Biden thread

On 8/4/2022 at 2:49 AM, toomuchbaloney said:

"Most of us"...

It's a bold statement to say that Biden has lied about almost everything.  

Do ya think that if Biden was responsible for the gas prices going up that he can assume the same responsibility when prices go down?  Just saw my first under $4.00/gallon this week.

On 8/3/2022 at 11:44 AM, emtb2rn said:

It appears that the analysis the gop drew from the jct report is misleading. 

“The argument that the CMT increases taxes on low- and middle-income households assumes that an increase in corporate taxes affects not only the shareholders of the corporation but also workers’ wages. Economic models assume that most of the benefits of any corporate tax cuts and most of the cost of corporate increases fall on the owners of capital—in other words, the shareholders. A small fraction will pass through to workers based on their share of labor income, which is skewed to high earners such as CEOs and high-wage professionals.

Yet recent history suggests that any impact will be minimal. That’s because the revenues raised by the proposed CMT are insignificant compared with the overall size of the U.S. economy—just 0.2 percent of gross domestic product (GDP) in FY 2023—while wages are set in the larger economy. Take, for example, the 2017 Tax Cuts and Jobs Act: Supporters argued that benefits would “trickle up” to workers and consumers, yet research shows that the measure overwhelmingly benefited shareholders, with no measurable impact on wages or investment.

Moreover, the JCT analysis specifically excludes the impact of many parts of the IRA that would benefit middle-income families—specifically, the legislation’s measures to lower prescription drug costs (Subtitle B) and extend provisions that make health coverage more affordable (Subtitle C), as well as some parts of the bill that make clean energy more available and affordable (Subtitle D). In other words, the analysis ignores the impact of most of the the provisions that directly benefit consumers.”

https://www.americanprogress.org/article/the-inflation-reduction-act-would-only-raise-taxes-from-wall-street-and-big-corporations/

I'm impressed that the NY Post devoted 10 (but they were all short) paragraphs to such a complicated story.  They usually devote more time to people who murder others and then eat them or other stories of that ilk.

54 minutes ago, Beerman said:

I first misunderstood the household income threshold of Biden's plan.  I first heard it was 125k for the household.  Its 250k.

Now, it appears my wife and I will be able to get rid of the rest of our student loan debt under this new plan. 

We were very fortunate the last two years,  and contemplated paying off our student loans.  Instead, did some things for the house, did pay off some other bills, traveled a bit, and paid in full for a Meditarrean cruise next year.  

I guess we made the right decision.

Thank you, fellow taxpayers!

Hmm

So your positron is that this is a terrible plan and policy until it benefits you personally? 

32 minutes ago, toomuchbaloney said:

Hmm

So your positron is that this is a terrible plan and policy until it benefits you personally? 

I, too, have some problems with this plan.  Does the government have a definition of a predatory student loan?  I checked this out.  They do, but it is too vague to be useful.  The amount of foregiveness appears to be small compared to the debt carried by the students.  But I'm pretty sure that even this small relief will make a difference for the poorest students.  But I see no plan being devised to make sure this doesn't happen again.  The government allowed these loans to happen and they have some part in the consequences of  their inaction to severely cut the amount of money students were permitted to loan.  Back in the stone age , when I took out a loan for grad school, I knew that I would always have a job (as advanced practitioner nurse).  I also knew that I would be living on peanut butter for a few more years to get it paid off ASAP.  All the money I borrowed went to the school.  I didn't get to spend it on a car, rent, etc  that students use these loans for.  So, I don't think the small amounts of loan forgiveness now are the worst idea in history, but we are doing the taxpayers a disservice if we don't try to do what it takes to prevent it from happening again.

3 minutes ago, Beerman said:

Once it gets to at least where it was when he took over, I'll give him some kudos.

I don't know why you would give him kudos since presidents have NOTHING to do with the price of gas...that was my point.

4 minutes ago, Beerman said:

Don't worry.  Folks like Bernie Sanders and Elizabeth Warren are already whining it's not enough. 

Along with the Inflation Reduction Act, this is the best example that If the Republicans don't at least win the House, it's full steam ahead to socialism.

Democrats have no interest in cutting the amount that can be borrowed.  

You mentioned it will help the poorest students.  How do you feel about the poor who never borrowed who will help pay for it?

 

Is there some plan to raise taxes on the poorest Americans or are you just sad that the working poor have to pay taxes at all? It's hard to be saltier about forgiving student loans for working class Americans than we were about forgiving corporate PPP loans in 2021.  Isn't it? Don't the same poor pay for those corporate bailouts as pay for the student loan forgiveness?

1 hour ago, Beerman said:

Don't worry.  Folks like Bernie Sanders and Elizabeth Warren are already whining it's not enough. 

Along with the Inflation Reduction Act, this is the best example that If the Republicans don't at least win the House, it's full steam ahead to socialism.

Democrats have no interest in cutting the amount that can be borrowed.  

You mentioned it will help the poorest students.  How do you feel about the poor who never borrowed who will help pay for it?

 

How does this occur? Are you saying bernie & liz are advocating for the government to take control of the means of production?

Yeah, democratic socialism is horrible, just look at the interstate highway system. Damn commies.