Rising Cost of Living Makes It Hard for People To Feed Their Families

LOL! In which reality have Republicans ever stopped passing debt-busting spending bills? Newsflash, Trump exploded the deficit to $1 trillion already BEFORE the pandemic, with tax cuts that supposedly paid for themselves. Why do you expect something different for the second terms of the "king of debt"? This is just wishful thinking, based on the voodoo economic claims of Republicans when they run for office.

In reality, the GOP House has campaigned on "laser focus" on inflation. What have they done? Infighting, kicked out their speaker, unsuccessfully tried to impeach Biden, went after Biden's son, came awfully close to make the US default, twice... But, inflation? Not ONE policy in sight.

So, let's see what happens after November. In my view, it's likely that Trump will be re-elected. My guess: All talk about inflation will all of a sudden be forgotten, and we will be back to the greatest economy ever. At least in MAGA propaganda lala land.

 

That is a diversion, not a serious discussion of the problems. Yes, the Republicans in Congress have been appropriated too much money. The Democrats are worse, even without Covid as an excuse for excessive spending.

 

Trump spent almost as much in 4 years as Obama did in 8

 

It's not a diversion, it's a view of reality that is completely missing in MAGA world. However, because this is reality, you cannot name a single time when Republicans ever reduced excessive spending when they controlled government (other than when a Dem was in office, with the sole purpose to hurt their economy). If you want to have a serious discussion, just throwing RW economic talking points at the wall won't work. You have to dig a bit deeper than that, but I haven't seen this is any of your posts.

Here is a start, if you want to be serious:
In 2023
GDP roughly $28 trillion
Deficit roughly $1.7 trillion
GDP growth 3.2%
GDP growth $0.9 trillion
deficit as % of GDP 6%

Therefore, GDP growth would have been negative without injection of government money (deficit spending) into the economy. Consequently, if the incoming president reduced government spending to balance the budget, we'd have an instant recession. And that's why there is ZERO chance that Trump will do this.

Now, repeat these calculations for 2018/2019, and see if they paint a different picture. You might be surprised.

 

Republicans scream from the rooftops how easy it is to come here under our current laws.... they listened, they came

we had a bipartisan bill to address some of the issues and Republican blocked it

 

I have respected you as an economist for a long time, @Zorro , but even if your plan would, in theory, 'eliminate poverty' (by subsidizing it?), I'm afraid that it would normalize the sustainability of a 'parasite-class' in the population and encourage making unvarnished parasitism a permanent inclusion -- much as the "Proles" of Orwell's "1984".

Once the whole concept of "something-for-nothing" is accepted as being "normal", the work-ethic withers and eventually the free-market economy -- lashed as it would be to permanent government 'give-backs' -- would be forever mutilated.

Sidebar: What is your opinion of Stephanie Pomboy? I think she's brilliant, and her comments about what's been happening in our economy are right on-point. Your opinion means much to me... so I'd like to know what you think about her ideas. You probably are already familiar with her, but here's her MacroMavens website link:
https://macromavens.com/

And here's an interview with Ms. Pomboy on Fox Business: https://www.foxbusiness.com/video/6351741264112

 

L

Perhaps we could raise domestic fertility instead.

 

UNTIL THE NEXT ONE: Joe Biden Tells His Biggest Whopper About Inflation Yet.

FJB just lies.

FJB claims 'the border is secure, he truly has no shame. Another favorite lie of his is that he's brought down inflation.'

Inflation is up almost 19% under FJB.



That's more that ALL of the combined total inflation that we experienced under all of Trump's presidency, both of Obama's terms and the last part of Dubya's.

We've had more inflation in FJB's first 3 years than in the last three full presidential terms, combined.

And FJB doesn't even focus on solutions, he just tells lies.

 

Everything makes it hard right now. This economy is garbage. Housing is only affordable to the middle class in 7 major American cities. The rest housing costs are too high for even the middle class to afford. There is no measure that says this is a good economy if the middle class can’t even afford housing. On top of that we are taxed on our income twice in most states, taxed on sales, taxed on fuel, taxed on owning a house. We are taxed so much it brings our real income to a fraction of our earnings. We need real change.

 

Interestingly, Vladimir Putin has been advocating for much the same thing in Russia!

Links:
https://www.reuters.com/world/europ...e-kids-says-ethnic-survival-stake-2024-02-15/
https://www.dailymail.co.uk/news/ar...population-fell-550-000-year-war-Ukraine.html

 

UNEXPECTEDLY! The economists always 'shocked' by the Biden downside. Just as they were previously shocked by the monthly Trump upsides. The same economists that were regularly shocked by the Obama downsides.

Never trust an economist with a perpetual look of surprise on their face.

Bidenomics Implodes: Consumer Sentiment Unexpectedly Craters In Biggest Miss On Record


'The economic collapse meant to greenlight rate cuts is coming right on schedule.'



'In short: the verdict for Bidenomics is in, and it's a complete disaster, as for Powell's recent laughable comment that he can't see the "stag" nor the "flation"... well, Fed chair, they just bit you on the ass.'

 

As I've pointed out to you before, your claim is still fake news.

In the 3 years after the 2018 taxcut, the government took in 7.7% MORE money than previous to the tax cuts. In the 3 years prior to the taxcut, government receipts only increased by 6%.





#Bidenomics Update: Highest Unemployment Filing Numbers in a Year

FJB is a president like Dylan Mulvaney is a "woman".

'Initial filings for unemployment benefits have hit their highest level since late August 2023'

Economists "surprised" by the downside number.

'Jobless claims totaled a seasonally adjusted 231,000 for the week ending on May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday. It was the highest claims number since Aug. 26, 2023.'

'The hiring in April was light compared with expectations. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year.'

'The report also showed that continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week.'

Trump's strong poll numbers lead to another strong week on Wall Street.

 

My neighbor just sold (for a really good price, like 150k over what she paid for it) but damn! She can't afford another place with the market so is waiting and renting (not a very good way to save money)
There are lots of people getting screwed over like this thanks to the left's crappy economic policies.
No wonder why all these college kids are so mad. I think they just accepted the reality they are gonna have to be in Momma's basement until 40 or will have to live frat style and rent a house with like 5 roomates.
THIS is the future the left wants for you. They want you to be compliant little turds grateful for the scraps they give. (scraps that YOU already own because its YOUR tax dollars)
SHAME on ya'll for voting for them!

 

Many houses in the greater Denver-Colorado Springs metro areas built between 1980 and 1990 are selling for five times what they cost originally.

Many of us here have been hit with massive increases in property taxes in 2023, and I hear more and more people say they'd like to sell and get the hell out of here before things get any worse for us in Colorado (we've got a totally Democrat-dominated state legislature and a Democrat governor).

The problem is much as you describe -- you can sell your house and make a ton of paper profit... but then you have to buy another house whose price has also inflated enormously -- or -- pay through the nose in rent (hoping for deflation to finally arrive), and, face paying capital-gains tax on the money you got from selling your house.

Is anybody here old enough to remember the "Stagflation" phenomenon of the 1970's? What we're getting now is the first stages of that returning, plus, towering national debt AND the interest on that national debt, too. A really lovely situation....

 

It's not exactly the end of the world. Ppl waste so much money it's ridiculous.

For a start, stop going to burger king and make a sandwich, that will save you $10 a day, $70 a week, $280 a month.

cancel your netflix subscription.
Cancel your Disney subscription
Sell your 6L suv.
Stop renting.
Grow your own vegetables.
Make your own sauces.
Batch cook.

Shall iGo on?

 

I would add one more... pay off your credit card bill(s) every month. Don't ever pay 20% interest on unpaid credit card balances.

 

Indeed. We shouldn't be using credit cards anyway as it is really only for ppl living beyond their means. Of course there are exceptions.

As for the op, struggling to feed the family, westerners are lazy "cooks".

Making a tomato sauce for your spaghetti is so easy and cheap. So instead of buying a loyd Grossman jar of sauce for $8, make your own for $1.

Educate yourself! (Not you conserve).

Do we even have cooking classes in schools?!

In Japan they teach children how to grow food and cook.

 

What is your rationale for making this comparison;


“In the three years after 2018 tax cut, the government took in 7.7% MORE money than previous to the tax cuts. In the three years prior to the tax cuts, government receipts only increased by 6%”

?????

Also, you have a habit of posting a FRED graph without a URL……I searched for your FRED Current Federal Receipts, chained (2017) dollar, no luck. However, I found a whole lot of Federal current receipts, different graphs, and in nominal dollars.

In addition, you are comparing a percentage of increase, and more specifically, a revenue growth rate over 3 years, before and after Trump’s tax cuts, which were effective January 1st, 2018.

Thus, there are several methods one could use to calculate a percentage of increase of our Federal Receipts over X number of years, and for a rational explanation, or a partisan reason;

Annual receipts/Real dollars
Fiscal receipts/Real dollars
Annual receipts/Nominal dollars
Fiscal receipts/Nominal dollars

 

Did you read the thread? The post I was answering said that the Trump Tax reform exploded the deficit, when actually the 2018, 2019, 2020 government receipts were higher than the 3 years prior to the tax reform, and grew 28% faster than the 3 years before the 2018 Trump tax reform.

So what? Run your own graph, if you don't like mine, just like I did.

Below is the link to the Federal Reserve Economic Data (FRED)

https://fred.stlouisfed.org/series/FGEXPND#0

 

Your URL refers to EXPENDITURES, and I asked for FRED’s Federal Government Current Receipts, 2017 = 100 that you posted, hence are you playing games?

In addition, your 3 years before and after comparison is irrational.

 

Reference to your percentage of increase, Federal Receipts, 3 years before and after Trump’s tax cuts, which were effective January 1st, 2018…..

1. Fiscal or Annual Receipts?…..Let’s start with Fiscal Receipts;

Three years before the tax cuts, thus, starting
at end of Sep 30th, 2017/fiscal year 2014;

FY 2014 Receipts; $3.021 Trillion
1. FY 2015; $3,249 Trillion
2. FY 2016; $3.267 Trillion
3. End of Sep 30th, 2017/Fiscal year 2017; $3.315 Trillion

Percent of increase, $3.021T - $3.315T; 9.7%

Three years after;

Starting at FY 2017; $3.315
FY 2018; $3.329 Trillion
FY 2019; $3.462 Trillion
FY 2020; $3.420 Trillion

Percent of increase, $3.315 - $3.420 = 3.2%

Source; Monthly Treasury Statement, previous issues.

3 fiscal Years Before; 9.7%

3 fiscal Years After; 3.2%

WTF?

And I’m not finish!

 

Are you helpless? If you want receipts search for receipts. I just gave you a link that was in my browser to get you to the site. You're welcome.

3 years is the height of rationality. If you want a different comparison, then provide one.

 

Why? If they were effective Jan 1, 2018 then use Jan 1, 2018

Last year before the taxcuts was 2017 - $3503.748B

Trump had 3 years with the taxcuts:
2018 - $3583.095B
2019 - $3704.182B
2020 - $3775.197B

2020's revenue grew by 7.7% over the last year without the tax cuts.

The base year that would be previous to the 3 years prior to 2017 would be 2014 - $3294.416

2015 - $3448.386B
2016 - $3460.673B
2017 - $3503.748B

Growth before the taxcuts 6.4%

So clearly the Trump taxcuts didn't explode the deficit. The income side grew better than it had during the previous 3 years.

All your numbers look too low, you seem to be leaving out some of the government's receipts.

Are you capturing

• Tariffs?
• Income from leases?
• Income from the Fed?

Make sure you are using current receipts, it looks like you are using some sort of a subset rather than the entire set.

 

Deleted

 

Bottom line; For the sole purpose of determining if Trump’s tax cuts have or haven’t exploded the the deficit;

My FISCAL receipts comparison, 3 years before and after the tax cuts……rationally incomparable.

Your ANNUAL receipts comparison, 3 years before and after the tax cuts……rationally incomparable.

AND for many reasons.