The Biden presidency

Discussion in 'Free Speech Alley' started by Winston1, Dec 29, 2020.

  1. kluke

    kluke Founding Member

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    I found this surprising while looking at deficit/debt data at the site below. The site shows the annual deficit and debt increase also, but I'm just looking at the Deficit/GDP ratio per year. I would have expected the ratio to drop over Trumps term because of the growth in GDP but in actuality the ratio increased every year. Even throwing 2020 out because of COVID

    The period from 1998 to 2001 had surpluses each year - meaning that was the last time we paid down debt. Before that the last surplus was 1969. The last time we had back to back surplus years was 1956 and 1957.

    https://www.thebalance.com/us-deficit-by-year-3306306
    FY Deficit-to-GDP Ratio Events
    2001 -1.20% 9/11 attacks, EGTRRA
    2002 1.40% War on Terror
    2003 3.30% JGTRRA
    2004 3.40% Iraq War
    2005 2.40% Katrina, Bankruptcy Act
    2006 1.80% Bernanke chairs Fed
    2007 1.10% Bank crisis
    2008 3.10% Bank bailout, QE
    2009 9.80% Stimulus Act. Bank bailout cost $250B, ARRA added $253B
    2010 8.60% Obama tax cuts, ACA, Simpson-Bowles
    2011 8.30% Debt crisis, recession, and tax cuts reduced revenue
    2012 6.70% Fiscal cliff
    2013 4.10% Sequester
    2014 2.80% Debt ceiling crisis
    2015 2.40% TPP, Iran deal
    2016 3.10% Presidential race
    2017 3.40% Trump Tax Act
    2018 3.80% Deficit spending
    2019 4.60% Government shutdown
    2020 14.40% COVID-19 and 2020 recession
    2021 13.20% COVID-19 (numbers as of Q2 2021)
     
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  2. LSUpride123

    LSUpride123 Let's have a drink.

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    So what happened here is that the finical world figured out debt can be turned into factors.

    Over the last few years I have learned how the rich are actually rich and how any new laws on taxes wont amount to jack shit but a tax on the middle class.

    Here is what the Fed and rich people do.

    Say you have 1 million in stocks. Middle class folks think that if they needed this money for something, like retirement, they start to sell some of their stocks and in fact, their retirement advisor (who is getting a commission) will lead them down a path of regular payments etc once at retirement as well instead of using financial tools the actual rich use.

    What the rich do is acquire assets like stocks, buildings, land, bonds, etc and never sell. Like ever. They just borrow from the banks (Fed) against these assets. So they dont ever have:
    1. taxable event
    2. income
    Its all debt and at low interest. Like 2% on assets that grow at 6-10%..... and well debt is never taxed.

    So they just pay the small interest payments and keep rolling debt over.

    Same thing with US debt. The overall debt doesnt even matter as long as they can service the debt payment better than inflation.

    Which is why I think the US getting off gold is even worse than realized. Instead of asset backed debt like the rich have to use, the FED just uses "good faith". The overall US economic health. With gold, we would have a secure base. Without it, inflation could cause it to collapse. House of cards.

    In fact, you want debt during extreme inflation. Thats how the rich squeeze you even more.
     
    Last edited: Nov 19, 2021
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  3. Rex

    Rex Founding Member

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    Wow, and yet you deny being a racist, and have the temerity to call somebody a racist.
     
  4. fanatic

    fanatic Habitual Line Stepper

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    You're so quick to call Trump and every white person a racist. Is Biden racist?
     
  5. XXL TideFan

    XXL TideFan Founding Member

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    Prior to the marxist created welfare state non married black birth rates were lower than among Caucasians. Leaving out LBJs racist quote concerning blacks voting dem for the next 100 years it appears it has worked while totally destroying the black nuclear family and Caucasian ones as well. It has allowed the dems to weaponize ginned up hatred against whitey. The point that we have arrived at is that a great many Caucasians have awakened to the very real scenario of demographic displacement by design and they are getting just as angry and pissed off as “woke mudda fukkas”. The working class is tired of being slaves to the parasitic class.
     
  6. LSUpride123

    LSUpride123 Let's have a drink.

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    Racism is holding a prejudice. I hold no prejudice. This is what I am talking about. The left ignores reality under the guise of racism.
     
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  7. fanatic

    fanatic Habitual Line Stepper

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  8. LSUpride123

    LSUpride123 Let's have a drink.

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    Make sense when you consider the less minorities do, the more they will need from daddy.
     
  9. fanatic

    fanatic Habitual Line Stepper

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    Notice, it was a black man that said it. Guess @Rex thinks he's racist too.
     
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  10. LSUpride123

    LSUpride123 Let's have a drink.

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    Quite the conundrum considering liberals think blacks can’t be racist.
     

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