02-22-2023, 05:06 PM
(02-22-2023, 03:27 PM)BIGDADDYFROMCINCINNATI Wrote: So the GOP was in control of the Senate, and the executive branch, correct? Trump could have vetoed any bailout and the buck stoped with him, Correct? And, guess what? He didn't. The GOP also engaged in corporate welfare cutting the corporate tax and allowing billionaires to fly up to outer space while sticking the average American worker with a higher tax bill, and that also lead to more inflation. Yes, GOP welfare in the form of corporate tax breaks that added Billions to our deficit, thus we have another inflationary factor.
So you think the democrats were behind the $7-Trillon that was injected into the stock market to protect the investor class?
https://theintercept.com/2020/05/27/federal-reserve-corporate-debt-coronavirus/
Do you really think the Democrats were behind the Federal Reserve Chairman not raising interest rates when he knew the economy was overheating? The one time he did Trump threw an absolute fit b/c it cause the stock market to dial itself back. Trump tried every day and every way possible to fire Jermore Powell b/c one of his many obsessions was an increasing stock market and how dare he raise the interest rate to calm down inflation.
Trump allowing the top 5% to pay less % of income tax than the average blue-collar union worker, also added to inflation. Re: US deficit--President Obama added $8 trillion in 8-yrs, Trump added $8.2-Trillion in 4-years, adding the $1.5-Trillon from the fiscal year of 10/1/2020-10/1/2021 . See the table below:
[color=rgba(0, 0, 0, 0.95)]At the end of the fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between the fiscal year 2017 and fiscal year 2020, a 33.1% increase, largely due to the effects of the coronavirus pandemic, the 2020 recession, and the stock market bailout.[/color]
[color=rgba(0, 0, 0, 0.95)]In his FY 2021 budget, Trump's budget included a $966 billion deficit.17 However, the national debt actually grew by $1.5 trillion between October 1, 2020, and October 1, 2021.[/color]
- FY 2021: $1.5 trillion
- FY 2020: $4.2 trillion
- FY 2019: $1.2 trillion
- FY 2018: $1.3 trillion
oh my, where to begin......There's a lot in your post that smells very much like an r/antiwork mentality. Maybe it's just coincidence but I'm going to avoid deep diving with you just in case that is your mentality here.
Quote:So the GOP was in control of the Senate, and the executive branch, correct? Trump could have vetoed any bailout and the buck stoped with him, Correct? And, guess what? He didn't.
Assuming you're serious here, do you really think the president, regardless of party, would/should veto a bill that passed at the senate like 96-0? That's mighty strange if you do.
Quote:So you think the democrats were behind the $7-Trillon that was injected into the stock market to protect the investor class?
https://theintercept.com/2020/05/27/federal-reserve-corporate-debt-coronavirus/
I'm not sure you (or this author) realize a huge chunk of this stock market is built on the back of retirement/pension accounts (something the author in this article fails to even mention while trying to say "derp, they're bailing out corporate America"). Who's retirement/pension accounts? Ours, duh. You damn well better expect our politicians (regardless of party) to protect it.
Here are a couple POVs of mine that may help if we further this discussion:
- I think the shutdowns were stupid. I think the shutdowns were an overreaction started by liberal leaning leaderships across the country which ended up influencing the world. Cities led by democrats (even in red states) began shutting down very early march. The first states to shutdown entirely were blue states.
- I think all the COVID relief bailouts were stupid but necessary once it became clear what the damage was from these shutdowns. I separately think the CARES Act response was poorly managed by both parties across the country.
