Biden and taxes
Oct 14, 2020 23:19:12 #
DaveO wrote:
I am not blaming anyone for anything, but implying that with our debt we will need to cut spending and increase taxes. Are we to believe that there will be no tax increase if Trump remains in office? What substantial cuts are being proposed...
As long as world markets are willing to buy/swap government debt, there will not be any spending cuts. This is not a U.S.-only phenomenon; a huge number of countries, 1st, 2nd, 3rd world, are spending at huge rates;
part due to the COVID-19 pandemic, and part due to demand for other government services. Governments just don't know how to say "NO".
Oct 15, 2020 05:28:11 #
pendennis wrote:
As long as world markets are willing to buy/swap government debt, there will not be any spending cuts. This is not a U.S.-only phenomenon; a huge number of countries, 1st, 2nd, 3rd world, are spending at huge rates;
part due to the COVID-19 pandemic, and part due to demand for other government services. Governments just don't know how to say "NO".
part due to the COVID-19 pandemic, and part due to demand for other government services. Governments just don't know how to say "NO".
So true!
Oct 15, 2020 05:54:17 #
pendennis wrote:
As long as world markets are willing to buy/swap government debt, there will not be any spending cuts. This is not a U.S.-only phenomenon; a huge number of countries, 1st, 2nd, 3rd world, are spending at huge rates;
part due to the COVID-19 pandemic, and part due to demand for other government services. Governments just don't know how to say "NO".
part due to the COVID-19 pandemic, and part due to demand for other government services. Governments just don't know how to say "NO".
I understand that, so are you indicating that there will be no increase in taxes...let it ride...
Oct 15, 2020 07:19:12 #
DaveO wrote:
I understand that, so are you indicating that there will be no increase in taxes...let it ride...
No. Assuming a President Trump victory, people in Congress want to remain in their seats, also. They'll likely look at COVIC-19 spending as "off budget" (an oxymoron, but not my term), or an anomaly.
One of the things I learned in my economics studies, was that the mindset of people is the greatest factor in macroeconomic behavior. Any candidate, or sitting representative ignores that mindset at his/her peril.
Oct 15, 2020 10:26:23 #
pendennis wrote:
No. Assuming a President Trump victory, people in Congress want to remain in their seats, also. They'll likely look at COVIC-19 spending as "off budget" (an oxymoron, but not my term), or an anomaly.
One of the things I learned in my economics studies, was that the mindset of people is the greatest factor in macroeconomic behavior. Any candidate, or sitting representative ignores that mindset at his/her peril.
One of the things I learned in my economics studies, was that the mindset of people is the greatest factor in macroeconomic behavior. Any candidate, or sitting representative ignores that mindset at his/her peril.
Viable explanation!
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