I personally hope they dont pass another shotgun spending bill.
Why Build Back Better is so unloved
Rick Newman·Senior ColumnistMon, December 13, 2021, 1:41 PM
Offer people free money, and they should become your biggest fans. Right?
Not really, it turns out. President Bidenâs legislative strategy this year was to include some temporary new benefits in the big Covid relief bill Democrats passed in March, then count on them becoming so popular that voters would demand they be extended indefinitely. The Build Back Better legislation Democrats hope to pass by the end of year is Part II of that strategy, with extensions of a new child tax credit and health care subsidies among the billâs major elements.
Voters arenât all that enthused. Just 41% of respondents in a recent NPR/Marist poll said they support the BBB legislation, with 34% opposed and 25% unsure. Support for the bipartisan infrastructure bill Biden signed in November was 56%. That 15-point gap in support is the difference between legislation Americans want Congress to pass, and legislation they donât.
This matters now because Democrats hoped the larger tax credit would generate a groundswell of voter support that would get the BBB bill over the finish line by the end of 2021. The March relief bill established the expanded benefit for six months, starting in Julyâso it ends this month. The latest version of the BBB bill would keep it going for another year. Instead of rallying around BBB, however, voters are wanâperhaps because the bill also includes green-energy investments, preschool subsidies, housing support, immigration changes, tax hikes and other things that make the whole package seem unwieldy.
Many Democrats have vilified Democratic Sen. Joe Manchin of West Virginia, who has essentially blocked BBB so far, with objections to its large scope and cost, plus concern that it will worsen escalating inflation. But Manchin is closer to the majority view than most Democrats.
Biden is sabre-rattling against the Russians. Oddly enough, more of the Russian perspective is getting into western media this time round.
I don't like the notion of Biden creating a Bread & Circus moment for US voters but then he has been shown to be willing to compromise. The probability of direct confrontation with Russia converges on zero.
So let's appreciate what you're saying....Janet Yellen, the Fed chair that Trump replaced (after suggesting she wasn't tall enough for the job...) with the guy who's been printing money 24/7 and now has a $9 Trillion dollar balance sheet at the Fed...is your proof it's Biden's fault?
Trump poured the lighter fluid, struck the match, lit the flames, waited to call the fire department, and now wants to complain Biden can't put the fire out.
RE: inflation...it's running really hot here vs. Europe for example, but it has to balance out over time. That said...prices aren't going back to pre-Covid pricing for most things. Housing...cars...some things might retreat, but those $15 burgers are here to stay.
So my question is... "inflation" means they won't be $15 next year, but $17 and over $20 before the next presidential election. If they stay at $15 and housing prices stabilize, then inflation was indeed transitory and these were just corrections, no?
Mostly transitory unless inflation expectations change. That is a risk. An earlier, faster reduction in bond purchases, as signalled, may help to keep inflation expectations anchored.
Was playing with COVID-19 per capita death rates on the Financial Times website. US death rates rates are shooting up. But not so much in the four largest, most economically important states.
Nevertheless, it looks like US economic growth is slowing or will slow but by how much remains to be seen. A near-term slowdown will help tame this kind of measured inflation and help keep pressure off of oil prices.
RE: inflation...it's running really hot here vs. Europe for example, but it has to balance out over time. That said...prices aren't going back to pre-Covid pricing for most things. Housing...cars...some things might retreat, but those $15 burgers are here to stay.
So my question is... "inflation" means they won't be $15 next year, but $17 and over $20 before the next presidential election. If they stay at $15 and housing prices stabilize, then inflation was indeed transitory and these were just corrections, no?
So Biden is blameless regarding the current state of our economy. It is all Trump's fault. Got it.
I blame Biden for following Trump's policies on trade, spending, and (to a large degree) immigration. So no, Biden is terrible. He deserves a lot of blame. He was sold as knowing better, and he clearly doesn't.
So let's appreciate what you're saying....Janet Yellen, the Fed chair that Trump replaced (after suggesting she wasn't tall enough for the job...) with the guy who's been printing money 24/7 and now has a $9 Trillion dollar balance sheet at the Fed...is your proof it's Biden's fault? Trump poured the lighter fluid, struck the match, lit the flames, waited to call the fire department, and now wants to complain Biden can't put the fire out. RE: inflation...it's running really hot here vs. Europe for example, but it has to balance out over time. That said...prices aren't going back to pre-Covid pricing for most things. Housing...cars...some things might retreat, but those $15 burgers are here to stay.
So Biden is blameless regarding the current state of our economy. It is all Trump's fault. Got it.
So let's appreciate what you're saying....Janet Yellen, the Fed chair that Trump replaced (after suggesting she wasn't tall enough for the job...) with the guy who's been printing money 24/7 and now has a $9 Trillion dollar balance sheet at the Fed...is your proof it's Biden's fault?
Trump poured the lighter fluid, struck the match, lit the flames, waited to call the fire department, and now wants to complain Biden can't put the fire out.
RE: inflation...it's running really hot here vs. Europe for example, but it has to balance out over time. That said...prices aren't going back to pre-Covid pricing for most things. Housing...cars...some things might retreat, but those $15 burgers are here to stay.
ECB has also come out on the side of transitory. Personally, I'm not convinced either, but time will tell. Main point is, the global economy has taken a tremendous hit coming out of left field and the effects are still reverberating around the world's markets. It will take a while to settle.
Inflation is now officially a permanent thing. It is no longer to be considered transitory.
It's obviously being caused by an economy that's rebounding and ready to participate - but the supply chain prevents it. So, costs of available goods and services rise in the face of lack of supply. Is that permanent? Not in the real world.
Inflation is now officially a permanent thing. It is no longer to be considered transitory.
It's obviously being caused by an economy that's rebounding and ready to participate - but the supply chain prevents it. So, costs of available goods and services rise in the face of lack of supply. Is that permanent? Not in the real world.
The Fauci / Harris / Biden administration has just been caught playing god, again. Their federal vaccine mandate has effectively been killed nationwide by several different federal judges.
Writing legislation to help protect Americans against a (for now) preventable fatal respiratory infection is "playing god"? Sounds like straightforward public health policy, like the other requirements to protect against communicable diseases amongst our nation's citizens. Weird to be against that, unless you're wanting people to get sick and die. And who wants that?
In a different arena, actively writing and passing legislation forcing the closure of abortion clinics isn't "playing god"? What kind of playing is it?
The Fauci / Harris / Biden administration has just been caught playing god, again. Their federal vaccine mandate has effectively been killed nationwide by several different federal judges.
A snowball's chance in hell of getting reinstated in the SCOTUS.
Meanwhile he has yet to follow court orders and reinstate the Remain in Mexico Policy.
But wait, there's more. Inflation is now officially a permanent thing. It is no longer to be considered transitory.
Carter will live long enough to see someone do worse than him and make an even bigger mess than he did.
Yup, the 45th president put that argument to rest. ð
The Fauci / Harris / Biden administration has just been caught playing god, again. Their federal vaccine mandate has effectively been killed nationwide by several different federal judges.
A snowball's chance in hell of getting reinstated in the SCOTUS.
Meanwhile he has yet to follow court orders and reinstate the Remain in Mexico Policy.
But wait, there's more. Inflation is now officially a permanent thing. It is no longer to be considered transitory.
Carter will live long enough to see someone do worse than him and make an even bigger mess than he did.
No no no that can't be; he's singlehandedly killed the oil and coal and gas industries, didn't you hear? Drilling in Wyoming is way up, but when I mention that, people come back with some reason that's not a valid rebuttal to the Plain Fact That Biden Killed Americaâ¢
I have some dental floss leases you may be interested in...
It's obviously being caused by an economy that's rebounding and ready to participate - but the supply chain prevents it. So, costs of available goods and services rise in the face of lack of supply. Is that permanent? Not in the real world.
