Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[Doc]

Can these "economists" define what a recession is?  Let's start there first, before we starting making predictions.

 

And I wonder what they have on Joe Manchin?  Although it might not matter with Sinema around...

[B-Man]

 

 

JCT: Democrats’ Proposals Increase Taxes on Millions of Americans

 

The nonpartisan Joint Committee on Taxation (JCT) estimates the Democrats’ latest reckless tax-and-spend proposal will increase taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year.

 

“While Republicans’ pro-growth tax reform in 2017 reduced tax rates for all Americans in a way that increased the progressivity of the tax code and produced historic gains in job and wage growth, the Democrats’ approach to tax reform means increasing taxes on low- and middle-income Americans to fund their partisan Green New Deal,” said U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho), who requested the analysis.  “Americans are already experiencing the consequences of Democrats’ reckless economic policies.  The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000.”

 

According to JCT:

• In 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation.
• The $17 billion hit alone is confirmation that the Biden pledge to not raise taxes on anyone earning less than $400,000 is shattered by the latest tax-and-spend bill.
• The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.
• According to JCT data, 98 percent of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely that at least half of all new tax revenue raised next year would come from those earning under $400,000.
• Throughout the ten-year window, the average tax rate for nearly every single income category would increase.
• By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year.

 

“The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods,” Crapo continued.

 

 

 

https://www.finance.senate.gov/imo/media/doc/jct_distributional_effects_inflation_reduction_act.pdf

 

https://legalinsurrection.com/2022/07/surprise-misleadingly-named-inflation-reduction-act-will-raise-taxes-even-on-the-middle-class/

 

 

[B-Man]

 

U.S. unemployment claims climb to 260,000 and stick near nine-month high
MSN Market Watch ^ | August 4, 2022 | Jeffrey Bartash

 

ECONOMIC REPORT The numbers: Some 260,000 people applied for unemployment benefits at the end of July, keeping jobless claims near a nine-month high and signaling a softening in the U.S. labor market as the economy slows.

 

initial jobless claims increased by 6,000 from a revised 254,000 in the prior week.

 

https://www.msn.com/en-us/money/markets/us-unemployment-claims-climb-to-260000-and-stick-near-nine-month-high/ar-AA10iGib

 

 

 

 

.

[TSOL]

58 minutes ago, B-Man said:

 

U.S. unemployment claims climb to 260,000 and stick near nine-month high
MSN Market Watch ^ | August 4, 2022 | Jeffrey Bartash

 

ECONOMIC REPORT The numbers: Some 260,000 people applied for unemployment benefits at the end of July, keeping jobless claims near a nine-month high and signaling a softening in the U.S. labor market as the economy slows.

 

initial jobless claims increased by 6,000 from a revised 254,000 in the prior week.

 

https://www.msn.com/en-us/money/markets/us-unemployment-claims-climb-to-260000-and-stick-near-nine-month-high/ar-AA10iGib

 

 

 

 

.

 

 

You could always get a job at Amazon, the new generation plantation 

[B-Man]

 

 

 

President Joe Biden can hide the recession ball no longer.

 

In the latest economic survey from Rasmussen Reports, 62% now believe that the economy is in recession, including nearly half of Democrats.

 

And in rejecting Biden’s attempts to blame inflation on Russia’s war in Ukraine and his effort to redefine what a recession is, a majority of likely voters believe that former President Donald Trump gave him a surging economy and the Democrat promptly drove it into the ground.

 

 

A sky-high 91% said that economic issues will be important in the fall congressional midterm elections, with most of those — 66% — calling them “very important.”

 

In its analysis, Rasmussen said, “Majorities of every racial category — 62% of whites, 53% of black voters and 67% of other minorities — believe the U.S. economy is currently in a recession. Similarly, 69% of whites, 54% of black voters and 63% of other minorities say economic issues will be very important in this year’s congressional elections.”

 

https://www.washingtonexaminer.com/news/washington-secrets/voters-its-bidens-recession-drove-economy-into-the-ground

[All_Pro_Bills]

21 minutes ago, TSOL said:

 

 

You could always get a job at Amazon, the new generation plantation 

I read they were letting people go too.  Tik Tok social influencer sounds like a pretty sweet gig though. 

[TSOL]

5 minutes ago, All_Pro_Bills said:

I read they were letting people go too.  Tik Tok social influencer sounds like a pretty sweet gig though. 

 

 

Yeah, Amazon is basically a Chinese flea market anyways. 

[ALF]

Kyrsten Sinema reportedly wants to block Democrats from narrowing the carried interest loophole benefiting rich investors

Sen. Kyrsten Sinema reportedly wants to knock out a provision in the $740 billion economic spending bill that benefits rich investors and hedge fund managers.

 

Politico and Axios reported that Sinema wants to nix a Democratic measure to narrow the carried interest tax loophole and add $5 billion in drought resiliency into the package.

 

Eliminating carried interest is a goal that's eluded both Republican and Democratic administrations for a decade. Carried interest is the percentage of profits that hedge-fund managers receive from lucrative investments.

 

But that compensation is taxed at a lower capital gains rate that maxes out at 23.8% and doesn't face a higher income tax rate like most Americans pay on wages from their job. Critics argue it amounts to a major hole in the tax code.

 

https://www.businessinsider.com/sinema-carried-interest-loophole-manchin-ira-2022-8

 

Extra $5B for drought no problemo , just pay for it Kyrsten 🙂

[Doc]

Why wasn't this done when Barry first took office and had a super-majority in the Senate and majority in the House?

[ALF]

8 minutes ago, Doc said:

Why wasn't this done when Barry first took office and had a super-majority in the Senate and majority in the House?

 

Lots of palms being greased by lobbyists ,  show us your palms  Kyrsten

[Doc]

21 minutes ago, ALF said:

Lots of palms being greased by lobbyists ,  show us your palms  Kyrsten

 

They all have been getting their palms greased foe decades.  And will continue to do so.

[B-Man]

 

 

Report: Democrats Begin Making Some Uncomfortable Acknowledgements After Manchin-Schumer Deal Hype

 

 

https://redstate.com/sister-toldjah/2022/08/04/report-democrats-begin-making-some-uncomfortable-acknowledgements-after-manchin-schumer-deal-hype-n606932

 

 

 

[Buffarukus]

On 8/2/2022 at 8:43 AM, All_Pro_Bills said:

It must be true.  As 126 economists dependent on government funds and grants to earn a living conclude that more useless government spending is the best way to subdue inflation.  Next trick.  Pay the dancing monkeys to say the sky is green.  And presto, they will! 

 

the same 126 that said US inflation was not going to be a issu..is only transitor..is going to get downward pressure from more spendi...[place new extremely credible update here]

 

Edited August 4, 2022 by Buffarukus

[ALF]

Sen. Kyrsten Sinema said Thursday she will "move forward" with the Democrats' social spending and taxation bill, after previously holding out on deal 

 

"We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate's budget reconciliation legislation," Sinema, D-Ariz., said. "Subject to the Parliamentarian's review, I'll move forward."

 

https://www.foxnews.com/politics/sinema-agrees-move-forward-social-spending-tax-bill-after-dems-make-changes

 

Carried interest is the percentage of profits that hedge-fund managers receive from lucrative investments.

 

But that compensation is taxed at a lower capital gains rate that maxes out at 23.8% and doesn't face a higher income tax rate like most Americans pay on wages from their job. Critics argue it amounts to a major hole in the tax code.

 

Yep Kyrsten is a DINO

[Tiberius]

Another win for Biden 

[Tenhigh]

19 hours ago, All_Pro_Bills said:

I read they were letting people go too.  Tik Tok social influencer sounds like a pretty sweet gig though. 

I have been an a-hole my whole life, it's about time I started getting paid for it.

Edited August 5, 2022 by Tenhigh

[All_Pro_Bills]

52 minutes ago, Tenhigh said:

I have been an a-hole my whole life, it's about time I started getting paid for it.

The marketing department might characterize that as "monetizing a unique and creative inter-personal skill set"!

[Doc]

It won't help them.  And when people see their taxes being raised...

[Tiberius]

1/2 a million new jobs added. 👍

 

[All_Pro_Bills]

31 minutes ago, Tiberius said:

1/2 a million new jobs added. 👍

 

An interesting report.  Over 500K jobs and wage growth of 5.2% Y/Y.  That signals the Federal Reserve is nowhere near done with rate increases.  And suggests despite negative GDP, hiring is still robust.  All of which are bringing markets down pre-open. 

What's curious is the jobs report is in conflict with almost every other indicator of the job market which all suggest hiring has already rolled over.  A huge divergence with the plummeting household survey numbers, falling job opening, increasing layoff announcements, all pointing down.