Biden is no friend to the Workingman

[Tiny]

Real (inflation adjusted) median weekly earnings have fallen 4.2% since Biden took office. They increased by 11.2% during the Trump administration until just after COVID took hold, and 6.8% during the entirety of his administration.

This is from a Wall Street Journal editorial today on Janet Yellen,

We lack the space to cover all of Ms. Yellen’s whoppers, but a couple of them give you a flavor of her fantasy economy. Start with inflation, which she dismissed in three quick sentences, including a claim that “the causes of inflation are largely global.”

Well, sure, Russia’s Ukraine invasion has contributed to higher energy prices. But U.S. inflation had already hit 7.9% on an annual basis before the invasion began in February. It was climbing fast in the autumn of 2021 when the Administration was still calling price increases “transitory.”

U.S. inflation has been substantially home-grown. Trillions of dollars in federal spending hit an economy that was already recovering strongly from the pandemic with a tight labor market. This goosed demand while supply was constricted. The Federal Reserve kept the money spigots open for too long, in part to finance the borrowing needed for all of the spending.

Even conventional Keynesians like Larry Summers concede the inflationary role of excessive spending, and a new study for the Brookings Institution by economists who concede they were wrong about inflation points to supply-demand factors. Ms. Yellen credits the $1.9 trillion in the March 2021 American Rescue Plan for saving the economy without mentioning that it was the gasoline that fueled inflation.


Ms. Yellen is...at pains to stress how much fairer the economy is since Mr. Biden took office. “Prior to the pandemic, higher inequality was accompanied by slower growth,” she says. The opposite is true. Before the pandemic, inequality was falling as wages rose faster for low-income workers than they did for the affluent amid healthy growth.

She fails to mention that the U.S. economy contracted by about 1% of GDP in the first six months of this year, even as real wages were falling. Real average hourly earnings declined 3% over the 12 months through July, and average weekly earnings by 3.6%. They’ve fallen 4.2% since Mr. Biden took office. This has made inequality worse.

Inflation hurts the poor and middle class more than the rich because they pay a larger share of their income for the basics of food and energy. To put it another way, the average American has seen his living standard fall sharply under the Biden-Pelosi-Schumer policy mix of unprecedented spending, easy money, more regulation and higher taxes.


https://www.wsj.com/articles/janet-y...an-11662674409

[WTF]

Any President that runs up 9 trillion in debt in 4 years is no friend of the working man!

[1blackman1]

Tiny, you know the sales taxes hurt the poor and working man more than anything, because nearly every penny they spend is subject to the tax. I dont see you complaining about that. Social Security deduction are worse since every person with a paycheck pays that but when the eclipse 125,000 in earnings they dont pay any more of that tax for the rest of their income. Is that fair to the poor and working class. Stop the damn whining Tiny.

[nevergaveitathought]

biden hasnt been a friend to americans all along
except selectively

[winn dixie]

Originally Posted by 1blackman1

Tiny, you know the sales taxes hurt the poor and working man more than anything, because nearly every penny they spend is subject to the tax. I dont see you complaining about that. Social Security deduction are worse since every person with a paycheck pays that but when the eclipse 125,000 in earnings they dont pay any more of that tax for the rest of their income. Is that fair to the poor and working class. Stop the damn whining Tiny.

Sales taxes are the only thing fair! Even the millions of illegals have to pay that!

[Levianon17]

Originally Posted by Tiny

Real (inflation adjusted) median weekly earnings have fallen 4.2% since Biden took office. They increased by 11.2% during the Trump administration until just after COVID took hold, and 6.8% during the entirety of his administration.

This is from a Wall Street Journal editorial today on Janet Yellen,

We lack the space to cover all of Ms. Yellen’s whoppers, but a couple of them give you a flavor of her fantasy economy. Start with inflation, which she dismissed in three quick sentences, including a claim that “the causes of inflation are largely global.”

Well, sure, Russia’s Ukraine invasion has contributed to higher energy prices. But U.S. inflation had already hit 7.9% on an annual basis before the invasion began in February. It was climbing fast in the autumn of 2021 when the Administration was still calling price increases “transitory.”

U.S. inflation has been substantially home-grown. Trillions of dollars in federal spending hit an economy that was already recovering strongly from the pandemic with a tight labor market. This goosed demand while supply was constricted. The Federal Reserve kept the money spigots open for too long, in part to finance the borrowing needed for all of the spending.

Even conventional Keynesians like Larry Summers concede the inflationary role of excessive spending, and a new study for the Brookings Institution by economists who concede they were wrong about inflation points to supply-demand factors. Ms. Yellen credits the $1.9 trillion in the March 2021 American Rescue Plan for saving the economy without mentioning that it was the gasoline that fueled inflation.


Ms. Yellen is...at pains to stress how much fairer the economy is since Mr. Biden took office. “Prior to the pandemic, higher inequality was accompanied by slower growth,” she says. The opposite is true. Before the pandemic, inequality was falling as wages rose faster for low-income workers than they did for the affluent amid healthy growth.

She fails to mention that the U.S. economy contracted by about 1% of GDP in the first six months of this year, even as real wages were falling. Real average hourly earnings declined 3% over the 12 months through July, and average weekly earnings by 3.6%. They’ve fallen 4.2% since Mr. Biden took office. This has made inequality worse.

Inflation hurts the poor and middle class more than the rich because they pay a larger share of their income for the basics of food and energy. To put it another way, the average American has seen his living standard fall sharply under the Biden-Pelosi-Schumer policy mix of unprecedented spending, easy money, more regulation and higher taxes.


https://www.wsj.com/articles/janet-y...an-11662674409

This is true of all presidents within the last Fifty years.

[farmstud60]

Originally Posted by 1blackman1

Tiny, you know the sales taxes hurt the poor and working man more than anything, because nearly every penny they spend is subject to the tax. I dont see you complaining about that. Social Security deduction are worse since every person with a paycheck pays that but when the eclipse 125,000 in earnings they dont pay any more of that tax for the rest of their income. Is that fair to the poor and working class. Stop the damn whining Tiny.

Which has zero to do with Biden or the federal government as there is no federal sales tax.

[Tiny]

Originally Posted by 1blackman1

Tiny, you know the sales taxes hurt the poor and working man more than anything, because nearly every penny they spend is subject to the tax. I dont see you complaining about that. Social Security deduction are worse since every person with a paycheck pays that but when the eclipse 125,000 in earnings they dont pay any more of that tax for the rest of their income. Is that fair to the poor and working class. Stop the damn whining Tiny.

Blackman, As Farmstud pointed out, this thread isn't about state sales taxes or social security contributions. It's about inflation and how real wages have declined. However, we have the most progressive tax system in the developed world. And that's even if you call employee social security and Medicare contributions a "tax" (which I'd argue against) and include sales taxes in the mix. See this,

https://www.eccie.net/showthread.php...post1062836189

And also this graph, courtesy of the New York Times and Texas Contrarian,



https://eccie.net/showthread.php?t=1325605

If you want to do something about inequality you need to work from the bottom up, by helping the worse off, instead of from the top down, by harshly penalizing the hard workers, capitalists and investors. When you focus on the later, you make everyone worse off.

[1blackman1]

Inflation is not permanent at the rates they are currently. It’ll recede soon enough and all will be well with the world. System constraints with lityle if anything to do with Biden are driving inflation. Nonetheless, the taxes I pointed out will still be around hitting the poor while people like me won’t care. It doesn’t stop me from buying anything.

[Tiny]

Originally Posted by 1blackman1

Inflation is not permanent at the rates they are currently. It’ll recede soon enough and all will be well with the world. System constraints with lityle if anything to do with Biden are driving inflation. Nonetheless, the taxes I pointed out will still be around hitting the poor while people like me won’t care. It doesn’t stop me from buying anything.

Inflation, so far, probably hasn't stopped you from buying anything either. Like the article says,

Inflation hurts the poor and middle class more than the rich because they pay a larger share of their income for the basics of food and energy. To put it another way, the average American has seen his living standard fall sharply under the Biden-Pelosi-Schumer policy mix of unprecedented spending, easy money, more regulation and higher taxes.

Sales taxes pay for bridges, roads, sewage, schools, police and firemen where I live. I don't begrudge paying them. If the state of Texas decides to try to make them more progressive, by say taxing expensive cars and restaurants at higher rates, I've got no problem with that, as long as the tax can be levied efficiently. That's despite our having the most progressive tax system in the developed world already.

I do have a problem with a federal government that takes our money and flushes a big chunk of it down the toilet.

The next CPI number will be out on Tuesday. If I were a betting man, I'd bet it will be around 8% or higher.

[Grace Preston]

Originally Posted by winn dixie

Sales taxes are the only thing fair! Even the millions of illegals have to pay that!

The millions of illegals also pay income tax-- and as an added bonus, they cannot get a refund at the end of the year, nor will they ever see a dime of the SSI they pay into.


Illegals still work here above the table. They either find employers that don't do E-Verify or they work under another identity-- either way, they don't risk deportation by trying to file a tax return...

[winn dixie]

A majority of illegals are paid in cash. So never reported and no ss taxes paid in. Everything they do is in cash.
A true consumption tax would solve many problems. Better discussed in a new thread.
joeys doesnt give a damn about the working man or the country! Hes taking his orders from xi and the u n .

[ICU 812]

Working man?

for most of his adult life, he has not been a working man.

[WTF]

Originally Posted by winn dixie

A majority of illegals are paid in cash. So never reported and no ss taxes paid in. Everything they do is in cash.

Please link this myth

[winn dixie]

Originally Posted by WTF

Please link this myth

Im in construction. I see it everyday! Also happens in other occupations.

Link that it dont happen! And not supported by la raza
Back to topic

joeys war on emissions have driven this inflation. Resulting in working folks families to have less from check to check