Economics Thread
- Thread starter sturg33
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acesfull86
Well-known member
Tapate50
Well-known member
What were they saying during the Biden admin ?
Does it even matter?
Show me tax foundations projection of GDP and median wage increase during beginning of 2025 if they even dared guess. I’m sure it would be way off from results just like their whole tariff analysis.
acesfull86
Well-known member
That tariffs were economically harmful to American consumers and were a net negative to our economy
Tapate50
Well-known member
Not about tarriffs about his economic policies
I know Joe kept the Trump tarriffs in place because I they were a cash cow
Either way - truflation is the enemy of health care experts around the world.
Can’t say prices are rising because of tariffs and yet no discernible increases outside of typical inflation are identified when comparing actual prices.
acesfull86
Well-known member
The **Tax Foundation**, a nonpartisan tax policy research organization, has been critical of many aspects of President Biden's economic policies during his term (2021–2025), particularly regarding tax proposals, spending initiatives, and their projected impacts on economic growth, investment, and competitiveness.
They maintained a dedicated "Biden Tax Resource Center" and published numerous analyses of his budget proposals (e.g., FY 2022 through FY 2025), campaign promises, and enacted legislation like elements of the Inflation Reduction Act (IRA) and prior Build Back Better elements. Their commentary generally portrays Biden's approach as involving **large tax increases** targeted at businesses, corporations, and high-income earners to fund expanded government spending on infrastructure, families, climate, and social programs.
Key points from their analyses include:
- **Tax Increases and Economic Drag**: Biden's various budget and tax proposals (e.g., FY 2024 and FY 2025) were estimated to raise trillions in revenue on a gross basis—often $4+ trillion over 10 years—primarily through higher corporate rates (proposed 28% from 21%), tighter international tax rules (e.g., GILTI changes), higher capital gains taxes, stock buyback excises, and taxes on high earners. After accounting for some tax credits/expansions, net increases were still substantial (e.g., ~$4 trillion in some models). Using their General Equilibrium Model, these would reduce long-run GDP/output by 1.3–1.6%, eliminate hundreds of thousands of jobs (e.g., ~335,000 FTE jobs in one FY 2024 analysis), and harm incentives to work, save, and invest.
- **Competitiveness Concerns**: Proposals would make the U.S. less competitive internationally, such as pushing combined corporate rates higher than OECD averages or making the top integrated tax rate on corporate income the highest in the OECD under some scenarios.
- **Contrast with Prior Reforms**: They contrasted Biden's policies unfavorably with the 2017 Tax Cuts and Jobs Act (TCJA), noting that Biden's would raise marginal rates and stifle growth, while TCJA improved incentives and contributed to economic gains.
- **Specific Policies Critiqued**: This included the IRA's corporate minimum tax elements, stock buyback taxes (proposed quadrupling), unrealized gains taxation ideas (e.g., billionaire minimum tax), and overall progressive shifts that would make the fiscal system more redistributive but at the cost of broader economic efficiency.
- **Historical/Contextual Comparisons**: In 2024 analyses, they placed Biden's proposed gross tax hikes (~$4.4 trillion average ~1.19% of GDP/year) in historical context as among the largest since 1940, though partially offset by credits.
Overall, the Tax Foundation viewed Biden's economic agenda as prioritizing revenue-raising for government investments but at significant risk to economic growth, business investment, and U.S. global competitiveness. They often described it as moving toward higher, more complex taxation rather than pro-growth reforms.
I could certainly be wrong, but data ending in 2024 isn’t likely to determine that.
chop2chip
Well-known member
sturg33
I
If truflation is to be believed infatuon has been under control since 2023.
Therefore, I dont believe it
The shock from 21/22 stayed for sure so it was hard to recognize that within those YoY periods the increase wasn’t what it was for the initial price shocks
acesfull86
Well-known member
Still waiting for thethe to give Sleepy Joe retroactive credit