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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?


To: Fiscally Conservative who wrote (13609)5/6/2022 12:47:23 PM
From: Kirk ©  Read Replies (1) | Respond to of 26439
 
Do you or anyone follow the budget vs GDP closely?

I heard Biden on TV taking great pride in reducing the deficit while his predecessor grew it.

If I am not mistaken, the reason the deficit shrank is the excessive spending to "rescue" the economy during COVID grew the deficit... then Biden wanted his BBB (Build Back Broke/Better) plan that would have kept the money flowing to people not working or simply having kids was crushed by Senator Manchin. So, he's claiming credit for a smarter democrat killing his ambitions...

manchin.senate.gov
“My Democratic colleagues in Washington are determined to dramatically reshape our society in a way that leaves our country even more vulnerable to the threats we face. I cannot take that risk with a staggering debt of more than $29 trillion and inflation taxes that are real and harmful to every hard-working American at the gasoline pumps, grocery stores and utility bills with no end in sight.

“The American people deserve transparency on the true cost of the Build Back Better Act. The non-partisan Congressional Budget Office determined the cost is upwards of $4.5 trillion which is more than double what the bill’s ardent supporters have claimed. They continue to camouflage the real cost of the intent behind this bill.


Without that continuing deficit spending, the government spending part of GDP fell and pushed it into a negative 1.4% for Q1.

Maybe the party will dump the current occupant and his party girl (female version of BJ Clinton?) next in line accomplice and run Manchin in 2024.... but I doubt it....