Our Next President?

[jk]

Re: Our Next President?

Jeffrey GundlachVerified account @TruthGundlach

Fed says it is currently discussing using QE as a regular tool, not just during “emergencies” or when the Funds rate is at the “zero bound”.


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anyone have any doubts that mmt's day is coming?

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Modern Monetary Theory or: How I Learned to Stop Worrying and Love the National Debt

[jk]

Re: Our Next President?

Jeffrey GundlachVerified account @TruthGundlach

Fed says it is currently discussing using QE as a regular tool, not just during “emergencies” or when the Funds rate is at the “zero bound”.
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anyone have any doubts that mmt's day is coming?

[dcarrigg]

Re: Our Next President?

I'm largely in agreement insofar as I think we'll see radical structural change over the next decade or two, likely starting within the next 5 years or so. For two generations things have been one way. Soon they'll be another way.

[jk]

Re: Our Next President?

https://libertyblitzkrieg.com/2019/0...tion-recovery/

[dcarrigg]

Re: Our Next President?

It's a racket. Nothing but a middle class shakedown.

What would it cost to make public college tuition free? 5% of Trump's tax cut?

What would it cost to wipe all the federal student loans off the books and just forgive them? 1 year of Trump's tax cut?

Whenever anyone comes up with a plan to change the rules to give money to the middle class, the hemming and the hawing about deficits and how much money it costs starts.
Whenever anyone proposes a tax cut for the rich and corporations that's 20 times bigger than shit the middle class is asking for, all the sudden worries about the deficit go out the goddamn window.

The only difference between mafia bosses and billionaires is whether the last names end in a vowel or a consonant. It's a racket. Nothing but a crooked strong-arm shakedown.

The rules only change one way.

And you know the worst part? I think people would have tucked tail and put up with it of only they took 10% of their kitty they've amassed these past 40 years and spread it around a little. But they're too greedy and crooked for that. It takes millions of police and prison guards and soldiers and patent clerks and deed officers and teachers and maids and cooks to them them fat and happy and their property safe. And the guys running the neighborhood have been squeezing them all as hard as they possibly can for decades, taking more for themselves and leaving less for everyone else with each additional tax cut.

Watch what happens when more and more of folks wake up and realize it. Gotta wonder what they thought was gonna happen when they literally let nothing at all trickle down for decades as they flaunted the law and committed crime after crime with no consequence. Not exactly enlightened leadership. Even Caesar knew to pass out a few sestertii and some free bread from time to time. Now'a'days they just insist on making the deal worse and worse every year.

[LazyBoy]

Re: Our Next President?

The top 1% pays 48% of all New York taxes, and now some are leaving for lower tax states. Money moves to where is is
treated best.

One man left NJ a couple of years ago and it caused some concern.

https://www.nytimes.com/2016/05/01/b...shuddered.html


Nevertheless, "That's where the money is." IMO, if more people are paid a nice middle-class wage we can get more tax revenue from them. Otherwise, we have to go where the money is. A functioning society costs money.

Should states underbid each other for the rich like they do for companies that promise jobs? Should NYC and VA offer Bezos some personal tax breaks so he'll move to an HQ2?

[LazyBoy]

Re: Our Next President?

France should build out a big hospital complex on St. Pierre and run weekly direct flights out of Boston and NYC. They could provide high quality care to Americans at a fraction of the cost. With the tourism it would bring in alone, it would probably pay for itself and still be considerably more affordable. Do dental work too.

I believe there will be some EU medical types looking for work soon as they leave the UK.

[dcarrigg]

Re: Our Next President?

If low taxes and conservative government were the most important thing for business, Biloxi would be Manhattan by now.

Dave Koch's Tax Foundation might rank South Dakota as the best state for business, and New York at the worst, but at the end of the day, he's resting his head at 740 Park Avenue, not Main Street in Pierre. In fact, guess where the Tax Foundation was founded?

[vt]

Re: Our Next President?

Governor Cuomo says New York taxes are uncompetitive:

https://taxfoundation.org/governor-c...uncompetitive/

The cap on property taxes for Federal taxes is hurting. But why should the middle class subsidize $1,000.000 plus homes?

The top 1% pays 48% of all New York taxes, and now some are leaving for lower tax states. Money moves to where is is
treated best.

[dcarrigg]

Re: Our Next President?

They shot up from 28% to 75% in one fell swoop in FDR's first term. They dropped from 70% to 28% in one fell swoop under Reagan. The Economist is full of people who don't understand the US political system. It's not a parliament. There's checks and balances. Nothing big happens. Until everything does. Incrementalism is not how it works.

[vt]

Re: Our Next President?

The Economist article says to raise rates over time, not all at once.

There is also a good article in the Wall Street Journal covering Warren's proposal and cautioning of how do you define wealth, and
looking at potentially better ways to reach revenue goals.

Meanwhile there are even key liberal Democrats wanting to be careful how to proceed:

https://theintercept.com/2019/02/05/...icare-for-all/

And why weren't any banksters tried after the 2008 meltdown? Why didn't Chris Dodd and Barney face inquiries over the real estate fraud
going through Fannie Mae and Freddie Mac, as well as banks and mortgage fraudsters.

We got in this mess because regulations were not being enforced. And this was Democrats and not just Republicans. They are all on the take.

[dcarrigg]

Re: Our Next President?

So how much is fair? Is it as much per year as the average person makes if they work hard for 10,000 years? 100,000 years? Is any amount enough? Should we just make Bezos king, retire the republic, and be done with it?

I mean, the thing is, when rates were 70% in America, economic growth was higher, so I'm not totally sold on the idea the wheels would come off if Reagan's tax cuts were reversed.

[vt]

Re: Our Next President?

If I labor at a job and come up with a better way to do so by starting my own business, I might just be reluctant if I see super high rates if I'm successful.

No one is speaking of those with a $10 million dollar income. Some of us look at those trying to better their lot in life and seeing that there is a move to
denigrate success. It's about penalizing someone who may have worked hard for years then achieves an income of say $400K because it's not fair to those
that didn't take the risk or do the work.

By the AOC's proposal will only raise $12 billion a year.

[dcarrigg]

Re: Our Next President?

No doubt. The ROI on that one boggles the mind.

[dcarrigg]

Re: Our Next President?

May the Lord grant any of us the fortune of having to make the hard choice not to form a business because we already were earning over $10M in individual labor income per year and marginal tax rates simply made earning even more not worth our time.