The Biden Economy is a House of Cards ...

[saxitoxin]

... that will only take one strong breeze to collapse.

Dark days are ahead.

The $100 million deli ---

“Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey ... HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli,” Einhorn said in a letter to clients published Thursday.

https://www.cnbc.com/2021/04/15/theres- ... arket.html

[Dukasaur]

I think you meant to say "the economy which Biden has inherited from the Fat Grifter." And yes, it's precarious. Luckily I don't think it matters.

[saxitoxin]

I think you meant to say "the economy which Biden has inherited from the Fat Grifter." And yes, it's precarious. Luckily I don't think it matters.

For four years we heard Trump did nothing ... he inherited the economy from Obama. Now that it may implode, Trump suddenly did everything! LMAO.

[jusplay4fun]

I think you meant to say "the economy which Biden has inherited from the Fat Grifter." And yes, it's precarious. Luckily I don't think it matters.

For four years we heard Trump did nothing ... he inherited the economy from Obama. Now that it may implode, Trump suddenly did everything! LMAO.

typical politics: Blame the other guy.

A quote attributed to JFK: Success has many fathers but failure is a bastard child.
(that may be paraphrased, but captures the essence of the idea and quote)

I looked it up; I like my version better:

After the failure of the Bay of Pigs, John F. Kennedy told a journalist that, “victory has 100 fathers and defeat is an orphan.” It’s an old idea. The historian Tacitus (who happened to be fascinated by and a peer of Seneca), once said, “This is an unfair thing about war: victory is claimed by all, failure to one alone.”

https://dailystoic.com/success-many-friends-failure-orphan/

[Dukasaur]

I think you meant to say "the economy which Biden has inherited from the Fat Grifter." And yes, it's precarious. Luckily I don't think it matters.

For four years we heard Trump did nothing ... he inherited the economy from Obama. Now that it may implode, Trump suddenly did everything! LMAO.

Trump didn't accomplish much, but one thing he did accomplish was to open the floodgates of deficit spending farther than they've ever been opened. With a huge tax cut combined with massive increases in spending, it was open season on any sort of fiscal restraint.

Trump widened the deficit more in his first three years than Obama did in all eight. That was before the Covicrisis.

Subject: The Libertarian Case Against Trump, Part 1

From time to time, there have been libertarians who have tried to claim Trump as their own. It seems absurd that the most autocratic man ever to inhabit the White House could be seen as a libertarian, but the phenomenon exists, maybe through a combination of wishful thinking and cognative dissonance.

In any case, Reason Magazine, something I used to subscribe to way back in my libertarian days, has published a fairly strong assessment of that claim.

The essay is too long to be reasonably condensed into a forum post, so I'm going to break it up into three.

https://reason.com/2020/10/04/the-case-against-trump-donald-trump-is-an-enemy-of-freedom

Part One: The Trillion-Dollar Tax

The Trillion-Dollar Tax

"Keep your eye on one thing and one thing only: how much government is spending," economist Milton Friedman famously said during the Carter administration. "Because that's the true tax."

Under Trump's signature, even before the coronavirus, the sticker price on that annual levy was jacked up by almost $1 trillion.

Federal spending under Barack Obama went from $2.98 trillion in George W. Bush's last full fiscal year of 2008 to $3.52 trillion in the stimulus-weighted fiscal year of 2009, an increase for which Obama and the Democratic-controlled 111th Congress deserve the lion's share of responsibility. Since the 44th president's last full fiscal year of 2016 saw expenditures of $3.85 trillion, we can say that during his two terms of office—which included a major federal response to an economic crisis—annual spending went up by around $900 billion.

Trump matched that increase in just one term, before his own crisis hit.

Fiscal 2017 featured spending of $3.98 trillion, with most of the $140 billion increase over the previous year coming under Trump's sharpie. Then things really took off—$4.11 trillion in 2018, $4.45 trillion in 2019, and a whopping $4.79 trillion destination at the halfway point of fiscal 2020. And then came the pandemic.

Discretionary spending—meaning that part of the budget (roughly one-third) requiring explicit congressional approval, as opposed to "mandatory" items such as Social Security, Medicare, and Medicaid—never topped $1.2 trillion during Obama's second term. Trump's wholly owned, pre-virus budgets saw the discretionary portions rise from $1.28 trillion to $1.36 trillion to $1.44 trillion.

tl:dr version: Trump profligate spending has made a mockery of Republican claims to conservatism. Lest anyone be confused, it is reiterated several times that this is not counting 2020; these are pre-pandemic numbers. In his first year alone, Trump increased spending more than Obama had increased it over his entire eight years.

[saxitoxin]

NOVEL CLIPPED

Uh huh. So either:

(a) The economy was awful under Trump and it was thanks to Trump.
(b) The economy was great under Trump and it was thanks to Obama.

[saxitoxin]

Just like in 2016, the Democrats gobbled up the majority of Big Business political donations in 2020, a new study shows.

https://www.cnbc.com/2021/04/15/wall-st ... ction.html

The Democrats spent two decades yelling about how the GOP was corrupt because it took big business donations, now they're yelling about how the GOP is out of touch because they're not taking donations from union-busting big business! And their doe-eyed, slavish followers gulp it up. Pelosi and her Swamp Creatures can declare Up is Down, Right is Left, Black is White and the slack-jawed gaggle will just nod like a metronome.

Case in point - without batting an eye, the new Democratic vehicle for Big Business -- the hilariously named Chamber of Progress -- is applauding pro-Democratic corporations' union busting. Unions are now right-wing and opposing workers unionizing is progressive. The pro-Wall Street Dems really do appeal to the absolute dullest of the dull.

[Sackett58]

Here, enjoy the analysis.
https://www.businessinsider.com/charts- ... r-levels-9

[saxitoxin]

Here, enjoy the analysis.
https://www.businessinsider.com/charts- ... r-levels-9

Sorry, I don't read corporate media tabloid disinfo blogs that don't believe in Science.

Business Insider is known for:

- Giving a corporate advertiser "limited editorial control" over its news content (reported by Columbia Journalism Review)
- Allowing reporters to take junkets paid for by sources (reported by the Columbia Journalism Review which described it as a "serious ethical problem")
- Publishing a factually false story about Apple (reported by Ryan Holiday in his book Trust Me, I'm Lying: Confessions of a Media Manipulator[page 58]),
- Publishing a factually false story about Edward Snowden (reported by The Intercept),
- Requiring its own reporters not to report negatively on the outlet itself (reported by The Daily Beast)
- A journalistic ethos for dubious "churn 'n burn" style journalism described as creating the potential for "fake news sites frequently trick[ing]" it (reported by the Columbia Journalism Review)
- Questionable ethics and journalistic credentials of editorial leadership - including the outlet's editorial head who is serving a lifetime ban from securities trading over fraud allegations
- A scientifically demonstrated tendency to use clickbait headlines
- Joining The Daily Mail as one of only two outlets who published a sensationalist and potentially fake headline about leaked documents (reported by PolitiFact)

However, I respect your right to read -- and have your thoughts molded by -- corporate media tabloid disinfo blogs that don't believe in Science.

[Sackett58]

Here, enjoy the analysis.
https://www.businessinsider.com/charts- ... r-levels-9

Sorry, I don't read corporate media tabloid disinfo blogs that don't believe in Science.

Business Insider is known for:

- Giving a corporate advertiser "limited editorial control" over its news content (reported by Columbia Journalism Review)
- Allowing reporters to take junkets paid for by sources (reported by the Columbia Journalism Review which described it as a "serious ethical problem")
- Publishing a factually false story about Apple (reported by Ryan Holiday in his book Trust Me, I'm Lying: Confessions of a Media Manipulator[page 58]),
- Publishing a factually false story about Edward Snowden (reported by The Intercept),
- Requiring its own reporters not to report negatively on the outlet itself (reported by The Daily Beast)
- A journalistic ethos for dubious "churn 'n burn" style journalism described as creating the potential for "fake news sites frequently trick[ing]" it (reported by the Columbia Journalism Review)
- Questionable ethics and journalistic credentials of editorial leadership - including the outlet's editorial head who is serving a lifetime ban from securities trading over fraud allegations
- A scientifically demonstrated tendency to use clickbait headlines
- Joining The Daily Mail as one of only two outlets who published a sensationalist and potentially fake headline about leaked documents (reported by PolitiFact)

However, I respect your right to read -- and have your thoughts molded by -- corporate media tabloid disinfo blogs that don't believe in Science.

Let's try some other sources then. MarketWatch which tends to be on the Right with opiniated columns and are High on factual reporting. This on the budget deficit.
https://www.marketwatch.com/story/trump ... 1599669921

Lets use Forbes for the trade deficit since they tend to be on the right.
https://www.forbes.com/sites/chuckjones ... c504655f39

[saxitoxin]

Here, enjoy the analysis.
https://www.businessinsider.com/charts- ... r-levels-9

Sorry, I don't read corporate media tabloid disinfo blogs that don't believe in Science.

Business Insider is known for:

- Giving a corporate advertiser "limited editorial control" over its news content (reported by Columbia Journalism Review)
- Allowing reporters to take junkets paid for by sources (reported by the Columbia Journalism Review which described it as a "serious ethical problem")
- Publishing a factually false story about Apple (reported by Ryan Holiday in his book Trust Me, I'm Lying: Confessions of a Media Manipulator[page 58]),
- Publishing a factually false story about Edward Snowden (reported by The Intercept),
- Requiring its own reporters not to report negatively on the outlet itself (reported by The Daily Beast)
- A journalistic ethos for dubious "churn 'n burn" style journalism described as creating the potential for "fake news sites frequently trick[ing]" it (reported by the Columbia Journalism Review)
- Questionable ethics and journalistic credentials of editorial leadership - including the outlet's editorial head who is serving a lifetime ban from securities trading over fraud allegations
- A scientifically demonstrated tendency to use clickbait headlines
- Joining The Daily Mail as one of only two outlets who published a sensationalist and potentially fake headline about leaked documents (reported by PolitiFact)

However, I respect your right to read -- and have your thoughts molded by -- corporate media tabloid disinfo blogs that don't believe in Science.

Let's try some other sources then. MarketWatch which tends to be on the Right with opiniated columns and are High on factual reporting. This on the budget deficit.
https://www.marketwatch.com/story/trump ... 1599669921

Lets use Forbes for the trade deficit since they tend to be on the right.
https://www.forbes.com/sites/chuckjones ... c504655f39

Sorry, you only get one try and you used it up on Business Insider.

[jusplay4fun]

... that will only take one strong breeze to collapse.

Dark days are ahead.

The $100 million deli ---

“Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey ... HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli,” Einhorn said in a letter to clients published Thursday.

https://www.cnbc.com/2021/04/15/theres- ... arket.html

I am not sure how this illustrates Saxi's main point, that the Biden economy will "collapse" like a house of card. A local monopoly does not model the US Economy. Maybe it does for a nation that depends heavily on one commodity, e.g., bananas ("A Banana Republic") or coffee or tin. The US Economy is very diverse.

Now I will predict that IF the US Economy goes into a decline of some sort, NOT even a Recession, that Saxi will claim this prediction is right and that he is such a good predictor and so knowledgeable. THEN perhaps Saxi will cite a good example, maybe some actual relevant data. I will not hold my breath for a cogent argument; that is not Saxi's nature. Instead, it is his nature to bellow of sound and fury.

Sure the economy will take a down turn at some point, and perhaps soon. The questions are 1) when will it start, and 2) When will we know OFFICIALLY. The more important questions are, 3) How bad is it?; and 4) How long will it last?

[jusplay4fun]

A better argument for the "House of Cards" is how President Biden, the Congressional Democrats now in power, and the US Federal Government is EXPLODING the budget deficit. I do not even know where the "money" to fund the nearly 6 TRILLION so called COVID relief bill came from. The 2 Trillion Dollar propose "Infrastructure bill (of which 6% is to be spent on roads and bridges, the traditional definition of "infrastructure") proposes to tax only the wealthy and corporations. At least Biden offers a funding mechanism and not use "Monopoly money" from that famous board game.

I think that elsewhere in this Forum Duk talk about how large President Trump's deficit are, compare to President Obama's. That same argument can be made by nearly every US President for a LONG TIME; we have gotten too comfortable with such large deficits. It is these large deficits and excessive borrowing that can and likely will become too much and cause the USA to begin a REAL decline.

Name the LAST US President to have a balanced budget...;

......it was President Clinton in the late 90s, as I recall.)