Off-Topic Stock Market & Crypto Discussion

[JD08]

Read what I have posted earlier, you could tax 100% of billionaire wealth, and you are barely putting a dent in the deficit.

If they ever did that, they'd have to admit that they didn't know what they were talking about the whole time. The number of elected officials that actually understand macroeconomics you can count on your fingers. They need a villain to get votes and by declaring the rich, Big Oil, Big Pharma, insurance companies, even oil speculators as the reason prices are going up ignores the most fundamental rule of supply and demand. But morons eat that **** up and repeat it like they know it's a fact.

 

[TheEye]

As I wrote above:

Go to the Taxes thread. 60% of Americans pay ZERO taxes as it is. So you say tax the rich more right? Well, if you taxed billionaires 100% of their wealth, you would reduce the deficit by $4T, all the way down to $27T. And then, who is left to tax?

The US deficit is $1.4T.
National debt is $27T.

 

[Tony4Canes]

I thought US Debt was over $31T now??

 

[SpikeUM]

The US deficit is $1.4T.
National debt is $27T.

Good clarification, but the debt is $31T+

 

[SpikeUM]

I thought US Debt was over $31T now??

Roughly $90K for every man, woman and child in this country.

 

[SpikeUM]

So, just leave as is? No changes at all??

There are always improvements to be made, but the macro point is that by far the biggest answer is that the Federal government needs to stop spending.

 

[90scane]

What is really odd, the bond market is dropping while the FED is talking about more rate hikes. This to me says people don’t believe the FED or are believing something breaks forcing the FED to pivot. Powell is responsible for this as he was quick to pivot in 2018. If nothing breaks, the FED could hike rates until core cpi finally drops. Who knows if that will cause a massive recession.

 

[90scane]

There are always improvements to be made, but the macro point is that by far the biggest answer is that the Federal government needs to stop spending.

They don’t need to stop. They need to balance the budget remain below inflation for many years. So long as the government is increasing their spending at a rate higher than inflation, the debt will increase. Yes, it would be nice for them to balance the budget but we all know that isn’t likely to happen.

 

[SpikeUM]

They don’t need to stop. They need to balance the budget remain below inflation for many years. So long as the government is increasing their spending at a rate higher than inflation, the debt will increase. Yes, it would be nice for them to balance the budget but we all know that isn’t likely to happen.

Poor language on my part, but we get each others points

 

[mr.h]

The key point is that "taxing the rich" is a bull**** line, the only way to meaningfully reduce the deficit is to cut spending.

BOTH..CUT SPENDING AND TAXATION..

^^^^^see how big I wrote that. I was yelling…..lol
Republicans were talking about a 35% flat tax. Now that’s redickulous.
without a safety net this country will not be safe. It’s already happening..

 

[SpikeUM]

BOTH..CUT SPENDING AND TAXATION..

^^^^^see how big I wrote that. I was yelling…..lol
Republicans were talking about a 35% flat tax. Now that’s redickulous.

You are quoting socialist/communist dogma, not economic reality, what exactly would you raise? Since 60% of the population pays no taxes, how much more is the remaining 40% supposed to pay? Since taxing billionaires 100% of their wealth barely dents the deficit, who else is going to pay?

Instead, why dont we go after the $200BB in PPP fraud? Medicare and Medicaid fraud? What about cutting corporate welfare, like the EV tax credit, which simply allows the car companies (and their unions) to increase their prices by a similar amount, which stokes inflation?

 

[SpikeUM]

I posted this in the tax thread, another stupid tax:

Stock Buybacks Aren’t Bad. They Aren’t Good, Either.

Biden’s proposal to quadruple the tax on corporate share repurchases shows that hostility to buybacks is still intense. But much of the rhetoric swirling around buybacks doesn’t hold up.

www.wsj.com

 

[mr.h]

You are quoting socialist/communist dogma, not economic reality, what exactly would you raise? Since 60% of the population pays no taxes, how much more is the remaining 40% supposed to pay? Since taxing billionaires 100% of their wealth barely dents the deficit, who else is going to pay?

Instead, why dont we go after the $200BB in PPP fraud? Medicare and Medicaid fraud? What about cutting corporate welfare, like the EV tax credit, which simply allows the car companies (and their unions) to increase their prices by a similar amount, which stokes inflation?

Fraud and waste must be cut, but neither party will do it. That is a conundrum because our representatives work for their donors, not their constituents. [and that is not socialist dogma].
In the meantime we have a mkt. that is worried about larger rate hikes.

 

[SpikeUM]

Fraud and waste must be cut, but neither party will do it. That is a conundrum because our representatives work for their donors, not their constituents. [and that is not socialist dogma].
In the meantime we have a mkt. that is worried about larger rate hikes.

Agree with all of that

 

[TheEye]

Please

BOTH..CUT SPENDING AND TAXATION..

^^^^^see how big I wrote that. I was yelling…..lol
Republicans were talking about a 35% flat tax. Now that’s redickulous.
without a safety net this country will not be safe. It’s already happening..

Please dont turn this into a Town Hall Debate. I prefer keeping this about knowing where the market is heading. Thank you.

 

[mr.h]

Please

Please dont turn this into a Town Hall Debate. I prefer keeping this about knowing where the market is heading. Thank you.

You are right. We were talking about debt and inflation and different ways to attack it. I took it too far. Sorry.

Hopefully the recession is mostly priced into the market. The Fed did say they were seeing disinflation. I’m still hoping for a soft landing or a very mild recession.

 

[SpikeUM]

Please

Please dont turn this into a Town Hall Debate. I prefer keeping this about knowing where the market is heading. Thank you.

I am at fault too, my apologies. Just remember to buy low and sell high though!

 

[90scane]

You are right. We were talking about debt and inflation and different ways to attack it. I took it too far. Sorry.

Hopefully the recession is mostly priced into the market. The Fed did say they were seeing disinflation. I’m still hoping for a soft landing or a very mild recession.

I don’t believe a recession is priced in at all. What has been priced in would be Fed getting to 5ish, pausing, then doing QE. That could cause a mild recession and it could knock inflation down but inflation will continue to bounce back with any QE until we get a few more years down the road. my opinion.

 

[TheEye]

One year treasuries are returning a guaranteed 5%??
How do you buy these things? Do local banks take a cut if you buy though them?

 

[mr.h]

I don’t believe a recession is priced in at all. What has been priced in would be Fed getting to 5ish, pausing, then doing QE. That could cause a mild recession and it could knock inflation down but inflation will continue to bounce back with any QE until we get a few more years down the road. my opinion.

I just believe that 2% inflation will not happen without causing a lot of pain. By letting our economy thrive, competition will bring prices down, with supply catching up with demand. We are now seeing food, energy and housing dropping in price.