Leading liberal economist sounds alarm over Biden’s $1.9 trillion covid bill

[Counselor706]

One of the world’s leading liberal economists dealt Joe Biden a blow in recent days, warning that the president’s $1.9 trillion covid relief legislation could ignite an inflationary conflagration.

Olivier Blanchard, the former chief economist of the International Monetary Fund and perhaps the most cited economist in the world, spelled out his case against the Biden bill in a series of tweets on Saturday.

Blanchard’s argument is that the size of the stimulus injected into the economy would be too large, especially when added to the measures taken last year. The additional spending power created by the additional $1.9 trillion budget deficit would drive up prices and force the Federal Reserve to hike interest rates.

Link for the list

 

[WillJ8787]

Link for the list

What a fucking reject of a trope!!!

The basic idea here is this idiot of an economist is saying...if you increase the supply of green backs and put it into the hands of the masses you will cause inflationary pressure.

What is the fucking alternative here...don't provide stimulus and keep inflation in check and watch people starve, lose their homes and suffer economic catastrophe....their the masses so who cars about them.

Wtf!!! What a bunch of bullshit!!!

 

[YDB95]

During the Great Recession, Blanchard supported austerity policies that led to higher deficits all over the place and hindered recovery. No surprise that he's calling for essentially the same thing now.

 

[EmptyTank]

What a fucking reject of a trope!!!

The basic idea here is this idiot of an economist is saying...if you increase the supply of green backs and put it into the hands of the masses you will cause inflationary pressure.

What is the fucking alternative here...don't provide stimulus and keep inflation in check and watch people starve, lose their homes and suffer economic catastrophe....their the masses so who cars about them.

Wtf!!! What a bunch of bullshit!!!

the alternative is to let the small guy go back to work

 

[WillJ8787]

the alternative is to let the small guy go back to work

What work? Your not to bright are you?

 

[missyunderstanding]

Lets sort this out...

Rather than get in an angry dither about this lets just think it through.

The OP brings up the topic of a 1.9 trillion dollar government spending package. Questions arise as to whether this will help or hurt the economy.

So lets break it down logically. First: Lets get some comments about where the government gets any of the money that it spends.

Please post comments below that reflect your understanding of where the government gets money and then we can explore the concept of how they spend it.

I will check back later and see if we are all on the same page about the answer to that question.

 

[CornusKousa]

the alternative is to let the small guy go back to work

Bingo....take the jackbooted heel of the left off of peoples throats and they'll be better off.

What work? Your not to bright are you?

Take your heel off the throats of the people and maybe you'll find out Comrade KAREN.

Given the opportunity it's amazing what a bunch of industrious hustlers we Americans can be.

Or don't keep the control freak going and we'll just do it grey/black market style anyhow.

As the great American poet Juicy J said in his epic ballad to capitalism.....


My pockets felt like Biggie, but I'm still chasing
I can barely see you haters, all I want is paper
Real money, that's all I can think of making (BITCH!)
Real trippy nigga, this a money nation (TRIPPY!)
Old money, spending Three-Six checks
And I'm still goin' hard like I ain't paid yet
Bought a couple cars (uh)
Got a couple of cribs (cribs)
Fucked a bunch of movie stars, this the life I live (life I live!)

They can't stop a real hustler from getting guap
They gon' down the block, we open up another spot (WE OPEN)
They can't stop a real D-boy from shinin'
They lock a nigga up, we jump out grindin'
They can't stop a real pimp from pimpin' hoes, cus
Pimpin' goes on in all area codes (IKE TURNER)
They Can't Stop Us!
THEY CAN'T STOP US!!
THEY CAN'T STOP US!!!
THEY CAN'T STOP US!!
YEA HO!!!
YEA HO!!
YEA HO!!!
https://www.youtube.com/watch?v=SJTkh-82zCo

https://media.giphy.com/media/xULW8wylabtek03KIU/giphy.gif

 

[WillJ8787]

Rather than get in an angry dither about this lets just think it through.

The OP brings up the topic of a 1.9 trillion dollar government spending package. Questions arise as to whether this will help or hurt the economy.

So lets break it down logically. First: Lets get some comments about where the government gets any of the money that it spends.

Please post comments below that reflect your understanding of where the government gets money and then we can explore the concept of how they spend it.

I will check back later and see if we are all on the same page about the answer to that question.

The govt gets momey from Taxpayer's via taxes

There are enough of us working and doing well enough to support those that are not doing well currently from the pandemic and related economic issues from it.

It's temporary! it must be or then we would have a really significant crisis. Temporary until widespread vaccinations occur and those out of work get back to it.

It's not a loan, nor should it be.

While it isn't as predictable as one would think about how individuals receiving checks will spend it....there is solid evidence during the prior administration that most of it went right back into the economy.

Maybe if corporations and big business owners actually paid some taxes this wouldn't be such a significant issue.

 

[WillJ8787]

Bingo....take the jackbooted heel of the left off of peoples throats and they'll be better off.




Take your heel off the throats of the people and maybe you'll find out Comrade KAREN.

Given the opportunity it's amazing what a bunch of industrious hustlers we Americans can be.

Or don't keep the control freak going and we'll just do it grey/black market style anyhow.

As the great American poet Juicy J said in his epic ballad to capitalism.....


My pockets felt like Biggie, but I'm still chasing
I can barely see you haters, all I want is paper
Real money, that's all I can think of making (BITCH!)
Real trippy nigga, this a money nation (TRIPPY!)
Old money, spending Three-Six checks
And I'm still goin' hard like I ain't paid yet
Bought a couple cars (uh)
Got a couple of cribs (cribs)
Fucked a bunch of movie stars, this the life I live (life I live!)

They can't stop a real hustler from getting guap
They gon' down the block, we open up another spot (WE OPEN)
They can't stop a real D-boy from shinin'
They lock a nigga up, we jump out grindin'
They can't stop a real pimp from pimpin' hoes, cus
Pimpin' goes on in all area codes (IKE TURNER)
They Can't Stop Us!
THEY CAN'T STOP US!!
THEY CAN'T STOP US!!!
THEY CAN'T STOP US!!
YEA HO!!!
YEA HO!!
YEA HO!!!
https://www.youtube.com/watch?v=SJTkh-82zCo

https://media.giphy.com/media/xULW8wylabtek03KIU/giphy.gif

I suggest you look at those countries that don't help their citizens....crime and organized crime runs rampant and those citizens are all in caravans headed to greener pastures. I doesn't take much to create this situation at home.

You won't be able to "2nd Amendment" your way out of it.

 

[missyunderstanding]

The money comes from tax payers and there is enough?

The govt gets momey from Taxpayer's via taxes

There are enough of us working and doing well enough to support those that are not doing well currently from the pandemic and related economic issues from it."



Tax is one source of money. However, if enough of us are working and able to support those that are not working then why is the country over 30 trillion in debt?

Would that debt load indicated that much of the money the governments spends is borrowed?

Isn't it also true that much of the money is just "printed" and has only a promise behind it?

If the government has to just print money with a promise of it being worth "something" and they have to borrow 30 trillion then how can it be said that the money comes from taxes and that there are enough working people to pay for everything through taxes?

 

[BabyBoomer50s]

The final package will be different. Among the likely changes:

1. No checks for illegal immigrants. Progressive Democrats are angry that 9 members of their party voted for this amendment.
2. Criteria for receiving stimulus checks will be more restrictive.
3. Aid to cities and states not directly related to Covid will be stricken resulting in something less than the currently proposed $1.9 billion per Senator Manchin.
4. The $15 minimum wage provision probably will be stricken. Even Biden acknowledged this probability over the weekend.

 

[BoyNextDoor]

What makes Olivier Blanchard "liberal" or in any way the voice of the so-called left?

Because Breitbart says so? Because he lead the IMF?

 

[CornusKousa]

What makes Olivier Blanchard "liberal" or in any way the voice of the so-called left?

Because Breitbart says so? Because he lead the IMF?

Probably his rejection of the authoritarian trash you support.

 

[WillJ8787]

The govt gets momey from Taxpayer's via taxes

There are enough of us working and doing well enough to support those that are not doing well currently from the pandemic and related economic issues from it."



Tax is one source of money. However, if enough of us are working and able to support those that are not working then why is the country over 30 trillion in debt?

Would that debt load indicated that much of the money the governments spends is borrowed?
yes, some is borrowed. It is always based on fundamentals which is tax base. [/B
Isn't it also true that much of the money is just "printed" and has only a promise behind it?
No, no, No! Printing money is the fastest way to run away inflation and economic collapse. Check out any country that has done this in the past.... Argentina, Venezuela, other places!

If the government has to just print money with a promise of it being worth "something" and they have to borrow 30 trillion then how can it be said that the money comes from taxes and that there are enough working people to pay for everything through taxes?

no evidence in our economy exist showing money is being printed... inflation is super low. It's called carrying a unbalanced deficit budget and it is the hallmark of REPUBLICAN control of the federal budget. Repubs do it every single and then the Dems do the hard and unpalatable work of paying it back.

 

[YDB95]

Tax is one source of money. However, if enough of us are working and able to support those that are not working then why is the country over 30 trillion in debt?

That's easy: 40 years of Reaganomics.

 

[WillJ8787]

That's easy: 40 years of Reaganomics.

Yep...trickle down is code for GUSH UP.

Stats support this with a tremendous growth of income and wealth in the 1% and steady declines in the middle and lower economic classes.

All the money is in the hands of just a few very wealthy folks.