Here we go again. For the second time in 12 years Dems inherit huge deficit and an economic mess

[ffr]

Four rules that should guide Bidenomics

Here we go again. For the second time in 12 years a newly elected Democratic president is inheriting an economy in deep distress. And while it’s hard to focus on such things after last week’s Trumpist putsch, a lot depends on whether Joe Biden’s plan to deal with our economic woes is effective.
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Don’t obsess about debt
Constant warnings about the dangers of government borrowing hobbled the Obama agenda almost from the start. Biden shouldn’t let that happen again.
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Oh, and no credence at all should be given to what we all know is coming: fake deficit hawkery from Republicans who screeched about debt under Obama, then rammed through a huge, unfunded tax cut under Donald Trump.
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Don’t count on Republicans to help govern
The original sin of Obama economic policy was the underpowered stimulus of 2009. The American Recovery and Reinvestment Act helped stabilize the economy, but it was much too small given the depths of the crisis. This isn’t hindsight; some of us were very publicly tearing our hair out in real time.

One reason the plan was too small was that Obama was trying to gain bipartisan support, rather than using reconciliation to push it through with Democratic votes (which is how Republicans passed the 2017 tax cut).
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Putting all of this together, the message is “damn the torpedoes, full speed ahead.” Neither defunct ideology, nor bogus economic concerns, nor the vain hope of comity should be allowed to stand in the way of delivering the policies America needs. - Paul Krugman - BerkshireEagle

$28,000,000.000.000.00 in debt, almost 1/4 of it added in the last 4 years by T---- and conservatives in the GOP.

[Irish_Dem]

1. It is always the way. GOP empties the piggy bank, Dems have to fill it up again.

The cycle continues over and over.

[dchill]

2. Just be glad we got the opportunity.

[SheltieLover]

3. Reinstate pre-St. Reagan wealth tax

Watch the debt melt away!

[Buckeye_Democrat]

4. And the GOP will argue that social programs need cut...

... as usual. Raised taxes? No, not THAT!

[kacekwl]

5. Then let's go "full speed ahead" and get done

the things that need to be done.

[peggysue2]

6. Yup!

Took 8 years to clean up the Bush/Cheney mess and less than 4 years for Trump and his cronies to wreck the economy once again.

You would think the vast majority of Americans would catch on: When Republicans are in office they spend like drunken sailors and tear the place up. When the Democrats assume power they spend most of their time cleaning the house and mending the furniture while being accused of spending like drunken sailors.

Of course the whine about debt and deficits is already being heard by these Republican economic vigilantes.

Biden and his team need to turn a deaf ear to the howl. Spend what needs to be spent to repair, rehabilitate and reform so that Building Back Better becomes a reality.

[Wellstone ruled]

7. Fret not,

with money at near zero interest rate,and with Sanders running the Senate Budget,there will be a positive use of Borrowed Funds with a ten year horizon being used. Yellen,Sanders,Powell,and Pelosi Running the ship we will be okay.

You will here all kinds of bitching from the Rethugs because they hate Workers,African Americans and Women moving up the Economic ladder.


Forget about Deficits. As the late great Hubert Humphrey used to say,you got to perk up the economy from the bottom up. Not from the top down.

[Hermit-The-Prog]

8. What, exactly, do conservatives conserve?

[I_UndergroundPanther]

9. Classism

Racists,poverty,
bigotry, pollution,
abuse of power and people, the wealth of rich billionaires,
Grifters and thieves, homophobia,white privilege,divine rights of kings,dark ages, slavery through
low wages..tax cuts for billionaires ,corruption,and there are lots more bad things than the list above that they conserve that are awful and regressive sadly.

[Hermit-The-Prog]

11. Ah, so they conserve oppression, by and for themselves.

[I_UndergroundPanther]

12. They preserve opression

For everyone except themselves.

That's why I listed the divine right of kings bullshit in my other post.

[captain queeg]

10. Yep, they'll suddenly remember they are supposed to be the party of fiscal responsibility

Starting with cutting SS and Medicare. Hopefully people will remember that trickle down has never worked and time to let the rich slobs carry a fair portion of the load. Easy one ought to be immediately get rid of the SS earning limits and make rich pay the same percentage on all their earnings. Won’t help the annual budget but would ensure SS is there for our kids (and us for that matter).