Manchin crippling the economy in the name of fiscal responsibility - 'Biden Boom' to 'Manchin Bust'

[bigtree]

Last edited Mon Dec 20, 2021, 12:55 PM - Edit history (2)

The Wall Street firm told clients Sunday it no longer assumes President Joe Biden's signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat's announcement that he's a "no" on the $1.75 trillion bill.

"A failure to pass BBB has negative growth implications," Goldman Sachs economists, led by Jan Hatzius, said in the research report.

Citing the "apparent demise" of Build Back Better, Goldman Sachs now expects GDP to grow at an annualized pace of 2% in the first quarter, down from 3% previously.

The bank also trimmed its GDP forecasts for the second quarter to 3% (from 3.5% previously) and the third quarter to 2.75% (compared with 3% previously). It specifically pointed to the expiration of the child tax credit and the lack of the other new spending that had been anticipated

https://www.msn.com/en-us/money/markets/goldman-sachs-cuts-us-economic-forecast-after-joe-manchin-rejects-build-back-better/ar-AARYBTJ

Link to tweet

[SheltieLover]

1. K&R!

[XanaDUer2]

2. Asshole

And announcing it on Fox was the icing on the cake

[The Magistrate]

3. It Is a Matter Of More Than Curiousity, Sir

Just how long large financial and business interests will continue to tolerate the economic malfeasance and ignorance of the clowns they purchase office for. At some point the loss in overall profit must exceed whatever is gained by lower tax rates....

[elleng]

5. We can only hope it won't take long.

[elleng]

4. Markets gonna tank this week, imo.

[bigtree]

8. down 600 this morning

..WaPo blaming omicron, giving only a mention to Goldman Sachs and Manchin.

Link to tweet

[elleng]

10. 2 'good,' viable reasons/excuses exist.

[leftstreet]

6. Looks like Biden will have to exec order us all some relief

stimulus payments
paid leave
free testing kits

whatever might help

[bigtree]

7. .

Link to tweet

[BeckyDem]

9. That is because Manchin never brought any credible reason to not vote for BBB..never.

His "concerns" were called out by experts months ago.

The Inflation Red Herring
Jun 7, 2021
Joseph E. Stiglitz

Far from signaling the return of significant inflation, temporary price increases are exactly what one would expect in a recovery following an economic shutdown. Whether those peddling inflation fears are pursuing their own agenda or simply jumping the gun, they should not be heeded.

Excerpt: Rather than panicking about inflation, we should be worrying about what will happen to aggregate demand when the funds provided by fiscal relief packages dry up.
https://www.project-syndicate.org/commentary/us-inflation-red-herring-by-joseph-e-stiglitz-2021-06?barrier=accesspaylog

Which is why this congresswoman posted this earlier today:

Link to tweet

[ismnotwasm]

11. I think he's thinking about his political career, not the health of the nation.

[bigtree]

12. that seems like more of his backward thinking

...he's working against the party, but he's also bucking public opinion, even in his rw state.

Democrats have been trending more progressive in national elections, so a WH run for the conservative Dem would seem an uphill climb.

I can't see any plus for Manchin switching parties, either. What would Manchin get running with republicans against the party? He's not a republican favorite, and only good for them as a wedge against Democrats. Once he jumps ship his legislative yacht is adrift with the GOP and bumping up against a presidential veto, at best.

I just think Manchin isn't very sharp, and spends his time listening to other moronic conservatives who spout the same contradictory, self-flagellating nonsense.