Biden just seems to treat the truth with utter contempt.

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"We are reducing the Trump deficits and returning our fiscal house to order," Biden said at the White House on Monday, referring to the widening spending gap under former President Donald Trump.

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"The U.S. federal budget deficit was projected to reach $2.3 trillion in 2021. It would have been the second-highest deficit since 1945; the 2020 deficit of $3.1 trillion as a result of the COVID-19 pandemic would have taken the top spot."

https://www.thebalance.com/current-u...eficit-3305783


This year's projected deficit is about 1.5 trill. The largest deficit under Trump was about a trillion, terrible to be sure, but child's play compared to Biden.

Don't forget . It pays for itself. I had a long discussion with a Keynesian disciple who tried to convince me that the California Bullet train to no where is the right thing to do economically .

What they are not saying is that the government is rolling in tax revenues because of the impact of taxation by inflation . This inflation is the biggest increase in taxes in 40 years .
Inflation benefits the borrower ;and since the government is the biggest borrower ,inflation benefits the government at the expense of the household. Large transfers of wealth to the federal government from the households and businesses that provide it credit happen. In addition, the federal government also benefits by reducing the purchasing power of the public’s cash and liquid investments that earn near-zero interest rates.Interest rates are artificially depressed by the Fed below levels that creditors would normally require .The quarter point increases the Fed is pursuing is a joke . Had they been serious about reversing the inflation ,they would have begun jacking the rates up sooner and at a more aggressive rate . But the recession to come is not the point

$5.79 trillion is the proposed budget . That’s 31% more than in 2019, Revenues from taxes are coming in at records numbers . If there were any discipline at all there would be more than enough to both cover a reasonable budget ,with enough left over to reduce the deficit .

Mind you, this should go a long way towards that bill.

Can the super-rich solve America's budget problem?

if you took all the ultra rich's assets the dent in the debt would be like spit in the ocean.

btw Musk will have paid $15 billion in taxes for 2021 . To do so he had to divest assets . Would the wealth confiscation solve the deficit issues ? Of course not ,The issue isn't revenue .The issue is the progressive's lust to spend other people's money on gimmees that help them win elections .

as i read Clueless' plan . He will tax unrealized gains .If a house appreciates 10% the rich would have to pay a 10% tax on the value of the house . The same is true with everything considered a personal asset . I don't believe there is a reciprocal tax offset if the value of assets go down as many portfolios have done this year.

Clueless can use the money to hire more IRS employees because if everyone has to itemize their possessions and assign a value to them then the IRS is going to be a very busy place. The Fed tax code is 70,000- pages now . I guess it will just have to expand too.



https://files.taxfoundation.org/lega...ing_Up_Web.png

Finally there is that pesky issue of the constitution.
The 16th amendment allowed for taxation of INCOME . But this tax is a wealth tax.

To briefly summarize. ALL other taxes the Feds can collect must be what are called 'direct taxes' and they must be apportioned to the states according to population . The income tax is a tax that was held unconstitutional a number of times before the 16th amendment made it constitutional. A wealth tax is a direct tax . But it would not be apportioned . So it would be unconstitutional ........ that is unless Chief Justice Roberts decides that he has to find a way to make it constitutional as he did with Obamacare .

According to the article linked by CB, "The White House said more than half the $360bn raised from the measure over 10 years would come from the country's roughly 700 billionaires." So that's 36 bil a year. It's just an absurdity to even speak of such figures when deficits are running into the trillions EVERY YEAR. It solves no problem at all and simply preys upon the tendency of many Americans and Europeans to believe virtually anything. Even the full 360 billion, if collected in one year, would not even come close to balancing the budget.

You need only read this to see how much they are playing us like fools.

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Together the reforms and others in the budget would help reduce the deficit by $1tn over the next decade, according to the White House.


For the 2022 financial year, the annual deficit is projected at more than $1.2tn. Overall debt passed $30tn last month.

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So the national debt has passed 30 trillion. The budget deficit for this year will be over a trillion dollars. The proposal discussed in the article above would not even solve the deficit problem for this one year even if we collected all of these wonderful benefits in only one year as opposed to ten. This is just nonsense dressed up as common sense. Surely we have not completely lost our ability to think a little.

In the 1st 14 months of Clueless' regime ..
$1.9 trillion extension of the Covid relief 'American Rescue Plan
$1.2 trillion on the anything but infrastructure bill
$1.5 trillion on a consolidated appropriations bill

All paid for with monopoly money . This has been a major factor in inflation ballooning to nearly 10% . Yet Clueless brags he is a deficit cutter. Lie after lie after lie. What claim he can make for deficit reductions comes from the fact that the rest of the covid spending was temporary with grandfather clauses in the bills . What increases in deficits that happened under Trump were directly related to the covid response
As for his tax increase gimmicks ; the proposal is to remove $2.5 trillion from the private sector and give it to politicians to spend . There is no plan to tax to reduce the deficit because there is no plan to reduce spending .

There is absolutely no serious effort at all to reduce spending. NASA wants to put a man on the moon again.

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• NASA thinks it will cost between $20 billion and $30 billion to put humans back on the moon by 2024.
• NASA Administrator Jim Bridenstine said that money would come on top of NASA's existing budget and would be spread out over five years as part of the ambitious plan to build a base for humans on the moon.

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That means, of course, that it will cost a good bit more than 30 bil to do this. It is completely unnecessary, and yet it will stay on cruise control since, having lost our national mind, we no longer see any need to actually pay for what we want to purchase.

I don't support NASA efforts to do so . I support private space efforts fully .

Agree completely.

Quiet day.