Where Was Inflation At When Biden Took Office?
- Thread starter SamSwimmer
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You're an idiot and liar phlegmwad. The W and orange jesus tax cuts did next to nothing for people that are not wealthy. Your supply side tax cuts achieve more money for the rich and it does not trickle down.
The tax cuts effected all income levels and businesses who provide jobs and investment in their operations. Only a moron would attempt to argue that people and businesses keeping more of their earned income doesn't "trickle down" through the economy and improve it.
Of course, the wealthy will get wealthier faster. There is a concept known as COMPOUND INTEREST. Look it up inbred. Just because you've done nothing to invest to improve your financial position in life and want the taxpayer to subsidize your existence, doesn't mean lower taxes dont work.
I'm not sure that you understand what "theoretical" means. The numbers I used were accurate and real. Inflation is at 19% under Biden's term. The historical average is 3.3%, so it would normally be 13% (I quoted 12% since I rounded down to 3% annually).
You, and now the numerically challenged Banker and Tier Three, are using horrendously illogical statistics to analyze this.
If inflation increased from .5% in 2025 to 1% in 2026, would you argue that the 100% inflation increase was significant? You shouldn't.
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You're living in a fantasy world. For selfish reasons, I don't want TCJA to expire. But it did not succeed in doing the two primary claims its proponents insisted would happen. It didn't increase investments into expanding/research/growth by companies. The overwhelming majority of the tax savings went back to executives and/or shareholders instead of trickling down to middle-income or low-income earners. It also didn't increase competition.
Tax cuts for the rich helps no one but the rich. You stupid punk. And no, it does NOT TRICKLE DOWN.
Strawman. The question was are you arguing a 58% increase from 12% to 19% isn't significant?
Hypothetical: What if it went from 19% to 30%? Would that be significant?
I look stupid because your stats are wrong? Here is the BLS 2019 report:
Job market remains tight in 2019, as the unemployment rate falls to its lowest level since 1969 : Monthly Labor Review: U.S. Bureau of Labor Statistics
The U.S. labor market remained strong in 2019, as the unemployment rate fell to 3.5 percent, the lowest rate since 1969.
www.bls.gov
Unemployment rate in 2019 3.5%, not 4.0%. Total employed 158.6 million, not 152.0 million.
Why lie? Or just unable to find the correct numbers?
In GDP, yes, it’s 9% higher while inflation has increased 19%. That means real GDP has decreased since 2019. You’re as bright as a burned out lightbulb.
If we can get inflation of +.5% in 2025 and inflation of +1.5% in 2026 I'll take that all the time. Even though the increase from one year to the next is 300%. You can make numbers do all kinds of weird things.
Thats because we're more intelligent than most people. You Godless lying trumptard.
You're an idiot. Really, you're an idiot. The UE rate was 3.5% for ONE MONTH in 2019.
Again, you're an idiot. The highest number of employed under your orange jesus was Jan 2020 at 152,045,000
For the umpteenth time, you're an idiot and a liar.
Real GDP: OJ 20,951
Biden 22.768
You're stupider than banker. You're also a Godless lying trumptard oath breaker.
Sure I do. It's refuting an argument different than the one made. You pulled random numbers out of thin air to try and save face that had nothing to do with the discussion or my post. Your .5% to 1% was a strawman. Now, stop deflecting and answer the questions. You won't though, because you've boxed yourself into a ridiculous position that even your ego isn't comfortable supporting. You've been beat over the head repeatedly in this thread. Probably time for you to stop posting in it and let it fade into obscurity.
From 2017-2021 R&D spending on R&D by corporations increased by 29% in the United States.
“Shareholders” just aren’t rich elites. The avg guy 401k, 403b, IRA, Roth IRA, and Pension Funds all contain funds that directly benefit from those shares increasing in value.
The overwhelming “tax savings” from the tax cuts obviously went to larger income earners. They actually pay most of the taxes in the country.
The lower incomes received higher standard deduction and the child tax credit doubled.
Yes, everyone benefitted.
Thank god for Google. If you knew what it was, you wouldn't have made this error . . .
Proof that you have no idea. It's not a strawman in any way. You made the comment (formed as a question) that the 58% difference was significant. I then used two numbers (.5% and 1%) to show a 100% difference, yet you wouldn't consider that significant inflation change. I was using the same form of data to show you being intellectually dishonest with your claim that 58% was a major difference.
In reality, what you, Big Dummy, and the numerically challenged banker are standing behind is a horrendously illogical view of what is being discussed. According to you three, a 58% difference in not inflation, but simply the difference between the expected landing of inflation and the actual landing of inflation is significant. Again, none of you are arguing a 58% inflation difference, which would be economy-crushing. Instead, you're just arguing the difference in inflation between expected vs. actual.
To show how absurd it is to look at that metric for this discussion, I showed that none of you think a 100% difference is significant if the actual were .5% yet it came in at 1%. It is intellectual dishonesty, horrible statistical analysis, and frankly, a lack of overall intelligence.
Coming from a tier three attorney isn't shocking. But coming from two bankers who should be well versed in risk assessment is concerning.
Now, remove the ten of billions of that from the pharmaceutical industry spend that was based on Covid related R&D and you'll get normalized data. It's no coincidence that of the top 10 pharmaceutical companies of R&D spend in 2021-2022, 40% of those companies spent less in 2023 even though the TCJA was still in effect.
The "average guy"? A significant number of "average guys" don't have access to those things through their employers. A significant percentage who do don't take part. Worse, the lower the income, the less likely the employee has access.
In other words, shareholders tend to be far higher than the "average guy." On top of that, the "average guy" you're referencing isn't making out by having $30k in their 401k. It's the "average guy" with $300k in it that will start to see a worthwhile impact, which as we all know, tend to the those far higher than the "average guy."
Like I said, the TCJA overwhelmingly benefited the wealthy and not the average guy.
I'm not talking a cumulative total. I'm talking a percentage of income, so apples-to-apples. The $100k earner saved about $4k per year. The $50k earner saved about $1200.
What kind of voodoo bullshit are you trying to say? The standard deduction is the same across all income brackets. So the higher incomes received the same standard deduction, except those of us in blue states were targeted to get screwed by itemizing due to Trump's revenge by capping the mortgage interest tax break.
tl;dr
Not one fvcking person - besides maybe Greed's dumb ass - thinks you've made a valid argument or rebuttal in this entire thread. Take the ass-kicking and move on.
extralyingdumbass, son of Lucifer, has condemned rifle to hell.
Your strawman claim rang hollow. You claimed that 58% was high yet wouldn't support that 100% was high. Intellectual dishonesty.
I posted a link to an article from the federal government’s Bureau of Labor Statistics. I used the figures that official government agency listed in their report. They are the official keeper of such data for our country.
The following statements are FACTS. All to them.
You're an idiot. Really, you're an idiot. And a liar. The UE rate was 3.5% for ONE MONTH in 2019.
Again, you're an idiot. The highest number of employed under your orange jesus was Jan 2020 at 152,045,000
For the umpteenth time, you're an idiot and a liar.
Real GDP: OJ 20,951
Biden 22.768
73% of civilian workers have access to employer retirement plans. And if they don’t…EVERYONE has access to IRAs, Roth IRAs,
Half of American households report having retirement savings accounts. THEY ALL benefited as “shareholders” having money in those accounts. And there are a lot of average guys in those numbers.
Exactly. That wasn’t the case prior to the tax law being passed. The lower income brackets received a higher deduction.
The 100k earner pays more of the taxes. Why shouldn’t they receive a larger benefit from the tax cut?
If only liberals could read... And understand basic math...
- Since President Trump's election, more than 7 million jobs have been added to the economy.
- For the first time on record there are more job openings than unemployed Americans.
- There are more than 7 million job openings, outnumbering job seekers by more than 1 million.
- Nearly two-thirds of Americans rate now as a good time to find a quality job, empowering more Americans with rewarding careers.
- This year, the unemployment rate reached its lowest level in half a century.
- The unemployment rate has remained at or below 4 percent for the past 21 months.
- The unemployment rate for women reached its lowest rate in 65 years under President Trump.
- Under President Trump, jobless claims hit their lowest level in half a century.
- The number of people claiming unemployment insurance as a share of the population is the lowest on record.
- American workers of all backgrounds are thriving under President Trump.
- The unemployment rates for African Americans, Hispanic Americans, Asian Americans, veterans, individuals with disabilities, and those without a high school diploma have all reached record lows under President Trump.
- The booming economy is putting more money in Americans' pockets.
- Wages are growing at their fastest rate in a decade, with year-over-year wage gains exceeding 3 percent for the first time since 2009.
- November 2019 marked the 16th consecutive month that wages rose at an annual rate of at or over 3 percent.
- Median household income surpassed $63,000 in 2018 – the highest level on record.
- workforce strategy for the jobs of the future.
- Over 370 companies have signed the President's "Pledge to America's Workers," pledging to provide more than 14.4 million employment and training opportunities.
- President Trump signed an Executive Order prioritizing Cyber Workforce Development to ensure that we have the most skilled cyber workforce of the 21st century.
- President Trump signed the Tax Cuts & Jobs Act in 2017 – the largest tax reform package in history.
- More than 6 million American workers received wage increases, bonuses, and increased benefits thanks to the tax cuts.
- $1 trillion has poured back into the country from overseas since the President's tax cuts.
- President Trump is revitalizing distressed communities through Opportunity Zones, which encourage investment and growth in underserved communities.
- More than 8,760 communities in all 50 States, the District of Columbia, and 5 Territories have been designated as Opportunity Zones.
- The White House Opportunity and Revitalization Council has taken more than 175 actions to encourage investment and promote growth within Opportunity Zones.
- The White House Opportunity and Revitalization Council is engaging all levels of government to identify best practices and assist leaders, investors, and entrepreneurs in using the Opportunity Zone incentive to revitalize low-income communities.
- The President is ensuring that America is prepared to lead the world in the industries of the future, by promoting American leadership in emerging technologies like 5G and AI.
- The Administration named artificial intelligence, quantum information science, and 5G, among other emerging technologies, as national research and development priorities.
- President Trump launched the American AI Initiative to invest in AI research, unleash innovation, and build the American workforce of the future.
- President Trump signed an Executive Order that established a new advisory committee of industry and academic leaders to advise the government on its quantum activities.
- President Trump has made supporting working families a priority of his Administration.
- President Trump signed legislation securing historic levels of funding for the Child Care and Development Block Grant, helping low-income families access child care.
- During his Joint Address to Congress and each State of the Union Address, the President called on Congress to pass a nationwide paid family leave plan.
- The President signed into law 12-weeks of paid parental leave for federal workers.
- President Trump's tax reforms provided a new tax credit to incentivize businesses to offer paid family leave to their employees.
- The President's historic tax reforms doubled the child tax credit, benefitting nearly 40 million American families with an average of over $2,200 dollars in 2019.
You conveniently ignored the last two points of what you quoted. Having access to doesn't mean people can afford to participate.
That means half of American households don't have any. Want to know the income level of almost all of that 50%? Exactly our point.
A significant amount of "the average guy," as you just showed, don't take part in those things. In other words, Trump's plan overwhelmingly favored upper class and upper-middle class compared to "the average guy."
Either you have no idea what you're talking about or you're articulating it incorrectly. Both are reasonable options with you.
The standard deduction was the same regardless of income brackets.
Sure, as a percent, no problem. But that isn't how the TCJA worked. The benefits were at a greater percent for the wealthier.
Hard numbers. No strawman arguments.
2016 tax law vs 2020 tax law (basically what we still have today).
Single $50k income -
$5,690 taxes in 2016, $4,318 in 2020.
$1,372 tax decrease = 24.1%
Single $100k income -
$18,190 taxes in 2016, $15,110 in 2020.
$3,080 tax decrease = 16.9%
Lower income individual received a greater % tax cut.
Married with 2 young children
$50k income -
$220 taxes in 2016, $(2,064) in 2020.
$2,284 tax decrease = 1,038.2%
$100k income -
$7,756 taxes in 2016, $4,632 in 2020.
$3,124 tax decrease = 40.3%.
Again lower income individual received a greater % tax cut.
Feel free to try to prove me wrong but you'd be wasting your time.
2016 tax law vs 2020 tax law (basically what we still have today).
Single $50k income -
$5,690 taxes in 2016, $4,318 in 2020.
$1,372 tax decrease = 24.1%
Single $100k income -
$18,190 taxes in 2016, $15,110 in 2020.
$3,080 tax decrease = 16.9%
Lower income individual received a greater % tax cut.
Married with 2 young children
$50k income -
$220 taxes in 2016, $(2,064) in 2020.
$2,284 tax decrease = 1,038.2%
$100k income -
$7,756 taxes in 2016, $4,632 in 2020.
$3,124 tax decrease = 40.3%.
Again lower income individual received a greater % tax cut.
Feel free to try to prove me wrong but you'd be wasting your time.
I don’t even have to fact-check or point out the lack of substance (those making $100k+ who have a 401k vs. those who make $50k, mortgage interest benefits, etc.) in your attempt. I just had to quickly identify and point out the lack of logic:
By percent, we are referring to percentage of income, not percentage of tax being paid (minus all the tax benefits wealthier receive). The $50k earner saves about 2.7% more of their income. $100k earner saves about 3.1% more of their income.
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Can you simply not read or are you so stupid that you are referencing the Fed’s 12 month rolling average total employment figures?
In the 4th Q 2019 total employment reached 158.6 million and the unemployment rate was 3.5%. Try reading the BLS report that I conveniently linked just one more time. Maybe slower this time.
Is it because they are trained to use the old Nazi/Commie tool of repeating the same lie over and over or is it this:
Same way they think a $50k married couple with 2 kids goes from having to pay taxes to getting a refund (a negative 4% tax rate) but they still pay a higher % of their income than a $100k couple paying at an average tax rate of $4.6%...
You an idiot. Seriously, you're an idiot.
https://fred.stlouisfed.org/series/PAYEMS
for ONE month.
Bureau of Labor Statistics Data
data.bls.gov
See, I knew you were dumb enough to be using the Fed number without understanding it. Called it.
And you were talking about the current unemployment rate with Biden - which is also a one month number, and one that is higher than 3.5%.
Retard.
And you were talking about the current unemployment rate with Biden - which is also a one month number, and one that is higher than 3.5%.
Retard.
You're an idiot. My numbers count JOBS created. Your numbers count people employed. There are 3 million more jobs now than Jan 2019.
I sure was, because I was mocking the OP for asking what the inflation rate was when Biden took office so he could compare "apples to apples". I provided more apples. The orange jesus lovers don't like the apples I provided.
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