Joe Biden

Biden's $1.5 Trillion Budget Request Would Fund All Nails Needed for the Coffin of Fiscal Restraint

The White House is proposing an 8.4 percent boost in discretionary spending, which comes on top of Biden's $1.9 trillion pandemic relief bill, and his proposed $2.3 trillion American Jobs Plan.

|

Despite the record amounts of money the federal government has spent over the last year responding to the pandemic—and the record deficits it's racked up in the process—the Biden administration continues to ask for trillions more.

Today, the White House released its first budget request. It has asked Congress to approve a $1.52 trillion budget, including $769 billion in non-defense discretionary spending (a 16 percent increase over fiscal year 2021) and $753 billion in defense spending (a 1.7 percent increase).

That would represent an overall 8.4 percent increase in federal spending from last year, when excluding the recent $1.9 trillion pandemic relief bill that Biden signed in March, reports Bloomberg. Today's budget request also comes in addition to the $2.3 trillion American Jobs Plan that Biden unveiled last week.

Taken together, this represents a massive fiscal expansion of the federal government and one that comes at a time of ballooning deficits.

The feds ran a budget deficit of $1.7 trillion in the first six months of fiscal year 2021 (which runs from October 2020 through September 2021), reported the Congressional Budget Office (CBO) yesterday.

That's a $1 trillion increase from the same period last year and was driven almost entirely by additional pandemic spending on things like unemployment benefits, small business aid, and refundable tax credits, writes the CBO.

The budget deficit for the first six months of fiscal year 2019—which predates our pandemic spending splurge—was $693 billion.

Like his past spending proposals, Biden's budget request includes huge funding boosts for federal agencies. The Associated Press reports he's asking for a 41 percent boost in Education Department funding, and a 23 percent increase in spending on the Department of Health and Human Services. The government's climate change efforts would get a $14 billion bump, while appropriations for the Department of Housing and Urban Development would jump 15 percent.

It's hardly surprising that a Democratic administration would want to spend more money on health, education, and housing. The sheer size of Biden's proposed budget, however, is galling.

The Wall Street Journal's Greg Ip sees in the president's budget requests a new left-wing "Bidenomics" that has no patience for traditional concerns about budget deficits, inflation, or fears that government spending will crowd out private investment.

"Bidenomics is more a political movement than a school of economic thought," writes Ip, saying that Biden and the Democratic Party's left-wing base see massive federal spending as a tool "to reshape the economy and society for years to come."

"The problem with economic policies subordinated to political imperatives is that they have no limiting principle: if $3 trillion in stimulus is OK, why not $6 trillion? If a $15 minimum wage is harmless, why not $30?" he adds.

Or as Reason's Peter Suderman wrote just yesterday: "Biden seems to believe that bigger government is definitionally better government, almost independent of the policy specifics, so he's pushing for bigger government just about any way he can."

An $800 billion stimulus bill passed to combat the Great Recession sparked the Tea Party. Today, even the reaction to Biden's $2 trillion American Jobs Plan is far more muted.  Sizable majorities of voters support individual spending items in it in recent polls.

White House budget requests are political documents, and this will kick off months of negotiations. The topline $1.5 trillion figure could shrink somewhat.

But these are still dark days for anyone worried about the effects of endlessly increasing deficits, or the distortionary effects of creeping federal interventions into every market and corner of American life.

NEXT: Kindergartners Abandoning Public School in Fall 2021, Too

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  1. GOP should counter propose lowering the DoD budget to partially fund Joe’s requests. Make the Dem’s live their rhetoric, or eat it.

    1. But how will Joe intervene in the Ukraine without a huge, poorly trained, diverse military?

      1. Biden knows a guy who can call up Burisma’s elite special forces.

        1. USA Making money online more than 15$ just by doing simple work from home. I have received $18376 last month. Its an easy and simple job to do and its earnings are much better than regular office job and even a little child can do this and earns money. Everybody must try this job by just use the info
          on this page…..VISIT HERE

      2. USA Making money online more than 15$ just by doing simple work from home. I have received $18376 last month. Its an easy Haz and simple job to do and its earnings are much better than regular office job and even a little child can do this and earns money. Everybody must try this job by just use the info
        on this page…..…Visit Here

    2. “GOP should counter propose lowering the DoD budget to partially fund Joe’s requests…”

      You should learn the differential between defense spending and entitlement spending.
      Lowering DoD spending is a rounding error by comparison.

      1. This. The only way to get us out of our fiscal problems is fixing (my preference would be to end) Social Security and Medicare.

      2. He needs to learn about a lot of shit.

        1. You and Sevo need to learn how to read.

          “GOP should counter propose lowering the DoD budget to PARTIALLY fund Joe’s requests.”

          I take it you also did not realize that the point is to make Dems own their own rhetoric, rather than completely solving our ongoing fiscal crisis in one fell swoop.

          1. *You* need to learn to read: “rounding error”.

            1. He’s so goddamned stupid, isn’t he?

    3. If You Are On A Lookout For A Way To Earn Your First Dollar Online You Can Stop Searching!. Start Now JGV With This Award Winning Program And Receive Your First Paycheck Within A Week!Find out more here…. Visit Here

    4. Lol. As long as Joe gets to spend more huh? I asked wk yesterday, are you able to criticize joe or democrats at all?

    5. The first step towards fiscal restrain would be the repeal of the 2017 tax legislation. Then we’d be able to do some badly needed infrastructure work and shore up badly needed tax and environmental enforcement.
      A DoD budget reduction would also be very helpful. As Benjamin Disraeli said, “There is nothing to do with extra weapons except sit on them. ” We could spend some of this money on fixing roads and bridges and be in a BETTER position to defend ourselves.

      1. As long as we’re spending this money we’re printing up to pay interest to China on SOMETHING!

      2. How does raising tax relate to ‘fiscal restraint’? It doesn’t address spending in any way.

      3. Are you retarded or do you really think raising our taxes is the same thing as the government cutting its spending?

        1. Tony doesn’t think. Arguing with him is pointless. He doesn’t express coherent ideas, just regurgitates random phrases, snatches of arguments, and memes echoing in his head. He pretty clearly has never made the effort to read (much less understand) more than a sentence or two of anything in his life. He’s so lazy that he often contradicts himself without realizing it, and he’s extravagantly dishonest. Last year he repeatedly used the deficit to attack Trump; now deficits don’t matter and we should just let Uncle Biden roll. Earlier this year he moaned about Trump not respecting the Constitution and then abruptly pivoted to blithely dismissing the Constitution as white supremacist and irrelevant. He’s like a collection of ragged lefty bumper stickers on a rusted old Volvo. Ignore him.

          1. Ugh, this was supposed to go downthread. Oh well.

      4. Maybe YOU should go sit on some weapons. I suggest a bayonet or a landmine.

    6. Why not simply fund it with the money that the United States is empowered to generate out of thin air? Really, explain.

      These are political questions, where to allocate spending power and what physical things to do with our resources. Stick to those how about and then, if you must, offer up tax hikes (I.e., fiscal restraint) when you feel necessary to your policy ends.

      1. Raising taxes doesn’t ‘restrain’ anything you moronic swishbuckler. Disposing of progs like you would pave the way though. Thereby reducing or eliminating the opposition to sound spending policy.

      2. If you truly believe raising taxes on citizens is the same thing as our government fiscally restraining itself, please shoot yourself in the head now. We need to stop people as dangerously ignorant as you from breeding. You’re turning us into idiocracy.

        1. First you insist that the United States government operate as if it were managing a household budget, and then you insist that it can never get a raise.

          1. It had a raise under trump, pre covid. His tax cuts increased federal revenues because they increased overall economic activity. But you’re to fucking dumb to understand that and too fucking ignorant to read any non biased news source that would have mentioned it over the past 4 years.

            So my statement above still stands.

            1. Citation for this bullshit? My Google says the Trump tax cuts reduced revenue by about 2% of GDP compared to prior projections.

              Not that it matters. Your actual point is sound. Trump’s willingness to give away free money propped up the economy. He should have given away more free money. Alas, the headcount on Mt. Rushmore will remain but four.

            2. “It had a raise under trump, pre covid. His tax cuts increased federal revenues because they increased overall economic activity.”

              This Laffer Curve bullshit is supply-side dogma, but what evidence is there that it works this way in the real world? How does it even make sense, mathematically? Do you realize how much the reduction in taxes would have to boost economic growth for the increased growth to result in a net increase in tax revenue?

              How about this admittedly oversimplified example: Say the tax rate on some type of activity was reduced from 25% to 20%. How much would that activity need to increase in order to result in the same revenue? $25 is 25% of $100. $25 is 20% of $125) That means that the taxed activity needs to increase by 25% in order to result in the same revenue if the tax rate is cut from 25% to 20%. What magic math has cutting taxes on businesses and high-income individuals give such a huge multiplier effect?

              An important thing to note as you look for evidence to support tax cuts as a policy. It isn’t just that economic growth needs to increase enough to replace the revenue lost from cutting tax rates against a static case, but that the growth can reliably be attributed to the cut in the tax rate. If the growth would have occurred anyway, then any argument that cutting taxes didn’t cut revenue evaporates.

        2. No no, you should encourage them to become transgender. That will sterilize them and remove them from the gene pool equally well.

    7. I am making 7 to 6 dollar par hour at home on laptop ,, This is make happy But now i am Working 4 hour Dailly and make 40 dollar Easily .. This is enough for me to happy my family..how ?? i am making this so u can do it Easily…Visit Here

  2. I remember when my Grandfather was going senile. He had never been frivolous until his mind started to fail. He started to spend his hard earned retirement money on Hummel figurines. Thankfully, we intervened and stopped him before he spent himself out of his own home.
    Biden doesn’t have the same problems as my Grandfather. Biden is spending other people’s money on useless shit.

  3. If only there had been a way to avoid this back in November!

    1. Well, the TDS-addled shits managed to remove the mean tweets.

    2. Somewhere in an alternate universe where Trump won: “This 1.5 trillion is far better than what would have been spent if Biden were elected! Just think of how bad it would have been! Donald Trump is a genius/brilliant negotiator/6D chessmaster who whittled the spending down to just 1.5 trillion! What’s that about the 2.3 trillion Make American Great Again act? That was for AMERICAN JOBS for hardworking citizens to give them back their own money.”

      1. Yes, the press was fawning all over Trump.

      2. Obviously, you forgot the 2017 tax legislation, which was slanted overwhelmingly towards the rich and privileged few while raising millions of working Americans’ taxes while creating the worst Federal deficit in history (until COVID hit.) We need that entire package to be repealed.

        1. LOL

        2. Every president since at least Clinton has made the deficit worse. What we have since the last weeks of Trumps administration to now is a complete overhaul on the source of funding and incomes in America. Where governments local, state, and federal shut down the ability to work, while government dole out mediocre checks to every one on top of unemployment and every other payout.

          The 2021 tax plan will involve a huge chunk of the population not working and/or financially ruined. Suddenly being saddled 6 or 7 trillion more in debt than last year.

          The base line reason Trump was a better play economically than Biden is that he signaled the opening up of business and commerce. Biden can’t. He’s basing his spending of the fear.

          1. If you pretend there wasn’t a global pandemic and one of the largest losses of human life in American history, with concurrent economic collapse, sure it all seems like much ado about nothing.

            1. LOL. Panic much?

              1. If I’m overreacting to half a million dead Americans, then you don’t get to bitch about your tax rate, cancel culture, or any other mind-numbingly trivial gripe that has no body count at all, deal?

                1. Actually Obamas tax increases were responsible for nearly 2.9 million deaths over his tenure due to lack of corporate and personal funding to buy insurance or pay medical bills.

                  1. Oh? You have the careful, detailed research by professionals to back that up, do you? All while dismissing any positive impact on increased rates of insurance coverage due to the hated Obamacare, no doubt.

                2. Florida under DeSantis is proof everything the democrat governors did was pretty much worthless and only served to fuck up the economy. So basically, this is your fault Tony.

                  1. DeSantis is getting all the glory among Trump followers because he is like Trump but without the crazy and stupidity. He can also turn incompetent and dishonest reporting by 60 Minutes into a “See! the left-wing media is out to get me!” rallying cry rather than have to fully defend his response. Florida’s pandemic results are not good, just not as disastrous as some states are. It’s a big mixed bag with some successes and some failures.

            2. Economic collapse? If that’s a problem for you, then why did your democrat friends collapse it?

        3. Are you a new obl? Even the new York times had to admit trumps tax cuts actually helped everyone and the middle income earners actually saw larger decreases than rich folks due to the combination of the earned income tax credit and the removal of taxes on the first, I think 33% iirc, of income if you make less than 75k.

          It saved me nearly 9k per year between the personal and corporate cuts. And while I make more money than most lazy liberals and/or union workers like you, I’m not rich. You’re just misinformed and retarded.

    3. Who could have known ken. Who could have known.

    4. Trump spent like a drunken syphilitic sailor. Did he even advocate austerity once? You’re making stories up in order to support a clownish ignoramus.

      1. Trump spent money, SleepyJoe should spend more!

        1. Trump spending money was one of the good things he did.

          Even Donald fucking Trump wasn’t dumb enough to buy the insane bullshit of rightwing economists who think the key to increasing economic demand is to balance the federal budget. Sort of how like putting out a house fire is best accomplished by pouring buckets of fire on it.

          Of course they don’t actually think that, they just propagandized you into thinking that the federal budget is like a kitchen-table budget because they have the policy goal of taking money out of public welfare programs.

          If they were being honest with you they would say they want to make old people die in poverty because they think it’s the morally correct thing to do. Hey, Ayn Rand was honest about it! She didn’t need to engage in accounting smoke and mirrors to get the point across.

          1. Actually faggot, the policy of letting old people die was advocated during the Obama administration, by current Biden advisor Ezekiel Emmanuel. As a cornerstone of his ‘Complete Lives System’. He advocates restricting medical care to people under age 75.

            So that’s your guy pushing to kill the elderly. Your guy saying it’s the moral and correct thing to do.

            So spare us your moralizing you fucking deviant progtard piece of shit. You have no morals, no decency, and no integrity.

            1. You are metaphorically schizophrenic. Do you want the federal government to spend less, or do you want it to pay for the healthcare of the very old? It’s not free!

              As to your actual mental health condition, I can only speculate. Made any furniture out of human skin lately?

              1. Lol he just donkey punched you with that argument

                1. He’s just pointing it out. Medicare has some good points, but one of them is not the money wasted near end of life. I personally have no issue with restricting care paid for by the government after age 72. Or pick the average life expectancy, age 77/78
                  The government cannot be all things to all people. And trying unsuccessfully to be the world’s biggest redistribution scheme or “charity” is case in point. Most entitlements would have been dealt with under charity care in the past.

                  1. You make some good points. I’m so tired of progs acting like our only options are Medicare or nothing.

                    1. You want to genocide progressives, the gays, and God knows who else, but you’re beside yourself with concern over the elderly not getting free government money.

                  2. “or pick the average age expectancy” isn’t how it works you fucking retard. That’s the point of mark thrusts post and Ezekiel emanuals eugenics. It will be “pick the age which our returns are diminished so we can keep trying to use this scheme to buy votes from younger people before it goes completely bankrupt” and that age will get Lower and lower as the democrats continue bankrupting our Healthcare system and no longer can fund their Marxist wet dreams.

                    It will have nothing to do with health. It will have to do with the governments return on an INVESTMENT ALREADY PAID BY THE CITIZEN. Care will be rationed or denied, and we’ll turn into Canada and Europe where rich older people find private doctors to treat them beyond 72 or whatever. And lots of black and brown grandma’s, especially in Democrat controlled urban areas, will begin dieing off right then because theyre no longer able to get their diabetes meds for cheap and if they go hyperglycemic no ambulance is gonna come to save a overweight diabetic whose over the government approved age for health care.

      2. Faggot, are you speaking of Pelosi’s veto proof spending bills that Trump signed? I agree he shouldn’t have signed those democrat spednignpkans. Not that it would have made a difference.

        The solution is to rid ourselves of your kind. Without marxists, America can finally be saved.

        1. I love when people don’t hold Donald Trump responsible for spending bills he signed but then turn right around and assign culpability to Joe Biden for his wild spending sprees. Is congress the one in charge of spending or not? Make up your mind.

          Or maybe Trump was just as bad on spending and you don’t want to admit it because that fact doesn’t own the libs.

          1. Trump bears responsibility. He signed some spending bills he shouldn’t have. Those bills were also crafted by Pelosi and veto proof thanks to democrats and RINOs. So let’s be honest. That shit was happening either way.

            On his own. I highly doubt Trump would have spent nearly as much.

  4. “The problem with economic policies subordinated to political imperatives is that they have no limiting principle: if $3 trillion in stimulus is OK, why not $6 trillion? If a $15 minimum wage is harmless, why not $30?” he adds.

    Modern monetary theory [MMT]’s main tenets are that a government that issues its own fiat money:

    Can pay for goods, services, and financial assets without a need to first collect money in the form of taxes or debt issuance in advance of such purchases;
    Cannot be forced to default on debt denominated in its own currency;
    Is limited in its money creation and purchases only by inflation, which accelerates once the real resources (labour, capital and natural resources) of the economy are utilized at full employment;
    Can control demand-pull inflation[14] by taxation which removes excess money from circulation;
    Does not compete with the private sector for scarce savings by issuing bonds.

    1. Then why the push to raise taxes?

      1. to punish productive people

  5. One of the biggest stories of the day is the failure of the Retail, Wholesale and Department Store Union to unionize an Amazon shop in Alabama.

    If you thought the Democrats were too powerful and our elections too sketchy before, it would be much worse if they had Amazon’s employees both financing Democratic candidates and volunteering for get out the vote campaigns.

    It’s hard to root for Amazon, but this was a good win. Last count had some 70% of Amazon’s employees voting “no” on unionization.

    Seeing Bezos cheerlead for the Democrats (out of fear) is disturbing enough. If Amazon ever unionizes, the union will pwn Amazon the way the UAW pwns GM. That is not on the road to Libertopia.

    1. Mostly because it is a state from the south who saw the jobs come in due to union costs of the north east. Auto manufacturers shifted a ton of jobs south.

    2. Was the voting fortified?

    3. It isn’t fear. Bezos’ fortune is secure and his company is already built. Now he pushes for more taxes and more regulations. Thereby pulling the ladder up now that he’s on top. Preventing upstart competition.

  6. It’s indisputable that Obama and Biden were gay lovers in the Oval Office. The only question is, who was the pitcher and who was the catcher? Was Obama pitching his chocolate love deep into Biden’s butthole, or was Obama grabbing the edge of the desk while Biden plowed him good and hard, leaving a massive load of creepy old man cream to drip out in front of Michelle?

    1. Why not both?

      1. They suck each other’s cocks and fuck each other’s asses, and in an order that might surprise you.

    2. It’s interesting neither one of them denies this story.

      1. So it’s clearly true.

  7. Thank goodness for Joe Manchin, one of the last remaining moderate democrats still left in our government. He just told Block Yomomma, his senile old puppet in the White House, and all the rest of the far left wing scumbags that he doesn’t intend to allow them to unilaterally steamroll the country with their entire agenda.

    Here’s to your health senator, and here’s hoping you stand firm on your pledge, no matter how much these lowlife guttersnipes try to corrupt you.

    1. I don’t think Manchin will cave on large things like the filibuster and court packing because it weakens him and West Virginia. Right now, he has a lot of control over the national agenda and will use it to get his own, Cornhusker Kickbacks. If he gives up the filibuster, West Virginia won’t get nearly the federal dollars it craves and the state will fall victim to the Dems environmental lobby. I see him falling neatly into the role of Robert Byrd – willing to play the game but never losing site of the folks back home.

      1. If Manchin, alongside the high tax state senators, get the corporate tax down to 25percent and the SALT deduction back, Manchin will do anything his woke, white fragility private equity campaign financiers want him to do. According to Cato, WV has the least free healthcare marketplace in the U.S. My guess is that the PE firms that own Manchin bet on continued cronyism, and make a fortune in the healthcare markets.

        1. Obamacare strikes again. Manchin talks a good “moderate” game, but is a and crony capitalist to the bone. A Democrat
          https://www.atr.org/senator-vote-obamacare-a7134?amp

        2. A lot of that probably has to do with it being basicea one city state though. Not defending Manchin, but as a Pennsylvanian I know west Virginia is basically Morgantown, to a lesser extent wheeling, and nothing really else. Both are in the west of the state as well. Whatever insurance company got a hold in Morgantown probably took over and there’s not a market anywhere else big enough for a competitor to grow.

    2. A month ago he was talking about a standing filibuster change. He always caves when democrats need him.

  8. “Today, even the reaction to Biden’s $2 trillion American Jobs Plan is far more muted”

    That’s because everyone gave up trying. After decades of electing people who claimed to be fiscal conservatives, and who abandoned that premise once in office, the fed up citizens would rather watch the coming economic catastrophe and then swoop in to take over the government permanently.

    1. In fairness, fiscal restraint is a bumper sticker and the people who slap it on themselves the most play by their own rules the least.

      Explain what you get by so-called fiscal restraint, even under the ludicrous assumption that spending isn’t actually paying for anything but is just being thrown into a black hole. What problem is worse than high unemployment and poverty? The great accountant in the sky being very disappointed in us?

      It’s fiat money. You guys complain about not having it tied to a commodity and then go on to keep talking about it as if it were. It doesn’t make sense.

      1. So why raise taxes?

        1. To take money away from people who don’t deserve it. It’s like cutting welfare, except not monstrous and evil.

          1. Not monstrous and evil? So not like democrats?

            1. Not all of us can be as warm and cuddly as you.

              1. Few are less deserving of money than you Tony. Your tax rate should be well over 100%.

          2. To take money away from people who don’t deserve it. worked harder than tony.

          3. Everyone who works for a living deserves their money. Everyone who doesn’t work for a living, mostly democrats and liberals as noted by Democrat run urban centers requiring the largest outlays of public funding and having the highest rates of unemployment, does not.

            Just because democrats voters are dumber and lazier than the average American doesn’t mean we should have to pay your way. You’re worthless losers.

            1. Your stereotypes are forty years stale.

              1. Those are facts.

                Democrats have destroyed our urban centers and their economies, and it was only exasperated and accelerated by the leftists/fascist blm and antifa movements of the past year.

                Our major cities are never coming back, new York and Los Angeles are never coming back. The democrats literally destroyed them. Over 70% of restaurants in both cities are done for good. People with money and education are fleeing. You fucktard libs always cry about “white flight”, well it’s happening more now than ever. And it’s leaving entire urban communities in the dust, in cities with failing economies, failing security, and failing education (like in Pittsburgh public schools, mostly black, less than 15% 12th grade proficiency in English/reading) which was just made worse by an entire year of fake online school for kids who barely were going or succeeding before covid.

                And as the productive citizens, who pay the taxes you want to take from, move away like they are now. You will see massive budget shortfalls, like you do now. And eventually massive defaulting and economic pain for years before it can be corrected (like bidens covid relief that’s 9% covid related and 30% municipal bailout related) Democrats have basically turned our greatest cities all into Detroit over the past year. And they’re all headed for the same outcome. And of course blacks, browns, and minorities will be hit hardest as the urban economies, policing, and social safety nets collapse around them.

                But we already knew you dont care about minorities because then youd have to admit trumps tax cuts helped both increase wages and lower unemployment(at the quickest rate in 40 years) for all categories of minorities. The very tax cuts you deride already achieved the goal you claim you want to achieve. That’s why Biden wants them gone, because helping minorities isn’t the goal. Funding his/their Marxist wet dreams is.

                1. Have you ever been to a city?

          4. The most honest self revealing statement by Tony, ever. Wow. Yes, theft.

            1. You wanna talk about theft sometime, you should go take a look graphs showing increases in worker productivity the last 40 years, and how they’ve scaled with inflation-adjusted income growth for the middle and lower class – or more specifically, haven’t.

              Workers are creating more wealth than ever before – they just aren’t actually receiving it themselves. It’s how you wind up with Amazon warehouses that don’t even have air conditioning, while Jeff Bezos muses about starting his own private space program for funsies.

              1. Most of that increase in “human productivity” is actually technological advances. It’s not actually the employees generating the excess wealth in most cases. While I’m no fan of Amazon, I’m less a fan of unions because I deal with them on a regular basis and know how worthless their labor is.

                Bezos, even though I despise him, makes a fortune because he has the world’s most advanced Ai/automated buying and shipping platform. But that also doesn’t mean his warehouse workers deserve $40/hr union wages for doing completely unskilled and remedial labor.

                Obviously that bore out because they failed to unionize despite all the negativity in the media. Even Amazon workers would rather work for greedy bezos than a greedy union.

                1. “Most of that increase in “human productivity” is actually technological advances. It’s not actually the employees generating the excess wealth in most cases.”

                  What, employees don’t design, build, or operate the “technological advances” that are increasing productivity? We may get to a day when machines no longer need humans to operate them, build them, repair them, etc., but that is still science fiction for now. If automation, AI, and other advances mean that fewer actual humans are needed to make things and provide services, leaving fewer people able to find work that pays enough for them to live decent lives, then economics will break down and fail at its core function: distributing resources.

                  The Star Trek TNG timeline TV shows and movies made the Federation out to be a “post-scarcity” economy, where people simply didn’t need to work in order to get paid so they could buy what they needed and wanted. They could choose jobs or careers based on a desire to “better themselves.” Besides being hopelessly utopian, it never explained how decisions were made on how to distribute the goods and services produced by whatever jobs people still did. Something like energy may have not been scarce, but what about land, mineral resources, etc.? We know that there was still mining, as that was a plot point often enough, and who would want to be a miner if it didn’t pay more than easier, less dangerous jobs? Basically, we saw that plenty of people still had jobs that had unpleasant, dangerous, or tedious aspects to them. Few, if any, people would choose to do those jobs if they didn’t need a paycheck.

                  We are moving in the opposite direction to this unrealistic socialist utopia. Fewer people doing work that pays well, because the growth in productivity is being captured much more by the investors than the workers. This is going to reduce the efficiency of our economies as fewer people are able to afford the benefits of the new technologies. Remember Henry Ford (I quote him below)? He had the radical idea that his workers should be able to afford to buy his products.

                  I haven’t studied economics formally since high school, and my district at the time actually had us take econ in 9th grade, rather than 12th the way that every other district I’ve seen does it. So, I remember even less than most people do of high school econ. But what always struck me is that people seem to not recognize that all wealth comes down to labor. Nothing has any value except that some person did work to make that object valuable. Gold’s value as a commodity depended on someone doing the work of digging it up, for example. A MRI machine needed to be built by people, engineers needed to design it, scientists needed to discover the laws of physics that make it work, and so on. Owning farmland is pointless unless there are people that will do the work of growing food on that land. Capitalism is pointless without the human capital to turn resources into actual products.

                  “I’m less a fan of unions because I deal with them on a regular basis and know how worthless their labor is.”

                  Unions are fundamentally organizations that are made up of their members. That is, unions are the workers that they represent. If their labor is so worthless, why hire people at all? Try making something or providing a service without any people doing work.

            2. Government acting by law to collect taxes is not only not theft, it cannot ontologically be theft. Theft is, if you will, taking something under threat of physical repercussion. The government can’t throw itself in jail. Thus, taxation cannot be theft.

              Beyond that, government makes the money. It’s taking back what it made. So by your definitions, anyone keeping extra money, say via a tax cut, is stealing too. You can define capitalism as “everyone’s always stealing” if you like, but I find it more helpful to be precise in our language.

              You don’t have markets without government there to guarantee contracts, so yada yada yada, in a democracy, we can do what the fuck we want to do with our own resources. You’ve been convinced by a few decrepit frat boys in suits that the national priority should be using workers for their labor and giving the economic gains they produce to decrepit frat boys in suits. Some of us think we should pay for roads and saving the planet.

              1. OK. Government and you can keep your paper dollars and well keep all the food, guns, ammo, and resources.

                You also fail to realize that bartering systems existed forever and trade has happened between people, without govt oversight, for centuries. Markets will always exist as long as people have needs, irregardless of government or currency. Skills, services, and goods are all that are required for a market. No currency required.

                1. Actually, no bartering system has ever existed. That is a myth. Stuff paid by debt obligations, i.e., money, is how all humans have always exchanged, provided they were gathered in sizes larger than a small tribe.

                  So-called mainstream economics treats the economy as if it were based on barter. But it hasn’t ever been. Not in ancient Egypt, not anywhere.

              2. >Theft is, if you will, taking something under threat of physical repercussion.

                No, that’s not the definition. Theft under a physical threat is “robbery”. Most theft isn’t robbery. But even if that definition was correct, the government has a physical threat anyway; if you don’t pay taxes, eventually men with guns will come for you.

                >Beyond that, government makes the money. It’s taking back what it made.

                Everyone’s entitled to get back what they made? Interesting. So if I sell a car to the government, and it taxes me, I can take part of that car back?

          5. This comment proves how unserious and, honestly, awful of a person you are. Just unbelievable.

  9. Hey, TDS-addled shits! Happy now?

  10. Worry not proles, inflation is just 1.4%!

    1. We’re already in the endgame, inflation is their only option. Get your Silver and gold now while you have the chance. Stagflation will likely look fun in comparison to what we’re going to experience as 10-20% interest is not an option.

  11. Biden’s budget proposal doesn’t go far enough, and it shoud be at least $100T. The sooner the Federal government collapses, the sooner the Republic can be rebuilt; I’m pretty sure this is what Biden meant by build back better – destroy the US, then rebuild it.

  12. Hope you guys have been buying bitcoin!

    1. Because if the United States fails at least we’ll have some ones and zeros to build a fire with.

      You people have strange ideas about how shit works. A stroke of a pen and your Bitcoin is worthless. You can’t even make jewelry out of it.

      1. Said they guy with no money.

        1. I can have as much money as I want to have. I just need a pen and paper and I can have ten trillion units of currency.

          The problem is I don’t have men with guns to enforce my currency as the national standard. But you wait, the day of the Tonybuck is at hand.

          1. Tony, if things fall apart, useless, dithering, raving faggots like you will be up against the wall first.

            I just wish I could be there to watch you cry and beg right before you’re put down.

            1. And if things don’t fall apart? Don’t they put traitors against walls?

              1. Look at mr. patriot up here. Better get a new flag for your pick up truck.

                1. Damn right. One positive development of the Trump insurrection is that it shut whiny leftists up about how much they hate America.

                  Just kidding they still do that.

              2. Yes they do. We call those traitor# ‘democrats’.

          2. “the day of the Tonybuck is at hand.”

            TMI, keep your private life private.

  13. Just a few more Democrat administrations (really any administration) should kill the goose. I’d rather it wait until after I croak, but I’m beginning to think the end and the beginning are closer at hand than many think. For those who actually think that is.

    1. It would suck to be young now.

  14. The first step towards fiscal restrain would be the repeal of the 2017 tax legislation. Then we’d be able to do some badly needed infrastructure work and shore up badly needed tax and environmental enforcement.

    1. LOL

    2. If you really believe in fiscal restraint, you would advocate for executing progressives so we can stop wasting money.

  15. Fiscal restraint was dead and buried long ago. No more nails needed.

  16. Look, my generation was screwed by politicians and their appointees who lived under the mistaken impression that government debt, during a once-in-a-century financial collapse, was actually worth paying more attention to than employment and the material well-being of humans.

    You’re still talking about the United States budget as if it were the same thing as a household budget, minus the acknowledgment of the utility of private debt, of course.

    Government ”debt” is mathematically and functionally equivalent to “surplus” for the American taxpayer. Nothing is lost when government “spends” this money. If people were more intelligent in the W. administration, untold misery could have been avoided. Your cult shit is killing people and wrecking economies.

    And when you refuse to treat tax cuts as equivalent to spending hikes, ledger-wise, one begins to think you don’t understand how arithmetic works either.

    1. So why raise taxes?

      1. Why now or why ever?

        Taxes are the mechanism by which a sovereign incentivizes using its money in the first place. You can’t pay taxes with anything but dollars. So, everyone uses dollars and the whole system works.

        You raise taxes in the context of macroeconomic policy if you want to prevent too much inflation. Similarly, you lower taxes or (equivalently) give people checks in order to increase private economic activity in an environment where conditions would otherwise depress it.

        In this current context, strictly speaking of countercyclical economic policy, there is no real reason to raise taxes, so they’re proposing it to appease politicians who either believe themselves or think their constituents believe that government spending is something that has to be balanced by government revenue, which of course defeats the entire purpose.

        But there are policy reasons to raise targeted tax rates in the current context, specifically, reallocating wealth.

        1. Why is it called ‘Tax’?? Why isn’t it called ‘Slavery’ with slave owners making crappy promises of “macroeconomic policy” to provide shelter and security?

          Seriously; How many “slaves” where there in the 1600s who had no shelter or livable security. What’s that defining factor between a Slave and anyone else? INDIVIDUAL CHOICE (Liberty) and Justice!!!!!!!!!

          1. Unlike the situation actual slaves were in, you have the individual right to refuse to pay taxes. You won’t even go to prison if you do it the right way. It’s perfectly legitimate: try to make your living in quatloons instead of dollars. You don’t owe quatloon one to the US Treasury. You can keep 100% of your income from anyone willing to pay in that currency.

            1. You’re a very stupid creature. I pray for your extinction.

            2. I can’t imagine the swirling smelly mess that is inside the head of tony.

            3. Do you suck Krugman s cock?

              1. Krugman isn’t a fan of modern monetary theory, but he’ll come around.

            4. It doesn’t work that way. The IRS will calculate what the equivalent dollar value was and tax you on that. Plus penalties and interest, of course, since you tried to not pay them.

  17. FULL-ON Communism has come to the USA by the Democratic Party.
    Agenda DNC: Re-Enact Slavery — Status: 99% Complete.

    1. I must be in the 1% because I have yet to be forced to do work for no compensation. I’m sorry that happened to you. You should have a slave rebellion. Those tend to be morally justifiable.

      1. It will and has always been ‘morally justified’ for patriots to save the USA from hostile take-over of the Nazi’s (def; National Socialists). As time goes on you’ll see more of it everyday and you’ll cry ‘insurrectionist’ just like the Nazi’s screamed ‘jew’..

        1. I’m crying “insurrectionist” at literal card-carrying neo-Nazis who tried to overthrow the government.

          Be more subtle with your fascist rhetorical skullfucking. Just because you’re a fascist doesn’t mean you’ll win. Even the smart fascists had their cities turned to rubble, so what do you think happens to the retarded ones?

          1. Antifa carries cards now?

          2. I didn’t know blm were neo nazis but I do know they’re Marxist and the two are quite similar considering fascism was created by musolini to mimic Marxism but with a nationalist focus, and then it was adopted by Hitler and renamed national socialism, or the nazi party. Yes, nazis were socialists just like Bernie sanders and many democrats.

            Tell me more about the blm and antifa narratives fitting the nazi platform to a tee.

            1. You’re not the best Scrabble player in the world, are you?

              1. You’re not very good at replying to my posts because you’ve answered all of them with non sequiturs in this thread.

                But that’s what happens when I consistently prove you wrong and you’ve got nothing left to debate.

                1. It’s hard to have a fruitful conversation with someone who thinks Glenn Beck is telling him the truth but the New York Times is a pack of lies.

                  Be smarter. Figure out how to learn shit like an adult. What do you want from me?

              2. Dizzle just destroyed you.

                1. Dizzle can’t tell the difference between Nazis and leftists when there are actual card-carrying Nazis on his team caught on camera trying to overthrow the government in response to imagined cultural grievances.

                  You guys have taught me stuff, though. You taught me how much a human brain can be twisted into complex manifolds of illogic while still, presumably, maintaining the ability to use a toilet.

                  1. I see that you didn’t actually provide a substantive response. Rather you just resorted to condemning the messenger. Well done!

  18. Wonderful article , but compensation. I’m so sorry that happened to you. This is a heart touch story https://wapexclusive.com , so sorry ,I am so felted about it

  19. I’m confused, did Biden run on “fiscal restraint”?`2

    Yeah, all of this new spending will increase the national debt. But why should concern about “fiscal restraint” ring as anything other than 100% hollow from Republicans after the Trump years?

    I think handwringing about the debt is hugely overblown and has been forever, but I’d at least be willing to hear a principled conservative or libertarian out on their view. But modern Republicans? In particular Trump Republicans? Give me a break.

    They rammed through a gigantic unfunded tax cut during a period of economic EXPANSION to try and give the economy a brief sugar rush, only to see the majority of it go to helping corporations buy back their own stock. Then they passed a COVID stimulus, for which over 60% of the benefits went to the top 10% of the population.

    Someone pull out the graph showing deficit growth or shrinkage under Democratic and Republican administrations the last 20 years, and we can start to have an honest conversation about the debt, and who cares about “fiscal restraint”.

    1. So by all means then, let’s go ahead and destroy our economy.

      1. “So by all means then, let’s go ahead and destroy our economy.”

        The point of all of the Republican complaints about debt and out of control spending when Democrats are in power is to try and convince people to vote them back into power next time. If history shows that they didn’t actually implement anything resembling “fiscal restraint” when they were in power in the past, why should we believe that voting for them in the future would result in “fiscal restraint”?

    2. The tax cuts were funded. The democrats just refused trumps proposed 10% across the board spending cuts to all but the military and nasa.

      Why do you and your sock keep lying about this? Even the new York times had to admit trumps tax cuts helped the middle class more than the rich.

      1. “The tax cuts were funded. The democrats just refused trumps proposed 10% across the board spending cuts to all but the military and nasa.”

        In other words, the tax cuts were “funded” by proposals that had zero chance of actually passing, so they went ahead and passed the tax cuts without the cuts in spending that would have “funded” them. How does that mean that the tax cuts were funded? Can I fund a vacation to the Bahamas with my proposal to win the lottery and still get to go on vacation when I don’t win, and then tell the hotel and airline that my lottery winnings that didn’t happen will pay them?

        By the way, a proposal to cut all federal spending except the military and NASA by 10% is not something that anyone should take seriously. What Republican Congresspeople would actually have voted for such a thing? 10% cut to Medicare and Social Security? 10% cut to the VA? Homeland Security? The Energy Department? State Department? Basic research in science and medicine? Republicans talk a big game about cutting spending in broad terms, or on specific programs that their voters don’t care much about, but “across the board” cuts would dig into a lot of things that Republican voters like. As I said, that kind of proposal is all bluff.

  20. So, is Biden copying Pinochet and giving heliocopter rides?

  21. We have to appreciate that the 20th and 21st centuries have taught us a lot about how economies can work, and the fact is we have used these tools all along, and that’s where the learning has come from.

    Undesirable inflation is a real thing, but what you have to do is predict it. You may say that’s hard, but we’re all talking about preventing it, so we’re all talking about predicting it anyway. That takes planning. Don’t stick your dick in the wind and watch bankers jump out windows and wonder what the hell happened. Look at the world, then look at the money supply, then fix shit. And keep on top of it.

    We can do whatever our resources permit us to do. That’s jus’ physics. Now, I’ve been accused of being more autistic than a table lamp, but what a humanities education gets you that a computer coding one doesn’t, is that I understand perfectly well that you can’t plan or build anything without taking into account the random, stupid, small-minded, horseshit cultural fixations of human beings. There is no universal equation without the ape factor. And some would argue that factor is the sum total of why we bother living at all.

    Treating the US budget as a matter of kitchen-table accounting is, apart from being something that this country hasn’t ever done once since Colonial times, a bit of propaganda meant to fool people into thinking they have to give up public programs. The propaganda is generated by people who just so happen to also advocate putting all that public money in their accounts instead, because they know better than the public how to spend their money, as every libertarian will argue.

    But Trumpers and Bernie-bros alike have found something desirable in the clarity that has come in the post-mindfuck of 2021. The same people who keep demanding we obey their cultural stupidities, the Jesus people, well, it turns out they’ll latch onto any old cult leader, no matter how farcical. And it turns out they hated America and wanted to destroy it all along.

    So since nothing matters and culture is arbitrary and prone to conflict, why not just do what the Bernies want too and stop pretending that money is anything but ones and zeros on a computer? We can do whatever we want to do. All we have to get over are our cultural differences and agree on that. So, nothing to fear but civil war 2.

    1. How are you so dumb as to not understand bartering or trade and its existence for almost all of human history. The quality of Goods and services produced in a system give that systems currency value, not the other way around.

      1. Bartering as an economic system has not existed for all of human history. Get more than 5 people together and try to have an economic system based on barter. See how that goes.

        The very first evidence of human writing is not a poem, it’s a ledger. Money, or the ancient abstract equivalent thereof, has always how been economies of any scale have worked. Lords didn’t keep serfs in line by doling out bags of flour and chickens.

        It’s always been tally marks on a parchment, or ones and zeroes if you prefer to be modern about it. Since the beginning of human civilization.

    2. What in the hell was that? Talk about the most disjointed word salad to try and claim that basic economic theory is all wrong.

      The fact that leftists like you have finally come clean about your willingness to just blow up smart monetary practice is refreshing for its honesty. But it is just jaw dropping in its mountain sized level of fantastical ignorance.

      1. Mainstream economic theory is wrong. I have my theories about why economics as a discipline has such a tendency to be wrong, but you can probably chalk it up to greed.

        The thing about the “fringe” economic theory I’m talking about is that it’s exactly what the United States and many other sovereign countries are doing in practice, regardless of what textbooks say. The textbooks say something that the US hasn’t followed in like, ever. But it certainly has created money out of thin air to mitigate catastrophes.

        Wait until it dawns on you that politicians let millions of people go unemployed unnecessarily for the sake of fairy tales. Multiple times in your lifetime.

        1. It’s funny. I remember when the Republican Party was the illiberal party of conspiracy theories. It’s bizarre watching the Democrat Party turn into the party of illiberal conspiracy theories.

          1. When did it stop being an illiberal party of conspiracy theories? Which conspiracies has it given up?

            You act like there is only a certain amount of crazy available in politics, and that if Democrats were to increase their crazy it would be by draining it from Republicans. Unfortunately, irrational thinking by political partisans is not zero sum. So, even if I were to grant that Democrats were increasing their conspiracy thinking, it wouldn’t change anything about Republicans’ conspiracy nonsense. Only Republicans can decrease their own crazy.

          2. If it’s such a conspiracy theory, why don’t you tell me where money comes from, who the United States federal government owes money to, and how exactly that “bill” is going to “come due.”

            This country’s government has run an increasingly large deficit the entire time anyone’s been alive. The one time it balanced the budget, we kickstarted the economic pants-shit we are only now possibly emerging from, if we can keep the goddamn Nazi-adjacents out of power. In that case, see if Commandant Cletus of the Libertarian Reeducation Thunderdome will take bribes in Dogecoin or whatever your prepper strategy is.

            Think of all the children dead from guns bought in the premise that someday you’d have to overthrow the government. Did you not think it could be the Nazis doing the overthrowing?

            If you’ve ever refused to vote for a Democrat, you’re the enemy here.

  22. “I’ve been accused of being more autistic than a table lamp“

    No, you’re just a retard.

  23. Or as Reason’s Peter Suderman wrote just yesterday: “Biden seems to believe that bigger government is definitionally better government, almost independent of the policy specifics, so he’s pushing for bigger government just about any way he can.”

    Coming from a writer at a libertarian outlet, that is a pretty amusing case of projection. How many aphorisms get used by “small government” types that simply show a belief in smaller government as being “definitionally better government” virtually independent of any policy specifics? Small government types want government small enough to “drown it in the bathtub” (Grover Norquist). They want to “starve the beast”. Reagan once said that it is “as neat and predictable as a law of physics: as government expands, liberty retracts.”

    Then there are quotes (mostly falsely) attributed to Founders by those that think that they will make their arguments stronger by appealing to hero worship. For instance, “When people find out that they can vote themselves money, it will herald the end of the republic.” – often misattributed to Ben Franklin. I found a guy that devotes a whole webpage to these kinds of things.

    This is why I mostly reject political ideology. It is often used as a substitute for thinking through an actual problem. On the positive side, the point of adhering to a political ideology is to try and build a consistent framework for government and politics that relies on basic principles, values, individual rights, and moral responsibility that are believed to be important and true. Sounds great, but it devolves into motivated reasoning and tribalism far too easily when people aren’t willing or able to engage in skeptical self-reflection.

    I’ll use a quote that I like. It is not from a Founder, and he certainly had some moral failings, but he was also certainly innovative and successful. And I use it not because I want his authority, but because I like the way that he put it, it is an admission on my part that it is not an especially original thought, and I can verify that he really said it (though there are some small variations in the precise wording when it gets quoted by others).

    Thinking is the hardest work there is, which is the probable reason why so few engage in it. – Interview with Henry Ford, The Forum, April 1928

Please to post comments

Comments are closed.