Official LRC President Joseph R Biden Thread

treasury secretary*

Fat hurts wrote:

agip wrote:

the problem with this is that we borrow today at low interest rates...1%.

but that debt will roll over in a few years.

At which time interest rates could be higher, say 4%, which would be very very damaging.

We are living too much in the present.

Like I said, if it gets too expensive to borrow then you need to stop.

But the most expensive thing you could possibly do is fail to invest in the future when interest rates are low. That's what we have been doing for the last 20 years or so and it is why we are falling behind the Chinese, who continue to invest heavily in their economy.

it doesn't work that way.

when these trillion dollars of debt have to be rolled over, they will be rolled over.

we will have to pay the interest rate, whatever it is.

we can't say yeah nah thanks we're done here no more loan.

If rates are higher it will squeeze the budget mightily.

Hardloper wrote:

Fat hurts wrote:

Interest rates won't stay low if all this spending gets through. It will lead to inflation which the fed will need to fight. Guess what will happen next?

This is a tacit admission that I am right.

Large spending programs don't necessarily lead to inflation. We have seen that many, many times already.

The whole point of the Obama stimulus was to create inflation.

no it wasn't. that's stupid. it was also to put people back to work, etc. I mean come on.

. If all this spending goes through we will need to raise rates to prevent inflation. Biden's secretary Janet Yellen admitted this a couple days ago.

she did not say that. Stop creating facts in your head.

She was speaking hypothetically. She was saying 'IF there is inflation THEN we will have to raise rates.'

She was not predicting we would have inflation.

'loper you do love to make stuff up. Why is that?

Those are related. The basic Keynesian idea was that deflation would lead to less economic activity and therefore less employment (even though this might be better in the long run) and controlled inflation would get people spending more quickly and this hiring more quickly.

Deflation was a concern because the economy was really bad thus demand was low. But that's not a concern now, the economy is coming back rapidly and only held back in a few places waiting for covid restrictions to go away.

Yes, and she said all the spending MIGHT cause inflation. You are right that she didn't say it WOULD cause inflation (my own opinion), but I think she is understating it because of her position.

ok we are agreed

Well duh. I wonder why.

White House press secretary Jen Psaki admitted in a CNN podcast published Thursday that President Joe Biden taking impromptu questions from reporters "is not something we recommend."

https://www.foxnews.com/media/jen-psaki-joe-biden-reporter-questions-press-david-axelrod-cnn

This administration has been a clown show since day one. 🤡🤡🥊💤💤👎❤️🐧👌🍗

Yet another win and success for all Americans.

https://www.wsj.com/articles/weekly-jobless-claims-coronavirus-05-06-2021-11620247798

Thank you President Biden 👏🏼👏🏼

Gina.. wrote:

Yet another win and success for all Americans.

https://www.wsj.com/articles/weekly-jobless-claims-coronavirus-05-06-2021-11620247798

Thank you President Biden 👏🏼👏🏼

Another all-time high, thanks Biden!

Success.

Have any of you cashed in on Biden’s stock market successes?

Gina.. wrote:

https://www.forbes.com/sites/chuckjones/2021/04/19/bidens-stock-market-is-crushing-trumps/?sh=2f8babcd1ec4

Have any of you cashed in on Biden’s stock market successes?

LOLz oh they won’t admit just how much better off we all are. And poof like magic suddenly they are all extremely concerned about the debt and budget deficit. When Trump had absolutely no reason to keep spending at record levels there was radio silence from the right and the mouth breathers heaped praise on him for his “economic miracle” which then blew up in his face. So they call all just fk off now and let the big kids keep driving.

agip wrote:

Hardloper wrote:

Those are related. The basic Keynesian idea was that deflation would lead to less economic activity and therefore less employment (even though this might be better in the long run) and controlled inflation would get people spending more quickly and this hiring more quickly.

Deflation was a concern because the economy was really bad thus demand was low. But that's not a concern now, the economy is coming back rapidly and only held back in a few places waiting for covid restrictions to go away.

Yes, and she said all the spending MIGHT cause inflation. You are right that she didn't say it WOULD cause inflation (my own opinion), but I think she is understating it because of her position.

ok we are agreed

I don’t want to hear anything from trump lovers regarding spending. Every time a Democrat POTUS has to come in and rescue the economy from a Republican’s recklessness the right magically gain’s religion and start screaming about the deficit.

This from an Obama official ...

https://www.foxnews.com/media/obama-energy-dept-scientist-no-evidence-humans-contribute-to-hurricanes-climate-alarmists-are-misinformed

The whole point of the Obama stimulus was to create inflation? What planet are you living on?

Yellen said no such thing. You are lying.

And I know you are lying because I watched Yellen on Meet the Press. Here is Yellen's quote:

the lopester is a trumpist liar, clear and simple.

his only redeeming feature is that he sometimes corrects himself when caught in a lie.

Other trumpists just double down, make the lie bigger and repeat it endlessly.

Congrats hardloper!

agip wrote:

Fat hurts wrote:

Like I said, if it gets too expensive to borrow then you need to stop.

But the most expensive thing you could possibly do is fail to invest in the future when interest rates are low. That's what we have been doing for the last 20 years or so and it is why we are falling behind the Chinese, who continue to invest heavily in their economy.

it doesn't work that way.

when these trillion dollars of debt have to be rolled over, they will be rolled over.

we will have to pay the interest rate, whatever it is.

we can't say yeah nah thanks we're done here no more loan.

If rates are higher it will squeeze the budget mightily.

It does work that way. You always have the option to cut spending in the future.

Yes, there is always some risk in borrowing, but that risk is minimal compared to the risk of doing nothing to fund future economic growth. Again, investment in the future is why China has been kicking our butts.

And, btw, I'm all for taxing the rich to pay for the jobs and infrastructure bill. But if we need to borrow part of it, now is the best time to do that.

The main objective is that we pass this bill because it is the most important legislation in our lifetime.

deaths in FL starting to tick up again...highest 7 day average of deaths in that state since April 4.

Up around 42% from April lows.

Could any conservative please explain why DeSantis, a favorite of those leaning way right, signed a bill that prevents private entities from mandating vaccines? I thought republican's were for less government and freedom. Isn't telling private companies they can't mandate vaccines more government and less freedom?

Also, the governor in the fine state of Florida was happy to take credit for how well the elections were conducted in 2020. A model for every state he said. So, if the election was managed so well, why would there be need for change?