Saturday 31st of July 2021

the six trillion dollar man...

sixsix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WASHINGTON — President Biden’s $6 trillion budget proposal represents the largest increase in federal spending since World War II and offers the most detailed look to date of the White House’s economic priorities.

 

The administration is currently in negotiations with lawmakers over how to enact the next phases of its agenda, and many of the provisions in the budget will be met with resistance from Republicans. But the proposal offers a new view into the costs of the Biden administration’s infrastructure and jobs plans and the effect that this broad expansion of the social safety net would have on the economy over the next decade.

The budget also underscores the Biden administration’s belief that the fiscal situation is manageable, and that given historically low interest rates, now is the time to make major investments to combat climate change and reduce income inequality. White House officials see that spending as crucial to making the United States economy more competitive in the long run.

The proposal, which will be formally released on Friday, will further fuel the political debate over whether the country can afford such ambitious plans given the ballooning budget deficit.

“It is not the president’s fault that he inherited such a terrible debt situation, but it will fall to him to provide leadership on how to fix it,” said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget. “It is quite welcome that they talk about paying for all the new initiatives, but the huge amount of upfront borrowing calls into question whether the promised savings would ever actually materialize.”

Here’s a look at some of the economic aspects of Mr. Biden’s plan:

The debt is not a hill to die on.

The national debt surpassed the size of the economy last year, and it shows no sign of shrinking. The president’s budget projects that the total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031.

The administration believes that this is not the best metric for understanding the nation’s debt burden, which it acknowledges needs to be addressed in the long term. Much of the spending in the budget is “mandatory” for programs such as Social Security, Medicare and Medicaid.

Treasury Secretary Janet L. Yellen said on Thursday that her preferred metric was how much the United States paid in interest on the money it had borrowed when compared with the overall economy. She noted that this burden would eventually rise, as interest rates do, but that currently the United States was expending relatively few resources to pay interest on the debt.

Net interest costs are $303 billion this year, or 1.4 percent of gross domestic product. That is well below the 2 percent of gross domestic product that they have averaged over the past 50 years, according to the Committee for a Responsible Federal Budget.

“It remains well within and under historic norms, and I think it needs to stay that way,” Ms. Yellen said of interest costs at a House hearing on Thursday. “That’s a metric that I am looking at to judge the sustainability of federal finances.”

Bringing growth forecasts back to Earth.

Administrations have long used overly rosy economic growth projections as a way to make their fiscal promises appear feasible. During the Trump administration, the White House envisioned years of sustained growth at 3 percent or beyond, making it possible for its $1.5 trillion tax cuts to pay for themselves and to provide a balanced budget.

 

Read more:

 https://www.nytimes.com/2021/05/27/business/economy/biden-budget.html

 

Free Julian Assange Now xxxxxxxxxxxxxxxxxxxxxx!!!!!

a lot of fake money...

I believe the administration sneakily went for the 6 billion rather than 6.1 or 5.9 billion or say 7.3 billion because it was fishing for a headline like the one we used at top "the six trillion dollar man" to capture the old essence of Lee Majors in the famous series...

 

The Six Million Dollar Man is an American science fiction and action television series, running from 1973 to 1978, about a former astronautUSAF Colonel Steve Austin, portrayed by Lee Majors. After a NASA test flight accident, Austin is rebuilt with superhuman strength, speed, and vision due to bionic implants and is employed as a secret agent by a fictional U.S. government office titled OSI.[n 1] The series was based on Martin Caidin's 1972 novel Cyborg, which was the working title of the series during pre-production.[2]

Following three television films intended as pilots, which all aired in 1973, The Six Million Dollar Man television series aired on the ABC network as a regular episodic series for five seasons from 1974 to 1978. Steve Austin became a pop culture icon of the 1970s.

A spin-off television series, The Bionic Woman, featuring the lead female character Jaime Sommers, ran from 1976 to 1978. Three television movies featuring both bionic characters were also produced from 1987 to 1994.

 

Read more:

https://en.wikipedia.org/wiki/The_Six_Million_Dollar_Man

 

Meanwhile, The New York Post did not fall for the trick and went with their own version of what we see in Australia as Pork Barrelling... or buying votes. 6 trillion dollar is an eye watering budget in which most of the (fake) cash will vanish in the pockets of the rich corporate kids... But here in Australia we have also done our homeworks in which balancing a budget sheet is not one of them. Much of the cash will be lost to the charitable causes of supporting coal mining and fantasmagorical research into the "carbon capture" and collection of farts... while screwing the poor and the workers...

 

See also: the law is for equality...

 

 

Meanwhile:

 

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