Sunset sound

[john12ax7]

What is it with the continual attempts to rehash and "correct" everything that we now deem "bad" that happened in the past? You can't erase history or right past wrongs.

This is obviously flawed reasoning. So you are either:

A) just trolling, and thus unwilling to engage in rational discourse
Or
B) so entrenched with preconceived views you no longer have the necessary open mind and critical thinking skills, and thus unable to engage in rational discourse.

Either way further discussion is futile.

 

[AnalogPackrat]

This is obviously flawed reasoning. So you are either:

A) just trolling, and thus unwilling to engage in rational discourse
Or
B) so entrenched with preconceived views you no longer have the necessary open mind and critical thinking skills, and thus unable to engage in rational discourse.

Either way further discussion is futile.

Unrealistic ideas like your proposal to somehow identify people who are now rich possibly because of some past advantage granted by government and then magically make them give it back (to whom, the government?) so we can level the playing field are what is flawed. My views have changed quite a lot since I was a twenty-something idealistic kid with minimal life experience. I've made my own mistakes, observed those made by others (including our government "leaders"), and learned from them. I'm open to pragmatic and realistic solutions.

 

[Matador]

 

[CJ]

The Big Kahuna is taking care of these inequalities by burning down luxury homes in the hills.

Next up will be a massive earthquake which will level the entire bay area. After that, flooding in San diego, landslides in Santa barbara, hurricanes in miami, you beware!

Only honest farmers and people who live off the grid will be saved. (except Texans)

The meek shall inherit the earth, for it us written...

 

[Newmarket]

Modern monetary theory suggests that government can just borrow/print all the money that they can imagine spending.

No. People often say that MMT advocates limitless issuing of money by government. But no real advocate of MMT states that.
Essentially (warning - major simplification incoming ) MMT takes the position that all money is issued by governments through the relevant mechanisms (eg in UK Treasury/BoE).
And that taxation is primarily a method of controlling how much of that money circulates in the economy.
It does not imply that a limitless amount of money should be allowed to circulate. There are constraints of inflation and resources.
Whether someone accepts the basis of the theory is one thing.
If someone does accept the basis of the theory then how they react in terms of economic policy is a different question.
But policy informed by MMT does offer a path to better utilise the productive capacity of an economy. And in turn provide the possibility to increase that productive capacity.

 

[JohnRoberts]

I have been trying to pay attention for years as the Fed and central bankers were unable to hit 2% inflation targets. Now they are celebrating getting it back down to only 3%.

$34.5T national debt is higher than our GDP and IMO excessive. I notice how much my weekly food purchase at the supermarket has increased.

The only possible hope I see for a return to normalcy is a massive productivity boost from business embracing generative AI, and the millions of illegal migrants paying more taxes into the system than the benefits they receive.

I don't feel lucky.

JR

PS: For a healthy economy we need migration, but we are a nation of laws and there are rules they should follow.

 

[crazydoc]

I have been trying to pay attention for years as the Fed and central bankers were unable to hit 2% inflation targets. Now they are celebrating getting it back down to only 3%.

High inflation has been a worldwide problem the last few years - people blaming Biden for it are ignorant or politicizing. US inflation rate has been and currently is lower than many other countries.

I notice how much my weekly food purchase at the supermarket has increased.

I don't understand why anyone would think that prices would stay the same or go down even with low inflation. Prices went up faster during high inflation, and now they are going up slower, but still going up - the definition of inflation. Ground beef was 50 cents a pound and gasoline 30 cents a gallon when I started buying them in the 60's. Income hopefully goes up to keep pace - I was making $1/hr then as a dishwasher, and got a raise to $1.01 after a few months. I was sharing a 2 room apartment with bathroom down the hall for $25/month.

Inflation has outpaced income recently - hopefully it will stabilize soon, so that younger generations can have reasonable life expectations.

 

[JohnRoberts]

High inflation has been a worldwide problem the last few years - people blaming Biden for it are ignorant or politicizing. US inflation rate has been and currently is lower than many other countries.

that is the current political spin... at least you didn't try to blame ex-president Trump.

I have been following this pretty closely since the derivatives debt market collapse and resulting collateral damage 2008-2009.

Both political parties are guilty of too much government spending, and most western central banks tend to work sympathetically. Spending and stimulus is generally fungible. Central bank spending outside the US is not driving our domestic inflation in my judgement.

I have watched President Biden brag about his party's massive spending bills. Now he is claiming that he needs yet another spending bill to close the border while he managed to open it all by himself by reversing some 50 odd executive orders that ex-President Trump wrote to manage the border.

I don't understand why anyone would think that prices would stay the same or go down even with low inflation. Prices went up faster during high inflation, and now they are going up slower, but still going up - the definition of inflation. Ground beef was 50 cents a pound and gasoline 30 cents a gallon when I started buying them in the 60's. Income hopefully goes up to keep pace - I was making $1/hr then as a dishwasher, and got a raise to $1.01 after a few months. I was sharing a 2 room apartment with bathroom down the hall for $25/month.

The mechanical mechanism for inflation is balance of money supply to available goods and services. Of course it is a little more complicated than that. I am repeating myself but we need higher productivity (more goods) to better match the elevated money supply.

Inflation has outpaced income recently

we agree

- hopefully it will stabilize soon, so that younger generations can have reasonable life expectations.

I am not sure how to fix the younger generations expectations. I guess it depends on what tic-tok tells them to think.

JR

 

[cyrano]

Japan has a diminishing population and hardly any problem with immigration, yet they have homeless. And more than I suspected:

 

[JohnRoberts]

I noticed an observation about our national debt. The interest cost to service our nation debt increased 35% this last year.

oh-oh....

JR

 

[boji]

If the government can print money at whim to pay for things, then why even tax anyone anything?

x.com/RnaudBertrand/status/1786272981058220187

The interest cost to service our nation debt increased 35% this last year.

Fed is incentivized to print money to the point that inflation rates exceed the interest rates of the money borrowed?

"Underdogma"
The widespread belief that, for any given issue, whichever side has less power is automatically considered righteous and whichever side appears to have more power is considered wrong.

 

[PermO]

Well, uh, it's... eh .... uhm... it's ..... eh ...


Best answer ever, kinda tells all.

 

[cyrano]

The rich are laughing their asses off.

You still keep blaming your govt (or at least the other side in that govt). It's turned to slapstick.

According to a Gallup poll from January 2019, 16% of Americans, including 40% of women under the age of 30, would like to leave the United States. Many decide to retire abroad seeking a lower cost of living, especially affordable health care. Etc.

 

[scott2000]

16% of Americans, including 40% of women under the age of 30, would like to leave the United States

it is getting pretty crowded here...

 

[cyrano]

it is getting pretty crowded here...

In Florida?

Those are the ones who are unable to leave for retirement. In Europe, they go to Spain, in The US to Florida...

 

[JohnRoberts]

Florida is an attractive destination for many citizens unhappy with blue state taxes and mismanagement. My older brother (the smart one) planned his escape from CA and is building a new house in NC.

I expect a lot of the established FL residents don't appreciate all the snowbirds moving there to stay.

JR

 

[AnalogPackrat]

The rich are laughing their asses off.

Who are "the rich?"

You still keep blaming your govt (or at least the other side in that govt). It's turned to slapstick.

Well, the government is causing a lot of the problem (and costing us our own tax dollars for it).

According to a Gallup poll from January 2019, 16% of Americans, including 40% of women under the age of 30, would like to leave the United States. Many decide to retire abroad seeking a lower cost of living, especially affordable health care. Etc.

Well, bye. I'd wager most of those people have never been outside the US, especially to any places with significantly lower CoL. They'll want to come back after experiencing it. And if they don't, well, bye. Shouldn't be able to vote here if you left of your own accord.

 

[JohnRoberts]

The rich are laughing their asses off.

JR

 

[jabe]

I expect a lot of the established FL residents don't appreciate all the snowbirds moving there to stay.

We sure don't. The influx of racist nutjobs has driven up prices and solidified idiot rule over the state.

 

[AnalogPackrat]

We sure don't. The influx of racist nutjobs has driven up prices and solidified idiot rule over the state.

Move to California. You'll love it.