2021 Is first time in 20 years US economy grew more than China's

[YorkRd]

[link:

Link to tweet

?s=21|

[Botany]

1. Joe Biden is a really bad socialist

"First time in 20 years US economy grew more than China's."

The measures would also pour billions more into scientific research and development pipelines in the United States, create grants and foster agreements between companies and research universities to encourage breakthroughs in new technologies, and establish new manufacturing jobs and apprenticeships.

“The proposals laid out by the House and Senate represent the sort of transformational investments in our industrial base and research and development that helped power the United States to lead the global economy in the 20th century,” Mr. Biden said in a statement. “They’ll help bring manufacturing jobs back to the United States, and they’re squarely focused on easing the sort of supply chain bottlenecks like semiconductors that have led to higher prices for the middle class.”

Best President of my lifetime and he protected this yesterday too. (boundary waters canoe area)

[gab13by13]

2. Chairman Powell will slow the economy down

when he raises interest rates.

[HariSeldon]

3. Interest rates are the wrong tool

Reduction or elimination of quantitative easing could possibly help, because inflation means that each dollar is representing less production than it used to, so adding more dollars out of thin air is problematic.

The better tool is a fiscal one: increasing taxes (on the wealthy...they can afford it) without additional spending. This move very effectively decreases the number of dollars in circulation without any reason it would necessarily reduce economic output, therefore increasing the amount of production each dollar is worth. Unfortunately, this remedy lies in the hands of our Congress, hamstrung by Republicans, Joe Manchin, and Kyrsten Sinema.

BBB would have been a compromise on this. While it included tax increments, it also spent "that money." But the differences between where the taxes would have been collected and where the increased spending would have gone makes a difference: certain hands turn a dollar into more economic activity than do others. Specifically, people with less economic means make a dollar do more work, so putting money in the hands of working Americans when taking it from the rich who are just sitting on the money is a budget-balancing (and more palatable) version of "tax the rich to reign in inflation."

[Johnny2X2X]

4. Economy grew at 5.7% in 2021, 6.9% rate in 4th Q

Spread this far and wide, this is a remarkable achievement by Biden. Fastest recovery in US history, and he did it during a pandemic.

[Kingofalldems]

5. Kick and rec for Trump's secret pals.