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Unveiling economic team, Biden pledges, 'Help is on the way'

30 Comments
By ZEKE MILLER and WILL WEISSERT

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Unemployment remains high as the COVID-19 outbreak widens the gulf between average people and the wealthiest Americans

Add this to the growing list of problems Trump's leaving in his wake. While his backers LOL.

3 ( +8 / -5 )

More debt for working Americans to pay back then?

-4 ( +8 / -12 )

I'm seldom for more govt spending, but he govt can either prevent people from being evicted by a monthly covid bailout check until unemployment is less than 8% for the people barely hanging or they can spend on welfare, public housing, food stamps, food kitchens, etc. for much longer. Keeping people employed on minimal paychecks is cheaper than running govt programs for 25%.

After this is over, a balanced budget or better, budget surplus amendment, is needed. US politicians don't know how to say no. They need to learn, by force, if necessary.

0 ( +1 / -1 )

More debt for working Americans to pay back then?

Only if the country continues to refuse to tax capital gains as regular income and keeps the marginal tax rates of the wealthy ridiculously low. Also meditate on the fact that less than 2% of Federal revenues come from corporate taxes. For all the crying about the supposedly high tax rates corporations face in the US, historically corporate taxes contribute only 1% to at most 2% of total Federal revenues. Corporations pay almost none of the costs to support the courts, police, FBI, or the massive military apparatus that protect their business interests at home and around the world.

6 ( +9 / -3 )

Only if the country continues to refuse to tax capital gains as regular income and keeps the marginal tax rates of the wealthy ridiculously low. 

You do realize that spending is at an historic high. The increased spending enthusiastically provided by both political parties today will only come at the expense of future generations who will have slower growth and fewer opportunities. No one wants to save for a rainy day. They want to spend so much it rains.

The amount of money raised from the wealthy is minuscule compared to overall spending. As Obama himself admitted- the reason the Left wants to over tax those making more is to make them pay their fair share - presumably to punish them for being successful. You could confiscate all of the wealth of the top 10% and still not be able to prevent the US government from overspending on its annual budget.

The problem has always been overspending. When Americans were sane they were shocked and concerned when the government run up a trillion dollar debt. Now its barely covered by the media. The future is not bright for future generations.

-8 ( +3 / -11 )

Oh dear, this will be the end to end all ends to USA.

The GFC recovery team? All they recovered was wealth to crooked bankers. The Obama administration was widely known around world markets as the President that put the fox back in the hen house.

I suppose transferring jobs, wealth, technolgy to China will be back in full swing soon, as Biden exclaimed to huge applause recently 'we're back!' This will be concurrent with importing authoritarian rule from China?

-7 ( +4 / -11 )

Add this to the growing list of problems Trump's leaving in his wake. While his backers LOL

Ok, so more stifling regulations and tax increases, that means Texas, Florida and Tennessee need to move over and build more homes for people, watch as these States economies will continue to grow.

Why would he do that when Barr just laid the groundwork for Biden’s impeachment? Win about eight more House seats in 2022 and viola! Just like Pelosi pulled off in 2018. We are set up for a repeat of the last four years - this time with the shoe on the other foot. Yes Mr Biden - help is on the way America.

Bingo!

-11 ( +3 / -14 )

@theFu: After this is over, a balanced budget or better, budget surplus amendment, is needed. US politicians don't know how to say no. They need to learn, by force, if necessary.

The spending always happens but the balanced budget never does. Even the brief balanced budget under a Republican Congress in the late 90’s during the Tech Bubble immediately turned into a structural debt problem that continues to this day. The current state of the annual deficits will continue for as far as the eye can see. No more spending- it will only make the much more severe pain tomorrow worse.

-9 ( +3 / -12 )

Did he say build back better or reset?

-4 ( +2 / -6 )

Trump's first term added $7 trillion to the National Debt.

8 ( +11 / -3 )

Unfortunately, it will not come soon enough. The moratorium on evections ended months ago in many states, as did the pandemic stimulus and record new unemployed claims have been filed since October.

Tens of millions of Americans are looking at a very bleak winter. 100,000 more will die just from the virus. Who knows how many more from lack of regular medical care not related to the virus.

Trump's legacy of wholesale death and economic catastrophe will never be forgotten.

Biden has his work cut out for him. It will take years to fix this mess.

6 ( +7 / -1 )

Finally, after four years of cronies, kooks, and crooks, some expertise in government...

6 ( +8 / -2 )

The spending always happens but the balanced budget never does.

Which is why a constitutional amendment to mandate this with automatic cuts is required. Congress can't live within the annual income, so they need to be forced into it.

Any future stimulus needs to be targeted towards the people actually about to be evicted from rental properties, people who can't feed their families. Anyone with significant assets, like a house, can sell those assets. They don't a bailout.

I'm hopeful that Biden will hire good people and listen to their advice. Sometimes that advice will be wrong, but most of the time, it will be good.

4 ( +6 / -2 )

The spending always happens but the balanced budget never does. 

Yes it does. Bill Clinton went beyond balanced budgets. He balanced on the first year, and then produced surpluses for the next three years. How? He raised taxes on higher income taxpayers early on and cut spending on defense and welfare.

Economic meltdowns, caused by greedy corporations, however, are what have sent the US back into deficits.

8 ( +10 / -2 )

-economic inequality.-

There is that phrase he likes to coin. I suspect under a Biden administration on American soil you will al have this too look forward too. Great suffering with lower long-term GDP growth rates, higher crime rates, poorer public health, increased political inequality, and lower average education levels.

Republican victories will quickly test Biden and his team's ability to negotiate across the aisle to deliver on their promised relief for Americans. Amongst many other issues. The mission at hand is to derail this man disastrous direction for the country. He will not get any breaks. This is just the beginning. I am all about getting the stimulus going but more importantly the vaccine out.

Talking turkey on economy, ha what a joke. Biden promised frequently while campaigning.

That the U.S. would eventually emerge with an economy that is dramatically reshaped to better stamp out economic inequality. Had the Chinese virus not destabilized the entire globe. The American economy was going better then fine. Biden just needs to keep focused on ending COVID and the golden goose will be laid before his feet. Trump made sure of that.

“We might have to ask Lin-Manuel Miranda, who wrote a musical about the first secretary of the treasury, Hamilton, to write another musical about the female secretary of the treasury,” Biden joked. Not funny Biden.

-11 ( +1 / -12 )

Americans who care deeply about equity and equality and are fully aware of Mr. Biden’s harmful rhetoric and actions in the past. Just awful.

-10 ( +1 / -11 )

Biden will hike taxes by $3.3 trillion over a decade- This is gong to pay for his leveling of of the coin phrase he like "economic inequality".

3.3 Baby!

Should five percent appear too small?

Be thankful I don't take it all.

'Cause I'm the taxman.

Yeah, I'm the taxman.

-10 ( +1 / -11 )

In 2016 GDP growth was 1.7%. In 2019 it was 2.2% and 2020 -3.7%. Trump's increase in GDP is 0.5%

All three previous democrat presidents did better than Trump.

https://www.benzinga.com/general/education/20/10/18076099/how-gdp-growth-under-trump-compares-to-clinton-obama-and-other-presidents

6 ( +7 / -1 )

Biden and his wife, Jill, have a net worth of $9 million, according to a Forbes estimate. They came into their wealth recently — Biden has touted himself as "Middle-Class Joe" for decades.

It has been a tough year for Trump. On top of impeachment and the pandemic, his net worth has dropped an estimated $600 million since last September, to $2.5 billion. That puts him at No. 339 on The Forbes 400, down 64 spots from a year ago.

Who is qualified to run the restoration of the economy? And selection those qualified to rebuild?

Based on Obamas track record when middle class Joe was VP.

Pretty much a no-brainer.

The real median here, household incomes reached record levels in 2018 and 2019.

-9 ( +1 / -10 )

The Bidens reported an adjusted gross income of roughly $11 million in 2017 and $4.6 million in 2018. The bulk of that number comes from a multi-book deal with Flatiron Books valued at $8 million per Publishers Weekly, but the Bidens also earned a sizable income from speaking engagements.

The Bidens' two homes in Delaware are worth a combined $4 million. The site also notes that they have "cash and investments worth another $4 million or so" as well as a $1 million federal pension.

Unlike Trump the Biden's paid their taxes while Trump in 2017 paid just $750.

Trump has outstanding debts of $500 million now due.

5 ( +6 / -1 )

Biden represents for many a political programs and strategies that failed in 2016. FAILED FLAT!!!!!

While he is trying to reinvent himself to adapt to the leftward shift within the Democratic party – pushing for free college, a $15/hour minimum wage, power for workers

He had a hard time convincing many left Democrats about his sincerity. Even if he supported some of these positions already in 2015, he then served in an administration which was much more conservative on these points.

This has always been Joe's problem lack of sincerity.

Joe Biden is anything but the steward elect of Whitehouse.

Biden is a symbol of the old Democratic party. He entered the US Senate in 1973, under President Richard Nixon. He took over as chair of the Senate judiciary committee from Strom Thurmond. Several of the newly elected Democratic members of Congress were not even born yet when Biden entered the Senate and will only know Thurmond from the history books. Like many of their voters, who are also increasingly non-white and female, they will look at Biden and see a Democratic party socialist's with no spine and belief system or parameters.

That ladies and gentleman is the Democratic Party of the modern times.

-10 ( +1 / -11 )

Biden is a dinosaur. He is to old to be President and career politician with not one once of his own ideas and creativity, He is unqualified and unfit to hold the Presidency of United States,

Aren’t you a Ted Cruz fan?

Try selling that to the electorate. Even his base, the evangelical Taliban went with Trump over him.

7 ( +8 / -1 )

This has always been Joe's problem lack of sincerity.

Biden is the essence of swamp and what has been wrong with Washington for so long.

Dirty/corrupt!

He is unqualified and unfit to hold the Presidency of United States, Nor has the stamina to go the 4 years in this grueling job,

When I hear Trump fans saying things like this, it makes you scratch your head and wonder why this has suddenly started to bother them after 4 years of corruption, lying, incompetence, nepotism and miserable failure?

6 ( +7 / -1 )

I have zero confidence that this old geezer and his bunch of Washington and hedge fund insiders are going to bring any radical change. Just because an administration is diverse and experienced doesn't mean it will somehow achieve miracles. And this bunch have a long track record of cronyism, self aggrandizement and enrichment and general incompetence.

I think that the US has a bleak few years ahead of it for a whole range of reasons and this bunch are not going to make it any better or relieve the stress on the hard done by.

-7 ( +1 / -8 )

In 2016 GDP growth was 1.7%. In 2019 it was 2.2% and 2020 -3.7%. Trump's increase in GDP is 0.5%

All three previous democrat presidents did better than Trump

No, they didn’t enough when it comes to full-time employment, not when it comes to lowering the unemployment for the black community and not want to comes to creating jobs in the private sector and small businesses

https://www.mymotherlode.com/news/local/950437/trump-small-business-success-and-red-tape-reductions.html

https://www.reviewjournal.com/opinion/opinion-columns/wayne-allyn-root/why-small-business-owners-love-donald-trump/

-11 ( +0 / -11 )

I have zero confidence that this old geezer and his bunch of Washington and hedge fund insiders are going to bring any radical change.

Again, after the last 4 years why are you suddenly hoping for 'radical change'? You haven't until now

And this bunch have a long track record of cronyism, self aggrandizement and enrichment and general incompetence.

How could you type this with a straight face? You have just summed up the last 4 years quite perfectly!

5 ( +6 / -1 )

the reason the Left wants to over tax those making more is to make them pay their fair share - presumably to punish them for being successful. 

Does the left want to make them pay their fair share or punish them for being successful? Hint: It’s the former, not the latter.

4 ( +5 / -1 )

I am not hoping for change.  biden is the one who keeps saying that he represents a change in approach.

Your view of the last 4 years is certainly one perspective.  However looking at the list of Biden appointees I would say we are in for more of the same then.

-5 ( +1 / -6 )

For 40 years Trump worked for himself. Suffered 6 bankruptcies. Failed uni scam.

while Biden served his country with public service.

5 ( +6 / -1 )

I am not hoping for change. biden is the one who keeps saying that he represents a change in approach.

If you aren't hoping for or expecting change then you must be reasonably satisfied with his choices.

Your view of the last 4 years is certainly one perspective. However looking at the list of Biden appointees I would say we are in for more of the same then.

A continuation of the Trump swamp then, you must be pleased.

4 ( +5 / -1 )

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