Drudge Retort: The Other Side of the News
Tuesday, February 11, 2020

Federal Reserve Board Chair Jerome H. Powell told Congress on Tuesday that now would be a good time to reduce the federal budget deficit, which is expected to top $1 trillion this year.

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Again,Tea Party, where are you when America needs you the most???????

#1 | Posted by aborted_monson at 2020-02-11 05:11 PM | Reply

#1 Huh? There's a n****r in the White House again?

Sincerely,

Tea Party "Patriots"

#2 | Posted by Nixon at 2020-02-11 05:20 PM | Reply | Newsworthy 4

LOL

No ... you don't say!

Good luck Millenials!

#3 | Posted by AndreaMackris at 2020-02-12 12:45 AM | Reply

Let's have another tax cut for the rich..
Or raise the already bloated military budget.
Deficits are for democrats.
-maga

#4 | Posted by 503jc69 at 2020-02-12 12:53 AM | Reply | Newsworthy 3

@#1 ... Again,Tea Party, where are you when America needs you the most??????? ...

The Tea Party is giving multi-trillion tax cuts to the wealthy and corporations.

The Tea Party is right where it wants to be.

#5 | Posted by LampLighter at 2020-02-12 01:13 AM | Reply

__________

What does he mean "unsustainable"? Just keep printing 'em dollars.

The Dems are in no way better - enter MMT / "Modern Monetary Theory" that calls exactly for that... It's promoted by AOC, her pal "helicopter money all the time" economist Stephanie Kelton (equivalent of Trump's "trade warrior" Peter Navarro) and is supported by Sanders and Warren.

Even paul Krugman understands that MMT is a road to eventual financial and economic ruin.

www.bloomberg.com - Stephanie Kelton, Modern Monetary Theory Evangelist

MMT argues that in any country with its own currency, budget deficits don't matter unless they cause inflation. The government can pay for what it needs by simply printing more money " no reason to borrow by issuing bonds.

Stephanie Kelton has promoted MMT for years in academic papers and at conferences and as an adviser to Democrats on the Senate Budget Committee as well as to Bernie Sanders's presidential campaigns. But it was her war of words with Nobel Prize-winning economist, New York Times columnist, and MMT hater Paul Krugman that helped raise the theory's profile this year. So did opposition from Federal Reserve Chair Jerome Powell and Warren Buffett " and approval from New York Democratic Representative Alexandria Ocasio-Cortez. Kelton's new book, The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy, is due in June 2020,

www.cnbc.com - Bernie Sanders' 2016 economic advisor Stephanie Kelton on Modern Monetary Theory and the 2020 race

Happy Halloween to all!

Considering we are adding more than a $1.25T of debt every year (higher than just a "budget deficit" because of off-budget items) and Fed's interest rate just above 1.5%, the economy is badly limping at effective (minus government overspending) rate of well below 2% despite gig economy that produces "low unemployment" but high "underemployment" as evidenced by lower average hours worked and declining average hourly wages, somewhat mitigated by official inflation and increased minimum wage in some states and/or cities.

"The best economy evah!" is the real hoax, but you can believe orange con man, not econ men.
__________

#6 | Posted by CutiePie at 2020-02-12 03:05 AM | Reply

"as evidenced by lower average hours worked and declining average hourly wages, somewhat mitigated by official inflation and increased minimum wage in some states and/or cities.
#6 | POSTED BY CUTIEPIE "

What the F are you talking about? Wage increases are finally outpacing inflation due to Trump. If the Dems stopped fighting immigration enforcement, we could get 5% annual increases. A tight labor market is a good thing. The Dumb Dems don't even realize they are the ones cutting their own throats at the altar of the giant corporations because they were fooled into thinking MASS illegal immigration doesn't effect the labor market while they cry about Federal Tax income tax rates when they are part of the 48% that don't pay ANY.

#7 | Posted by iragoldberg at 2020-02-12 05:30 AM | Reply | Funny: 1

The next Democrat president is gonna have to answer for these massive deficits!

#8 | Posted by anton at 2020-02-12 06:29 AM | Reply | Newsworthy 1

Irag,

Let's jail employers, like Trump, who hire undocumented workers.

I'm sure you're on board with that, right?

#9 | Posted by anton at 2020-02-12 06:30 AM | Reply | Newsworthy 3

LOL

No ... you don't say!

Good luck Millenials!

#3 | Posted by AndreaMackris at 2020-02-12 12:45 AM | Reply | Flag:

So what's your plan to fix it?

#10 | Posted by Nixon at 2020-02-12 06:43 AM | Reply | Newsworthy 1

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Wage increases are finally outpacing inflation due to Trump.

Wages are growing thanks to blue states increasing minimum wages. Fat Nixon had nothing to do with that.

www.washingtonpost.com

"In the past week, minimum wages have risen in more than 20 states. Many of them are the result of increases that have been implemented in phases over the past few years, or indexed to inflation. Nearly 7 million workers began 2020 with higher wages, according to the Economic Policy Institute, a left-leaning think tank. This week, New Mexico's wage floor rose from $7.50 an hour to $9, and Washington state's rose from $12 to $13.50.

A hot labor market helps, but policies that increase the minimum wage are a "really meaningful part of wage growth for low-wage workers," said Heidi Shierholz, senior economist at the Economic Policy Institute. "That is absolutely, undeniably true."

Over the past year, paychecks for those in bottom 25 percent of the workforce grew almost 1.5 times as fast as those in states where the minimum wage did not budge.

To be sure, the wage increases appear concentrated among those who already have a job. That is a group that typically sees the benefits of minimum wage increases first, research has shown.

In 2018, the Arkansas ballot initiative to raise the minimum wage won 68 percent of the vote in an election where Republicans swept all the other key races. The wage hike was controversial, as Arkansas business owners worried about the labor costs associated with paying employees more and warned of job losses.
But that didn't happen. In November, the Arkansas unemployment rate was 3.6 percent, down from 3.7 percent a year earlier."

#11 | Posted by Nixon at 2020-02-12 06:50 AM | Reply | Newsworthy 3

Facts VS right-wing mythology.

#12 | Posted by WhoDaMan at 2020-02-12 09:02 AM | Reply

Maybe if Republicans focused on balancing the budget before they gave huge tax cuts to their most wealthy friends (benefactors)....

#13 | Posted by Whatsleft at 2020-02-12 11:08 AM | Reply | Newsworthy 1

LOL
No ... you don't say!
Good luck Millenials!

#3 | POSTED BY ANDREAMACKRIS

Ah the older generation's motto: We broke it. You fix it.

It's time for a wealth tax on people over 45 or 50 for not paying their fair share for decades and its time for a social security cut for the wealthy.

No more of this "We built it" garbage. Millenials built it by being forced to cover your loans ("tax cuts").

#14 | Posted by Sycophant at 2020-02-12 11:15 AM | Reply | Newsworthy 1

LOL

No ... you don't say!

Good luck Millenials!

#3 | Posted by AndreaMackris at 2020-02-12 12:45 AM

And this sums up why I despise the GOP and Boomers.

#15 | Posted by SunTzuMeow at 2020-02-12 01:50 PM | Reply

"Let's jail employers, like Trump, who hire undocumented workers.
I'm sure you're on board with that, right?
#9 | POSTED BY ANTON "

YES. I am for 'all of the above' - jail employers, build a wall, and give employers the tools to avoid hiring illegals by accident.

"Wages are growing thanks to blue states increasing minimum wages"

The amount of workers earning minimum wage is minuscule. We are seeing across the board wage increases outstripping inflation for the first time in decades with a lot of the beneficiaries being the lower skilled workers - this is Trump's plan in action. If Dems gave 2 ----- about illegals, we would be at 5% annual growth and the need to even have a minimum wage would be eliminated.

"its time for a social security cut for the wealthy.
No more of this "We built it" garbage. Millenials built it by being forced to cover your loans ("tax cuts").
#14 | POSTED BY SYCOPHANT "

The share of taxes being shouldered by millenials is small because they don't make much money due to poor life choices. The SS cut for the wealthy will never happen BECAUSE OF DEMOCRATS. Once SS becomes means-tested, they can't pretend it is a savings plan and not another form of welfare payments - so they will never implement your change. As GOP supporter - I 100% agree that SS should be means tested.

#16 | Posted by iragoldberg at 2020-02-12 08:24 PM | Reply

"give employers the tools to avoid hiring illegals by accident"

Employers don't want to use tools that prevent them from hiring competent labor.

Hiring illegals isn't an accident. It's a conscious, and good, business decision.

#17 | Posted by snoofy at 2020-02-12 08:48 PM | Reply

"Hiring illegals isn't an accident. It's a conscious, and good, business decision.
#17 | POSTED BY SNOOFY "

And those that do it should be tossed in jail and businesses fined sufficient to the point that the practice stops - up to an including the government seizing the businesses.

#18 | Posted by iragoldberg at 2020-02-12 10:59 PM | Reply

And this sums up why I despise the GOP and Boomers.
#15 | POSTED BY SUNTZUMEOW

You guys are the ones wanting more FREE stuff.

Also don't blame Boomers, I am not one.

#19 | Posted by AndreaMackris at 2020-02-12 11:13 PM | Reply

It's time for a wealth tax on people over 45 or 50 for not paying their fair share for decades and its time for a social security cut for the wealthy.

Do it!

See how quickly it won't matter ...

Like most Liberals, all talk no action!

#20 | Posted by AndreaMackris at 2020-02-12 11:14 PM | Reply

And this sums up why I despise the GOP and Boomers.
#15 | POSTED BY SUNTZUMEOW

Remember always remember, there was a time when there were fiscal conservatives, under Clinton and Bush.

But the left ravaged them ... now you want us to care? LOL hilarious.


Maybe if Republicans focused on balancing the budget before they gave huge tax cuts to their most wealthy friends (benefactors)....

See you think it is a revenue problem ... it's not, not even close ...

#21 | Posted by AndreaMackris at 2020-02-12 11:28 PM | Reply

"Remember always remember, there was a time when there were fiscal conservatives, under Clinton and Bush.
But the left ravaged them"

To sum up:
You were brutally ravaged by vicious, hard-hitting Soy Boys.

Will you ever recover?
No, you're a basket case. Hope you're getting those disability checks you so rightly deserve.

#22 | Posted by snoofy at 2020-02-12 11:54 PM | Reply

Among Trump's other broken 2016 campaign promises were that he'd erase annual deficits and have our debt paid off in a few years.

Instead, he's more than doubled the deficits Obama got down from $1.4 trillion to $500m.

Even Trump's most ardent supporters must privately acknowledge to themselves that if Trump's lips are moving he's lying. But they're OK with it.

#23 | Posted by AMERICANUNITY at 2020-02-13 03:56 AM | Reply

The only broken promises you'll ever hear about from Trumpers... were broken by Obama, which is interesting, because they didn't believe Obama in the first place. Coincidentally, they likely didn't believe Trump in the first place.

It's not about promises for them. It's about dog whistles. The last ten or so posts from Deplorables in the comment history ought to make that pretty clear.

#24 | Posted by snoofy at 2020-02-13 04:03 AM | Reply

Deplorables = Hypocrites on everything. The nation's debt is just one more thing.

#25 | Posted by tknees at 2020-02-13 10:46 AM | Reply

The only broken promises you'll ever hear about from Trumpers... were broken by Obama,

Liar, Bush broke many promises, so did Reagan.

The nation's debt is just one more thing.

I used to care, I was told by lefties that I didn't care about the poor, or elderly.

I don't care anymore, why now am I a hypocrite?

Spend away .. its as unsustainable now as it was when I said it was 15yrs ago.

The only hypocrites are the ones on this thread wanting more spending while complaining about the deficit.

HINT: MORE TAXATION WON'T HELP, even taxing wealth.

#26 | Posted by AndreaMackris at 2020-02-13 11:41 AM | Reply


Hope you're getting those disability checks you so rightly deserve.
#22 | POSTED BY SNOOFY

Under Bernie I just might apply, how could they say no.

#27 | Posted by AndreaMackris at 2020-02-13 11:42 AM | Reply

Under Bernie I just might apply, how could they say no.

#27 | POSTED BY ANDREAMACKRIS

Yeah!

That will teach those liberals to try and help the sick or poor and disadvantaged.

#28 | Posted by donnerboy at 2020-02-13 12:08 PM | Reply

"And those that do it should be tossed in jail and businesses fined sufficient to the point that the practice stops - up to an including the government seizing the businesses.

I don't doubt your sincerity at all Ira. We agree on the appropriate punishments for hiring illegal aliens, I remember the days when that was, pretty much, what happened to them. However, your problem isn't me or other liberals, we pretty much want the same things you do. Your problem is the donors to the Republican Party. They do not want the same things the rest of us want. They do a great job of pretending they do but notice, they never seem to get around to bringing back real punishments for the employers of illegal aliens. That isn't an oversight, it is their plan.

#29 | Posted by danni at 2020-02-13 12:18 PM | Reply

"Under Bernie I just might apply, how could they say no."

I know people who went and applied for SS Disability Assistance, guess what, almost all were turned down. I'm sure there are some out there collecting a pittance to live on but I don't think many people who are capable of working would choose that as a life style. But, go for it Andrea and I'd like to help you so study this before you apply:

"Income Limits & SSI Disability Eligibility"

www.disabilitysecrets.com

I seriously doubt you'll want to make a claim.

#30 | Posted by danni at 2020-02-13 12:28 PM | Reply

Hope you're getting those disability checks you so rightly deserve.
#22 | POSTED BY SNOOFY

Under Bernie I just might apply, how could they say no.
#27 | POSTED BY ANDREAMACKRIS

I seriously doubt you'll want to make a claim.
#30 | POSTED BY DANNI

Give ANDREAMACKRIS' posts on here, I'd guess she'd qualify pretty easy under the mental and cognitive impairment guidelines.

#31 | Posted by Sycophant at 2020-02-13 12:34 PM | Reply

Well, the good news is he's not wrong and I think everyone can agree on that. The bad news is both political parties have their heads up their asses so much that they can't do anything to help it. Or, if you belong to one of those parties, your response is more like, "Well, it's awl dat uther parties's fawlt!!!"

#32 | Posted by humtake at 2020-02-13 12:38 PM | Reply

I seriously doubt you'll want to make a claim.
#30 | POSTED BY DANNI

Free money why not you'd be insane not too.

#33 | Posted by AndreaMackris at 2020-02-13 12:40 PM | Reply

The bad news is both political parties have their heads up their asses so much that they can't do anything to help it.

Exactly ... I gave up ... just don't tax me anymore.

Or, if you belong to one of those parties, your response is more like, "Well, it's awl dat uther parties's fawlt!!!"

They both want to increase spending ... In all my years I never seen a spending decrease, only a rate of spending decrease.

#34 | Posted by AndreaMackris at 2020-02-13 12:42 PM | Reply


I'd guess she'd qualify pretty easy under the mental and cognitive impairment guidelines.
#31 | POSTED BY SYCOPHANT

Who doesn't?

#35 | Posted by AndreaMackris at 2020-02-13 12:43 PM | Reply

This is the way it comes crumbling down, not in one fail swoop ... but over time maintaining a semblance of structure....

The way this silo collapses
twitter.com

Regardless, pretty incredible video.

#36 | Posted by AndreaMackris at 2020-02-13 12:56 PM | Reply

"Free money why not you'd be insane not too."

Obviously, you didn't read the information I supplied. It would probably hinder your simplistic world view with facts and details that are so inconvenient to your political point of view.

#37 | Posted by danni at 2020-02-13 01:04 PM | Reply

from near the top....

Let's have another tax cut for the rich..
Or raise the already bloated military budget.
Deficits are for democrats.
-maga

No, deficits are created by Rethuglicans,
Democrats are left picking up the pieces
afterwards...

#38 | Posted by earthmuse at 2020-02-13 03:29 PM | Reply

Now just think of all those dem candidates who want to add even more trillions of new spending pandering for voters.

#39 | Posted by MSgt at 2020-02-13 05:14 PM | Reply

"Now just think of all those dem candidates who want to add even more trillions of new spending pandering for voters."

Have you tried allowing yourself to think that dems will raise taxes to pay for their spending, or is that asking too much?

#40 | Posted by snoofy at 2020-02-13 05:42 PM | Reply

Let's tax half of Bloomsberg's money. He'll have plenty left over. Tax them all.

Heck, be honest. Confiscate it like the govt did gold.

Off the gold standard?

Off the dollar bill standard.

#41 | Posted by Petrous at 2020-02-13 07:28 PM | Reply

__________

www.bloomberg.com - Bernie Sanders Could Be the Stock Market's Best Friend. If elected president, he would most likely expand the deficits that have buoyed corporate earnings and equities.

And while Sanders would seek to reverse Trump's policies, lower taxes and deregulation haven't contributed much to the bull market, either. Most of the earnings growth that fueled higher stock prices was already in the books when Trump's tax cuts took effect in 2018. Also, many of the regulations targeted by the administration focus on the energy sector, which has struggled to grow earnings at all since the 2008 financial crisis.

An explanation that deserves more attention is deficit spending. Governments have long used deficits to bolster economic activity, and the annual federal deficits since 2009 have been the highest on record. From 1970 to 2008 the average annual deficit was $129 billion. Since 2009, that average has jumped to $882 billion. More than any other single factor, that spike in deficit spending most likely fed the earnings growth behind this bull market.

If you think deficits are high now, just wait for President Sanders. His expensive wish list includes health care, housing and college for all, not to mention Green New Deal. Sure, some of the money may come from higher taxes, but no one doubts that much of it will be added to the nation's debt. One estimate pins the cost of Sanders's proposals at up to $97.5 trillion.

Stephanie Kelton, an economic adviser to the Sanders campaign, told Bloomberg TV recently that the U.S. could "safely increase the deficit, let's say by another $500 billion or so, before we begin to see inflation accelerating to something that we would consider problematic." Kelton has become the public face of Modern Monetary Theory, which posits that the U.S., can accumulate as much debt as it wants as long as inflation remains in check. Not surprisingly, the theory is increasingly popular with progressives who support big, Bernie-esque initiatives.

Additional deficits of $500 billion a year probably wouldn't be enough to pay for Sanders's proposals, so expect a Sanders administration to push MMT to its limits.

There may be more than one "King of Debt" or "Queen of Debt" - why worry, be happy and spend, spend, spend - it keeps the market up and people think they are getting richer... for a while.

www.foxbusiness.com - Many Americans run out of money before payday, survey finds. Financial stress is a reality for 42% of American workers, regardless of age, income or background

People at the lowest income levels experience the most stress (50 percent of people who earn less than $15,000 and 49 percent of people who make between $15,000 and $25,000). However, the third-highest percentage of people who experience financial stress (47 percent) are people who make between $130,000 and $200,000.

A big factor in financial stress is running out of money before payday, which happens to 32 percent of workers regularly.

At the lowest end of the income spectrum, about 40 percent of people who make less than $15,000 annually and 40 percent of people who make between $15,000 and $25,000 annually run out of money before payday. However, 32 percent of people who make more than $200,000 also run out of money before payday.

Of course, people still have to make ends meet, so many people take out 401(k) loans or payday loans or just use a credit card and carry the balance over to the next month. 46 percent of workers who carry over their credit card balance have more than $3,000 on their cards.
__________

#42 | Posted by CutiePie at 2020-02-14 12:23 AM | Reply

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