Typical doom and gloom from Mr. Busler- " we are at the end of the road." Pushing an austerity agenda which has always been used to cut wages, impoverish the people and make them desparate, quit investing in infrastructure causing broken roads, power outages and lack of internet access in this highly connected age.
According to Politifact, by the end of Biden's term, Biden's number will be $7.902 trillion Vs Treasury figures for Trump at $7.8 trillion. An insignificant difference in dollars with a hugely significant difference in results.
Trump increased it by giving the wealthy and corporations massive tax cuts which largely exacerbated income inequality or resulted in corporate stock buy backs. There was not a real corresponding sustainable growth in the economy. Like all GOP fat-cat give-aways. Trump tax cuts were legislated to expire next year for most people- except for the corporations who, contrary to Mr Busler's assertion do NOT supply new capital to the economy.
To assert, as Mr Busler does when he says "If Trump wins, he will reduce tax rates which will increase economic activity and lead to increases in tax revenue." OMG - this is the biggest zombie econ idea (As Paul Krugman terms them) - it just won't DIE even though that whole concept has been DEBUNKED by facts on the ground under Reagan, GHWBush and GWB, and certainly between the passage of the 2017 tax cut bill and the pandemic. It's just plain FALSE and a repetition of Trickle-Down. As Wanda Sykes says- if you went to your doctor and he said you had a trickle, you'd be worried. So just because Mr Busler avoids the phrase it certainly is embodied in his rhetoric.
To say that "Biden’s policies will cause slower growth" is already debunked by facts on the ground! Not alld ebt is the same! Spending legislation that was passed in Biden's first two years with Democratic control of Congress are already paying off and will continue to do so for years as jobs are created or maintained for infrastructure projects.
The Inflation Reduction Act is one of three key pieces of legislation, the other two being:
-the CHIPS and Science Act (CHIPS) which projected to inject more than $2 trillion into the US economy and bring chip manufacturing back to the USA.-The act invests $280 billion to bolster US semiconductor capacity, catalyze R&D, and create regional high-tech hubs and a bigger, more inclusive STEM workforce
- the Bipartisan Infrastructure Law-The act will modernize the country’s aging infrastructure through extensive upgrades for roads and bridges. The BIL further provides funding to replace lead pipes that provide drinking water and to remediate pollution in disadvantaged communities—thus helping to build a more inclusive, sustainable economy.
The IRA has numerous green energy infrastructure initiatives for which spending will provide jobs and economic stimulus.
Finally this quote from Mr Busler: "Biden favors exactly the opposite: more social responsibility" YES! But of course the MAGA GOP prefers toxic individualism and lack of social responsibility.
