Prof. Dionne: Biden’s Plans To Tax The Rich ‘Will Actually Help Grow Business’ 1

Prof. Dionne: Biden’s Plans To Tax The Rich ‘Will Actually Help Grow Business’

 

E.J. Dionne, professor at Georgetown University, tells Lawrence O'Donnell that President Biden's plans to increase the tax rate for corporations and the top 1% is "beneficial not only to people, but to businesses and to the economy."
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50 comments

  1. Sure it will help grow business, it will help them grow overseas due to them offshoring those jobs.

    1. @Dustin Caso let’s compare numbers from our own government. This is straight from the JEC (joint economic committee):

      Unemployment: Under Obama, unemployment fell from a recession-peak of 10 percent to only 4.7 percent. It has continued to drop and now is 3.5 percent (this was written pre-COVID). After COVID, the unemployment rate went as high as 14.8%. You tell me which number is bigger (Trump’s)

      Job growth: By the end of the Obama administration, the economy had experienced 76 consecutive months of job growth. Since Trump became president, the streak has been extended to 111 consecutive months. (Again before COVID.) compare 77 with 34. Obama wins again.

      Average monthly job growth: During the last 35 months of the Obama administration, non-farm job growth averaged 227,000 per month. During the first 35 months of the Trump administration, the average was 36,000 jobs per month less, averaging 191,000 per month. Obama is 3 for 3.

    2. Income: During the last two years of the Obama administration, annual median household income increased $4,800. This is three times more than the $1,400 increase during the first two years of the Trump administration

      The stock market: President Trump frequently points to the stock market as evidence of his success, even though it is a poor proxy for the nation’s overall economic well-being since nearly half of Americans do not own stock, either directly or indirectly. However, even by this measure, he lags behind President Obama. In President Trump’s first three years in office, the Dow Jones Industrial Average (DJIA) increased almost 50 percent, while over the eight years of the Obama administration, the DJIA increased almost 140 percent—a substantially greater pace.

    3. @Nunya Bidness and in 2019, individual household income was the highest it’s ever been in over 50 years across every demographic especially black and Latino households. It’s why the US census is showing people leaving blue states in droves because conservatives are far better with the economy than liberals. 2022 is going to be a bad year for you.

    4. @Dustin Caso lol you’re drowning and trying to grab on to anything that will keep you afloat. I just demonstrated to you that that growth could not be attributed to Trump. He hadn’t passed any significant legislation to make it so. He had inherited a strong economy that Obama created. You’re also conveniently ignoring everything else, especially that under Trump’s watch, there had been record UNEMPLOYMENT, almost 15%, a whole 5% more than Obama’s worst. Under every metric, Obama left a better, stronger economy than Trump did. Those are the facts.

      And just to address your edit because it is hilariously wrong: Historically speaking, the economy has done better under democrat presidents, by a large margin. The economy has grown on average 4.6% each year we had a democrat as president vs 2.4% under Republican presidents. If there had been no Republican presidents the past 90 years, our economy would have grown at twice the rate it has in reality.

      Finally, you lost the senate, the house, and the White House. Republican membership has dropped significantly after the Jan 6 insurrection attempt. Democrats outnumber republicans and after 2020 are voting more than ever. History shows that the US is better under democrat control, and their policies are more popular than ever. It’s going to be a sad sad future for conservatives.

    5. @Karla Hall it depends on your job. If someone flipping burgers and not working hard. Compared to someone who a construction worker they should not make the same wage. You the person go and find jobs that pay good. 40 hours a week has nothing to do with how much you should make. If you picked a bad job that on you. You make your situation. Where gonna say on this topic.

    1. @Mark Jefferson that has nothing to do with the conversation we’re having. We’re talking about taxes, not manufacturing. Our economy was strongest when we taxed the rich at a higher rate. This was the case during the Great Depression and the time after WWII, then Reaganomics came around which led to the shrinking middle class you’re talking about.

    2. @Mark Jefferson uh, no. The economic boom was mostly the result of adoption of Keynesian policies by the Eisenhower administration. AFTER the war was over. Progressive tax rates were introduced, and public works bills were passed, such as the interstate highway act. This lead to the creation of a robust middle class.

    3. @Nunya Bidness You remind me of the saying that debating a leftist is like playing chess with a pigeon. They knock over the pieces, sh*t on the board and then strut around like they won.

    4. LOL pass high costs to consumer is a typical Republican response. Look at the last 4 years, prices have not gone down- house prices up, gasoline up, good sup, food up etc etc. people will just shop at the local stores owned by family not the big box stores.

    1. Just demonstrates that some networks are more committed to serving interests hiding behind the screen than to telling the truth. Seems everything is being spun these days.

    2. Yes random youtube commenters and insane conspiracy theorist are a much better source of information.

    3. @Pat Carroll It’s freedom of speech to the extreme. Who cares if its false or harms others? It’s my right, so I’ll say whatever I please. Some of our rights need to be revisited snd reigned in a bit. No right should include freedom to harm others.

    4. @Amy Walker but the second amendment…. is not…. about animal hunting…. so if it gets “reworked” to not harm people, the entire point of it being about the american citizens attacking their own government is lost

    1. They spoon out complete KRAP with a straight face day after day after day. North Korea has their propaganda media, China and Russia have theirs. This is ours.

  2. Reminds me of an old saying ,
    something about , in your mouth and the check being in the mail.

    1. I learned prevailing macro theories as a freshman. These politicians either fully understand human nature and know the results will be awful but Gibs will buy them votes, or they’re idiots. There is no inbetween.

  3. I feel like I am taxed everytime something I buy ends up being junk from these billionaires pinching pennies.

    1. When you have the spend less money on child care and paying for your kids’ college, you have more money to spend at small businesses which generally cost more than Amazon or Walmart. You’re pickier as to where you spend your money, and you’re more willing to spend more at local places because you have more disposable income to spend.

    2. Donald Trump sure thinks he can. Charge it all to someone else or just dont bother to pay for anything

    1. If they do that we can escalate things again and have Seal Teams wipe out every tax haven and throw that at the national debt. When they say “Hey thats mine!” we can say “Congrats, you’re being indicted for tax evasion!”

  4. Me: “Yes, I’d like to hire you to manage my finances. I make $50k/year.”
    Financial guy: “Sure! No problem…”
    * 3 months later *
    Me: “well, how are we doing?”
    Financial guy: “I took out a $50 million dollar loan in your name. And your child support payments increased 10x because I signed you up to pay for kids that aren’t yours…… “

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