Biden plans ramp-up in government spending, tax-code changes

Bloomberg2021-03-31

President to begin laying out long-term economic planBiden plans ramp-up in government spending, tax-code changesMore than a half century after Lyndon Johnson’s war on poverty, President Joe Biden is ...

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Comments

sansCervelle
2021-03-31
sansCervelle
great
- sansCervelle:
  c'est bon
- sansCervelle:
  tres bon
Raymondteo
2021-03-31
Raymondteo
Please comment
Didilai
2021-03-31
Didilai
Stimulate the economy
- Raymondteo:
  yeah
kentt0414
2021-03-31
kentt0414
Need comment and like for coins. Thanks
Egging
2021-03-31
Egging
Oh no, anyway, like and comment people
- Egging:
  done pal
- kentt0414:
  Here you go. Need response on my comment too. Thanks
YiiYii
2021-03-31
YiiYii
For coin. Please comment.
- YiiYii:
  Tks [握手]
- KyleFong:
  Done. Please comment back here as return

Leave a comment

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While right-leaning economists warn about damage to overall growth from higher taxes on companies and the wealthiest Americans, liberals say the “trickle-down” approach of recent decades has failed and it’s time for a new strategy.The president’s remarks will lay out the infrastructure portion of an overall package expected to total more than $3 trillion. While social-spending programs will be outlined later in April, the administration’s drive to expand help for the poor will be visible even in infrastructure, through proposals such as the provision of safe drinking water.“It’s important to acknowledge that we’ve seen decades of this rising economic inequality,” Heather Boushey, a member of the White House Council of Economic Advisers, said last week in aninterviewwith Bloomberg Radio. “The ultimate measure of success of the economy is how well it’s working for people all across these United States.”For many, it’s not working well. The gaps between the richest Americans and the middle class, along with the lowest-income households, widened in the years before the pandemic struck -- even amid the longest U.S. expansion on record. Federal Reserve Chair Jerome Powell is among those agreeing that inequality holds the economy back, something that contributed to the overhaul in long-term monetary policy strategy he’s instituted.Halting or reversing the trend even with major changes in policy won’t come easily or quickly, economists widely agree.“You’re turning a supertanker, and it’s taken us a generation and half to get here,” said Brad Delong, an economics professor at the University of California at Berkeley. “But, yes, you can start to turn the supertanker.”Yawning GapBlack Americans have about one-seventh the wealth of WhitesSource: Federal ReserveNo single statistic captures the problem, but simple dispersions of wealth and income tell a discouraging tale:Average incomes for the top 5% of households were quadruple those of the middle fifth of Americans in 1979. That swelled to 5.7 times as much in 2007 and further to 6.6 times by 2018, U.S. Censusdata compiledby the Tax Policy Center show.The net worth of the top 10% of households in 1989 was 9.4 times that of the middle fifth, according to Fed data compiled by the Tax Policy Center. Thatincreasedto 13 times by 2007 and 17 times by 2017.The share of total income going to upper-income households -- defined as double the median level --surgedto 48% from 29% from 1970 to 2018, according to the Pew Research Center. Middle-income households’ share of total earnings dropped to 43% from 62%.Related: Biden Determined to Tax Rich After Windfalls During CrisisAmericans have long accepted some level of inequality, given the rationale that it reflects the rewards for hard work, risk-taking and ingenuity. Yet for researchers like John Friedman, an economics professor at Brown University, the problem is not just about outcomes.“It’s not just that there’s growing inequality from an ex-post perspective, but there’s tremendous inequality of opportunity,” he said.He points to data showing how children who display similar academic abilities at very young ages, but come from different income and racial backgrounds and varying types of neighborhoods end up withvery different outcomeswhen it comes to incomes and career advancement.“It’s not just about who’s smart,” Friedman said. “And there’s almost universal agreement that having your life possibilities determined by the accident of your birth is not something we’re OK with.”But economists are in sharp disagreement on whether Biden’s economic agenda will be well-aimed at addressing inequalities. One example: Biden is expected to propose free tuition at the nation’s community colleges.Earlier: Biden to Announce Transportation-Focused Stimulus WednesdayFree TuitionGlenn Hubbard, a Columbia University professor who served as chairman of the Council of Economic Advisers under President George W. Bush, has called community colleges “the logical workhorses of skill development.”But in an interview, Hubbard said the free-tuition idea gets it “exactly backward” by subsidizing the demand for community colleges. He backs a supply-side concept of federal grants to those schools that are contingent on better graduation rates and employment outcomes after graduation.And that’s not strictly a conservative approach. The proposal’s co-authors included Austan Goolsbee, who served as CEA chair under Democratic President Barack Obama.U.S. INSIGHT: Triple Booster to Rocket 2021 Growth Toward 7.7%There’s a wider divide over Biden’s tax policy.Higher taxes on companies and the rich will only weaken the dynamic of wealth accumulation that drives investment, which in turn powers economic growth, conservatives argue.“In this debate, there is a fair element of ‘We just need to punish the rich; they are rich inappropriately,’” said Douglas Holtz-Eakin, president of the American Action Forum, a conservative research group. “With that, it’s hard to get agreement on policy.”Liberal economists respond unapologetically, that so-called trickle-down economics -- where overall economic growth lifts all boats across the income spectrum -- just haven’t proved true over the last 40 years.Spending on investment outside of housing rose an average of 3.4% a year from 2000 through 2019, down from 5.2% the prior two decades and a heady 7.2% in the 1960s -- when tax rates were substantially higher.Companies have the cash to grow, but with wealth and income skewed to the top, “there’s not enough customers to buy the new output,” said Josh Bivens, director of research at the left-leaning Economic Policy Institute.— With assistance by Catarina Saraiva, and Vince Golle","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":354657445,"gmtCreate":1617170648187,"gmtModify":1704696749534,"author":{"id":"3578716728895179","authorId":"3578716728895179","name":"sansCervelle","avatar":"https://community-static.tradeup.com/news/73bb75516984a660b4b1de5c464bb9c1","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"great","listText":"great","text":"great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/354657445","repostId":1151414770,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3928295,"gmtCreate":1617170710254,"gmtModify":1680782408031,"authorId":3578716728895179,"author":{"id":3578716728895179,"authorId":3578716728895179,"name":"sansCervelle","avatar":"https://community-static.tradeup.com/news/73bb75516984a660b4b1de5c464bb9c1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354657445,"type":1,"supId":0,"prevId":0,"content":"c'est <u>bon</u>","text":"c'est <u>bon</u>","html":"c'est <u>bon</u>"},{"id":3928297,"gmtCreate":1617170733689,"gmtModify":1680782407891,"authorId":3578716728895179,"author":{"id":3578716728895179,"authorId":3578716728895179,"name":"sansCervelle","avatar":"https://community-static.tradeup.com/news/73bb75516984a660b4b1de5c464bb9c1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354657445,"type":1,"supId":3928295,"prevId":0,"content":"tres <u>bon</u>","text":"tres <u>bon</u>","html":"tres <u>bon</u>"}],"langContent":"EN"},{"id":354879796,"gmtCreate":1617162161015,"gmtModify":1704696632202,"author":{"id":"3555329560165073","authorId":"3555329560165073","name":"Raymondteo","avatar":"https://static.tigerbbs.com/45504858b97b8442132e14532730082d","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Please comment","listText":"Please comment","text":"Please comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354879796","repostId":1151414770,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354822148,"gmtCreate":1617160124884,"gmtModify":1704696595211,"author":{"id":"3579091077947115","authorId":"3579091077947115","name":"Didilai","avatar":"https://static.tigerbbs.com/7c36c3a0e5eed09ce50765877a8f373c","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Stimulate the economy","listText":"Stimulate the economy","text":"Stimulate the economy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354822148","repostId":1151414770,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3927340,"gmtCreate":1617162149054,"gmtModify":1680782389125,"authorId":3555329560165073,"author":{"id":3555329560165073,"authorId":3555329560165073,"name":"Raymondteo","avatar":"https://static.tigerbbs.com/45504858b97b8442132e14532730082d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354822148,"type":1,"supId":0,"prevId":0,"content":"<u>yeah</u>","text":"<u>yeah</u>","html":"<u>yeah</u>"}],"langContent":"EN"},{"id":354828196,"gmtCreate":1617159964115,"gmtModify":1704696592578,"author":{"id":"3574859157747023","authorId":"3574859157747023","name":"kentt0414","avatar":"https://static.tigerbbs.com/5cb38e16dbe595762bcd9e1118264f54","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Need comment and like for coins. Thanks","listText":"Need comment and like for coins. Thanks","text":"Need comment and like for coins. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354828196","repostId":1151414770,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354833032,"gmtCreate":1617156638526,"gmtModify":1704696537305,"author":{"id":"3574409680880402","authorId":"3574409680880402","name":"Egging","avatar":"https://static.tigerbbs.com/5d5b3caed5b1dc46f9f3a4e05eef58cb","vip":1,"crmLevel":2,"crmLevelSwitch":1},"htmlText":"Oh no, anyway, like and comment people","listText":"Oh no, anyway, like and comment people","text":"Oh no, anyway, like and comment people","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/354833032","repostId":1151414770,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3927058,"gmtCreate":1617160209799,"gmtModify":1680782390541,"authorId":3574409680880402,"author":{"id":3574409680880402,"authorId":3574409680880402,"name":"Egging","avatar":"https://static.tigerbbs.com/5d5b3caed5b1dc46f9f3a4e05eef58cb","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.62%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354833032,"type":1,"supId":3927024,"prevId":0,"content":"done <u>pal</u>","text":"done <u>pal</u>","html":"done <u>pal</u>"},{"id":3927024,"gmtCreate":1617159990717,"gmtModify":1680782388089,"authorId":3574859157747023,"author":{"id":3574859157747023,"authorId":3574859157747023,"name":"kentt0414","avatar":"https://static.tigerbbs.com/5cb38e16dbe595762bcd9e1118264f54","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354833032,"type":1,"supId":0,"prevId":0,"content":"Here you go. Need response on my comment too. Thanks","text":"Here you go. Need response on my comment too. Thanks","html":"Here you go. Need response on my comment too. Thanks"}],"langContent":"EN"},{"id":354897266,"gmtCreate":1617156440655,"gmtModify":1704696533893,"author":{"id":"3567052123559984","authorId":"3567052123559984","name":"YiiYii","avatar":"https://static.tigerbbs.com/bb10d436567743e0e60ba0933900bf20","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":4,"crmLevelSwitch":0},"htmlText":"For coin. Please comment.&nbsp;","listText":"For coin. Please comment.&nbsp;","text":"For coin. Please comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/354897266","repostId":1151414770,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3927820,"gmtCreate":1617166257258,"gmtModify":1680782401814,"authorId":3567052123559984,"author":{"id":3567052123559984,"authorId":3567052123559984,"name":"YiiYii","avatar":"https://static.tigerbbs.com/bb10d436567743e0e60ba0933900bf20","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354897266,"type":1,"supId":3926749,"prevId":0,"content":"Tks&nbsp; [握手]","text":"Tks&nbsp; [握手]","html":"Tks&nbsp; [握手]"},{"id":3926749,"gmtCreate":1617157802132,"gmtModify":1680782379201,"authorId":3571137612858065,"author":{"id":3571137612858065,"authorId":3571137612858065,"name":"KyleFong","avatar":"https://static.tigerbbs.com/e17389fa1acf21e046b50105e4b79fa8","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":354897266,"type":1,"supId":0,"prevId":0,"content":"Done. Please comment back here as return","text":"Done. Please comment back here as return","html":"Done. Please comment back here as return"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":34,"commentSize":10,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1151414770"}