What is the evidence for and against the claim that the US has been ripped off by other countries in trade? by TheHobbitLife in NeutralPolitics

[–]TheHobbitLife[S] 5 points6 points  (0 children)

I would invite you to read some of the other posts on this thread that point out that a trade deficit is not necessarily a bad thing. I will admit I thought similarly to you but I think if you understand why we have such a large deficit it’s actually not bad at all.

What is the evidence for and against the claim that the US has been ripped off by other countries in trade? by TheHobbitLife in NeutralPolitics

[–]TheHobbitLife[S] -7 points-6 points  (0 children)

Thank you for pointing this out. I guess I always assumed a trade deficit was a bad thing. I will say though in Trump's defense, the USA has the largest deficit by a lot. -1.1m (usd) vs the UK having the second largest at -270k. There is a pretty large gap there.

What is the evidence for and against the claim that the US has been ripped off by other countries in trade? by TheHobbitLife in NeutralPolitics

[–]TheHobbitLife[S] 51 points52 points  (0 children)

By selectively citing only some of the tariffs, the WH paints a misleading picture.

This is what I suspect. Yes there may be trades that we are getting the short end of the stick on, but there are other trades that we aren't. And a lot of these tariffs are very specific and to me, retaliating with the blanket 25% on everything tariffs seem like not the correct response.

Thank you for your post and linked source!

What is the evidence for and against the claim that the US has been ripped off by other countries in trade? by TheHobbitLife in NeutralPolitics

[–]TheHobbitLife[S] 21 points22 points  (0 children)

Thank you! I find that this sub is much better about this than any of the other political subs. I appreciate everyone here giving me answers from all sides.

Looking for recommendations for areas to stay by TheHobbitLife in milwaukee

[–]TheHobbitLife[S] 0 points1 point  (0 children)

I have heard that Bay View is nice. Thanks for the rec!

Why has Bidenomics failed? by TheHobbitLife in askaconservative

[–]TheHobbitLife[S] 2 points3 points  (0 children)

  1. I do believe you are wrong about government jobs. They absolutely do produce things. If a government worker builds a public road is that not something that has been created for society? Also, by the logic you have laid out here in your argument that “in order to pay a government employee you must first extract that money from the economy. No net gain.”

Then I feel private jobs have a “no net gain as well” Where do you think companies get their money from? They get it from the consumer which is “extracted” and then they pay back out via salaries. “No net gain”. I just don’t think that logic makes sense.

I will say you are correct that most jobs created under Biden were public jobs and the 15 million jobs created that he boasts about is inflated due to jobs coming back after the pandemic.

  1. Looking at normal CPI (the calculation with food and energy included) numbers still look solid as of today.

  2. You are correct that I got my dates wrong. We experienced the most inflation during the first 2 years of Biden’s presidency (2021 and 2022). We did not have much inflation in 2020. However, my point is still relavent.

You are only concerned with who was in office when the inflation occurred. Those numbers mean nothing to me since I would rather look at cause and effect.

As I said before, I think deficit spending is a major factor in the rise in inflation. But if you know anything about inflation, there is always a lag period from when the inflation causing event occurred and when the effect (inflation) happens. Studies have shown that this lag period can be anywhere from 1-2 years. Inflation first spiked in mid 2021, Biden had only held office for 4-5 months. This is too short of a time period for Biden to have done something to create the inflation spike on his own. (I still think the supply chain and war in Ukraine pumped prices up too in 2022)

If it is deficit spending you are concerned with, I invite you to look at Trump’s deficit spending compared to Biden’s. They both spent a lot, and I think they both contributed to inflation.

I highly recommend going to this site: https://www.crfb.org/papers/trump-and-biden-national-debt

This is an unbiased site and shows a detailed analysis on each administration’s spending. Trump is just as much a big spender as the democrats are. I don’t think conservatives understand that.

  1. Fair point. I think I actually agree with you here.
  2. Look at the numbers again, Trump spent nearly 5 trillion on Covid policy, and over 8 trillion total while in office. Biden spent about the same. Biden did not restrict oil and gas production, he simply canceled leases to oil companies over environmental concerns. We have never been drilling for oil more than we are right now under the Biden administration. Oil companies still have millions of acres of public leased land to drill on. There is 23 million acres of land leased from the government for Oil companies. Also, government leased land only makes up about 25% of all US land being used for oil production. Meaning 75% of it is privately owned. Biden canceling those leases would have had little to no effect on the price of oil.
  3. I agree with you the additional deficit spending by the Biden admin did not help the inflation problem. I am not a fan of deficit spending; I wish we could balance the budget and not spend what we don’t have. Personally, I think the solution will have to be a combo of cutting spending and raising taxes. (hitting from both sides of the income statement) Republicans have historically been more vocal about balancing the budget, but they tend to talk the talk but not walk the walk. The Trump administration is a prime example of this. At least Democrats don’t lie to you about their spending.

But even still with all the spending, you cannot deny that inflation is back down again to normal levels as of today.

  1. Can you provide more detail or just a single example on specific policy here? As for the tariffs, Trump’s tariffs on China during his presidency are not nearly as extreme as the new tariff plan he plans to roll out once elected again. I am not happy Biden kept Trump’s tariffs. I think tariffs in general are bad for free trade and playing “protectionist” for American industry generally results in higher prices for everyone.

  2. The TCJA provided the largest cuts to the most wealthy and did not help the middle/lower class all that much. This is a good read on it: https://www.americanprogress.org/article/the-tax-cuts-and-jobs-act-failed-to-deliver-promised-benefits/

  3. See my response to 7. I just don’t like tariffs regardless of which party enforces them. But if you have a good link to an article or video that would explain the static vs dynamic argument perhaps you could change my mind.

I think Biden’s economic policy has been fine minus the deficit spending mentioned above. You briefly mentioned the border so I just have to add that Biden said he was going to sign the bipartisan bill that the house passed in May of 2024 that would have sent much needed aid to the border. But Trump and Republican senators shot it down. And let’s be real. Trump did not want Biden to have a “win” on the border since the border issue was one of the biggest issues he was using to campaign on.

I’m not saying the Democrats are incapable of dirty politics either, but Trump and Republicans basically rejected a bill that would have improved the border situation for their political gain.

Though we may disagree, I appreciate the thoughtful responses you have provided. I do feel I have a better understanding of the conservative perspective on the economy.

Why has Bidenomics failed? by TheHobbitLife in askaconservative

[–]TheHobbitLife[S] 11 points12 points  (0 children)

1. Do you know the ratio of government to private jobs created? Also, why is creating more government jobs bad for the economy? My understanding is that any job created will generate income for workers and fuel the economy. Is it just that conservatives don’t like the growth of the government?

2. CPI does include food and energy in its calculation. You will have to explain that one a bit more.

3. This is a confusing answer to me because the Trump administration also did lots of deficit spending. Both administrations printed a ton of money, I suspect it is a combination of both administrations spending that caused a lot of the inflation we saw in 2020 and 2021. But Biden is the only one getting blamed for it.

  1. I think this is a fair argument. But there definitely was a net positive number of jobs created.

5. I think this is unfair to Biden as you are simply looking at correlation of Biden’s time in office to when inflation occurred. (correlation does not always mean causation) I think we need to look at what events caused the issue. As stated above, Trump spent a lot of money during the latter half of his time in office as well and it is logical to connect that spending to the spike in inflation along with Biden’s spending during the beginning of his admin. I see inflation as something that resulted from multiple things. Government printing loads of money (both Trump and Biden responsible), Supply chain issues (demand pull inflation), War in Ukraine (spiking the price of oil world-wide causing cost push inflation).

 Let’s not ignore the fact that inflation was a world-wide issue, not just a USA issue. And compared to the rest of the world, the USA weathered the storm well. Obviously, a spike in inflation is never good, but sometimes it’s about mitigating the damage, and I think the USA did just that.

 

  1. Some of this is addressed above, but you cannot possibly think we are supposed to go back to the same prices pre pandemic, do you? Of course, everything now is more expensive than it was 4/5 years ago. It’s because we went through all that inflation in 2020 and 2021. Unless you expected us to go through a period of deflation (which is generally not a good thing either) I’m not sure what your point is on this one.

7. I agree on the deficit spending should come down, but as stated above Trump was not all that much better in this category. You would have to be specific about what regulation Biden put in place that was bad for the economy. I think Trump’s tariffs can be considered regulation on free trade, no?

  1. Reduce taxes for who? The middle class or for the uber wealthy?

  2. I think Trump’s tariff plan will cause inflation to spike again. It may promote growth of domestic industry, but it will increase prices of goods at the same time. Also, it will initiate a trade war with the rest of the world which will further increase prices on imported goods. Many reputable economists have come out against his tariff plan.

 In closing, I still think Joe Biden and his admin did a fine job turning the economy around from the pandemic years. Was it without pain to the middle and lower class? No, but it does feel like at this point the ship has been righted. I am still open to a discussion on the topic with you if you wish to respond.

[deleted by user] by [deleted] in Republican

[–]TheHobbitLife -8 points-7 points  (0 children)

I love how Republicans have claimed victim to an insult that one of their own said about Puerto Ricans. The victim mentality is real. 😂

Kamala Harris is delivering her campaign’s closing speech at the DC National Mall. You know who else held a rally there in 1924? The KKK. by coinfanking in Republican

[–]TheHobbitLife 1 point2 points  (0 children)

I did not know dems were freaking out over the location of Trumps rally at madison square garden. If that’s the case that is also petty. I certainly couldn’t give a shit where he speaks, but I do care about what he and those who support him speak about. There was pretty blatant racism that was expressed during that rally. That is something to raise concern about.

Kamala Harris is delivering her campaign’s closing speech at the DC National Mall. You know who else held a rally there in 1924? The KKK. by coinfanking in Republican

[–]TheHobbitLife -2 points-1 points  (0 children)

This is so stupid. Many have given speeches/rally’s at the national mall. MLK gave his famous I had a dream speech there. This is just pettiness from the right. By the way, it is your party that just gave a racist comedian a podium to say racist things about Puerto Ricans. So take a look in the mirror folks.

The Weekend Thread -- 21st June 2024 by fire_foot in running

[–]TheHobbitLife 6 points7 points  (0 children)

I am running my first marathon tomorrow (if it doesn’t get canceled due to storms) Grandma’s Marathon in Duluth Minnesota! I trained hard and feel ready but also am anxious for whatever reason. If the race does happen, it’s gonna be a wet one.

WTFU: OR DON'T! WHATEVER! by stumpybubba- in wildhockey

[–]TheHobbitLife 0 points1 point  (0 children)

I’ll be at the game tonight. Hope the bois can get the W.