President Biden: The NEW one and only politics thread

The absurdity of that one.

We steadily grew the government while he was president and increased spending to a whole other level. And at the same time, we did a tax cut, which has brought in less revenue. It's so absurd, it's not even an Orwellian attempt at language. As a reminder, when the idiot was bullshitting on the campaign trail in 2016, he was saying that he was somehow going to eliminate the national debt in 8 years, which was so beyond absurd given his personal history of digging holes he couldn't get out of. But most people didn't blink at the bullshit and absurdity of it, especially given that he was talking about epic spending at the same time with his populist word salads.

FWIW, what Biden is trying to do right now should be criminal. The only thing keeping the U.S. from defaulting on the nearly $30 trillion in debt it has run up (mostly in the last 3 presidencies) is a central bank that has been price fixing the debt markets with more and more radical interventions to keep us from drowning in interest payments. It's robbing savers of yield, creating massive wealth inequality, destroying the economy, and punishing everyone with an "inflation tax" that hits poor people hardest. ... to make up for the taxes we don't (can't) collect to keep up with the insane amount of spending we have grown the government beast to. And we do it without any thought now.

And here comes Joe Biden, letting the idiots in Congress he is aligned with lead him into blowing out the spending to a whole new level, as if we can keep up a debt monetization scheme forever. The number of zombie companies that exist on borrowing, and overlevered individuals living fantasies, that are going to default on their debts at some point when the mess they have created implodes, is in the trillions upon trillions of dollars. It goes hand in hand with the "benefit" politicians have gotten, where they can spend wastefully, just keep growing their budgets (and crowd that money out of the way more productive supply and demand-driven economy) and just add it to the ledger.

When the central bank can no longer prop up the mountain of debt by keeping yields negative in real terms, and the confidence game ends, the payback is going to be devastating. But we're sitting here like Nero fiddling, discussing how to wastefully spend trillions of dollars more that we're going to add to that Federal debt load.