Tag Archives: spending

An Empirical Test?

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Ex-Progressive-Democratic Party Presidential candidate and ex-entrepreneur Andrew Yang now is running for mayor of New York City, and he wants to implement there his Universal Basic Income scheme.

We can eradicate extreme poverty in New York City. If you put just a little money in their hands it can actually be what keeps them in their home and, again, avoids them hitting city services that are incredibly expensive.

Or not.

Keep in mind that demand is not the number of people who want a product, it’s the amount of money being spent for the product.

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“We Cannot Erase the Last Four Years”

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That’s Majority Leader Steny Hoyer’s (D, MD) lament as he closed the Progressive-Democrats’ case on the floor of the House during Wednesday’s impeachment “debate.”

We cannot erase the last four years.

Though the Progressive-Democrats tried every day of those four years. They and their Obama Executive Branch bureaucrats spied on the Trump campaign and trumped up charges against General Michael Flynn, false charges it took all this time to clear.

They and their Democratic National Committee commissioned a salacious and false dossier in an effort to besmirch a President and to serve as the foundation of an investigation that culminated in finding that President Donald Trump had done nothing wrong.

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It’s Not Our Money

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That’s the position of New York Governor Andrew Cuomo (D). On the heels of the Progressive-Democrats winning both of Georgia’s Senate seats, giving control of the Senate to the Progressive-Democratic Party, he had this to say:

Washington has…literally have taken billions of dollars from us, and that was a function of the Senate and the president, and they are both gone. And today, Washington theft ends and compensation for the victims of the crimes of the past four years begins. New Yorkers have been crime victims by the theft of the federal government.
We want a return of the state’s property that was stolen by Washington over the past four years. They wouldn’t pay us state and local funding, even though this state has a $15 billion deficit….

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It Only Took 50 Years

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Maybe. While it took us ignorant colonials only a decade, or so, to figure it out.

The eurozone has always had a fundamental weakness compared with the US when dealing with financial and economic crises: while its 19 countries share a currency and interest-rate policy, they have no common tax-raising or spending power.
In 2020, the European Union took a big step toward correcting that deficiency by starting to issue bonds on behalf of all member countries, known as common bonds. Beginning in 2021, some common bonds will be repaid through taxes raised by the EU itself.

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Tax Breaks

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In particular, child tax credits and their proposed expansion, but the principle below applies across the board.

…pair the expansion of the child tax credit with extensions of expiring business-tax provisions, some of which have Democratic support.

Pairing in order to get the credit passed, one being a bell for the other’s whistle.  Refundable credits, too, so those who don’t pay much, if any, income tax can get their own taste. Here’s Progressive-Democratic Party Presidential candidate Joe Biden’s offer on the credit:

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City Pensions

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They’re in trouble. You knew that, though, as city budgets have long favored spending more than revenue, especially spending on public union pensions and other retirement benefits, and so debts piled up—and continue to amass.

One particular arena where that’s having potentially deleterious effect is in pensions with benefits like paid (or mostly paid) health plans.

Cities and states can’t afford to keep the same medical benefits they promised government retirees.
For all 50 states combined, revenue declines for 2020 and 2021 could reach 13% cumulatively, according to Moody’s Analytics projections, while the average cost of an employer health-care plan for an individual increased 4% in 2020 to $7,470, according to the Kaiser Family Foundation nonprofit.

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The Lady Misunderstands

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Senator Kirsten Gillibrand (D, NY) says it’s total BS that the Progressive-Democrat proposed $1 trillion in Federal Wuhan Virus stimulus monies aimed at State and local governments would benefit public sector unions. Whether public sector unions should or should not benefit is a separate matter.

It’s generous, though, to suggest that such an intelligent woman actually misunderstands.

Adding a trillion dollars—or any other amount of money—to a budget means—work with me, now—that budget has those added dollars to spend. Earmark the trillion for specific purposes, or bar it from being used for public unions. Do that by sending the money as cash and tracking serial numbers. That still lets the recipient government move a different [trillion] of dollars from a different part of its budget to benefit its public unions. That’s the fungibility of money. It can be moved around.

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Funding the Police

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Senator Josh Hawley (R, MO) wants to do that, so he’s introducing the David Dorn Back the Blue Act that would authorize DoJ to

raise the salaries of state and local police forces all across the country—except in cities that have chosen to defund law enforcement in the wake of nationwide protests and riots.

And

If the bill becomes law, police departments will have new federal funding at their disposal allowing them to increase the salaries of officers “up to 110 percent of the local median earnings, and would exclude cities that defund their police[.]”

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The Size of the Drift

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ABC News anchor George Stephanopoulos is the latest member of the media to portray Senator Kamala Harris (D, CA) as a moderate choice for Joe Biden’s running mate.

Stephanopoulos went on to add

Kamala Harris comes from the middle of the road, moderate wing of the Democratic party….

Harris’ positions include

  • supporting vastly raising tax rates, beginning with—but not ending there, rescinding the 2017 tax rate cuts
  • eliminating private insurance altogether and replacing it with Senator Bernie Sanders’ (I, VT) Medicare for All
  • limiting, in contravention of the 2nd Amendment, Americans’ access to weapons of which she personally disapproves
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Pen and Phone

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The editors at The Wall Street Journal expressed worry about President Donald Trump’s use of his “pen and phone” over the weekend to render the Congressional Progressive-Democrats’ obstructionism regarding Wuhan Virus relief for Americans irrelevant. They think he’s aping too closely ex-President Barack Obama’s (D) pen and phone.

It’s true that Trump is using his pen and phone. The differences between his actions and Obama’s, though, are two: Trump is undoing Obama’s pen and phone actions, not creating new things—with this exception, which is the other critical difference: Obama’s actions were largely illegal, struck down on legal challenge; Trump’s have proven legal, in the main, upheld on legal challenge.

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