GOP Senators yesterday: Wow what Dersh said is crazy. GOP Senators today: Well it’s only fair that we consider what Dersh said. GOP Senators tomorrow: What Dersh said is entirely consistent with protecting America from Biden’s corruption.
Remember when Harvard law professor Alan Dershowitz singlehandedly devalued a Harvard law degree by saying fuck you to the Constitution? Yeah he's probably not going to have a job teaching after this.
“When I hear they’re disappointed in me, what the hell do you expect?” Graham said. “What do you expect me to do? Help you, and when you want to destroy one of our guys, sit quietly?” ... Graham also has a message for Biden, a 2020 Democratic presidential contender who recently said he’s “embarrassed” for his longtime colleague. “Here’s what I would say to Joe: ‘What do you want me to do, man? You want me to live in a world where you can go after people and beat the hell out of the president?” https://t.co/edkkQy5fVG?amp=1
All these tax cuts on billionaires and my 40k a year ass is paying an extra 5 hundo over last year. Fucking guillotine when?
Anyone want to take a stab at a 30,000 ft view of the current state of the economy, both nationally and/or globally. The tax cuts combined with tariffs along with some of the indicators that have popped while people are cheerleading the stock market.. hard to make sense of without some sort of training or formal education
Friendly reminder that in Trump's tax cuts, the cuts on the middle class are set up to automatically expire in a few years while the wealthy's tax cuts are permanent
Shit, I don't mind paying more in taxes, but paying more while Wall Street CEO's and Amazon get massive cuts, makes my inner Hank Hill white guy rage come out, I tell ya wut.
Please correct my grainy economic understanding iif inaccurate We were supposed to be in a double dip recession, but the policies of the obama administration helped stave that off at the expense of short term growth After regaining some stability trump basically came in and rolled back taxes and regulations causing a boom felt at the top but not in average people's finances. And also layed the ground work for the bottom to fall out
I don't either fully. But I know untaxable income increased from 12000 to 12200, but that doesn't really help me when the next bracket increases by 10% over last year.
Today and tomorrow are going to suck as we watch this thing slip away. I’m not mad about him not being removed from office but it’s pathetic they won’t even call any witnesses.
You understand that that 200 dollar increase is significantly less than the additional 10% on my remaining income, right?
I would go check however you are doing your taxes. The rate from 2018 to 2019 is essentially the same. With the 12k standard deduction you would be in the same bracket as last year.
The tax rates are the same this year as last. On 40k of income you would take the 12k deduction and the first 9500 would be taxed at 10%. The remaining 18500 would be taxed at 12%.
Then 11% was probably just an approximate average of the portion taxed at 10% and the portion taxed at 12% either way my shit went up.
not an economist and don’t work on global/macro views for a living but do track trends very closely. A couple things to note - manufacturing was down for most of 2019, but popped again in Jan 2020. This feels like a leading indicator to me. - US became net exporters of oil in 2019. We are now the global swing producer of oil. We control pricing. It is hard to overstate how impactful this is to the stability of our economy - business investment dried up in 2019 and capital investment in 2020 is expected to be very limited. Election, trade wars, etc. all these CEOs are not going to be the (very rich) guy who is the face of the next recession for spending excesses. I think real growth will be very limited in 2020. - Interest rates remain at all time lows, money is cheap. Corporate balance sheets are at (I believe) record levels of debt. What that means is that given the cost of borrowing has been so cheap for so long now, big companies have borrowed and borrowed and borrowed. This is part of why the stock market is as high as it is. Maybe more than part. As long as money remains cheap, the values will remain inflated, and more importantly be sustainable. If interest rates rise materially, it’s a house of cards. We’ve never seen a run of rates this low, for this long, and a Fed this active in not sputtering out the economy. This is uncharted territory. To me, this is the bubble. - the yield curve (one of the leading indicators of a recession) did invert very briefly mid 2019. What a yield curve inversion means is that it’s cheaper to borrow money you have to pay back in 10 years than it is to borrow money you have to pay back in 2 years. The market thinks there’s more risk in you being able to pay back on 2 years rather than 10, which outside of a near term recession, is inconsistent with financial principles. That’s why it predicts recessions. - we have low interest rates. Europe has negative interest rates. Japan has negative interest rates. In the global economy, the United States is seeing net in flows of investment because real yield can still be made in US equities and assets. This is also helping prop valuations up. - housing in most top 50 markets is back to 2007 levels of pricing, in a handful of markets, past it. Student debt burdens, low real wage inflation, and scars of 2008 are preventing the supposed to be first time homeowners from being able to afford housing. #1 this is delaying family formation, and a number of other things that bedrock the economy. #2 boomers have a ton of wealth tied up in the appreciation in the value of their houses and they can’t unlock it because they’ve fucked millennials out of being able to afford it. If that wealth disappears in a liquid market, it will hurry the consumer economy and could create a seniors crisis, or they could all just die in their homes, victims of their own greed. That’s probably a trend that is 5-10 years away but I think pretty identifiable. - similar to this trend is that post 2008, a bunch of people who though they were retiring at 58 are now working indefinitely (my parents included). If my parents retired at 58, that would have been 3 years ago. They are still in the workforce for the foreseeable future. There are millions of cases like this, undoubtedly. These should be retirees are occupying/blocking better paying positions that otherwise would have flowed to younger employees over the last 5-10 years, keeping wealth and earning power locked into a generation that in all other eras would be retired and net consumers/spenders rather than workers/savers. - unemployment is at record lows, but wages aren’t sky rocketing like expected. I think part of this is that millennials will be something like 75% of the workforce by 2030 and companies are catering to millennials with non payroll items - office amenities, better located offices, more flexible hours, - which they have determined are more meaningful to their employees. I know I don’t believe this, fuck you pay me, but it’s kind of the best explanation I have for 3% unemployment, 3% wage growth, and limited employee movement. glad to try and and answer any other specific questions.