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Jake_Dragon
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JAN 02, 03:25 PM
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| quote | Originally posted by williegoat:
quoted by rinselberg:
Now let me see if I understand this....
The government takes (confiscates?) our money through taxes.
If they give some of it back, they expect that it might improve the economy.
Maybe if they just took (confiscated?) less (lower taxes), the economy would improve. 
Oh, wait....Reagan and Trump both tried that so it must be far right wing, nationalistic, mean and racist. 
Oh well, back to the same old grind.
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But then the people that are not paying taxes wont feel stimulated.
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randye
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JAN 03, 01:40 AM
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| quote | Originally posted by rinselberg:
What(ever) he said. Austan Goolsbee. He's my point man on all of the economic policy-related issues. |
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Of course he is.
He has never managed a national economy
He has never managed a state economy
He has never managed a city economy
He has never managed a small town economy
He hasn't even run a large or small business....EVER
The economic advice he gave Obama was somewhere between a disaster and a sick joke on the country
Between Goolsbee and that moron Timmy TARP FUND Geithner, it's impossible to find two bigger Keynesian idiots.
But he's your guy.
 [This message has been edited by randye (edited 01-03-2021).]
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rinselberg
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JAN 03, 07:56 PM
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"I need this interview with Austan Goolsbee."
"IndeedTM you do."
McKinsey & Company partner and senior executive Adi Kumar has a question for Austan Goolsbee:
| quote | | You believe then, that the federal government should continue pumping dollars into the business community, in particular small businesses, and help states through their own budget crises? |
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Austan Goolsbee:
| quote | | I think it must. If it stops, then we get into a negative spiral. This isn’t a permanent policy. But in this crisis, we have to get control of the virus and keep the relief and rescue in place to sustain the economy until it can restart. These times are exactly what debt is for. You cannot pay for a once-in-a-century event all in the same year. On June 6, 1944, you can’t have General Eisenhower canceling two-thirds of the landing craft because the D-Day landing isn’t revenue neutral. We are going to pay for this relief. The right way is to pay for it over time, which is what debt allows you to do. But we need the money now, or the recession will be much worse. |
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The crispness. The clarity. It's why people around the world look to Austan Goolsbee to make sense of what's happening.
Goolsbee on Covid-19
| quote | | The countries that prioritized health not only had better health outcomes, they had better economic outcomes too. |
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Goolsbee on deficits and deficit spending
| quote | | The debt capacity of the US far exceeds any of the forecast levels. I have said this for a long while, now. We have added trillions in debt before: during the George W. Bush administration we had an unpaid-for tax cut of $2 trillion; the war in Iraq cost nearly that and had not been budgeted. During the Obama administration, recession stimulus was above $1 trillion and under Trump we have another $2 trillion tax cut. None of these unpaid expenditures drove up the US interest rate. We will have higher taxes in the future to pay for this crisis. That’s a fact. But protecting the lives and health of millions of people is worth it and is at least as important as any of those previous priorities. |
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Goolsbee in a recent conversation with McKinsey & Company's Adi Kumar
"The virus is the boss ..."
| quote | | McKinsey’s Adi Kumar spoke with Austan Goolsbee, the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business and the former chair of the Council of Economic Advisers during the Obama administration. He is a major voice in economics and serves on the Economic Advisory Panel to the US Federal Reserve Bank of New York. Austan shared his thoughts on the impact of COVID-19 on the US economy, how the pandemic has exposed political weaknesses, and how the US can best restart its economic engines. Stressing that the “virus is the boss” right now, he counsels US policy makers to prioritize public health and continue providing government sustenance until the pandemic is under control and the economy can safely reopen. The debt burden will grow, he says, but not beyond the limits of a recovered American economy to pay it back over time. |
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McKinsey & Company; July 29, 2020.
"The Great Goolsbee"
Read-o-Meter estimated reading time: 20 minutes.
https://www.mckinsey.com/in...with-austan-goolsbee[This message has been edited by rinselberg (edited 01-05-2021).]
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cliffw
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JAN 05, 07:20 PM
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| quote | | Originally posted by rinselberg:Blah blah blah ... |
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| quote | Originally claimed by rinselberg:
The $13 billion boost in food stamp benefits in the new coronavirus aid bill isn't some kind of giveaway to people who are poor — it's some of the best stimulus government money can buy. . .
Every dollar spent on SNAP turns into $1.73 in economic activity, compared to $1.36 for every dollar spent on federal aid to state governments and $1.29 for every dollar allocated for a payroll tax holiday, according to Moody's Analytics researchers. |
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| quote | Originally posted by cliffw:
Gee. I didn't take physics in kindergarten. Perhaps you can explain it to us.
Perhaps you are speaking of the government spending economy,  ? |
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In response you post ... the same reference NBC plagiarized. Explaining nothing ! Then you ask :
| quote | Originally posted by rinselberg:
That was from Moody's. What more do you want? The Motley Fool?
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Did you think check that question ? I am no fool. Your explanation was motley. What would the motley fool Austan Goolsbee think. How would he explain it ?
| quote | Originally posted by williegoat:
Now let me see if I understand this....
The government takes (confiscates?) our money through taxes.
If they give some of it back, they expect that it might improve the economy.
Maybe if they just took (confiscated?) less (lower taxes), the economy would improve.
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You have a fair understanding. Likely better than just that ^^^ . That dollar they gave away, for unemployment benefits, to magically turn into $1.64, and the dollar they gave away for food stamps to magically turn into $1.73, ... I know started out as more than a dollar they took from the tax payers. You gotta pay for the revenue'ers, the Congress men and their staff, the State enablers / enactors.
I bet rinselberg believes in alchemy.
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sourmash
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JAN 05, 08:44 PM
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If fedgov has a deficit, then tax revenue aren't paying for the spending, which means it's borrowed money. The below doesn't add in the interest cost for the deficit spending.
| quote | The fiscal year (FY) 2020 federal budget outlines U.S. government revenue and spending from Oct. 1, 2019, through Sept. 30, 2020. Revenue was $3.42 trillion, less than the $6.55 trillion in spending, creating a record $3.13 trillion deficit.
The deficit is $2 trillion more than the $1.08 trillion budgeted. The president's budget planned to spend $4.79 trillion and take in revenue of $3.71 trillion. |
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rinselberg
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JAN 07, 01:34 AM
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| quote | Originally posted by cliffw:
You have a fair understanding. Likely better than just that ^^^ . That dollar they gave away, for unemployment benefits, to magically turn into $1.64, and the dollar they gave away for food stamps to magically turn into $1.73, ... I know started out as more than a dollar they took from the tax payers. You gotta pay for the revenue'ers, the Congress men and their staff, the State enablers / enactors.
I bet rinselberg believes in alchemy. |
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It's a nuanced discussion. The question--taking a cue from the makers of Rolaids--is "How do you spell (Covid) Relief?" Can you make an argument for SNAP--the Supplemental Nutrition Assistance Program? Can you make an argument for PPP--the Paycheck Protection Program? How about the SBA--Small Business Administration, which subdivides into Section 7(a) or 504 Microloans, or some combination of the two? Just some of the options (and acronyms) that are in play, in terms of Covid relief from the federal government.
It's not a question of just one or two different kinds of Covid relief. It's like a control panel with umpteen different volume dials that can be adjusted upwards or downwards independently. So maybe the recommended way to do it is to glom onto the dial for SNAP and rotate it clockwise, to increase the federal funding for the SNAP program? That's what's been suggested in the articles that I have posted here.
It's a moot point for anyone who doesn't think that there's good and current reason for the federal government to be doing the Covid relief "thing."
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maryjane
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JAN 07, 01:47 AM
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It's no coincidence either, that all those things tend to buy votes moreso for liberal candidates than conservative candidates.
Yep, just a coincidence.  [This message has been edited by maryjane (edited 01-07-2021).]
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randye
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JAN 07, 02:08 AM
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| quote | Originally posted by rinselberg:
It's like a control panel with umpteen different volume dials that can be adjusted upwards or downwards independently.
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| quote | Originally posted by cliffw:
I bet rinselberg believes in alchemy.
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He obviously does, and he believes that in order to turn lead into gold you simply need to spin "umpteen different volume dials " on a magical Leftist economic "control panel" in "Clunker Goolsbee's" basement to poop out more welfare food stamps.[This message has been edited by randye (edited 01-07-2021).]
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rinselberg
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JAN 07, 03:08 PM
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They're "bullish" on Biden
This was broadcast earlier today on CNBC (almost 6 minutes.)
The Bus Stops Here
See what I did? "Bus" ... the (now former) Transportation Secretary ... OMG, am I on my game today or what?
Now I need a new keyboard.
Click to show[This message has been edited by rinselberg (edited 01-07-2021).]
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rinselberg
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JAN 08, 10:38 PM
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Goolsbee and Furman are at it again. Today on MSNBC. (YouTube.)
https://youtu.be/50VQPIGrHxo
Goolsbee: "Jobs Number A Sign That There's A High Danger That We Have A Double Dip Recession"
The economy lost 140,000 jobs in December. Former Chairmen of the White House Council of Economic Advisers Austan Goolsbee and Jason Furman join Stephanie Ruhle to react to that jobs number and explain why the markets are staying strong despite the protests at the U.S. Capitol. Aired on 01/08/2021.
SPOILER ALERT
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