BIDENOMICS - POLL - 61% DISAPPROVE OF BIDEN'S HANDLING OF ECONOMY - THE 39% WHO APPROVE ALL APPEAR TO LIVE ON WALL STREET

JOE BIDEN: FOLKS, WE ARE THE PARTY FOR BOTTOMLESS BANKSTER BAILOUTS AND BILLIONAIRES FOR OPEN BORDERS CHEAP LABOR. GET OVER IT!

A Doom Loop Has Been Initiated

https://www.youtube.com/watch?v=VV6uScrd7qI

SEEDS OF ECONOMIC CRISIS HAVE BEEN SOWN - REAL ESTATE FEEDING FRENZY - FINANCIAL FOUNDATION CRACKING

https://www.youtube.com/watch?v=PBgx2XxRcqs

The left-wing Tax Policy Center has assailed the tax cuts for billionaires, comparing it to the package’s tax increases on middle class Americans.

Poll: 61 Percent of Americans ‘Disapprove’ of Biden’s Handling of Economy

AP Photo/Evan Vucci

NICK GILBERTSON

21 Nov 20210

3:16

A CBS/YouGov poll published November 21 shows Americans are feeling the effects of President Joe Biden’s struggling economy.

The poll registered Biden’s overall job approval rating at 44 percent, as the majority of respondents disapprove of Biden’s performance at 56 percent. Eighty percent of Democrats approve of Biden’s handling of the presidency, while just five percent of Republicans approve. Of independents, 39 percent approve of the president’s performance, and 61 percent disapprove.

The survey reveals that 39 percent of respondents approve of Biden’s handling of the economy, while 61 percent of participants disapprove. Seventy-three percent of Democrats approve of Biden’s handling of the economy, while just six percent of Republicans approve. In terms of independents, 32 percent approve of the president’s job on the economy, and 68 percent disapprove.

CBS/YouGov

Four percent of respondents classified “the condition of the national economy today” as “very good.” Twenty-six percent rated the condition of the national economy as “fairly good,” while 33 percent stated it was “fairly bad.” Thirty-one percent labeled it “very bad,” and six percent were “not sure.”

In looking at Biden’s handling of inflation, 33 percent of total respondents approve, and 67 percent disapprove. Moreover, of Democrats, 62 percent of participants approve of the president’s approach to inflation, while 38 percent disapprove. Conversely, five percent of Republicans approve of Biden’s handling of inflation, and 95 percent disapprove. A whopping 72 percent of independents reported disapproval of Biden’s handling of inflation.

The poll also surveyed participants on how they “feel things in America are going.” Only 30 percent categorized things as going well, with four percent responding things are going “very well” and 26 percent reporting things are going “somewhat well.” Seventy percent of respondents stated things were going badly. Of those, thirty-seven percent said things were going “somewhat badly” and 33 percent stated things are going “very badly.”

Eighty-two percent of those surveyed report that items they usually buy while shopping are “costing more than they did not long ago,” and 64 percent stated that items they typically purchase are “often not in stock.” Fifty-five percent expressed items they usually order are “taking longer to be delivered to” them.

CBS/YouGov

Americans also seem to be cutting back on spending, according to the poll. Seventy-five percent of respondents said they “Order or go out to eat less often,” and 78 percent stated they have “Cut back on holiday gift shopping. Seventy-one percent reported they  “Scale back on holiday parties and celebrations.” Eighty percent indicated they now “Delay purchasing a big-ticket item,” and 79 percent shared that they “take fewer trips.”

The CBS/YouGov poll was conducted between November 15-19 and sampled 2,058 U.S. adult residents. The margin for error is plus or minus three percentage points. 

DESPERATION, PEOPLE WAIT HOURS FOR A FREE TURKEY, ECONOMIC COLLAPSE, GREAT DEPRESSION 2.0, PRICES

https://www.youtube.com/watch?v=RIWVKa9Asr8

House Democrats pass stripped-down social welfare bill with massive tax cut for the rich

Barry Grey

12 hours ago

House speaker Nancy Pelosi

On Friday morning, the House of Representatives passed its version of President Joe Biden’s $1.75 trillion “Build Back Better” social welfare and climate bill. As expected, the measure was approved on a party-line vote, with 220 Democrats voting “Yes” and all 212 Republicans voting “No.” One Democrat, Jared Golden of Maine, a conservative former Marine who served tours of duty in Iraq and Afghanistan, broke ranks and voted in opposition to the bill.

Golden had announced that he would oppose the bill because it included a massive tax break for the wealthy. The outcome of months of internal Democratic Party wrangling was the decision of the Biden White House and the party leadership to strip the bill of all major tax increases opposed by big business and slash the top line figure for social programs and climate protection in half, from $3.25 trillion to $1.75 trillion over 10 years.

That, however, did not satisfy the Wall Street and corporate interests that dictate government policy and control both major parties. Earlier this month, House Speaker Nancy Pelosi incorporated into the bill a measure demanded by wealthy donors in high-tax states such as New York, New Jersey and California. It was the lifting of a $10,000 cap on deductions on federal income taxes to compensate for state and local taxes. The cap was imposed as part of the Trump tax bill passed in December of 2017, which slashed taxes for corporations and the wealthy.

Until then, there was no limit on the amount of federal tax deductions for state and local taxes that wealthy people in generally pro-Democratic high-tax states could claim by itemizing their federal tax returns. In imposing the limit, Trump and the Republicans were targeting states that historically vote “blue” in federal elections.

This infuriated the Democrats’ wealthy backers, who demanded that the Biden budget bill raise the limit on so-called SALT (state and local tax) deductions. The Democrats acceded by adding to the bill a provision raising the limit to $80,000 for each of the next nine years.

The Congressional Budget Office estimates that this tax windfall for the wealthy will cost the federal government $285 billion over the 10-year span covered by the bill, making it the second most costly item in the legislation. It is topped only by a combined $390 billion for universal pre-school for three- and four-year-old children and limited subsidies for child care.

It is considerably higher than the allocation for clean energy and climate resilience ($220 billion), four weeks of paid family and medical leave ($195 billion), clean energy and electricity tax credits ($190 billion), affordable housing ($170 billion), Medicaid home- and community-based services ($150 billion), a one-year extension of the expanded child tax credit ($130 billion), and tax credits for health insurance premiums under Obamacare ($125 billion).

It would help pay for programs that were severely cut or dropped outright from the bill under pressure from big business and its most open mouthpieces in the Democratic Party, such as senators Joe Manchin of West Virginia and Kyrsten Sinema of Arizona. These include free community college (eliminated); the ability of Medicare to negotiate drug prices with the pharmaceutical industry, thereby lowering their costs (reduced to a shell program affecting only a handful of drugs and not even starting until 2024); and Medicare coverage for dental, hearing and vision (reduced to limited subsidies for hearing aids).

According to an analysis by the Tax Policy Center, the SALT tax provision will overwhelmingly benefit the top 10 percent of income earners, with virtually nothing going to the remaining 90 percent, i.e., the working class and lower-middle class. The measure will particularly benefit the top one percent, those who make over $867,000 a year. They will see a tax cut in the tens of thousands of dollars.

“Anything you do to eliminate the SALT cap is going to be regressive, because that tax is overwhelmingly paid by very high-income people,” said Howard Gleckman of the Tax Policy Center. “Anything you do to lower that tax doesn’t matter for most people.”

The Committee for a Responsible Federal Budget (CRFB) reported that a family of four in Washington D.C. making $1 million per year would receive 10 times as much tax relief next year from expanding the state and local tax deductions as a middle-class family would receive from an expansion of the child tax credit. The CRFB said that two-thirds of households making more than $1 million a year would get a tax cut under the legislation because of the increase in the state and local property tax deduction.

Pointing to the brazen hypocrisy of Biden and the Democratic Party, Marx Goldwein, senior policy director at the CRFB, said, “We’re debating about whether to give lower- and middle-class families a thousand dollars more a year through the child tax credit, while giving upper-class families $10,000 or more through SALT. That’s counter to everything the Democrats have been saying Build Back Better is about and everything they said about the Trump tax cuts.”

According to a report from the Tax Foundation, raising the SALT cap would more than offset other tax increases for the wealthy in 2022 included in the House bill. These include a 15 percent minimum corporate tax, a 1 percent tax on stock buybacks, increased taxes on US companies’ foreign profits, and a surtax of 5 percent on those with adjusted gross income over $10 million and 8 percent on those making more than $25 million.

In a column in the Financial Times on Thursday, Edward Luce alluded to the Democrats’ obsession with identity politics and linked it to the Build Back Better bill:

The result is a bill that caters best to the most powerful slice of Americans—the very wealthy. They can sleep easy now that the carried interest loophole, which allows private equity partners to be taxed at lower than ordinary income rates—as Warren Buffett pointed out, they pay a lower tax rate than their secretaries—is probably safe. As it stands, the bill will also give wealthy Americans a bigger tax cut than they got from Trump’s big 2017 tax bill.

Even this miserable travesty of social reform will be further gutted if not blocked outright in the Senate, where passage will require the support of all 50 Democrats. Neither Manchin nor Sinema has signed on to the bill, the former having declared his opposition to even a completely inadequate a four-week paid leave provision, while calling for means testing and work requirements for other social benefits.

The so-called “progressives”—Bernie Sanders, Elizabeth Warren in the Senate, the more than 100-strong House Progressive Caucus—capitulated to the demand of Biden and the most right-wing factions in the Democratic caucuses to pass the $1 trillion bipartisan infrastructure bill. This bill was backed by virtually every corporate lobby group, without having secured the agreement of Manchin and Sinema to support Senate passage of the broader “Build Back Better” social spending bill, against which the corporations have waged a massive lobbying campaign.

Sanders, for his part, has denounced the inclusion of the SALT provision in the House bill but is supporting a modified version in the Senate bill, according to which eligibility for expanded tax deductions would be limited to people making less than $400,000 a year. On the other hand, Senate Majority Leader Chuck Schumer, widely known as the “senator from Wall Street,” is supporting an even bigger deduction than that provided by the House.

He has announced that he will bring up the National Defense Authorization Act, which allocates $778 billion for the military in a single year (nearly half the 10-year Build Back Better budget) and the anti-China United States Innovation and Competition Act before taking up the social/climate measure passed by the House. This could delay consideration of Build Back Better until next year, something Manchin has hinted at, likely killing the legislation.

All of the so-called “progressives” promoted by the pseudo-left, including Democratic Socialists of America (DSA) members Alexandria Ocasio-Cortez, Jamaal Bowman, Ilhan Omar and Cori Bush, voted for the House bill on Friday, demonstrating the DSA’s role as an arm of one of the two main parties of US imperialism.

During the 2020 Democratic primaries, every candidate pledged to repeal the Trump tax cut for the rich. Biden has repeatedly called his domestic agenda a “blue collar” program. While declaring ad nauseam that “I am a capitalist,” who has nothing against people becoming billionaires, he has called on Wall Street to “pay their fair share.”

Now it is perfectly clear what this actually means. Under conditions where the Democrats control the White House and both houses of Congress, they have dropped any attempt to raise corporate or personal income tax rates for the wealthy The only significant change Biden and the Democrats are seeking to make to Trump’s multitrillion-dollar tax giveaway to the oligarchy is to increase its scale.

This is a devastating exposure of the fraudulent claims of the DSA and similar organizations of the upper-middle class that progressive change is possible within the framework of the capitalist two-party system and that the Democratic Party can serve as an instrument of social change.

Wolff Responds: Capitalism's False Defenses

https://www.youtube.com/watch?v=WjHch15JHVg

Ten Years Ago: Corporate & Household Debt [10th Anniversary of Economic Update with Richard

 Wolff]

https://www.youtube.com/watch?v=Q8xf0J7X2gI

CEO RESIGNATIONS INCREASE, ECONOMIC COLLAPSE GAINS SPEED, YOU CAN'T PRINT\

 PROSPERITY

https://www.youtube.com/watch?v=0w3uCSeZEGk

Insiders Just Exposed That A Terrifying Stock Market Crash Forecast Is About To Come True

https://www.youtube.com/watch?v=4fnFAiEqzLU

Democrats Approve Billion-Dollar Tax Cut for Their Rich, Blue State Donors

FABRICE COFFRINI/Robyn Beck/Spencer Platt/John Sciulli/Anna Moneymaker/Getty Images

JOHN BINDER

19 Nov 20210

2:09

House Democrats approved hundreds of billions of dollars in tax cuts for their wealthy, blue state donors with the passage of President Joe Biden’s “Build Back Better Act.”

On Monday, House Speaker Nancy Pelosi (D-CA) oversaw the passage of the filibuster-proof $1.75 billion budget reconciliation package that would deliver billions in tax breaks to the wealthiest residents of blue states if approved by the Senate and signed by Biden.

As part of the package, the State and Local Tax (SALT) deduction cap would be increased from its current $10,000 to $80,000 which would effectively amount to a $625 billion tax cut for the wealthiest Americans living in blue states — paid for by working and middle class Americans.

The Committee for a Responsible Federal Budget (CRFB) has noted that “a household making $1 million per year will receive ten times as much from SALT cap relief as a middle-class family will receive from the child tax credit expansion.”

(Chart via Committee for a Responsible Federal Budget)

“Roughly 98 percent of the benefit from the increase would accrue to those making more than $100,000 per year, with more than 80 percent going to those making over $200,000,” CRFB analysis has found.

The left-wing Tax Policy Center has assailed the tax cuts for billionaires, comparing it to the package’s tax increases on middle class Americans.

For instance, the package gives a tax cut to 66 percent of Americans earning more than $1 million annually while 78 percent of Americans earning $500,000 to $1 million will get a tax cut. At the same time, 27 percent of Americans earning $75,000 to $100,000 would see a tax increase along with 19 percent of Americans earning $50,000 to $75,000.

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.