Raise your hand if you want this plane landing in your town?
America paid unimaginable costs in Afghanistan because of uniparty globalists who dominated the Bush & Obama administrations.
No more…
Student debt cancellation will:
⚫️ Cost $400 to $600 billion
⚫️ Wipe out Inflation Reduction Act savings twice over
⚫️ Add up to a quarter point to inflation
⚫️ Benefit MDs, JDs, and MBAs
⚫️ Drive up tuition costs
⚫️ Increase risk or recession
Great job, folks.
Q. Can you microwave a metal fork?
A. Yes. The microwave is big enough to fit the fork, and will turn on with the fork in it if you hit the start button
NEWS w
@bresreports
-- HOUSE REPUBLICANS' Israel aid bill is out.
It offsets $14.3 billion in Israel aid with $14.3 bllion in cuts to IRS from the Inflation Reduction Act.
This offset will NEVER, EVER fly. Dems will reject it out of hand.
Here's the bill:
1) Regressive
2) Expensive
3) Makes inflation worse
4) Drives Up Tuition
5) Totally Unfair
6) Leads to more bogus degree programs
7) Disproportionately benefits MDs & JDs making 6 figures
8) Does nothing for the 87% of people - disproportionately poorer - with no student debt
I very strongly support President Biden's call for a broad vaccine mandate, and think it takes real leadership to call for it.
But I do think it's true that if Trump had proposed the same policy, most of left-twitter would be freaking out right now.
ANALYSIS - rescinding IRS funding will increase the deficit by 𝘄𝗲𝗹𝗹 𝗼𝘃𝗲𝗿 $𝟭𝟬𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻, encourage tax cheating, and cut the tax enforcement budget well below what President Trump wanted.
Very misleading & dangerous. In this analysis, vaccines prevent ~80% of Delta infections (much larger share of sickness). That 80% CANNOT spread the virus. This is only about the other 20%, and even there it’s speculative.
Getting vaccinated protects you and your community!
Breaking News: The Delta variant is as contagious as chickenpox and may be spread by vaccinated people as easily as the unvaccinated, an internal C.D.C. report said.
I’m sorry, but this refrain boils my blood. A family of 5 with *no* income loss will ultimately receive $17,000 to $25,000 from COVID relief bills.
If one earner in that family lost their job, they may receive $50,000 to $100,000 (including state UI) plus health care.
A one-time $1,400 check is simply not enough to pay the bills.
We’re one year into this pandemic, and many Americans are living paycheck to paycheck. Let’s pass $2k monthly checks.
In the federal budget system, the policy is made by two separate, yet equally important, committee staff: the tax staffers, who raise the money; and the health and retirement staffers, who spend it. These are their stories.
This would be a $500 BILLION TAX CUT, with over $400 billion going to the top 5% of households.
This is more than they are spending on ANYTHING ELSE in the bill. It's 2.5x as much as they are spending on child tax credit and EITC combined!
NEWS in
@PunchbowlNews
Midday: Democrats eyeing a 5-year SALT deductibility cap delay, per multiple sources. Final decision this afternoon. VERY TENTATIVE.
More shortly in midday edition — out in the next 10 minutes.
From
@bresreports
and me.
Imagine paying for $10,000 of debt cancellation and an extended pause for mostly higher-income households with a flat 0.2% payroll tax on all workers, including those who didn’t go to college.
That’s basically what the WH is discussing .
Revenue idea - what about a very tiny email tax - say .01 cents per sent email.
For the typical person, this might mean a tax of a couple bucks per year.
But it would put a price on email marketing, spamming, etc.
I wasn’t the biggest fan of how PPP was designed. But I find the inability to understand the difference between emergency business grants and after-the-fact student debt forgiveness either very cynical or very troubling.
Some of the same Republicans in Congress who strongly opposed giving relief to students got hundreds of thousands of dollars of relief for themselves to keep their businesses open.
I find this hypocrisy stunning.
@ImtiazMadmood
This is true. But also, Palestinians live there now -- especially in Gaza, the West Bank, and East Jerusalem. And so there should be a Palestinian state. For the first time.
A typical unemployed workers will receive $35,000 over the course of a year (closer to $40k if they have a family) even if the Biden plan isn’t enacted.
Black Lives Matter.
No Human is Illegal.
Love is Love.
Women's Rights are Human Rights.
The Wealthiest Americans Must Be Able to Deduct All of Their State & Local Taxes.
Stewart is incorrect here. In addition to the $277 billion of new funding, the bill reclassified $390 billion of EXISTING discretionary funding as mandatory.
Here is the Congressional Budget Office:
Kill 26,000 people, execute children and women in Iran, forcibly displace 7 million Syrians, fund and plan the October 7th genocide in Israel, support terrorists in Yemen, Gaza, and Iraq, and chant "death to America." Then, die in a helicopter crash, and the UN will stand for a
WSJ has a bit more: Moderna wants to do a smaller 50cc dose to reach more people and have fewer side effects. FDA wants 100cc to reduce confusion from changing dosages and avoid wastage from discarding unused doses in a vial.
Policy Qs not efficacy Qs.
Folks who claimed inflation would last ~3 months and go away on its own are now declaring they were right because it lasts (at least) 20 months and seems to (hopefully) be fading after 400 basis points of rate hikes.
We'll get more data in the weeks ahead, but at this point the burden of proof lies on anyone claiming that we had more than a, well, transitory inflation spike that's mostly behind us 6/
Hi Twitter, it’s me Marc Goldwein — the guy who has been screaming we are going to have/having high inflation for 14 months and pushing back against all the desperate “team transitory” arguments.
Inflation is July was 0%.
🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade.
If you bought a home in the United States in the year 2000 for $250,000 cash and it is worth $433,000 today, you did not actually make any money. You just kept up with average inflation. And if you add in any cost of maintenance, you’ve actually lost money on the ‘investment’.
The group of around 100 young Californian Jews and their allies continues to tear down the encampment at UCLA.
The arrived on campus after a young Jewish girl was beaten unconscious by the pro-Hamas students and activists occupying campus grounds
@nytimes
@nytimes
- Please delete this tweet and fix the headline. It falsely implies all those who are vaccinated can spread COVID as much as unvaccinated. This is only true for small share of vaccinated w a breakthrough infection.
This is wrong and dangerous - please remove. Cc
@WHCOS
A 5-Year SALT cap repeal would be the LARGEST part of Build Back Better. Even just the part going to the top 5% would be.
Budgeting is about values. Are these really our values?
The pause itself costs almost twice as much as the entire Pell Grant program.
But while Pell Grants go to low- and middle-income undergraduate students, the debt pause disproportionately benefits high-income Americans with advanced degrees.
I'm just a simply country policy guy, but maybe the politicians should have been a little more worried about dumping $2 trillion into an economy that only faced a $400 billion output gap?
Yup. Basically the whole story: if prices don't come down, Democrats are completely, utterly hosed, no matter what else they do or what message they choose.
Let’s be clear - the first line doesn’t describe the House bill, and the logic train from there is riddled with errors.
Whoever wrote this must have bombed the LSAT.
I hear House Republicans out on TV saying they would never vote to cut veterans’ benefits.
In case there’s any confusion, I made a little chart that could help them out.
@mattyglesias
I’m glad it’s a joke for u Matt and that you’re lucky enough to get access to great childcare, but for those who have to spend all day with their kids, it’s not funny. Hope you can have a little more empathy, especially today.
🧵𝐖𝐨𝐧𝐤-𝐓𝐡𝐫𝐞𝐚𝐝🧵
With interest rates at a 16-year high and surging, it’s a good time to talk what 𝐑 𝐯𝐞𝐫𝐬𝐮𝐬 𝐆 means for debt dynamics.
In summary:
⦿ 𝐑<𝐆 improves debt sustainability
⦿ 𝐑<𝐆 doesn't guarantee sustainability
⦿ 𝐑>𝐆 now, so that's bad!
🧵
There is no justification for this extension.
The unemployment rate is likely to be near the lowest in 50 years by May, and household balance sheets as strong as ever.
Repayment pause costs more than Pell Grants and higher ed tax credits combined.
The average middle class family gets a 15 𝑑𝑜𝑙𝑙𝑎𝑟 tax cut from SALT cap repeal.
You read that correctly!
But don't worry, the top 1% gets $35,660 on average.
@kevinbaum013
1) we shouldn’t when it’s just for the sake of giving them cash – – – which is why we got a cut farm subsidies a lot
2) when we do, it should be to ensure adequate and stable food supply
Same applies for student debt borrowers — subsidies make sense to help people afford college
@besttrousers
@JeffBezos
@LHSummers
BBB was not “fully paid for” in any meaningful way, particularly not in the early years when inflation threat is greatest.
So there’s going to be like $500 billion of cancellation, isn’t there?
If so, I. don’t want to hear another word about how this WH is using Fiscal policy to fight inflation.
Make this your legacy,
@realDonaldTrump
. Spend the next 2 months smoothing this process, explaining how safe and important these vaccines are to your followers, and passing federal aid to get us from now through when we're all vaccinated.
Another Vaccine just announced. This time by Moderna, 95% effective. For those great “historians”, please remember that these great discoveries, which will end the China Plague, all took place on my watch!
Who do you think is better off?
1) a doctor making $250,000 per year with $200,000 of debt and $100,000 of investment.
2) A waitress making $40,000 a year with $2,000 in her bank account.
On paper, the waitress is much wealthier.
🚨NEW ANALYSIS🚨 -- Build Back Better might deliver a net TAX CUT to the rich in the first two years.
A new
@BudgetHawks
analysis shows why SALT cap repeal could consume all the tax increases on the highest earners, and then some.
Fact check: SALT repeal has almost no direct effect on state finances. It just raises taxes on rich people IN those states - most of who will still get a net tax cut.
New York, New Jersey and Connecticut are launching a coalition to sue the federal government to reverse the unjust tax law.
We will not stand idly by as the federal government attacks the fiscal health of our states.
“So, why did so many forecasters, and I, get this so wrong?
…I unfairly dismissed the most boring, Econ 101 explanation for why inflation happens: that there was too much money sloshing around for the amount of stuff the economy was able to produce.”
Salt isn’t just for bagels! The SALT deduction provides real relief to middle class taxpayers in New Jersey and across the country. Tom is working on the bipartisan SALT caucus to restore this essential deduction for his constituents.
#SummerOfSALT
🚨WHOA🚨 - The cost of extending the 2017 tax cuts is 𝟓𝟎 𝐩𝐞𝐫𝐜𝐞𝐧𝐭 𝐡𝐢𝐠𝐡𝐞𝐫 than originally believed.
That's like a $1.2 trillion increase, and it's been growing every year!
JCT JUST ESTIMATED THE TAX BILL WILL INCREASE AVERAGE GROWTH BY LESS THAN 0.02% PER YEAR! 0⃣. 0⃣2⃣%! THAT'S WHY WE BLEW A $1.5 TRILLION HOLE IN DEFICIT? ARE YOU KIDDING ME.
A two-year SALT cap repeal will cost more than TEN years of universal pre-k, or paid family leave. It will cost nearly as much as ten years of expanded EITC and child care credit credits. And it will cost more than making the current law CTC refundable permanently.
I’m fighting tirelessly to ensure that the reconciliation bill includes a repeal of the SALT cap — to deliver a much-needed tax cut to hard-working middle class families across Northern New Jersey.
The SALT cap has hurt New Jersey families for too long.
I’m not sure who needs to hear this, but revenue increases — especially from cutting tax breaks — would help to fight inflation, slow interest rate growth, and reduce the risk of a recession.
For the cost of all this debt cancellation, we could have 𝒕𝒓𝒊𝒑𝒍𝒆𝒅 or perhaps 𝐪𝐮𝐚𝐝𝐫𝐮𝐩𝐥𝐞𝐝 Pell Grants. Instead, we're paying doctors, lawyers, and MBAs who already have their degrees!
🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade.
Politico does not say any of these people were hanging out, it only says they were at the same Christmas party.
Even if they were hanging out, not clear to me what the story is….
He's either lying or he's stupid.
Either way, seems problematic that the head of the UN doesn't know about 30,000 dead Ukrainian civilians, the 300,000+ Syrian civilians who died, or the 400,000-600,000 Ethiopian deaths.
These are all (rounded) UN numbers.
“We are witnessing a killing of civilians that is unparalleled and unprecedented in any conflict since I have been Secretary General”- UN chief
@antonioguterres
I’m pretty confident you can’t raise the minimum wage through reconciliation, but I bet you could make wages below $15/hour non deductible for businesses.
It’s long past time to raise the minimum wage, so hardworking people earn at least $15 an hour.
I hope that Democratic control of the House and Senate will ensure prompt action to get it done.
NEW: CA is now projected to have $10.3 billion more than we projected in our
#CABudget
.
That’s more support for our small businesses, vaccine administration, schools, and more.
1) Actual savings are closer to 6% of Medicare costs
2) Savings would REDUCE costs for beneficiaries, and mostly resemble those in Obama budgets & Obamacare
3) If people can't stomach these savings, no way they'll be able to stomach payment reductions required for
#Medicare4All
Write the tax law you want and then enforce it. We should be funding the IRS so we can collect taxes as accurate as possible - enforcement shouldn’t be a tool for redistribution.
The IRS will “substantially” decrease audits on refundable tax credits that benefit low-income taxpayers in an effort to reduce racial disparities, the agency said.
President Biden has privately flashed impatience to his senior advisers, expressing deep frustration that he can’t show off physical construction of many projects that his signature legislative accomplishments will fund, sources say w/
@Kevinliptakcnn
All it took was 2.5 years, 525 basis points worth of rate hikes, and a very small banking crisis for the elevated inflation that people said would disappear in a matter of months to likely but not certainly be behind us.
What I predicted in July 2021
Did Congress think and act differently this time ? ✔️
Did inflation turn out to be transitory? ✔️
Did Big Fiscal deliver a robust recovery? ✔️
Did most everyone end up better off in the end? ✔️
“Inflation” relative to a year earlier (YoY) fell from 9.1% in June to 8.5% in July.
But inflation in the month of July is 0% because prices didn’t rise in July.
This isn’t hard, people.
If inflation is at 8.5 percent in June and remains at 8.5 percent in July, it does NOT follow that the inflation rate for July is 0 percent. This is shameless prevarication!
ANALYSIS: Even with the additional $10k for Pell recipients, the President's debt cancellation still mostly benefits higher earners.
𝟓𝟕 𝐭𝐨 𝟔𝟓 𝐩𝐞𝐫𝐜𝐞𝐧𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐛𝐞𝐧𝐞𝐟𝐢𝐭 𝐰𝐢𝐥𝐥 𝐠𝐨 𝐭𝐨 𝐭𝐡𝐞 𝐭𝐨𝐩 𝐡𝐚𝐥𝐟 of the income spectrum.
🚨ANALYSIS🚨 - The
#InflationReductionAct
would reduce deficits by almost $𝟮 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 over 2 decades.
If ACA subsidies are extended, there is still over $1 trillion of deficit reduction.
The savings come mainly from lower drug costs.
Californians shouldn't be taxed on money we don't have—a concept so basic it's been in our tax code since the beginning. This week, I helped relaunch the SALT Caucus, which will continue working to restore tax fairness for middle class families.
If you are one of the 290 million Americans that didn’t go to college, didn’t take debt, or paid back their student loans:
Did you know the President took unilateral & possibly illegal action to send $400 billion to the 13% of Americans w students debt — mostly higher earners?
If you are one of the 40 million Americans who could benefit from up to $20,000 in student debt relief:
Did you know Republican officials are suing to prevent you from getting this relief?
As
@POTUS
would say: it's ridiculous.