I saw an ad on television. Donald Trump only cares about the stock market. He gave tax cuts to the rich. Joe Biden will fix all that.
Stock market – fat cats – rich people. Yeah, screw ’em. Not like it’ll affect my family at all. Go for it, Joe!
Well, except for that IRA that I had from private practice. And my kid’s 401k. My wife’s Deferred Compensation and Health Care Savings Accounts. Those are all invested in the stock market. And they’re not insured like bank accounts so if the market tanks, they lose everything.
Not me. I’m a government employee. We have defined benefit pensions through Minnesota State Retirement, Public Employees Retirement, or Teacher’s Retirement, all of which are administered by the State of Minnesota and prudently invested in . . . the stock market. Which Biden’s going to tank to punish the rich.
Oh, crap.
Joe Doakes
It’s gotten to the point where you hope Biden’s ads are just chanting points to con the gullible.
Biden will say whatever his handlers tell him. When he goes off script they soil their shorts. It’s all a prelude to the coronation of Queen Karma Chameleon. I expect the economy will remain tanked but optimism of investors, which has rallied and boosted stocks, will collapse, especially if the Ds actually try to abolish private health insurance and eliminate fossil fuels.
Not me. I’m a government employee.
Silly Joe, they don’t need the stock market. They will just tax the rich to cover the goobernment pension shortfall. Simple.
Even if everyone’s retirement was somewhere else besides the stock market, what the left forgets is that if the stock market tanks, that represents confidence in public businesses, and hence if the stock market falls, employment and the rest of the economy collapses as well. Hard to get enough scratch from “other sources” when those other sources are impacted by the same thing that hit the stock market.
Silly bike, they’ll just tax the rich to make up any shortfall. Simple.
jpa,
How many times are the Democrats going to use that tired mantra to pander to their base, yet a. never do it and b. end up adding more regressive taxes on the middle class?
Another one of his lying ads touts that he will create 50 million jobs, including manufacturing. Unless Joe has Obumbler’s magic wand, I fail to see how he will do that, especially when, like SHillary Clinton, he has vowed to eliminate the fossil fuels industry. The touted rise in so called “green jobs”, will not happen, unless those jobs are in recycling the toxic waste from lithium batteries and solar panels or trying to deal with those monster wind generator blades.
Democrats will continue to use that set of lies as long as the poorly informed and jealous electorate buy it.
Democratic administrations usually focus on increasing overall demand and overall employment. Almost all employment gains have to come in the private sector so corporate interests must always be considered. The need to expand private sector employment is one reason infrastructure is attractive to Democrats because it puts high-wage construction workers to work while greatly lifting the future productivity of the private sector economy.
There are two big pools of equity investors out there. One is pension funds and other passive investors riding the long-term growth of the economy (the Vanguard cohort) and the group are the more opportunistic hedge funds and private equity types. An overall expanding economy meets the needs of the first group while still allowing scope to the second group to bet and maneuver.
Trump frankly has mostly been an extension of the Obama expansion and one presumes Biden will keep it going — without maybe all the real estate developer perks.
http://bastiat.org/en/twisatwins.html
E – I get that it’s a recent development in the field of economics (only been around since the Civil War) but you would do well to brush up on Chapter V – Public Works.
👆 The larger macro trends might give one pause regardless of who is in office. A substantial portion of the rise in equity valuations over the past 12 years can be directly attributed to CBintervention. Cheap bonds and ZIRP have effectively given an allure to equities that otherwise wouldn’t have existed. Share buybacks have contributed significantly as well.
Couple the diminishing returns of ZIRP and QE along with a diminished capacity to increase such support with discernible benefit, the prospect of reduced corporate intervention into equity markets, the aging if developed economies that will reduce labor force participation that struggle to increase productivity as it becomes increasingly service based, the sheer weight of the debt burden as well as the reduced carry capacity and dislocations brought about by climate change might suggest that the post WW2 run equities had and whose life CBs have artificially extended is more an anomaly than the norm. There are plenty of great investment opportunities but passive investing in broad indexes looks increasingly like a dubious proposition.
Trend, schmend, not to worry, E. Joe Biden will sort out the economy. He has a ‘plan.’ I heard him say so, on television. He’ll make the rich pay their fair share. He’ll end Trump’s tax cuts for the rich.
All that fancy talk about zero interest rates and quantitative easing, those are just finance experts talking. Ignore them.
Joe’s got a ‘plan.’
I’m just afraid his ‘plan’ will tank the market where the nation’s future is invested.
One little mentioned fact is that almost all of Trump’s private wealth (or lack of it) is exposed to the hotel and leisure sector.
Empty hotels and casinos, whose debts are personally guaranteed by Trump, are threatening him with personal bankruptcy. Is it any wonder he is denying the pandemic and using his political power to reopen the economy and keep it open? He’s simply trying to avoid bankruptcy.
Apparently under Trump the economy grew 2.5% per year compared to 2.4% the 3 years before his election. Tax breaks which would supposedly help with investment in new jobs did not do much, deficit is up and manufacturing was negatively impacted by protectionism and tariffs.
Emery, the simple fact of the matter is that ending unreasonable lockdowns is indeed the key to avoiding bankruptcy for perhaps Trump, but perhaps more importantly, millions of small businessmen. Why do you hate small business, Emery?
Once again, the small beer crowd fails to understand the techniques used by big business and therefore attributes the wrong motives to the movers and shakers.
Bankruptcy for an individual is a disaster. Bankruptcy for an organization is a strategy. See: Northwest Airlines, for example, which signed a contract to end a strike, then ducked into bankruptcy long enough for the court to set aside the contract and order the employees to work on Northwest’s terms.