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Link: Summers Sees Just a 15% Chance of U.S. Economy Working Out Well

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Bill...'Net-Net', after all is said and done, even if the IRS efforts aren't realized, it's not going to move the Inflation Needle hardly at all over those 10 years...AND there's always a chance (key Jim Carey) that the top 1%ers lose a little "weight".

I'll get back to you later on this...have a "Play Date" with the G-Kids soon.

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we took every opportunity to hug them, kiss them...listen to them tell us about their latest drawings of dragon homes, origami creations, soccer games...watch them walk the hallway to their bedrooms without touching the floor (one foot on either wall ;-)) ...stuff like that.

As much as we try to "indoctrinate" them, their parents seem to have more influence...during a 'break in the action' when the kids could do whatever they wanted, they all chose to find a comfy place and read one of their favorite books on The Hobbit, Wildlife, Dragons, etc....not to say they don't enjoy some appropriate TV series...I'll stop here...not a good idea to get a grandparent rolling about their G-Kids...

nent if every part of life. For those of us who want less government, this is another affront on personal freedoms.

just as you would with your own plans and finances...you use good judgement, then make your decision to move ahead with the HELOC and kitchen remodel or whatever else you felt was necessary...this process has been done on both bills...let's get on with it.

class. The poor will receive more benefits to have bunches of kids. The rich are going to get tax breaks to buy and build expensive products. Marketplace dynamics are going to be dictated by the government.

listed it (in other terms) as one of his four elements of "Capital"...there are many, many articles on this topic, but just to give you a sense of where I'm coming from, here is one from the "Harvard Business Review"...not 'all-encompassing', but because it includes references to the effect of low wages on human productivity, I chose it to share here.

You're not at all alone in the perception you project, so I'm hoping you'll stay with this discussion, and that several others will join in...hopefully, with the end result of more understanding of how such expenditures as you see in the BBB Bill, fall under the heading of "Investment in Human Capital".

Remember, human productivity is a driver of GDP...and we all want that measure to grow.


Link: https://hbr.org/2017/09/the-case-for-investing-more-in-people

ling an investment in human capital to me is nothing than a liberal's wet dream. I'm a libertarian, so any expansion of government is not going to be well-received by me. Yes, I think there is a need for a safety net. The depth of width of that is where you and I will disagree. I also would rather see any "investments" managed by private enterprise rather than new bureaucracies that just grow ever bigger. I say this not from a strictly libertarian stance. For every $.01 of my tax dollars that go into a bloated bureaucracy, it's one less $.01 that goes into the services any of us receive. There is no incentive for a bureaucracy to become more efficient. Its lone incentive is to become bigger. Additionally, much of the bill is at odds with personal responsibility and marketplace dynamics, two components of what makes America great. I'm just never going to support a bill that allows the government to pick winners and losers, erodes personal responsibility and is at odds with the cultivation of a work ethic. I've attached an article from Time, a left leaning magazine if there ever was one. Let'e review what's in the bill.

$555 billion to fight climate change - I'm on record for saying I don't think humans have much influence on the climate. I know you're going to post a bunch of crap that I won't read, so save yourself. I've read plenty of articles and heard scientists criticize the way the data the is collected and reported. I'm also surprised you're in favor of this given the tax breaks needed to make an investment "economical." This will manifest into higher goods and services, which will disproportionately impact the poor. The government also will have a strong hand in picking the winners and losers. Why not let the marketplace make the change? I'm sure you've installed solar panels on your residence even without the benefit of tax breaks, correct? I mean it is the right thing to do? The implementation of a new CCC. Really? We have a shortage of workers now, and we're going to find 300,000 workers who want to play around in wetlands.

Universal Pre K - I just don't agree with this. If you can't afford to have kids, don't have them. I've had this debate with friends and co-workers. If you can afford to have the latest i phone or take vacations, you can afford to put your kid in pre-K. The bill provides incentives up to an income of $300,000. I'm sorry, but if you have family income up to $300,000, you can afford to send your kid to pre-K, if that's what you choose to do. Also, imagine the variance in pre-K quality? Here again, certain demographics will fall behind others. What I'd rather see here are companies providing childcare as a way to attract talent, which happens more-and-more everyday.

child tax credits - already mentioned

4 weeks paid leave - again, I think this should be left up to the person and employers. Why should someone who doesn't want to take paid leave have to support someone who does?

healthcare spending - as you might have guessed, I'm simply not for this. I do support some sort of public option, but I think it should be paid for by those who choose to use it. I'm not in agreement I should have to pay for something I don't use. There are other ways to attack this as well. Provide companies more of a tax break for increasing coverage? And, frankly, because I have examples from my personal life, many will not sign up until they need it. This is at odds with how insurance is supposed to work. Why sign up if you know the government will be there to bail you out for your poor decisions? And, frustratingly, these are the same people who have the best phones, computers and take more vacations than I.

affordable home care - this falls into my safety net perspective. I do see a need for this, but I also would like to see citizens plan better for this.

affordable housing - not really the government's job to be in this market. And, if they are, I don't think it should be a hand out. They have to have a personal stake in the address.


I would like to see the tax code changed; there are far too many government-created loopholes. I'd rip it up and start over.


Link: https://time.com/6121415/build-back-better-spending-bill-summary/

this country has a spectrum of views that need to be listened to...they are naturally occurring...from Libertarian to Liberal and everywhere in-between...and this isn't going to dramatically change...but what can change is the amount of listening and understanding of those views by EVERYONE...and that means a HUGE increase in civil communication...such as we're doing here.

Mindful of my tendency toward 'verbosity', I'll truncate my comments somewhat while hopefully being sufficiently clear...here goes...

>Climate Change ($555B)...I used to be "lukewarm" when it came to CC...thought that it was a manufactured grab by environmentalists to create a low-growth economy built on Wind and Solar Power only...while there are still extreme elements who still believe in this "utopia", my rational/technical mind has been won over by scientific facts...CO2 is a greenhouse gas...the amount in our atmosphere is steadily increasing since the late 1800's from ~300ppm to 416ppm today...currently we add 25 - 35 Gigatons/yr of CO2 to what used to be on the order of 2400 GT in the mid 19th century (now ~3300 GT)...with the majority of those additions staying in the atmosphere for over 100 years...all because of fossil fuel burning...without a reduction in CO2 the global climatic effects will become more and more dramatic and rapid with frankly catastrophic impact on current civilization.

All of this calls for a drastic change in our Energy Strategy...you probably know how I feel about Nuclear Power, but I also believe that fossil fuels will be needed for unique and critical uses, while at the same time it would be foolish to not use Wind and Solar wherever it makes economic sense. These are big changes, and the Biden administration is NOT taking over the energy industry...it is using federal funds...in combination with private investment...to effect this change (e.g. Bill Gates, et al, plus Gov't funding to get a new GEN-IV Fast Reactor demonstration plant built in Wyoming)...a monumental shift like this is forward thinking and needs government "seed money"...the "market place" isn't there yet and we need to act NOW.

Pardon me, WestCoast, but you have to admit that it's unreasonable to close one's eyes and ears to scientific facts when it comes to evaluating the whole issue of Climate Change...please don't rely on your 'gut feelings' for decision making.

>Universal Pre-K ($400B)...Not sure why you focus on those with incomes near $300K, but the VAST majority of beneficiaries are closer to $40K...Pre-K is almost universal amongst affluent families, thus proving its value...this funding helps give ALL Americans a fair chance at an excellent education...which will then benefit the entire nation...call it "Enlightened Self-Interest".

>Child Tax Credits ($200B)...Low Income families need this...simple as that...the expanding Income/Wealth Inequality in the U.S. right now is making it increasingly difficult for those families to function (see attached link).

>Paid Leave ($200B)...Virtually all developed nations provide such assistance...low-income families don't have the means to pay for outside assistance at critical times...these are hard working individuals who are often essential workers in our economy (witness their roles during the COVID pandemic)...more "Enlightened Self-Interest".

>Healthcare Spending ($165B)...a healthy nation is a productive nation...more focus on low income citizens who have a hard time paying for necessary care.

>Affordable Home Care ($150B)...you seem to acknowledge the need for this...when you're a low income family, no amount of planning will provide the needed funds.

>Affordable Housing ($150B)...you should see what the housing situation is like in the SF Bay Area...we need this...the "Free Market" isn't exactly helping here...otherwise we wouldn't be talking about it.

IMO the ever-widening Income/Wealth Gap we are experiencing is fundamental to much of the BBB Bill (with the exception of CC funding)...I'll re-introduce this topic in another thread.

We can talk about how to meld Libertarian perspectives into consensus legislation in a separate thread altogether...hopefully by clearly identifying areas of "Individual" and "Community" responsibilities.


Link: https://www.epi.org/publication/ceo-compensation-2018/

>Climate Change ($555B)...I used to be "lukewarm" when it came to CC...thought that it was a manufactured grab by environmentalists to create a low-growth economy built on Wind and Solar Power only...while there are still extreme elements who still believe in this "utopia", my rational/technical mind has been won over by scientific facts...CO2 is a greenhouse gas...the amount in our atmosphere is steadily increasing since the late 1800's from ~300ppm to 416ppm today...currently we add 25 - 35 Gigatons/yr of CO2 to what used to be on the order of 2400 GT in the mid 19th century (now ~3300 GT)...with the majority of those additions staying in the atmosphere for over 100 years...all because of fossil fuel burning...without a reduction in CO2 the global climatic effects will become more and more dramatic and rapid with frankly catastrophic impact on current civilization.

WCIF - the climate is global, and America and the EU can't tackle climate alone. If China and India aren't on board, it's all for naught. I'm not really into moral victories. I also know the earth has been both warmer and colder without people, so any impact we are having is negligible. Let's say human induced climate change is real. I'd much rather see us focusing on how to live with it than trying to stop it. For instance, I've long though we should be investing in waterways to serve as flood control and to move water to other parts of the country. Of course, then the EPA and environmentalists have to put up their hands, which makes climate change feel all that more political.

All of this calls for a drastic change in our Energy Strategy...you probably know how I feel about Nuclear Power, but I also believe that fossil fuels will be needed for unique and critical uses, while at the same time it would be foolish to not use Wind and Solar wherever it makes economic sense. These are big changes, and the Biden administration is NOT taking over the energy industry...it is using federal funds...in combination with private investment...to effect this change (e.g. Bill Gates, et al, plus Gov't funding to get a new GEN-IV Fast Reactor demonstration plant built in Wyoming)...a monumental shift like this is forward thinking and needs government "seed money"...the "market place" isn't there yet and we need to act NOW.

Pardon me, WestCoast, but you have to admit that it's unreasonable to close one's eyes and ears to scientific facts when it comes to evaluating the whole issue of Climate Change...please don't rely on your 'gut feelings' for decision making. It's not gut feelings. It's a cost/benefit approach, and the costs outweigh the benefits.

>Universal Pre-K ($400B)...Not sure why you focus on those with incomes near $300K, but the VAST majority of beneficiaries are closer to $40K...Pre-K is almost universal amongst affluent families, thus proving its value...this funding helps give ALL Americans a fair chance at an excellent education...which will then benefit the entire nation...call it "Enlightened Self-Interest". The article specifically notes tax savings for families up to $300K. Additionally, it won't do much of anything at all. It's no different the public education. Suburban, private and religious schools are head and shoulders above city schools. Do you really think universal pre-k is going to be some panacea for inner city and rural kids?

>Child Tax Credits ($200B)...Low Income families need this...simple as that...the expanding Income/Wealth Inequality in the U.S. right now is making it increasingly difficult for those families to function (see attached link). Here's an idea, don't have kids if you can't afford them or don't have the emotional and financial maturity to care for them.

>Paid Leave ($200B)...Virtually all developed nations provide such assistance...low-income families don't have the means to pay for outside assistance at critical times...these are hard working individuals who are often essential workers in our economy (witness their roles during the COVID pandemic)...more "Enlightened Self-Interest".

>Healthcare Spending ($165B)...a healthy nation is a productive nation...more focus on low income citizens who have a hard time paying for necessary care.

>Affordable Home Care ($150B)...you seem to acknowledge the need for this...when you're a low income family, no amount of planning will provide the needed funds.

>Affordable Housing ($150B)...you should see what the housing situation is like in the SF Bay Area...we need this...the "Free Market" isn't exactly helping here...otherwise we wouldn't be talking about it.
I lived in the bay for a long time. One of the issues in the bay has to do with rent control and restrictions. Every wonder why buildings in the marina and and wharf area are so short? It's because existing residents bitched about tall buildings blocking their views. Not in my backyard has never been more apparent in the bay area and the Atlantic Coast.

IMO the ever-widening Income/Wealth Gap we are experiencing is fundamental to much of the BBB Bill (with the exception of CC funding)...I'll re-introduce this topic in another thread. Paid leave, healthcare spending, affordable housing are tug at the heartstrings liberal wants. What you are choosing to overlooks is the impact these entitlements have on work ethic, contribution, etc. As I said earlier, I think there is a need for a social net, but not nearly as wide nor as deep as you'd like it to be.

We can talk about how to meld Libertarian perspectives into consensus legislation in a separate thread altogether...hopefully by clearly identifying areas of "Individual" and "Community" responsibilities.

(see link)...as much as they are building more nuclear reactors, they are also building the newest versions (Fast Reactors)...this not only helps with CC, it also gives them better air to breath and insurance against being held hostage by other nations' oil and gas that they currently import...exactly the things we should be doing...they are playing the 'Long Game'...fortunately, it's looking like Biden wants to do this as well, but it sure would help if the entire nation was united in this effort to deal with an issue that affects all of us, equally.

You seem to sense that there just might be a problem here...don't you think we should do something about it?


Link: https://www.bloomberg.com/news/features/2021-11-02/china-climate-goals-hinge-on-440-billion-nuclear-power-plan-to-rival-u-s

Reactor anywhere in the state of califorNia.

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Now we're getting to the meat of the opposition -- you view it as a welfare handout for the underserving poor -- because "they like being poor," right?

Them out of poverty.

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"Net-Net", as Conor also explained, the bill's effect on inflation over 10 years will AT WORST be negligible...and quite possibly could be a net gain in that regard. BTW, when it comes to being a good "Fiduciary" you had better put your trust in Democrats as opposed the the "Party of Un-Regulated Derivatives"...you can take that to the Bank!

It will flow $ to the Dem base before this is laundered into campaign contributions that the pols can skim off. It will benefit federal employees and academics and Dem friendly businesses.

...when it was going to be $3.5 trillion. And I think the CBO is low-balling...

It should be called the "Buy Brandon's Bullshit" bill.

For starters, the $160 billion is spread out over 10 years. $16 billion per year is insignificant given the scope of the federal budget.

However, “many people think CBO’s figure on the cost savings from tax enforcement is a drastic underestimate. The Treasury Department estimates that it would generate $400 billion in revenue, for a net savings of $320 billion, almost $200 billion more than CBO thinks. If Treasury is right, the bill’s effect on the deficit is almost nothing.


The core dispute is over whether, in the face of IRS enforcement, wealthy tax cheats would find new ways to avoid taxes (as the CBO believes), or whether more would actually pay up. Treasury believes the latter, projecting new revenue will come directly (from people forced to pay what they otherwise wouldn’t), and indirectly (as enforcement convinces rich scofflaws to stay on the straight and narrow).”

…in some alternate universe…

Not only is the administration predicting fantasy numbers through tax revenue, they have no clue how much the bill is going to cost, only releasing estimates.

At some point the rest of the world is going to call us on our bluff of buying our own bonds.

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the early inflation we are experiencing now is just the beginnings of the COVID bail out from a year ago. And they dutifully believe it and go forth with their idiotic false messaging. Wait until the effects of the 1.75 Trillion are felt. The Biden BBB is essentially a killer spike to our economy. Add that in with the unfettered immigration with healthcare costs and giveaways......transformative indeed. We see it the same way as usual Knute.

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MrS Summers' assessment is pretty easy to understand and jibes with the others' mentioned...i.e...

"On Monday, he wrote in another Post opinion column that Congress should pass Build Back Better: "The legislation would spend less over 10 years than was spent on stimulus in 2021. Because that spending is offset by revenue increases and because it includes measures such as child care that will increase the economy's capacity, Build Back Better will have only a negligible impact on inflation.""

As for the financial crisis of 2008, I also blame Bill Clinton for not listening to Brooksley Born and allowing the GOP to later run wild with CDS's...btw, I hope that you are equally incensed at the GOP for subsequently resisting regulations on derivatives, while at the same time looking favorably on Saule Omarova now wrt the same issue....are you?

https://www.abajournal.com/magazine/article/the_born_prophecy

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