Morgan Stanley credits Bidenomics with 'much stronger" than expected GPD growth

The IRS estimated tax gap, i.e. the difference between tax owed and collected, from 2014 to 2016 is over 400 billion. The gap is largley due to evasion by high wealth individuals and businesses. Just capturing what is owed, through sufficiently funded IRS for agents to research tax claims, would reduce the deficit. Republicans by continuing to undercut enforcement and revenue, is a passive aggressive way to claim spending is out of control. IRS updates tax gap estimates; new data points the way toward enhancing taxpayer service, compliance efforts | Internal Revenue Service

While the gap figure still does not balance the budget, as you point out, it does improve the picture

 

I am all for increased compliance, but most of the gap is underreporting, and without a massive audit infranstructure you aren’t going to get most of that.



At its highest point, at the peak of a stock market bubble and favorable demographics, and higher personal tax rates across the board, personal income taxes reached 10% of gdp, vs a run rate of around 8% of gdp. I could realistically see getting 1% of gdp mostly on the top 10%, which would be about 250 billion per year, or about 15% of the annual deficit. Across the board tax hikes could probably get you to 25% of the deficits.

So what are you going to do about the other 75% of the deficit, which will become higher as social security and Medicare shortfalls grow?

 

The projected deficit for 2023 is now around 1.3 trillion. If through gap enforcement and increased revenue on corporations, to bring the deficit under a trillion and do that over time, it helps. I understand your point that isn't going to balance the budget, it's a balance.

 

Someone wake up Biden and tell him … he probably doesn’t know.

 

So basically he peed on the fire he started and gets a high five?







Calm down...I'm just kidding.

I am in the POTUS has nothing to do with 9t camp either way.

 

I think you're confusing Old Joe with his predecessor, possibly the first president in history to explode the deficit during peacetime despite near record low unemployment. One of the few times Donald "Six Bankruptcies" Trump told the truth was when he said that he would run government like his private sector organizations.

 

If you mean he peed on it by passing actual meaningful legislation like the IRA, ACA, and Chips Act, yeah, I guess he peed on it pretty good.

Really Tilly, is it so hard just to admit the dude is actually helping make America great again rather than just selling Chinese hats with the slogan?

 

Even though I didn’t vote for him, I was quite happy that my retirement plans improved under Trump until the pandemic, which was not his fault.

Even though I didn’t vote for him, I am very happy with my retirement plans going up under Biden.

Just there’s no confusion, I voted independent the last two elections.

 

It’s an obviously wrong camp.

 

I have been very consistent that I dont believe the POTUS (regardless of hat ) has much impact on the economy.

I mean Trump had a good economy too until Covid. So what does that tell you.

 

I generally would agree with that, but Biden's making some generational investments that are clearly kicking the economy into high gear.

The OP is about Morgan Stanley giving him the credit... not exactly a bastion of liberalism. I mean if they can admit it, can't you?

 

. Now you understand why the GOP wants to shut the government down to force cuts in these programs. Because jobs and economic growth for the betterment of the country are bad for their chances to stay in power, dependent as that is on illegals districts in Florida, New York, Alabama and Louisiana.

 

Morgan Stanley is only interested in analyzing the “why.” That is important to its investors, because if these programs are cut, then the investors have to assess what to do with their money.

 

I guess I’m just whining …

 

What do politics have to do with this though? I have already offered the opinion that POTUS is irrelevant regardless of party.

I don't believe that Biden sat down and came up with any economy improving plans. Did his name get attached to someone elses ideas? Perhaps, but I honestly dont think the president is really working too hard on real economic solutions. That is my point.

Again Trump had a good economy too prior to the pandemic, but I dont go e him credit for that either.

 

Now compare inflation... and the value of the dollar... quality of life... fear of crime... etc... etc...

More money does NOT mean you get the same amount of goods/services for that same money... Right now we have a false economy. Under President Trump is was real and you got far more "stuff" for that same amount of money than you do right now.

 

See this post right here is why I don't normally block anyone. Too many laughs to be had.

 

and up go the gas prices, 6 cents over 2 days nationally, 7 cents overnight in gainesville. atta boy inept joe, glad to see you are back to your old inept self, gainesville up 25 cents over the last month

 

Seems pretty short sighted, from the article in the OP:

Biden’s Infrastructure Investment and Jobs Act is “driving a boom in large-scale infrastructure,” wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note released Thursday. In addition to infrastructure, “manufacturing construction has shown broad strength,” she wrote.

So you think the infrastructure act and the inflation reduction act have no effect on the economy? What bills did Trump pass?