US Economy thread

[noblewarrior]

The US prints money because it can because it is backed fully by the US military and is the reserve currency of the world.

Do I own other things because I believe that this may not always be the case?  Yes.

But people crying about the national debt have been doing it for 50+ years.  And yet, here we are.  Still on top.

Life couldn't be better!!!

[Hards Alumni]

Well, it certainly could be.  But the national debt concerns are alarmist nonsense going on five decades.  The dollar has never been stronger worldwide.

[MU82]

Hey, look at what's gonna be built on the Foxconn Boondoggle site - a great American company actually building an important American operation that will bring real training and real good-paying jobs to real Americans.

https://www.jsonline.com/story/money/business/2024/05/08/microsoft-biden-to-highlight-major-boost-in-ai-training-in-wisconsin/73588095007/?

Microsoft plans a major expansion of artificial intelligence education and job training programs in southeast Wisconsin, along with a huge increase in its plans for a data center complex now under construction in Mount Pleasant.

Microsoft Corp. President Brad Smith will be joined by President Joe Biden in Racine County on Wednesday to highlight Microsoft's moves, which build upon the company's previous investments in the state.

[The Sultan]

Brad Smith was born in Milwaukee and raised in Appleton. Microsoft has made a bunch of investments in the state that he has been involved with.

Oh and the CEO has a degree from UWM - forgot about that.

[Uncle Rico]

Hey, look at what's gonna be built on the Foxconn Boondoggle site - a great American company actually building an important American operation that will bring real training and real good-paying jobs to real Americans.

https://www.jsonline.com/story/money/business/2024/05/08/microsoft-biden-to-highlight-major-boost-in-ai-training-in-wisconsin/73588095007/?

Microsoft plans a major expansion of artificial intelligence education and job training programs in southeast Wisconsin, along with a huge increase in its plans for a data center complex now under construction in Mount Pleasant.

Microsoft Corp. President Brad Smith will be joined by President Joe Biden in Racine County on Wednesday to highlight Microsoft's moves, which build upon the company's previous investments in the state.

Hopefully

[JWags85]

Hey, look at what's gonna be built on the Foxconn Boondoggle site - a great American company actually building an important American operation that will bring real training and real good-paying jobs to real Americans.

Id wait to see what percentage of hires/jobs are filled by lower paid H1B visa holders before declaring that.

Thats not an immigration complaint as much as a reaction to stuff Ive heard out of friends and colleagues in Silicon Valley.

Though I think its still a major upgrade over the Foxconn situation.

[MU82]

Id wait to see what percentage of hires/jobs are filled by lower paid H1B visa holders before declaring that.

Thats not an immigration complaint as much as a reaction to stuff Ive heard out of friends and colleagues in Silicon Valley.

Though I think its still a major upgrade over the Foxconn situation.

Fair enough. And that goes for Unk's post, too.

Let's just say I have a lot more confidence in Microsoft following through than I ever did in Foxconn.

[Skatastrophy]

Id wait to see what percentage of hires/jobs are filled by lower paid H1B visa holders before declaring that.

Thats not an immigration complaint as much as a reaction to stuff Ive heard out of friends and colleagues in Silicon Valley.

Though I think its still a major upgrade over the Foxconn situation.

Man it's such a large time + money expense to get H1B visa people these days I'd be surprised if that's still a trend. Maybe people at large established companies with lawyers on retainer can afford it more easily.

[Hards Alumni]

Hey, look at what's gonna be built on the Foxconn Boondoggle site - a great American company actually building an important American operation that will bring real training and real good-paying jobs to real Americans.

https://www.jsonline.com/story/money/business/2024/05/08/microsoft-biden-to-highlight-major-boost-in-ai-training-in-wisconsin/73588095007/?

Microsoft plans a major expansion of artificial intelligence education and job training programs in southeast Wisconsin, along with a huge increase in its plans for a data center complex now under construction in Mount Pleasant.

Microsoft Corp. President Brad Smith will be joined by President Joe Biden in Racine County on Wednesday to highlight Microsoft's moves, which build upon the company's previous investments in the state.

Don't celebrate until it's up and running.

Politicians tend to rug pull Wisconsinites all the time.

[dgies9156]

Don't celebrate until it's up and running.

Politicians tend to rug pull Wisconsinites all the time.

Very possibly but I'd argue that when you spend as much as Wisconsin did on infrastructure improvement, site prep, rezoning and job recruitment, inevitably, somebody will find you.

Way to go Microsoft. Here's hoping there's no rug pull!

[jesmu84]

Well, it certainly could be.  But the national debt concerns are alarmist nonsense going on five decades.  The dollar has never been stronger worldwide.

Weird how there's no national debt alarmism when it comes to funding weapons/offensive global conflicts

[Hards Alumni]

Weird how there's no national debt alarmism when it comes to funding weapons/offensive global conflicts

Branding.

"National security" vs "entitlements"

[Uncle Rico]

Don't celebrate until it's up and running.

Politicians tend to rug pull Wisconsinites all the time.

I wonder if Ron Walker, I mean Scott Desanctimonius will be there with Boss Vos?

[NCMUFan]

Hey, look at what's gonna be built on the Foxconn Boondoggle site - a great American company actually building an important American operation that will bring real training and real good-paying jobs to real Americans.

https://www.jsonline.com/story/money/business/2024/05/08/microsoft-biden-to-highlight-major-boost-in-ai-training-in-wisconsin/73588095007/?

Microsoft plans a major expansion of artificial intelligence education and job training programs in southeast Wisconsin, along with a huge increase in its plans for a data center complex now under construction in Mount Pleasant.

Microsoft Corp. President Brad Smith will be joined by President Joe Biden in Racine County on Wednesday to highlight Microsoft's moves, which build upon the company's previous investments in the state.

Is there a Mount Pleasant in Wisconsin?
Maybe Pleasant Prairie outside of Kenosha?

[Hards Alumni]

Is there a Mount Pleasant in Wisconsin?
Maybe Pleasant Prairie outside of Kenosha?

https://en.wikipedia.org/wiki/Mount_Pleasant,_Wisconsin

[jesmu84]

Here's some good (but not great) news:

WASHINGTON (AP) — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday.

https://apnews.com/article/social-security-medicare-entitlements-treasury-35a2913a3f21a3b0ff40f2c88cbf9cbc

Highlights:

++ Medicare's go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year.

++ Social Security's trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2035, instead of last year's estimate of 2034. Social Security would only be able to pay 83% of benefits.

++ Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.

I think I found an easy way to solve this problem...

[Skatastrophy]

Yeah it's wild how little I pay

I think I found an easy way to solve this problem...

Yep, the cutoff is ridiculous. It's not like social security taxes are that much anyway. Killing an american institution to save high income people a few bucks is silly. The taxable maximum is $168,600 this year, which is silly.

[MU82]

Yep.

I've also seen a "donut hole" plan, in which you tax up to, say, $125K; don't tax from $125K to, say, $500K; and then tax again from $500K to whatever.

[MU82]

From the NYT DealBook e-newsletter:

Extending the Trump tax cuts could cost $4.6 trillion, the C.B.O. warns. Calculations by the nonpartisan Congressional Budget Office show that renewing the 2017 reduction in personal income taxes alone would cost $3.8 trillion over the next decade. Trump favors renewing the cuts (and has proposed additional cuts).

[JWags85]

From the NYT DealBook e-newsletter:

Extending the Trump tax cuts could cost $4.6 trillion, the C.B.O. warns. Calculations by the nonpartisan Congressional Budget Office show that renewing the 2017 reduction in personal income taxes alone would cost $3.8 trillion over the next decade. Trump favors renewing the cuts (and has proposed additional cuts).

The latter sum in total amounts to just over half of what the US will spend in 2025 alone, much less the next decade.

This isn't meant to be for or against these particular cuts, just against the continued idea by some that the government can tax its way to a more balanced budget...instead of slashing bloated spending.  Saving $400B a year from the cuts wouldn't even fix a quarter of the deficit.   And contrary to what many believe or want to finger point on, reckless and bloated spending is very much a bipartisan problem.

[Uncle Rico]

The latter sum in total amounts to just over half of what the US will spend in 2025 alone, much less the next decade.

This isn't meant to be for or against these particular cuts, just against the continued idea by some that the government can tax its way to a more balanced budget...instead of slashing bloated spending.  Saving $400B a year from the cuts wouldn't even fix a quarter of the deficit.   And contrary to what many believe or want to finger point on, reckless and bloated spending is very much a bipartisan problem.

Correct.  Each side has a problem overspending, it's just in different places.

The solution is efficiency and streamlining departments but bureaucracy and all that jazz

[Pakuni]

Correct.  Each side has a problem overspending, it's just in different places.

The solution is efficiency and streamlining departments but bureaucracy and all that jazz

The solution is a little of both.
Only one presidential administration over the past 50+ years created a budget surplus. They did it by raising taxes on high-income earners (and well off Social Security recipients) AND cutting both social and defense spending.
It's a pretty obvious formula, except to every occupant of the White House since.

[Uncle Rico]

The solution is a little of both.
Only one presidential administration over the past 50+ years created a budget surplus. They did it by raising taxes on high-income earners (and well off Social Security recipients) AND cutting both social and defense spending.
It's a pretty obvious formula, except to every occupant of the White House since.

We just need some adults in the room.  Alas, the room has been hijacked by performance and BS artists.  That's a both sides comment, but one side is certainly running away in that category

[Uncle Rico]

Whoops

[Skatastrophy]

"where are we spending our federal dollars?"

https://www.taxpolicycenter.org/briefing-book/how-does-federal-government-spend-its-money