Is when someone uses an 'expert' to disprove a widely accepted fact among experts... like using a biologist's belief to disprove evolution.
In this case the 17 economists are name-dropped without any real explanation why dumping all this money into the economy will no exacerbate inflation.
Okay, so unemployment now causes inflation?
I said expanded unemployment that paid people $600/week on top of regular unemployment, which is more than many people made working.
The inflation is due to supply chain issues.
Things are rarely monocausal. Yes, supply issues are contributing, as I have acknowledged. But increased amount of money in the economy certainly contributed its share as well.
Our global ... read that GLOBAL infrastructure was scaled for a certain level of economic activity. There was a sharp decline and then sharp increase in economic activity, both of which our GLOBAL system is not remotely capable of handling.
And at the same time, many people were more flush with money. More money chasing fewer goods and services is an inflation double whammy.
That is not to say that the emergency measures were not needed - although they certainly went on for too long after the economy reopened - but it would be foolish to add fuel to the inflationary fire by adding even more money into the already inflationary economy.
I bought carpet recently... not a good time to as carpet pricing has gone up several times in the past year. And that isn't because someone got a $2400 check to help make up for the massive drop in economic activity for a couple quarters in 2020.
Why not? Both supply and demand sides affect the price.
That "tax break" existed until Trump removed it.
So? It is genetic fallacy to say that something must be bad because Trump did it.
And the tax break in question was not removed, just restricted to $10k.
It is also a bunch of BS to say it is "Blue State", because the "Red States" benefit from lower real estate prices for homes of similar types.
It is mostly rich in high tax blue states that benefit. To qualify for SALT deduction in the first place you have to itemize your deduction. Most people, especially those making less, take the standard deduction and are not eligible for SALT breaks.
And blue states in general have higher state and local tax rates making SALT deductions more lucrative and also making it more likely you will hit the $10k limit under current law.
Lifting the cap would be a) very regressive, a tax cut for the rich and b) would benefit those living in high tax areas, which amounts to a subsidy of high state and local tax areas by people living in areas with lower such taxes.
The reduction in the tax break didn't impact Red State wealthy people as much as Blue State wealthy people, and that was intentional.
But that's just because they were advantaged under the previous tax law. People should not pay less federal income taxes just because they live in an area with higher state and local taxes.
