EconomicCorner003

[richardmurray]

A writer for the Home Box Office show The Watchman said he didn't comprehend why writers write stories assuming another season. That truth can be applied to many government officials. From Eric Adams city of yes, to Nancy Pelosi's affordable care act elected officials in modernity love policies that extend beyond their time in office. The fiscal question of value to the economic corner, is the financial wisdom in policy that assumes government officials in the future will support the policy as intended or at all. 

I argue policy with fiscal actions beyond a time of office is one hundred percent financially inappropriate. Why? it is a financial gamble. And gambling is never the best financial strategy. 

The proof is, all the actions Biden is taking to use up money or place money for certain projects in the bureaucracy may not work. 

 

ARTICLE

 

The last actions the Biden administration will take before Trump takes over the White House

 

By  FATIMA HUSSEIN, MATTHEW DALY and COLLIN BINKLEY

Updated 5:24 AM EST, November 15, 2024

 

WASHINGTON (AP) — Biden administration officials are working against the clock doling out billions in grants and taking other steps to try to preserve at least some of the outgoing president’s legacy before President-elect Donald Trump takes office in January.

“Let’s make every day count,” President Joe Biden said in an address to the nation last week after Vice President Kamala Harris conceded defeat to Trump in the presidential race.

Trump has pledged to rescind unspent funds in Biden’s landmark climate and health care law and stop clean-energy development projects.

“There’s only one administration at a time,” Transportation Secretary Pete Buttigieg told reporters at a news conference Thursday. “That’s true now, and it will also be true after January 20th. Our responsibility is to make good use of the funds that Congress has authorized for us and that we’re responsible for assigning and disbursing throughout the last three years.”

 

But Trump will control more than the purse strings come January. His administration also can propose new regulations to undo some of what the Biden administration did through the rule-making process.

Here are some of the moves the Biden administration is taking now:

 

Getting infrastructure spending out the door

 

Biden administration officials hope that projects funded under the $1 trillion infrastructure law and $375 billion climate law will endure beyond Biden’s term and are working to ensure that money from the landmark measures continues to flow.

On Friday, Buttigieg announced over $3.4 billion in grants for projects designed to improve passenger rail service, help U.S. ports, reduce highway deaths and support domestic manufacturing of sustainable transportation materials.

”We are investing in better transportation systems that touch every corner of the country and in the workers who will manufacture materials and build projects,″ he said. “Communities are going to see safer commutes, cleaner air and stronger supply chains that we all count on.″

 

Speeding up environmental goals

 

Announcements of major environmental grants and project approvals have sped up in recent months in what White House officials describe as “sprinting to the finish” of Biden’s four-year term.

The Environmental Protection Agency recently set a nationwide deadline for removal of lead pipes and announced nearly $3 billion to help local water systems comply. The agency also announced that oil and gas companies for the first time will have to pay a federal fee if they emit dangerous methane above certain levels.

The Energy Department, meanwhile, announced a $544 million loan to a Michigan company to expand manufacturing of high-quality silicon carbide wafers for electric vehicles. The loan is one of 28 deals totaling $37 billion granted under a clean-energy loan program that was revived and expanded under Biden.

“There is a new urgency to get it all done. We’re seeing explosions of money going out the door,” said Melinda Pierce, legislative director of the Sierra Club. Biden and his allies ”really want to finish the job they started.”

 

Ukraine aid

 

Pentagon press secretary Sabrina Singh told reporters this week that Biden wants to “spend down the authority that Congress has allocated and authorized before he leaves office. So we’re going to work very hard to make sure that happens.”

The Biden administration would have to rush $7.1 billion in weapons — $4.3 billion from the 2024 supplemental and $2.8 billion that is still on the books in savings due to the Pentagon recalculating the value of systems sent — from the Pentagon’s stockpiles in order to spend all of those funds obligated before Trump is sworn in.

There’s also another $2.2 billion available to put weapons systems on long-term contracts. However, recent aid packages have been much smaller in size, around $200 million to $300 million each.

Defense Secretary Lloyd Austin has said the funds are already obligated, which should make them harder to take back because the incoming administration would have to reverse that.

 

Pressure to quickly confirm judicial picks

 

Another priority for the White House is getting Senate confirmation of as many federal judges as possible before Trump’s inauguration on Jan. 20.

The Senate this week voted 51-44 to confirm former prosecutor April Perry as a U.S. District Court judge in northern Illinois. More than a dozen pending judicial nominees have advanced out of the Senate Judiciary Committee; eight judicial nominations are awaiting committee votes and six are waiting for committee hearings.

Trump has urged Republicans to oppose efforts to confirm judicial nominees. “No Judges should be approved during this period of time because the Democrats are looking to ram through their Judges as the Republicans fight over Leadership,” he wrote on social media site X on Nov. 10, before congressional Republicans chose their new leaders.

 

Student loan forgiveness

 

The Education Department has been hurrying to finalize a new federal rule that would cancel student loans for people who face financial hardship. The proposal — one of Biden’s only student loan plans that hasn’t been halted by federal courts — is in a public comment period scheduled to end Dec. 2.

After that, the department would have a narrow window to finalize the rule and begin carrying it out, a process that usually takes months. Like Biden’s other efforts, it would almost certainly face a legal challenge.

Additionally, the Biden administration has room to speed up student loan cancellation for people who were already promised relief because they were cheated by their colleges, said Aaron Ament, an Education Department official for the Obama administration and president of the National Student Legal Defense Network.

Education Secretary Miguel Cardona could decide that case and others rather than hand them off to the Trump administration, which is expected to be far friendlier to for-profit colleges. “It’s a no-brainer,” Ament said. “There’s a good number of cases that have been sitting on Cardona’s desk. It’s hard to imagine that those would just be left untouched.”

Trump has not yet said what he would do on student loan forgiveness. However, he and Republicans have criticized Biden’s efforts.

 

https://apnews.com/article/elections-trump-transition-biden-tax-spending-2c27fb2239640fdb667f274215b712fa

 

Prior Episode

Economic Corner 2

[ProfD]

25 minutes ago, richardmurray said:

I argue policy with fiscal actions beyond a time of office is one hundred percent financially inappropriate. Why? it is a financial gamble. And gambling is never the best financial strategy. 

The proof is, all the actions Biden is taking to use up money or place money for certain projects in the bureaucracy may not work. 

The money is already *spent* once approved by Congress. It's just added to the national debt. 

 

The government will continue *printing money* until a creditor calls in the markers. 

 

Even then, no country is strong enough to make America pay up.

[richardmurray]

@ProfD

17 hours ago, ProfD said:

The money is already *spent* once approved by Congress. It's just added to the national debt. 

No it is possible for the incoming president to not spend the money, or spend the money in another way, this is why biden is spending the money. That was the whole point of the fiat currency started in the 1970s. Money backed by gold can not be adjusted as easily as money backed by military power. 

ala what you said

17 hours ago, ProfD said:

 

The government will continue *printing money* until a creditor calls in the markers. 

 

Even then, no country is strong enough to make America pay up.

So your correct profd in the ability of the usa to keep gaining debt based on military power keeps its negative financial transactions allowable, but this is the economic corner  Regardless of the ability of the usa to maintain a negative financial situation, and it will not be the last human empire to do so, it is a negative financial situation. 

Again, the financial inefficiency of government policies that extend beyond confirmed tenure is massive. 

[ProfD]

On 12/9/2024 at 4:56 PM, richardmurray said:

No it is possible for the incoming president to not spend the money, or spend the money in another way...

Absolutely, an incoming POTUS has some latitude in reallocating the budget.  Congress still has to sign off on it.

 

On 12/9/2024 at 4:56 PM, richardmurray said:

So your correct profd in the ability of the usa to keep gaining debt based on military power keeps its negative financial transactions allowable, but this is the economic corner  Regardless of the ability of the usa to maintain a negative financial situation, and it will not be the last human empire to do so, it is a negative financial situation. 

Again, the financial inefficiency of government policies that extend beyond confirmed tenure is massive. 

Clearly, governments do not deal with finance in accordance with this economic corner. 

 

We can also blame the stock market for the economic *game*.

 

The money in an ATM has limits. 

 

*Printing money* as debt is that black card with no credit limit.

[richardmurray]

@ProfD

3 hours ago, ProfD said:

Clearly, governments do not deal with finance in accordance with this economic corner. 

your 100% correct:) haha