Inflation hits new 40 year high

[Gold Trojan]

9.1%

US inflation hit 40-year high in June, driven by record gas prices

Inflation was sharply higher in June, according to new inflation data from the Bureau of Labor Statistics.

www.cnn.com

CPI Report Live Updates: Inflation Reached Four-Decade High in June, Stock Markets Fall

Full coverage of June's CPI report and the markets

www.wsj.com

Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

The consumer price index, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate.

www.cnbc.com

 

[BOULDER TO BIRMINGHAM]

When the President of the USA declares war on fossil fuels, this is what happens.
If you voted for Biden, you got what you wanted.

 

[SoCalN8tiv]

FAILURE!

 

[USCB1G]

Trump's failed trade policy (tariffs/retaliatory tariffs) and lockdown of the country (40 million Ameicans out of work) Trillions of dollars handed out in Covid relief funds, we're lucky inflation isn't between 20-30%

Just look at the mess Trump made out of trade policy

Trump Tariffs & Trade War: Tax Foundation Analysis

taxfoundation.org

Launch Tariffs & Trade Resource Center

Key FindingsThe Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.We estimate retaining the tariffs put in place under the Trump administration will reduce economic output, income, and employment.The Biden administration has kept most of the Trump administration tariffs in place, except for a five-year suspension of tariffs that were part of a WTO aircraft dispute and replacement of certain steel and aluminum tariffs with tariff rate quotas.We estimate the tariffs still in effect will reduce long-run GDP by 0.22 percent, wages by 0.14 percent, and employment by 173,000 full-time equivalent jobs. Introduction

The Trump administration imposed and threatened several rounds of tariffs, and other countries responded to these measures. Using the Tax Foundation Taxes and Growth Model, we analyze the effects of imposed, threatened, and retaliatory tariffs on the United States economy. Tariffs damage economic well-being and lead to a net loss in production and jobs and lower levels of income. Tariffs also tend to be regressive, burdening lower-income consumers the most.

According to the Tax Foundation model, the tariffs imposed under the Trump administration and remaining in place under the Biden administration will reduce long-run GDP by 0.22 percent ($55.7 billion) and wages by 0.14 percent and eliminate 173,000 full-time equivalent jobs.

Other countries imposed retaliatory tariffs on U.S. exports, which we estimate will further reduce U.S. GDP by 0.04 percent ($9.4 billion) and eliminate 29,000 full-time equivalent jobs.

Tariffs Raise Prices and Reduce Economic Growth

Economists generally agree free trade increases the level of economic output and income, while conversely, trade barriers reduce economic output and income. Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.

Tariffs could reduce U.S. output through a few channels. One possibility is a tariff may be passed on to producers and consumers in the form of higher prices. Tariffs can raise the cost of parts and materials, which would raise the price of goods using those inputs and reduce private sector output. This would result in lower incomes for both owners of capital and workers. Similarly, higher consumer prices due to tariffs would reduce the after-tax value of both labor and capital income. Because higher prices would reduce the return to labor and capital, they would incentivize Americans to work and invest less, leading to lower output.

Alternatively, the U.S. dollar may appreciate in response to tariffs, offsetting the potential price increase on U.S. consumers. The more valuable dollar, however, would make it more difficult for exporters to sell their goods on the global market, resulting in lower revenues for exporters. This would also result in lower U.S. output and incomes for both workers and owners of capital, reducing incentives for work and investment and leading to a smaller economy.

Tariffs Imposed by the United States

The Trump administration imposed several rounds of tariffs, which we estimated amounted to a total tax increase of nearly $80 billion during the administration. Under the Biden administration, most tariffs have stayed in place except for a suspension of certain tariffs on imports from the European Union and replacement of tariffs with TRQs on steel and aluminum from the European Union and United Kingdom and imports of steel from Japan. Based on 2021 import levels, a total of $52.6 billion of tariffs remains in place.

Note the total revenue generated will be less than what the tariffs generate, because tariffs reduce real income, which offsets some tariff revenue by lowering other tax revenues.

Section 232, Steel and AluminumIn March 2018, President Trump announced the administration would impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

If 2018 imports equaled 2017 levels, the tariffs could have cost U.S. firms nearly $9 billion. For example, the value of imported steel totaled just over $29 billion in 2017. If the 25 percent tariff were levied on the same level of imported steel, the tax would total roughly $7.3 billion. Similarly, if a 10 percent tariff were applied to the $16.8 billion worth of aluminum imported in 2017, the tax would total nearly $1.7 billion. Several countries, however, have been excluded from the tariffs.

Early on, the U.S. reached agreements to permanently exclude Australia from steel and aluminum tariffs, use quotas for steel imports from Brazil and South Korea, and use quotas for steel and aluminum imports from Argentina.In May 2019, President Trump announced that the U.S. was lifting tariffs on steel and aluminum on Canada and Mexico.In 2020, President Trump expanded the scope of steel and aluminum tariffs to cover certain derivative products, totaling approximately $0.8 billion based on 2018 import levels.In August 2020, President Trump announced that the U.S. was reimposing tariffs on aluminum imports from Canada. The U.S. imported approximately $2.5 billion worth of non-alloyed unwrought aluminum, resulting in a $0.25 billion tax increase.In September 2020, the U.S. eliminated the 10 percent tariff on Canadian aluminum that had been reimposed in August 2020.In 2021 and 2022, the Biden administration reached deals to replace certain steel and aluminum tariffs with tariff rate quota systems, whereby certain levels of imports will not face tariffs, but imports above the thresholds will.TRQs for the European Union took effect January 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $1.7 billion.TRQs for Japan take effect April 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.4 billion.TRQs for the UK take effect on June 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.1 billion.Though the agreements on steel and aluminum tariffs will reduce the cost of tariffs paid by some U.S. businesses, a quota system similarly leads to higher prices, and further, retaining tariffs at the margin continues the negative economic impact of the previous tariff policy.

Tariffs on steel and aluminum and derivative goods currently remain in place for several countries under the Biden administration and account for $3 billion of the $75 billion in tariff revenue, based on 2018 import values.

Part 2 starts with "Section 301 China Products"

No further replies needed, there's no defending Trump's failures.

And Biden hasn't been helping at all by leaving most of Trump's failed trade policy in place.

 

[Gold Trojan]

I am a little worried about the recession that follows the crazy inflation periods.

Crazy Inflation (about 10%) in the early 70's = Really bad recession in the mid 70's.

Crazy Inflation (about 10%) in the late 70's = Really bad recession in the early 80's.

And now we are at 9% inflation from 2020 up to today. What will 2023 - 2025 look like??? For those under the age of 50, we have never experienced a recession like the 70's and early 80's as an adult. I'm more than concerned about the fabric of our society completely coming unhinged.

 

[Gold Trojan]

Trump's failed trade policy (tariffs/retaliatory tariffs) and lockdown of the country (40 million Ameicans out of work) Trillions of dollars handed out in Covid relief funds, we're lucky inflation isn't between 20-30%

Just look at the mess Trump made out of trade policy

Trump Tariffs & Trade War: Tax Foundation Analysis

taxfoundation.org

Launch Tariffs & Trade Resource Center

Key FindingsThe Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.We estimate retaining the tariffs put in place under the Trump administration will reduce economic output, income, and employment.The Biden administration has kept most of the Trump administration tariffs in place, except for a five-year suspension of tariffs that were part of a WTO aircraft dispute and replacement of certain steel and aluminum tariffs with tariff rate quotas.We estimate the tariffs still in effect will reduce long-run GDP by 0.22 percent, wages by 0.14 percent, and employment by 173,000 full-time equivalent jobs. Introduction

The Trump administration imposed and threatened several rounds of tariffs, and other countries responded to these measures. Using the Tax Foundation Taxes and Growth Model, we analyze the effects of imposed, threatened, and retaliatory tariffs on the United States economy. Tariffs damage economic well-being and lead to a net loss in production and jobs and lower levels of income. Tariffs also tend to be regressive, burdening lower-income consumers the most.

According to the Tax Foundation model, the tariffs imposed under the Trump administration and remaining in place under the Biden administration will reduce long-run GDP by 0.22 percent ($55.7 billion) and wages by 0.14 percent and eliminate 173,000 full-time equivalent jobs.

Other countries imposed retaliatory tariffs on U.S. exports, which we estimate will further reduce U.S. GDP by 0.04 percent ($9.4 billion) and eliminate 29,000 full-time equivalent jobs.

Tariffs Raise Prices and Reduce Economic Growth

Economists generally agree free trade increases the level of economic output and income, while conversely, trade barriers reduce economic output and income. Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.

Tariffs could reduce U.S. output through a few channels. One possibility is a tariff may be passed on to producers and consumers in the form of higher prices. Tariffs can raise the cost of parts and materials, which would raise the price of goods using those inputs and reduce private sector output. This would result in lower incomes for both owners of capital and workers. Similarly, higher consumer prices due to tariffs would reduce the after-tax value of both labor and capital income. Because higher prices would reduce the return to labor and capital, they would incentivize Americans to work and invest less, leading to lower output.

Alternatively, the U.S. dollar may appreciate in response to tariffs, offsetting the potential price increase on U.S. consumers. The more valuable dollar, however, would make it more difficult for exporters to sell their goods on the global market, resulting in lower revenues for exporters. This would also result in lower U.S. output and incomes for both workers and owners of capital, reducing incentives for work and investment and leading to a smaller economy.

Tariffs Imposed by the United States

The Trump administration imposed several rounds of tariffs, which we estimated amounted to a total tax increase of nearly $80 billion during the administration. Under the Biden administration, most tariffs have stayed in place except for a suspension of certain tariffs on imports from the European Union and replacement of tariffs with TRQs on steel and aluminum from the European Union and United Kingdom and imports of steel from Japan. Based on 2021 import levels, a total of $52.6 billion of tariffs remains in place.

Note the total revenue generated will be less than what the tariffs generate, because tariffs reduce real income, which offsets some tariff revenue by lowering other tax revenues.

Section 232, Steel and AluminumIn March 2018, President Trump announced the administration would impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

If 2018 imports equaled 2017 levels, the tariffs could have cost U.S. firms nearly $9 billion. For example, the value of imported steel totaled just over $29 billion in 2017. If the 25 percent tariff were levied on the same level of imported steel, the tax would total roughly $7.3 billion. Similarly, if a 10 percent tariff were applied to the $16.8 billion worth of aluminum imported in 2017, the tax would total nearly $1.7 billion. Several countries, however, have been excluded from the tariffs.

Early on, the U.S. reached agreements to permanently exclude Australia from steel and aluminum tariffs, use quotas for steel imports from Brazil and South Korea, and use quotas for steel and aluminum imports from Argentina.In May 2019, President Trump announced that the U.S. was lifting tariffs on steel and aluminum on Canada and Mexico.In 2020, President Trump expanded the scope of steel and aluminum tariffs to cover certain derivative products, totaling approximately $0.8 billion based on 2018 import levels.In August 2020, President Trump announced that the U.S. was reimposing tariffs on aluminum imports from Canada. The U.S. imported approximately $2.5 billion worth of non-alloyed unwrought aluminum, resulting in a $0.25 billion tax increase.In September 2020, the U.S. eliminated the 10 percent tariff on Canadian aluminum that had been reimposed in August 2020.In 2021 and 2022, the Biden administration reached deals to replace certain steel and aluminum tariffs with tariff rate quota systems, whereby certain levels of imports will not face tariffs, but imports above the thresholds will.TRQs for the European Union took effect January 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $1.7 billion.TRQs for Japan take effect April 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.4 billion.TRQs for the UK take effect on June 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.1 billion.Though the agreements on steel and aluminum tariffs will reduce the cost of tariffs paid by some U.S. businesses, a quota system similarly leads to higher prices, and further, retaining tariffs at the margin continues the negative economic impact of the previous tariff policy.

Tariffs on steel and aluminum and derivative goods currently remain in place for several countries under the Biden administration and account for $3 billion of the $75 billion in tariff revenue, based on 2018 import values.

Part 2 starts with "Section 301 China Products"

No further replies needed, there's no defending Trump's failures.

And Biden hasn't been helping at all by leaving most of Trump's failed trade policy in place.

Well, you've convinced yourself that Trump is the problem with everything.

 

[heyrev]

2008 - "Yeah, Obama isn't ready but he's better than McCain!"
2012 - "Yeah, I don't like the direction we're going with Obama, but he's better than Romney!"
2016 - "Yeah, not wild about Trump, but he's better than Hillary!"
2020 - "Yeah, Biden's not all there, but he's better than Trump!"

...and the bar keeps falling further
and further...

 

[USCB1G]

Trump's failed trade policy was tne real killer to the economy and igniter of high inflation

Read on

Section 301 tariffs on China currently remain in place under the Biden administration and account for $71 billion of the $75 billion in tariff revenues, based on 2018 import values.

WTO Dispute, European Union

In October 2019, the United States won a nearly 15-year-long World Trade Organization (WTO) dispute against the European Union. The WTO ruling authorizes the United States to impose tariffs of up to 100 percent on $7.5 billion worth of EU goods. Beginning October 18, tariffs of 10 percent were to be applied to aircrafts and 25 percent on agricultural and other products (our estimate uses the average of the two rates).

Tariffs on the European Union were suspended in summer 2021 for five years under an agreement reached by the Biden administration.

Section 201, Solar Panels and Washing Machines

In January 2018, the Trump administration announced it would begin imposing tariffs on washing machine and solar cell and module imports as the result of a Section 201 investigation.

We estimated the solar cell and module tariffs amount to a $0.2 billion tax increase based on 2018 import values and quantities of four 8-digit Harmonized Tariff Schedule subheadings, given on page 12 of this report. The United States imported 6.8 billion watts worth a value of $4.9 billion in 2018 under the four subheadings. The Biden administration extended the solar panel tariffs at a rate of 14.75 percent on imports above a 5 gigawatt exemption.

We estimated the washing machine tariffs amount to a $0.4 billion tax increase based on 2018 import values and quantities of six 8-digit Harmonized Tariff Schedule subheadings, given on page 8 of this report. The United States imported $1.3 billion worth of machines and $114 million worth of parts in 2018. For most of 2022, a tariff of 14 percent applies to in-quota washing machines and parts and a tariff of 30 percent applies to all subsequent washing machines and parts.

Tariffs on solar panels and washing machines currently remain in place under the Biden administration and account for $0.6 billion of the $75 billion in tariffs revenues, based on 2018 import values.

Model Results

According to the Tax Foundation model, the tariffs imposed under the Trump administration and left in place under the Biden administration would reduce long-run GDP by 0.22 percent ($56.7 billion) and wages by 0.14 percent and eliminate 173,000 full-time equivalent jobs.

Table 1: Impact of Remaining Trump Administration Tariffs TotalSection 232 – Steel and AluminumSection 301 – China (25% on 34, 16, 200; 7.5% on 112)Solar Panels and Washing MachinesTariff Revenue$74.7$2.9$71.2$0.6Long-run GDP-0.22%-0.01%-0.21%0.00%GDP ($2018)-$55.7-$3.6-$51.7-$0.4Wages-0.14%-0.01%-0.13%0.00%FTE Jobs-173,000-11,000-160,000-1,000

Note: Totals may not add due to rounding.

Source: Tax Foundation Taxes and Growth Model, March 2018.

The 0.22 percent reduction in long-run GDP is about 13.5 percent of the total long-run impact of the Tax Cuts and Jobs Act, which we estimated to raise GDP by 1.7 percent in the long run.

Trade Volumes Since Tariffs Were Imposed

Since the tariffs were imposed, imports of affected goods have fallen, even before the onset of the COVID-19 pandemic. Some of the biggest drops are the result of decreased trade with China, as affected imports decreased significantly after the tariffs. Reduced trade means fewer options for U.S. consumers and higher prices.

Table 2. Import Volumes of Goods Affected by TariffsTariff and Effective Date2017 imports, billions 2018 imports, billions 2019 imports, billions 2020 imports, billions 2021 imports, billions Tariff RateSection 232 Steel (March 2018)$15.9$15.5$11.4$7.2$13.725%Section 232 Aluminum (March 2018)$9.0$9.6$8.4$5.2$7.610%Section 232 Derivative Steel Articles (February 2020)$0.4$0.5$0.5$0.4$0.425%Section 232 Derivative Aluminum Articles (February 2020)$0.2$0.3$0.2$0.2$0.310%Section 301, List 1 (July 2018)$31.9$30.3$22.7$20.9$24.725%Section 301, List 2 (August 2018)$13.8$14.8$8.6$9.8$10.425%Section 301, List 3 (September 2018; increased May 2019)$187.6$206.1$126.9$112.8$126.425%Section 301, List 4A (September 2019; lowered January 2020)$101.9$112.2$114.7$103.2$105.315% in 2019; then 7.5%Section 301, List 4B (Never went into effect)$151.2$160.0$159.6$164.4$206.3Suspended

Note: Steel totals exclude imports from Argentina, Australia, Brazil, South Korea, Canada, and Mexico. Aluminum totals exclude imports from Argentina, Australia, Canada, and Mexico. Beginning in 2022, steel and aluminum imports from the EU and UK will be subject to tariff-rate quotas as well as steel imports from Japan. TRQs will be reflected in the table when 2022 import volumes become available in 2023.

Source: Federal Register notices; Tom Lee and Jacqueline Varas, “The Total Cost of U.S. Tariffs,” American Action Forum, Mar. 24, 2022, https://www.americanactionforum.org/research/the-total-cost-of-tariffs/; data retrieved from USITC DataWeb; author calculations.

Retaliatory Tariffs Imposed and Threatened

Several jurisdictions have proposed and imposed retaliatory tariffs against the United States as laid out in the accompanying tables.

Current retaliation against Section 232 steel and aluminum tariffs target more than $6 billion worth of American products for an estimated total tax of approximately $1.6 billion. Tariff revenues for Turkey, India, Russia, and Canada were based on news reports. Mexico, Canada, and the European Union have canceled their Section 232 retaliatory tariffs.

Table 3. Section 232 Steel and Aluminum RetaliationJurisdictionU.S. Exports (billions, 2018)Tariff RateEstimated Levy (billions)Russia$0.425-40%$0.1

Note: Mexico, Canada, and the European Union canceled their Section 232 retaliatory tariffs.

Source: Congressional Research Service, “Escalating U.S. Tariffs: Affected Trade,” last updated Jan. 29, 2020, https://fas.org/sgp/crs/row/IN10971.pdf ; author calculations; tariff announcements.

China has responded to the United States’ Section 301 tariffs with several rounds of tariffs on more than $106 billion worth of U.S. goods, for an estimated tax of nearly $11.6 billion.
Table 5: Impact of Retaliatory Tariffs TotalSection 232 RetaliationSection 301 RetaliationTariff Revenue (billions of 2018 dollars)$0$0$0Long-run GDP-0.04%0.00%-0.03%GDP (billions of 2018 dollars)-$9.4-$1.1-$8.3Wages-0.02%0.00%-0.02%FTE Jobs-29,000-4,000-26,000

Note: Totals may not add due to rounding. Tariff revenue is $0 because retaliatory tariffs are not paid to the U.S. government.

 

[Buzzie4usc]

Glad to see you think Sleepy Joe is doing a great job…

 

[uscvball]

Don't worry.....Joes says it's only "temporary".

"Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June," Biden said in a statement."

I'm going to guess he failed Econ classes. And I guess that's why his spending plan is bumping $5 Trillion.


And at least one media source says Biden's unpopularity wouldn't be so bad if inflation wasn't so bad (duh)

"Washington Post columnist Perry Bacon Jr. suggested Tuesday that President Biden wouldn't be as unpopular among Democrats if it weren't for inflation, adding that estimates would indicate that half of the president's negative approval rating is caused by inflation.

and if....the media would stop talking about it.

"Bacon wrote that after speaking to pollsters and other political experts, "the strong consensus was that if inflation were at normal levels and not constantly in the news,"

Lol. Okay then. Does he really think that people wouldn't notice if it wasn't in the news?


He is unfit for the Office.

biden on inflation - Bing video

www.bing.com

 

[SouthbayTrojan91]

I am a little worried about the recession that follows the crazy inflation periods.

Crazy Inflation (about 10%) in the early 70's = Really bad recession in the mid 70's.

Crazy Inflation (about 10%) in the late 70's = Really bad recession in the early 80's.

And now we are at 9% inflation from 2020 up to today. What will 2023 - 2025 look like??? For those under the age of 50, we have never experienced a recession like the 70's and early 80's as an adult. I'm more than concerned about the fabric of our society completely coming unhinged.

If you have not noticed the younger generation is perpetually pissed off and blaming everyone else for everything.
I can't imagine how they can possibly handle a recession of that magnitude.

 

[Gold Trojan]

If you have not noticed the younger generation is perpetually pissed off and blaming everyone else for everything.
I can't imagine how they can possibly handle a recession of that magnitude.

This is what really concerns me. The 2 previous recessions were weathered by a generation that came through WW2, Korea, and Vietnam. My generation and those younger, freak out if wi-fi slows down, or they have to show up for work... on time... every week.

 

[USCB1G]

When the President of the USA declares war on fossil fuels, this is what happens.
If you voted for Biden, you got what you wanted.

How did that search go for WMD's in Iraq?

Iraqi oil was supposed to pay for the war Bush said, how did that work out?

 

[USCB1G]

Which president increased the national debt most?

Presidents Obama and Trump both increased the debt by nearly $9 trillion during their respective times in office. Trump did this in four years, while Obama did it over eight years.

LOL!

President Obama inherited from G.W. Bush skyrocketing unemployment, two wars in the Middle East, a catastrophic collapse of the financial and housing markets, the auto industry bankrupt, an all around fiscal nightmare.

Trump inherited low unemployment and an economic recovery with a booming economy and Trump screwed it up.

4 years it took Trump to add $10 Trillion to the national debt, what a disaster!

 

[uscvball]

Biden is the one in office. He has proven to be incompetent at even the most basic job functions. He's had the support of a democrat-run congress. Can't seem to get anything done regardless.

Is there any President in history who faced a more hostile Congress, FBI, CIA, Homeland Security, or media....than Trump? It's stunning he got done as much as he did.

 

[Gold Trojan]

To all the posters obsessed with Trump (and Obama, Bush, Clinton, etc.....)

 

[Gold Trojan]

And for all of us dealing with Biden and the Dem ran Congress.

 

[SoCalN8tiv]

Biden is the one in office.

Old joe said it in his speech that the buck stops with him...Later he back peddled and said it stops with you, and them, and those other people...but not with him. The worst economy in 50 years is everybody else's fault.

 

[SoCalN8tiv]

Is there any President in history who faced a more hostile Congress, FBI, CIA, Homeland Security, or media....than Trump? It's stunning he got done as much as he did.

And they haven't stopped to this very day since he came down the escalator at Trump Tower.

 

[SoCalN8tiv]

Where's all the NIL money going to come from with this tanking economy the way it is? What about the everyday joe and jane football fan cutting back on extraneous expenditures from the family budget? Are we looking at an economic catastrophe in the sporting world? I dunno, seems like it can happen with a biden caused deep recession - and this will be a deep recession, make no mistake about it.

 

[xuscx]

Biden is the one in office. He has proven to be incompetent at even the most basic job functions. He's had the support of a democrat-run congress. Can't seem to get anything done regardless.

Is there any President in history who faced a more hostile Congress, FBI, CIA, Homeland Security, or media....than Trump? It's stunning he got done as much as he did.

Trump had the house and the senate and the surpreme court his first two years, that has not happened since Kennedy

 

[jaycee993]

Trump's failed trade policy (tariffs/retaliatory tariffs) and lockdown of the country (40 million Ameicans out of work) Trillions of dollars handed out in Covid relief funds, we're lucky inflation isn't between 20-30%

Just look at the mess Trump made out of trade policy

Trump Tariffs & Trade War: Tax Foundation Analysis

taxfoundation.org

Launch Tariffs & Trade Resource Center

Key FindingsThe Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.We estimate retaining the tariffs put in place under the Trump administration will reduce economic output, income, and employment.The Biden administration has kept most of the Trump administration tariffs in place, except for a five-year suspension of tariffs that were part of a WTO aircraft dispute and replacement of certain steel and aluminum tariffs with tariff rate quotas.We estimate the tariffs still in effect will reduce long-run GDP by 0.22 percent, wages by 0.14 percent, and employment by 173,000 full-time equivalent jobs. Introduction

The Trump administration imposed and threatened several rounds of tariffs, and other countries responded to these measures. Using the Tax Foundation Taxes and Growth Model, we analyze the effects of imposed, threatened, and retaliatory tariffs on the United States economy. Tariffs damage economic well-being and lead to a net loss in production and jobs and lower levels of income. Tariffs also tend to be regressive, burdening lower-income consumers the most.

According to the Tax Foundation model, the tariffs imposed under the Trump administration and remaining in place under the Biden administration will reduce long-run GDP by 0.22 percent ($55.7 billion) and wages by 0.14 percent and eliminate 173,000 full-time equivalent jobs.

Other countries imposed retaliatory tariffs on U.S. exports, which we estimate will further reduce U.S. GDP by 0.04 percent ($9.4 billion) and eliminate 29,000 full-time equivalent jobs.

Tariffs Raise Prices and Reduce Economic Growth

Economists generally agree free trade increases the level of economic output and income, while conversely, trade barriers reduce economic output and income. Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.

Tariffs could reduce U.S. output through a few channels. One possibility is a tariff may be passed on to producers and consumers in the form of higher prices. Tariffs can raise the cost of parts and materials, which would raise the price of goods using those inputs and reduce private sector output. This would result in lower incomes for both owners of capital and workers. Similarly, higher consumer prices due to tariffs would reduce the after-tax value of both labor and capital income. Because higher prices would reduce the return to labor and capital, they would incentivize Americans to work and invest less, leading to lower output.

Alternatively, the U.S. dollar may appreciate in response to tariffs, offsetting the potential price increase on U.S. consumers. The more valuable dollar, however, would make it more difficult for exporters to sell their goods on the global market, resulting in lower revenues for exporters. This would also result in lower U.S. output and incomes for both workers and owners of capital, reducing incentives for work and investment and leading to a smaller economy.

Tariffs Imposed by the United States

The Trump administration imposed several rounds of tariffs, which we estimated amounted to a total tax increase of nearly $80 billion during the administration. Under the Biden administration, most tariffs have stayed in place except for a suspension of certain tariffs on imports from the European Union and replacement of tariffs with TRQs on steel and aluminum from the European Union and United Kingdom and imports of steel from Japan. Based on 2021 import levels, a total of $52.6 billion of tariffs remains in place.

Note the total revenue generated will be less than what the tariffs generate, because tariffs reduce real income, which offsets some tariff revenue by lowering other tax revenues.

Section 232, Steel and AluminumIn March 2018, President Trump announced the administration would impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

If 2018 imports equaled 2017 levels, the tariffs could have cost U.S. firms nearly $9 billion. For example, the value of imported steel totaled just over $29 billion in 2017. If the 25 percent tariff were levied on the same level of imported steel, the tax would total roughly $7.3 billion. Similarly, if a 10 percent tariff were applied to the $16.8 billion worth of aluminum imported in 2017, the tax would total nearly $1.7 billion. Several countries, however, have been excluded from the tariffs.

Early on, the U.S. reached agreements to permanently exclude Australia from steel and aluminum tariffs, use quotas for steel imports from Brazil and South Korea, and use quotas for steel and aluminum imports from Argentina.In May 2019, President Trump announced that the U.S. was lifting tariffs on steel and aluminum on Canada and Mexico.In 2020, President Trump expanded the scope of steel and aluminum tariffs to cover certain derivative products, totaling approximately $0.8 billion based on 2018 import levels.In August 2020, President Trump announced that the U.S. was reimposing tariffs on aluminum imports from Canada. The U.S. imported approximately $2.5 billion worth of non-alloyed unwrought aluminum, resulting in a $0.25 billion tax increase.In September 2020, the U.S. eliminated the 10 percent tariff on Canadian aluminum that had been reimposed in August 2020.In 2021 and 2022, the Biden administration reached deals to replace certain steel and aluminum tariffs with tariff rate quota systems, whereby certain levels of imports will not face tariffs, but imports above the thresholds will.TRQs for the European Union took effect January 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $1.7 billion.TRQs for Japan take effect April 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.4 billion.TRQs for the UK take effect on June 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.1 billion.Though the agreements on steel and aluminum tariffs will reduce the cost of tariffs paid by some U.S. businesses, a quota system similarly leads to higher prices, and further, retaining tariffs at the margin continues the negative economic impact of the previous tariff policy.

Tariffs on steel and aluminum and derivative goods currently remain in place for several countries under the Biden administration and account for $3 billion of the $75 billion in tariff revenue, based on 2018 import values.

Part 2 starts with "Section 301 China Products"

No further replies needed, there's no defending Trump's failures.

And Biden hasn't been helping at all by leaving most of Trump's failed trade policy in place.

You are not biased much....TDS

 

[HRPickenstuff]

9.1%

Biden is the one in office. He has proven to be incompetent at even the most basic job functions. He's had the support of a democrat-run congress. Can't seem to get anything done regardless.

Is there any President in history who faced a more hostile Congress, FBI, CIA, Homeland Security, or media....than Trump? It's stunning he got done as much as he did.

Veebs,
People have no idea. He had a plan to build a his big economy. People don't care enough to do research. His campaign promise was to be a great "Jobs" president. I agree with almost everything he's done except "The Jab" I'm still cautious about the Government overreach here. I'll never agree with (jabs for Jobs) which was ruled unconstitutional later anyways.

MSM never covered most of this stuff. They have an agenda take him down, vilify him and hide everything positive he's ever done. Even with the left and power hungry RINO obstruction 24/7 He was able to do all this.

Trump Administration Accomplishments – The White House

trumpwhitehouse.archives.gov

 

[jaycee993]

Trump's failed trade policy (tariffs/retaliatory tariffs) and lockdown of the country (40 million Ameicans out of work) Trillions of dollars handed out in Covid relief funds, we're lucky inflation isn't between 20-30%

Just look at the mess Trump made out of trade policy

Trump Tariffs & Trade War: Tax Foundation Analysis

taxfoundation.org

Launch Tariffs & Trade Resource Center

Key FindingsThe Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.We estimate retaining the tariffs put in place under the Trump administration will reduce economic output, income, and employment.The Biden administration has kept most of the Trump administration tariffs in place, except for a five-year suspension of tariffs that were part of a WTO aircraft dispute and replacement of certain steel and aluminum tariffs with tariff rate quotas.We estimate the tariffs still in effect will reduce long-run GDP by 0.22 percent, wages by 0.14 percent, and employment by 173,000 full-time equivalent jobs. Introduction

The Trump administration imposed and threatened several rounds of tariffs, and other countries responded to these measures. Using the Tax Foundation Taxes and Growth Model, we analyze the effects of imposed, threatened, and retaliatory tariffs on the United States economy. Tariffs damage economic well-being and lead to a net loss in production and jobs and lower levels of income. Tariffs also tend to be regressive, burdening lower-income consumers the most.

According to the Tax Foundation model, the tariffs imposed under the Trump administration and remaining in place under the Biden administration will reduce long-run GDP by 0.22 percent ($55.7 billion) and wages by 0.14 percent and eliminate 173,000 full-time equivalent jobs.

Other countries imposed retaliatory tariffs on U.S. exports, which we estimate will further reduce U.S. GDP by 0.04 percent ($9.4 billion) and eliminate 29,000 full-time equivalent jobs.

Tariffs Raise Prices and Reduce Economic Growth

Economists generally agree free trade increases the level of economic output and income, while conversely, trade barriers reduce economic output and income. Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.

Tariffs could reduce U.S. output through a few channels. One possibility is a tariff may be passed on to producers and consumers in the form of higher prices. Tariffs can raise the cost of parts and materials, which would raise the price of goods using those inputs and reduce private sector output. This would result in lower incomes for both owners of capital and workers. Similarly, higher consumer prices due to tariffs would reduce the after-tax value of both labor and capital income. Because higher prices would reduce the return to labor and capital, they would incentivize Americans to work and invest less, leading to lower output.

Alternatively, the U.S. dollar may appreciate in response to tariffs, offsetting the potential price increase on U.S. consumers. The more valuable dollar, however, would make it more difficult for exporters to sell their goods on the global market, resulting in lower revenues for exporters. This would also result in lower U.S. output and incomes for both workers and owners of capital, reducing incentives for work and investment and leading to a smaller economy.

Tariffs Imposed by the United States

The Trump administration imposed several rounds of tariffs, which we estimated amounted to a total tax increase of nearly $80 billion during the administration. Under the Biden administration, most tariffs have stayed in place except for a suspension of certain tariffs on imports from the European Union and replacement of tariffs with TRQs on steel and aluminum from the European Union and United Kingdom and imports of steel from Japan. Based on 2021 import levels, a total of $52.6 billion of tariffs remains in place.

Note the total revenue generated will be less than what the tariffs generate, because tariffs reduce real income, which offsets some tariff revenue by lowering other tax revenues.

Section 232, Steel and AluminumIn March 2018, President Trump announced the administration would impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

If 2018 imports equaled 2017 levels, the tariffs could have cost U.S. firms nearly $9 billion. For example, the value of imported steel totaled just over $29 billion in 2017. If the 25 percent tariff were levied on the same level of imported steel, the tax would total roughly $7.3 billion. Similarly, if a 10 percent tariff were applied to the $16.8 billion worth of aluminum imported in 2017, the tax would total nearly $1.7 billion. Several countries, however, have been excluded from the tariffs.

Early on, the U.S. reached agreements to permanently exclude Australia from steel and aluminum tariffs, use quotas for steel imports from Brazil and South Korea, and use quotas for steel and aluminum imports from Argentina.In May 2019, President Trump announced that the U.S. was lifting tariffs on steel and aluminum on Canada and Mexico.In 2020, President Trump expanded the scope of steel and aluminum tariffs to cover certain derivative products, totaling approximately $0.8 billion based on 2018 import levels.In August 2020, President Trump announced that the U.S. was reimposing tariffs on aluminum imports from Canada. The U.S. imported approximately $2.5 billion worth of non-alloyed unwrought aluminum, resulting in a $0.25 billion tax increase.In September 2020, the U.S. eliminated the 10 percent tariff on Canadian aluminum that had been reimposed in August 2020.In 2021 and 2022, the Biden administration reached deals to replace certain steel and aluminum tariffs with tariff rate quota systems, whereby certain levels of imports will not face tariffs, but imports above the thresholds will.TRQs for the European Union took effect January 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $1.7 billion.TRQs for Japan take effect April 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.4 billion.TRQs for the UK take effect on June 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.1 billion.Though the agreements on steel and aluminum tariffs will reduce the cost of tariffs paid by some U.S. businesses, a quota system similarly leads to higher prices, and further, retaining tariffs at the margin continues the negative economic impact of the previous tariff policy.

Tariffs on steel and aluminum and derivative goods currently remain in place for several countries under the Biden administration and account for $3 billion of the $75 billion in tariff revenue, based on 2018 import values.

Part 2 starts with "Section 301 China Products"

No further replies needed, there's no defending Trump's failures.

And Biden hasn't been helping at all by leaving most of Trump's failed trade policy in place.

"No further replies needed, there's no defending Trump's failures".......ha haaaaa classic closed minded liberal

 

[Cacadetoro]

Trump's failed trade policy (tariffs/retaliatory tariffs) and lockdown of the country (40 million Ameicans out of work) Trillions of dollars handed out in Covid relief funds, we're lucky inflation isn't between 20-30%

Just look at the mess Trump made out of trade policy

Trump Tariffs & Trade War: Tax Foundation Analysis

taxfoundation.org

Launch Tariffs & Trade Resource Center

Key FindingsThe Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.We estimate retaining the tariffs put in place under the Trump administration will reduce economic output, income, and employment.The Biden administration has kept most of the Trump administration tariffs in place, except for a five-year suspension of tariffs that were part of a WTO aircraft dispute and replacement of certain steel and aluminum tariffs with tariff rate quotas.We estimate the tariffs still in effect will reduce long-run GDP by 0.22 percent, wages by 0.14 percent, and employment by 173,000 full-time equivalent jobs. Introduction

The Trump administration imposed and threatened several rounds of tariffs, and other countries responded to these measures. Using the Tax Foundation Taxes and Growth Model, we analyze the effects of imposed, threatened, and retaliatory tariffs on the United States economy. Tariffs damage economic well-being and lead to a net loss in production and jobs and lower levels of income. Tariffs also tend to be regressive, burdening lower-income consumers the most.

According to the Tax Foundation model, the tariffs imposed under the Trump administration and remaining in place under the Biden administration will reduce long-run GDP by 0.22 percent ($55.7 billion) and wages by 0.14 percent and eliminate 173,000 full-time equivalent jobs.

Other countries imposed retaliatory tariffs on U.S. exports, which we estimate will further reduce U.S. GDP by 0.04 percent ($9.4 billion) and eliminate 29,000 full-time equivalent jobs.

Tariffs Raise Prices and Reduce Economic Growth

Economists generally agree free trade increases the level of economic output and income, while conversely, trade barriers reduce economic output and income. Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.

Tariffs could reduce U.S. output through a few channels. One possibility is a tariff may be passed on to producers and consumers in the form of higher prices. Tariffs can raise the cost of parts and materials, which would raise the price of goods using those inputs and reduce private sector output. This would result in lower incomes for both owners of capital and workers. Similarly, higher consumer prices due to tariffs would reduce the after-tax value of both labor and capital income. Because higher prices would reduce the return to labor and capital, they would incentivize Americans to work and invest less, leading to lower output.

Alternatively, the U.S. dollar may appreciate in response to tariffs, offsetting the potential price increase on U.S. consumers. The more valuable dollar, however, would make it more difficult for exporters to sell their goods on the global market, resulting in lower revenues for exporters. This would also result in lower U.S. output and incomes for both workers and owners of capital, reducing incentives for work and investment and leading to a smaller economy.

Tariffs Imposed by the United States

The Trump administration imposed several rounds of tariffs, which we estimated amounted to a total tax increase of nearly $80 billion during the administration. Under the Biden administration, most tariffs have stayed in place except for a suspension of certain tariffs on imports from the European Union and replacement of tariffs with TRQs on steel and aluminum from the European Union and United Kingdom and imports of steel from Japan. Based on 2021 import levels, a total of $52.6 billion of tariffs remains in place.

Note the total revenue generated will be less than what the tariffs generate, because tariffs reduce real income, which offsets some tariff revenue by lowering other tax revenues.

Section 232, Steel and AluminumIn March 2018, President Trump announced the administration would impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

If 2018 imports equaled 2017 levels, the tariffs could have cost U.S. firms nearly $9 billion. For example, the value of imported steel totaled just over $29 billion in 2017. If the 25 percent tariff were levied on the same level of imported steel, the tax would total roughly $7.3 billion. Similarly, if a 10 percent tariff were applied to the $16.8 billion worth of aluminum imported in 2017, the tax would total nearly $1.7 billion. Several countries, however, have been excluded from the tariffs.

Early on, the U.S. reached agreements to permanently exclude Australia from steel and aluminum tariffs, use quotas for steel imports from Brazil and South Korea, and use quotas for steel and aluminum imports from Argentina.In May 2019, President Trump announced that the U.S. was lifting tariffs on steel and aluminum on Canada and Mexico.In 2020, President Trump expanded the scope of steel and aluminum tariffs to cover certain derivative products, totaling approximately $0.8 billion based on 2018 import levels.In August 2020, President Trump announced that the U.S. was reimposing tariffs on aluminum imports from Canada. The U.S. imported approximately $2.5 billion worth of non-alloyed unwrought aluminum, resulting in a $0.25 billion tax increase.In September 2020, the U.S. eliminated the 10 percent tariff on Canadian aluminum that had been reimposed in August 2020.In 2021 and 2022, the Biden administration reached deals to replace certain steel and aluminum tariffs with tariff rate quota systems, whereby certain levels of imports will not face tariffs, but imports above the thresholds will.TRQs for the European Union took effect January 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $1.7 billion.TRQs for Japan take effect April 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.4 billion.TRQs for the UK take effect on June 1, 2022. Based on 2018 import levels, the TRQs will reduce tariff revenue by approximately $0.1 billion.Though the agreements on steel and aluminum tariffs will reduce the cost of tariffs paid by some U.S. businesses, a quota system similarly leads to higher prices, and further, retaining tariffs at the margin continues the negative economic impact of the previous tariff policy.

Tariffs on steel and aluminum and derivative goods currently remain in place for several countries under the Biden administration and account for $3 billion of the $75 billion in tariff revenue, based on 2018 import values.

Part 2 starts with "Section 301 China Products"

No further replies needed, there's no defending Trump's failures.

And Biden hasn't been helping at all by leaving most of Trump's failed trade policy in place.

Nice cut and paste. Do you have an original thought of your own? You continue to go back to Trump. This is Biden’s show now. His policies have been a global failure. Not sure why you are bringing up Trump or apologizing for Brandon!

 

[USCB1G]

Nice cut and paste.

Facts are facts anyway you slice them or paste them

 

[DaFireMedic]

Trump had the house and the senate and the surpreme court his first two years, that has not happened since Kennedy

Unlike Biden, he did a great job in those two years.

Trump's failed trade policy (tariffs/retaliatory tariffs) and lockdown of the country (40 million Ameicans out of work) Trillions of dollars handed out in Covid relief funds, we're lucky inflation isn't between 20-30%

Trumps lockdowns were supposed to be short term to “flatten the curve” on the advice of his “expert”, Dr. Fauci, and within the parameters of what the economy could handle. We didn’t have enough knowledge about the virus yet. The Dems continued the lockdowns far beyond Trump’s, and far beyond what was reasonable for the economy.

Regardless, record inflation didn’t happen until Biden, who essentially told the oil industry that he planned to shut them down, was named president. That’s when oil prices and inflation skyrocketed. And Biden immediately enacted policies in line with his attack on fossil fuels. Since then, he has given us nothing but excuses , blaming everyone from Trump to Putin to the oil execs. Never his own fault, and never taking steps to correct it.

But you are falling right in line. When there is nothing left to say in defense of Biden’s policies that are sinking the country, blame Trump.

 

[Cacadetoro]

Facts are facts anyway you slice them or paste them

Just ignore the failure of the present occupant in the WH with your selective vision. Is that you GaryB?

 

[BOULDER TO BIRMINGHAM]

How did that search go for WMD's in Iraq?

Iraqi oil was supposed to pay for the war Bush said, how did that work out?

Biden declared war on the industry, and these are the results. You should be happy, you got what you wanted.
Talking about events in 2003 don't seem relevant at the moment. The difference between you and me is I admit the Iraq invasion was a colossal fail.
There is going to be an election in less than 4 months. When your side gets it's *** handed to it, I am sure you will blame the GOP.
I get it- you are a leftists, and don't value the truth.
If that wasn't the case, you would own the mess your party has created, but like Biden, you blame everyone else.

 

[xuscx]

Tell me how trade wars with Mexico and Canada and World wide Tariffs have helped the economy. Tell me how increasing government spending 45% more than increasing revenue was good for inflation.

 

[sc69er]

We just need to wait for those $1400.00 checks(a couple trillion $ of them) effect to flush thru the system--maybe another year or so.

 

[DaFireMedic]

Trump had the house and the senate and the surpreme court his first two years, that has not happened since Kennedy

The problem with this statement is that it implies that the SCOTUS is to be political and under the control of the executive branch, instead of a separate branch, the Judicial, meant to maintain checks and balances within our government and protect the constitutional freedoms of all.

Too many Dem legislators think the SCOTUS is supposed to be political as well. They believe it should cave to the “majority” rather than do their job of weighing legislation and cases against the text and intent of the Constitution. They want to see it become a separate legislative branch, in effect a “Supreme High Council”. This would destroy our system of government and turn unchecked authority over to a select few. Essentially a dictatorship.

You don’t want that.

 

[xuscx]

The problem with this statement is that it implies that the SCOTUS is to be political and under the control of the executive branch, instead of a separate branch, the Judicial, meant to maintain checks and balances within our government and protect the constitutional freedoms of all.

Too many Dem legislators think the SCOTUS is supposed to be political as well. They believe it should cave to the “majority” rather than do their job of weighing legislation and cases against the text and intent of the Constitution. They want to see it become a separate legislative branch, in effect a “Supreme High Council”. This would destroy our system of government and turn unchecked authority over to a select few. Essentially a dictatorship.

You don’t want that.

so the current court is not political, I will make a note of that and thank Clarence Thomas next time I see him

 

[DaFireMedic]

so the current court is not political, I will make a note of that and thank Clarence Thomas next time I see him

I didn’t say that. I said it’s not supposed to be.

But please, show me where Clarence Thomas has been political in his decisions. I hear a lot of complaining and accusations from Dems and activists about the Dobb’s decision that overturned Roe v. Wade, but I have yet to hear from anyone where the SCOTUS was constitutionally or logically wrong in their decision.

 

[SoCalN8tiv]

You don’t want that.

I think the Marxist does want that.

 

[SoCalN8tiv]

I get it- you are a leftists, and don't value the truth.

They've gone so far to the radical left that it's easy to spot a leftist these days...too easy.

 

[SoCalN8tiv]

You are not biased much....TDS

This is a troll. Big Oblivious is another poster who created a new account just to troll. TROLL TROLL TROLL and nothing but a TROLL.

 

[jaycee993]

This is a troll. Big Oblivious is another poster who created a new account just to troll. TROLL TROLL TROLL and nothing but a TROLL.

I think you are spot on.

 

[BOULDER TO BIRMINGHAM]

so the current court is not political, I will make a note of that and thank Clarence Thomas next time I see him

Like the pot calling the kettle black. For years, left wing jurists have completely disregarded the constitution, in favor of what " feels" right.
I can't believe you opened yourself up for this.
And admit it- you hate seeing black conservatives like Thomas. Makes your blood boil.

 

[shane2020]

2008 - "Yeah, Obama isn't ready but he's better than McCain!"
2012 - "Yeah, I don't like the direction we're going with Obama, but he's better than Romney!"
2016 - "Yeah, not wild about Trump, but he's better than Hillary!"
2020 - "Yeah, Biden's not all there, but he's better than Trump!"

...and the bar keeps falling further
and further...

We need a maximum age limit on POTUS.