Stumble Joe’s First Address to Congress

The optics were bad, the rhetoric was pedestrian, the message disturbing.

Optics. Everyone was wearing a mask and social distancing, but not Stumble Joe. Most of the seats in the room were empty. We looked like a weak, confused nation more focused on theater than substance.

Pedestrian rhetoric. There are only so many ways to sell a chicken in every pot as the American dream, all of them cliche and basically misguided.

Disturbing message. Stumble Joe wants the federal government to become the national entrepreneur, the primary investor in the American economy. The Founders were skeptical of this concept, noting that the nation cannot endure once the people learn they can vote benefits for themselves that are procured through the government’s monopoly of legal coercion. The so-called “entrepreneurial state” is a myth.

All that said, I expect this speech will soon be forgotten just because it was boring.

28 thoughts on “Stumble Joe’s First Address to Congress

      1. “While none of Biden’s Economic Boosts have taken effect . . .”

        There you go again with your “alternative facts” or is this just another of your increasingly frequent “senior moments.”

        In case you missed it, President Biden and the Democrats passed a $1.9 Trillion pandemic recovery bill without a single GQP vote. Major parts of it HAVE taken effect. If you were not so forgetful you would remember seeing money appear in your bank account – money that most people desperately needed and immediately spent.

        Liked by 2 people

        1. How much of the $1.9 trillion is already in consumer’s hands? 1% maybe.

          And that money in our accounts and in continued unemployment enhancements is giving people incentives to not return to work. It’s actually delaying the recovery of the economy.

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          1. “And that money in our accounts and in continued unemployment enhancements is giving people incentives to not return to work. It’s actually delaying the recovery of the economy.”

            Speculation. Pure and simple. And based in hatred.

            Like

          2. Opinions are like, well you know the rest.

            Besides, the benefits aren’t permanent and places are starting to offer something closer to living wages. Go figure. All of a sudden they can afford to pay people more than $10/hour.

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          3. “1% maybe.”

            I will refrain mocking you for your math. You may be having another senior moment. The $1.9T pandemic relief bill included $560 billion of payments to individuals in the form of stimulus checks ($300 Billion) and extended unemployment insurance payments ($260 Billion). So, leaving aside all the other aspects of the relief provided in the bill, your guess of 1% reaching the economy is very far off the mark. The direct stimulus payments alone are 16% of the total.

            “Incentives to not return to work . . delaying recovery”
            Leaving aside that this piece of your “analysis” is in direct contradiction to your 1% estimate, the economy is booming. Where do you find this delay in economic recovery? Versus some imaginary Trump-style magic?

            Liked by 1 person

      2. “Every dose of vaccine that has been administered was ordered before he took office.”

        Ordering is the easy part. Getting it into people’s arms is where the rubber hits the road. Biden deserves credit for getting that part of the challenge right after the very poor start he inherited.

        https://www.vox.com/future-perfect/22213208/covid-19-vaccine-rollout-coronavirus-distribution?campaign_id=9&emc=edit_nn_20210429&instance_id=29931&nl=the-morning&regi_id=18949924&segment_id=56785&te=1&user_id=45fc4046d933a4a135ed01d747c3bd8c

        And now he has to deal with another problem created by Trump – the distrust of science and the reluctance to be vaccinated among Trump cultists is making it more difficult to get to herd immunity in this country.

        Liked by 1 person

    1. Transcript available at:

      I find reading a transcript much easier. I can reread in case a point is fuzzy.

      Speech was well written. Pushing hard on the “up from poverty” bio of his life. Glorifying the effects of the past administration’s tax cuts. (Didn’t mention stock buybacks and short term domestic business investment paucity.)

      Enjoy.

      Liked by 1 person

      1. You gotta love all this GQP whining about “unity” after their many years of “My Way or the Highway” approach to exercising power. Given their support for insurrection and their continued attacks on the legitimacy of the election the only sensible thing to do is to ignore them. And, oh yes, be polite of which Biden is an exemplar – the opposite of his predecessor.

        We already have unity. Solid majorities of country are unified around President Biden and his agenda of dealing with the many critical problems he inherited including the pandemic, the economy, the environment, racial tensions, domestic terrorism and American leadership in the world.

        As a side note, the Senate just voted 52-48 to restore the EPA controls on methane emissions that Trump tried to eliminate. The House is sure to follow. Let the whining about that lack of “unity” begin.

        Liked by 1 person

      2. You don’t think stock buybacks contribute to future economic growth?

        It takes a while to turn an ocean liner around. Short term there was excess capital as companies realigned to produce in the US.

        Not any more.

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        1. “You don’t think stock buybacks contribute to future economic growth”

          Only economic growth for those who hold the stocks and the corporations, and NOT to Main St.

          Just a reminder. And Biden said it last night. Trickle down DON’T.

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          1. Biden said a lot of counterfactual things.

            A company is in a better position to raise capital when it needs to if it can issue stocks or bonds from a strong position.

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          2. “A company is in a better position to raise capital when it needs to if it can issue stocks or bonds from a strong position.”

            How many times do you have to do the same thing and expect a different result before you are proven to be nuts?

            Three times in the past 3+ decades it has been tried and all three times it has
            F-A-I-L-E-D.

            And the fact checkers are the ones who truly got bored because there was very little in the speech that was “counterfactual”.

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          3. “Biden said a lot of counterfactual things.”

            Once again evidence and actual experience cannot put a dent in your preconceived ideas. We have repeatedly tried trickle down (or as one honest Republican put it – Voodoo) economics for over four decades now and it has done nothing but move money from the poor to the rich with no boost to the economy or to the government’s finances.

            Once again, you show you do not understand corporate finance when you talk about stock buy-backs putting a company in a better position to raise capital. It is the opposite of the truth. Stock buy-backs weaken the capital position of a company in exchange for NOTHING of value to the company. There is only one real reason it is done – to move money from the company to its shareholders leaving behind a weaker company with greater risk of insolvency going forward.

            Liked by 1 person

        2. “Short term there was excess capital as companies realigned to produce in the US. Not any more.”

          Where do you get such happy horseshit? It does not even make ANY sense. If companies actually were realigning to produce in the U.S. they would be consuming capital not freeing it up.

          The economic reality is that the combination of trade deficits and concentration of wealth in a tiny number of hands means that there remains MASSIVE amounts of cash looking for a place to invest profitably.

          Liked by 1 person

        3. Buybacks was not supposed to be the incentive. Investment in new domestic production and manufacturing was the sell.

          The last quarter of 2019, before the pandemic, manufacturing went down.

          Tax cuts were supposed to pay for themselves. Not so much.

          I think if we need the revenues than drop corporate taxes to 10% and eliminate all loopholes.

          Liked by 2 people

          1. The corporate tax cuts were never supposed to go directly to workers, the point was t bring those manufacturing jobs Obama told us were gone forever back, and they did.

            Is a person better off with a job making cars or washing them?

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          2. “The corporate tax cuts were never supposed to go directly to workers, the point was t bring those manufacturing jobs Obama told us were gone forever back, and they did.”

            LOL! Pure unadulterated malarkey.

            There has been no significant reversal of offshoring. And whatever jobs do come back from time to time, tax rates have little to do with it. U.S. Taxpayers are taxed at the same rate wherever the income is earned. I have pointed this out to you several times but you carry on with the same malarkey.

            https://www.epi.org/publication/reshoring-manufacturing-jobs/

            There are trends working in our favor including sharply rising costs in places like China where it is harder to get people to work for “coolie wages” and the wage differentials no longer justify all of the other costs of depending on foreign sources.

            It is worth mentioning at this point that President Biden’s infrastructure plan includes concrete steps to bring work home including subsidies to end our dangerous dependence on foreign silicon foundries.

            https://www.extremetech.com/computing/319945-the-biden-administration-pledges-to-address-the-semiconductor-shortage

            Liked by 1 person

          3. How many factories came back? How many still went or stayed in other countries.

            We spent at least a trillion to get some tax breaks to the top.

            I still say cut the rate to 10% and eliminate all loopholes. Perhaps at a later time, we could replace the revenue from corporate taxes.

            Sarcastically, most large companies and multinationals paid little or no tax at 35% and the joke on us is that they paid less at 22%.

            Liked by 2 people

          4. LOL! I keep telling you but you will not listen, If “information” seems too good to be true, check it.

            Here is the ACTUAL unmanipulated manufacturing jobs data from the BLS going back to 1940. From a peak of 20 million such jobs around 1980 – the beginning of the Reagan Revolution – the total has dropped steadily to its low after the Bush crash in 2009 to around 11 million. From 2010 until the Trump pandemic crash it grew slowly but steadily under both Obama and Trump. There is no magic inflection point. And from Jan 2019 until the crash a year later, it was dead flat – no new jobs at all and that was long after Trump’s magic was supposed to be working.

            And finally, whatever small increases in manufacturing jobs occurred in the Trump years there is nothing to indicate that they were jobs brought back from offshore by tax cuts.

            https://fred.stlouisfed.org/series/MANEMP

            Liked by 2 people

  1. The lack of unity is the endless effort to thwart the Democrats in 2022.

    (Updated version of “our sole objective is to make President Obama a one term president”.)

    The infrastructure bill, even if pared down, would never get GOP support because it would provide jobs, needed work and be paid for. Can’t have that on top of a booming stock market, accessible healthcare and affordable education.

    Even the tax increases have popular support. Can’t have that.

    Liked by 2 people

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