Another company is moving some business out of the country. John Deere is sending skid steer loaders and compact truck loaders to Mexico and taking jobs with them by 2026.
John Deere, the world’s largest seller of tractors and crop harvesters, announced another wave of layoffs Friday. According to reports, around 610 production staff at plants in Illinois and Iowa will be out of a job by the end of the summer.
Thank Bidenomics, better described as Democratanomics.
The Democrat economics plan is much bigger than pushing businesses and jobs out of the country. It’s about deficit spending, leading us into stagnation.
We’re running slightly under a deficit spending budget of $2 trillion for 2024, with revenues of 4.9 trillion, 17.2% of the GDP. By 2034, the budget deficit will explode from $1.900,000,000,000 to $2.8 trillion.
The CBO projections prove there is no way the United States could balance the budget with revenue.
Deficits are a spending problem.
The CBO expects outlays to soar from $6.8 trillion to $10.3 trillion, or 24.9% of GDP, by 2034. The cause is the soaring cost of debt, which will swell from 2024 to 2034 due to increases in interest costs and mandatory spending.
Public debt rises from 99% of GDP to 122% in 2034, or $50.6 trillion.
The CBO considers “debt held by the public” to be $28 trillion in 2024 when public debt is already $34 trillion. Thus, United States public debt will increase by $22 trillion in a decade.
We can’t even pay off our debt due to Democratic Modern Monetary Theory, which is what we saw in the Weimar Republic, Venezuela, and elsewhere. There is nothing modern or theoretical about it.
We have an economy that will generate an annual deficit of 6% of GDP to achieve a mere 2% annual growth. We will lose the dollar as the reserve currency. Anyone can figure out the danger here.
It’s Not If We Will Be Impoverished, We Will
Americans will be impoverished. You will go shopping with a wheelbarrow worthless in USD. Stop voting for these wasteful spendthrifts.
Always a pleasure joining @BottomLineFBN with @dagenmcdowell and @SeanDuffyWI on @FoxBusiness – discussing how we already spend $1 trillion annually just to service our monstrous $34.2 trillion debt, and it’s getting worse… pic.twitter.com/G3xUuhUBaT
— E.J. Antoni, Ph.D. (@RealEJAntoni) February 20, 2024
The Fed employs 400 PhD economists. Together, they lost $170 billion. So about $425 million per economist.
I feel like maybe we should lay some off https://t.co/qnbMMsvpPG
— Peter St Onge, Ph.D. (@profstonge) May 3, 2024
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