Help me understand. Why aren't the bankers using their leverage to make Manchin do it?
Is there disagreement between different factions of the bourgeoisie? Maybe BBB is good for the financial but not the industrial idk
It could be a conflict between finance capital and extractive industries, since Manchin represents the latter.
Metals, petro, and other extractive industries loathe the climate change provisions in BBB. The bill ends up with less cars and less miles of road built.
The Republican strategy is to tell capitalists "Wait till we get in and then we'll pass a bill more your speed". And then they get a guy like Trump alongside a clown-car of Ben Sasse deficit hawks who shit out money without any actual public spending attached.
Past that, its not like extractive industries aren't getting plenty of what they wanted. Biden's passed the infrastructure bill, he's done a bunch of bailouts and cash give-aways, he's opened up new leases for drilling, and he's given conservative states plenty of leeway to go farther still. There's always next cycle to pass a BBB Act even more stacked towards Capital's demands. And in the meantime, the Fed is getting ready to yank the chain on labor, so nothing but big profits and further consolidation of property on the horizon.
What's the hurry? The Billionaire Class has all the time in the world.
People really underestimate the "Joe Manchin is just that stupid" argument. It's literally that.
Yeah I'm starting to come around to this idea. He also just hates poor people
shit's broke, bourgeois conflict and imperial decay have rendered the institutions that protect capital incapable of acting in any way that isn't a gun
It does seem they are erroding their own ability to do anything
Imagine if the poor in America had the same class solidarity as the rich.
More money circulating = more money for them to hoover up, more or less
There is a point where it's too much but Goldman Sachs changed the prediction from 3% growth to 2% so we're not quite there yet
When the principal gets deleted out of existence is that backed up by an insurance payment or some other kind of transfer of funds, or is it literally just changed to zero in some database and forgotten about?
Would BBB have reduced household debt?
I thought it was mostly an infrastructure bill
Ah interesting.
So the capitalists have a strong motivation to actually undermine initiatives like BBB to maintain debt
These two paragraphs shed some light:
The lowered chances that Build Back Better has "negative implications for near-term consumption" but will likely have some "offsetting positive effects" for financial markets, Goldman Sachs said.
Specifically, the chances of corporate tax hikes have faded — and those higher tax bills would have eaten into the bottom lines of S&P 500 companies. It's also a positive for biotech companies that would have been hit by $100 billion in price reductions in the Medicare program, Goldman Sachs said.
So I don't see this as some infighting amongst the elites, but rather a sober analysis that BBB isn't that consequential of a bill anyway (something leftists have been saying since the get-go). Unless they really want the Dems to have a win leading into the midterms (which who cares), capitalists will be practically unchanged whether or not the bill goes through.
That's a good point. Any sort of gains from BBB would be wiped by a tax increase. If the bill won't be that great anyway, they might as well not risk it
