August 26, 2024 • 8 mins
Are Republicans AND Democrats Wrong About the Child Tax Credit? www.watchdogonwallstreet.com
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
All right, here comes baby bonus rant from a brand
new empty nester. Yeah. Yeah, I became officially officially an
empty nester last week. I missed a couple of days
of podcasts because I was moving my young son into college.
(00:38):
And yeah, our house is empty. As far as kids,
they're gone, they're gone. And Mike, I admit, my my
wife is having a bit of a difficult time. I mean,
she's handling it, but I can, you know, I can
see and see it bothers her. And do I I
(01:00):
think about a contemplate reflect over it. Yes, I do.
But again, I'm a male, and anytime you know, we
tend to, you know, start feeling down about something, we
crack jokes or make fun in order to deflect to
some degree. But I'm sure, I'm sure it's going to
be hit me little by little, you know, looking at
things again. We're also packing up our house because we're leaving,
(01:22):
and looking at some of the things when they were
younger and whatnot. Say, definitely it's a new chapter, new
chapter for our family, without a doubt. But I'm going
to tie this in, tie this into this baby bonus
competition that's taken place between the Democrats and Republicans, and
(01:45):
I have to I have to delve into this article
today in the Wall Street Journal. Again. It's how far
the Wall Street Journal has fallen. I'm going to read
you some of this to how ridiculous this is. The
first year of a baby's life is costly and stressful
(02:08):
for new parents, who often lose income as well as
sleep as the bills mounts. Really, thank you, thanks, thanks
Wall Street Journal. Yeah, you go into having a baby
(02:28):
and you don't realize that it's expensive. I don't know
what to tell you. Okay, baby stuff's expensive, strollers and
all that stuff that was involved with that. I remember
I was stealing the infamil and all of those things.
It's not cheap. But guess what, they doesn't get any cheaper.
(02:54):
They don't get any cheaper. Oh wait to go on,
and when they start having extracrical activity and whether it
be piano lessons and tutors or club lacrosse, whatever it
may be. The kids, they don't get cheaper. They don't
get cheaper, they get more expensive. Okay, our food bill
(03:17):
is when everybody is home, you know, the boys. They
could put it away, but anyway, neither here nor there.
And they talking about the first year, vital, vital year,
critical development costs can add up, especially for young parents
who need to buy diapers and clothes, in a car
seat and so much else. Harris said during a campaign speech,
(03:41):
has that changed as has that changed again again? I
remember I remember when my younger brothers were babies, and
the diaper bag I visual, but that might carry around,
and the strollers and you know, going to uh, you know,
(04:03):
amusement parks and doing stuff as a family. Back in
the day, babies needed diapers, all these things too. So
again and now it's it's up to it's up to
your fellow taxpayer. Now it's up to your fellow taxpayer
to help foot the bill. Harris wants to expand the
(04:25):
child tax Credit, which provided up to thirty six hundred
dollars per child. Wants it to go to thirty six
hundred dollars, but then in the first year she wants
it to be six thousand dollars. And again here's a
Wall Street Journal. Having a baby in the US causes
a ten point four percent income drop on average from
(04:46):
the month the baby is born compared with before the pregnancy.
Parents work fewer hours or stop working. The US doesn't
mandate payper and to leave as many countries do. Yeah,
many bus This is go out. They already provide paid
to rental leave. You want to mandate whatever it may be?
(05:09):
Again again, is this a black Swan event? Are any
of these things that they're talking about the Wall Street Journal?
Are any of them black Swan event? They're coming out
of nowhere? No? No, you know this already here again
Wall Street Journal. Meanwhile, families have new expenses diapers, food,
(05:31):
medical bills. The cost of daycare and preschool rose at
nearly twice the rate of inflation between nineteen ninety one
and this spring. Infant care can top fourteen hundred dollars
a month in big cities. Yeah, it's a lot. I
don't know. She's decided to have a kid. I know,
(05:52):
maybe the option is maybe you don't go back to work,
Maybe maybe you stay and raise your kid. Throwing it
out there, throwing it out there and then they go
they had to find somebody again. I gotta find I
don't know how they find these people again. They always
find that people to fit their stories. Here's a lady
(06:13):
said that six thousand dollars credit would have been a lifeline.
After her third child was born in twenty twenty two,
she took twelve weeks of unpaid leave because of health concerns.
It's your third child's gray. When I have a problem
with that, be you didn't realize its a constant revolved
(06:35):
and she talks about well to manage, we had to
make trade offs. We cancel the cable, dropped auto insurance
and skip family trips. You dropped your auto insurance and
guess what, as it turns out again, writ in the
same article, got we got a car accident and they
(06:55):
totalled their car and they can't afford to replace it.
You dropped your auto insurance and then and then illegal.
Everything in life is about trade offs. It's is this
anything new again? This is we're gonna go back to freedom, freedom,
(07:22):
freedom from the expenses of childcare. We're gonna we do
We're gonna provide freedom. And again, it's not just the Democrats,
the Republicans as well. Jade Vance wants five thousand for it.
You've got other ones that are there, Mike Lee, Marco Rubio,
(07:44):
five thousand yearly child tax credit. Again, Republicans just killed one,
you know, just recently. Okay, that would have expanded it.
And again they said it was too generous and it
was gonna discourage people from working. And again this said, oh,
this is this is going to be a bonus, a
(08:07):
bonus for falling birth rates. No, no, it's not going
to be a bonus. And again you're saying, oh, okay,
I got a six thousand dollars child tax credit first
year of life. Well, oh gee, whiz, guess what now
(08:27):
I'm going to have a baby. If you're thinking that,
don't don't do it anyway. Watchdog on Wall Street dot
com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
All right, here comes baby bonus rant from a brand
new empty nester. Yeah. Yeah, I became officially officially an
empty nester last week. I missed a couple of days
of podcasts because I was moving my young son into college.
(00:38):
And yeah, our house is empty. As far as kids,
they're gone, they're gone. And Mike, I admit, my my
wife is having a bit of a difficult time. I mean,
she's handling it, but I can, you know, I can
see and see it bothers her. And do I I
(01:00):
think about a contemplate reflect over it. Yes, I do.
But again, I'm a male, and anytime you know, we
tend to, you know, start feeling down about something, we
crack jokes or make fun in order to deflect to
some degree. But I'm sure, I'm sure it's going to
be hit me little by little, you know, looking at
things again. We're also packing up our house because we're leaving,
(01:22):
and looking at some of the things when they were
younger and whatnot. Say, definitely it's a new chapter, new
chapter for our family, without a doubt. But I'm going
to tie this in, tie this into this baby bonus
competition that's taken place between the Democrats and Republicans, and
(01:45):
I have to I have to delve into this article
today in the Wall Street Journal. Again. It's how far
the Wall Street Journal has fallen. I'm going to read
you some of this to how ridiculous this is. The
first year of a baby's life is costly and stressful
(02:08):
for new parents, who often lose income as well as
sleep as the bills mounts. Really, thank you, thanks, thanks
Wall Street Journal. Yeah, you go into having a baby
(02:28):
and you don't realize that it's expensive. I don't know
what to tell you. Okay, baby stuff's expensive, strollers and
all that stuff that was involved with that. I remember
I was stealing the infamil and all of those things.
It's not cheap. But guess what, they doesn't get any cheaper.
(02:54):
They don't get any cheaper. Oh wait to go on,
and when they start having extracrical activity and whether it
be piano lessons and tutors or club lacrosse, whatever it
may be. The kids, they don't get cheaper. They don't
get cheaper, they get more expensive. Okay, our food bill
(03:17):
is when everybody is home, you know, the boys. They
could put it away, but anyway, neither here nor there.
And they talking about the first year, vital, vital year,
critical development costs can add up, especially for young parents
who need to buy diapers and clothes, in a car
seat and so much else. Harris said during a campaign speech,
(03:41):
has that changed as has that changed again again? I
remember I remember when my younger brothers were babies, and
the diaper bag I visual, but that might carry around,
and the strollers and you know, going to uh, you know,
(04:03):
amusement parks and doing stuff as a family. Back in
the day, babies needed diapers, all these things too. So
again and now it's it's up to it's up to
your fellow taxpayer. Now it's up to your fellow taxpayer
to help foot the bill. Harris wants to expand the
(04:25):
child tax Credit, which provided up to thirty six hundred
dollars per child. Wants it to go to thirty six
hundred dollars, but then in the first year she wants
it to be six thousand dollars. And again here's a
Wall Street Journal. Having a baby in the US causes
a ten point four percent income drop on average from
(04:46):
the month the baby is born compared with before the pregnancy.
Parents work fewer hours or stop working. The US doesn't
mandate payper and to leave as many countries do. Yeah,
many bus This is go out. They already provide paid
to rental leave. You want to mandate whatever it may be?
(05:09):
Again again, is this a black Swan event? Are any
of these things that they're talking about the Wall Street Journal?
Are any of them black Swan event? They're coming out
of nowhere? No? No, you know this already here again
Wall Street Journal. Meanwhile, families have new expenses diapers, food,
(05:31):
medical bills. The cost of daycare and preschool rose at
nearly twice the rate of inflation between nineteen ninety one
and this spring. Infant care can top fourteen hundred dollars
a month in big cities. Yeah, it's a lot. I
don't know. She's decided to have a kid. I know,
(05:52):
maybe the option is maybe you don't go back to work,
Maybe maybe you stay and raise your kid. Throwing it
out there, throwing it out there and then they go
they had to find somebody again. I gotta find I
don't know how they find these people again. They always
find that people to fit their stories. Here's a lady
(06:13):
said that six thousand dollars credit would have been a lifeline.
After her third child was born in twenty twenty two,
she took twelve weeks of unpaid leave because of health concerns.
It's your third child's gray. When I have a problem
with that, be you didn't realize its a constant revolved
(06:35):
and she talks about well to manage, we had to
make trade offs. We cancel the cable, dropped auto insurance
and skip family trips. You dropped your auto insurance and
guess what, as it turns out again, writ in the
same article, got we got a car accident and they
(06:55):
totalled their car and they can't afford to replace it.
You dropped your auto insurance and then and then illegal.
Everything in life is about trade offs. It's is this
anything new again? This is we're gonna go back to freedom, freedom,
(07:22):
freedom from the expenses of childcare. We're gonna we do
We're gonna provide freedom. And again, it's not just the Democrats,
the Republicans as well. Jade Vance wants five thousand for it.
You've got other ones that are there, Mike Lee, Marco Rubio,
(07:44):
five thousand yearly child tax credit. Again, Republicans just killed one,
you know, just recently. Okay, that would have expanded it.
And again they said it was too generous and it
was gonna discourage people from working. And again this said, oh,
this is this is going to be a bonus, a
(08:07):
bonus for falling birth rates. No, no, it's not going
to be a bonus. And again you're saying, oh, okay,
I got a six thousand dollars child tax credit first
year of life. Well, oh gee, whiz, guess what now
(08:27):
I'm going to have a baby. If you're thinking that,
don't don't do it anyway. Watchdog on Wall Street dot
com
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