Almost everything Mr. Trump said this week—on history, economics and the technicalities of trade—was utterly deluded. His reading of history is upside down. He has long glorified the high-tariff, low-income-tax era of the late-19th century. In fact, the best scholarship shows that tariffs impeded the economy back then. He has now added the bizarre claim that lifting tariffs caused the Depression of the 1930s and that the Smoot-Hawley tariffs were too late to rescue the situation. The reality is that tariffs made the Depression much worse, just as they will harm all economies today. It was the painstaking rounds of trade talks in the subsequent 80 years that lowered tariffs and helped increase prosperity.
On economics Mr. Trump’s assertions are flat-out nonsense. The president says tariffs are needed to close America’s trade deficit, which he sees as a transfer of wealth to foreigners. Yet as any of the president’s economists could have told him, this overall deficit arises because Americans choose to save less than their country invests—and, crucially, this long-running reality has not stopped its economy from outpacing the rest of the G7 for over three decades. There is no reason why his extra tariffs should eliminate the deficit. Insisting on balanced trade with every trading partner individually is bonkers—like suggesting that Texas would be richer if it insisted on balanced trade with each of the other 49 states, or asking a company to ensure that each of its suppliers is also a customer.
👊🇺🇸🔥🤡
Money is fungible so that we don’t need perfectly balanced trade. It’s a feature.
In before MAGAs are on your case wondering what mushrooms have to do with anything.
The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.
All is going according to plan.
That plan assumes an eventual recovery… That is looking less and less likely or feasible
The eventual recovery is part of the plan, but you won’t be the one recovering.
Are they inmortal? Ir doing it for their great grandkids?
Here’s the list - Who can find The Country Not On The List!
*timer theme*
I didn’t look, but it’s Russia, isn’t it?
ding!
*studio applause*
I hate that I’m right
Eh, me too. But you get a copy of the home game!
The actual Economist editorial is here (paywalled but archived).
It’s almost like he doesn’t know what the fuck he is doing. Almost like someone is telling him what to do. Someone who greatly benefits from this sort of chaos on our former allies.
If only they had left a clue, like being passed over for the tariffs. Who could it be?
Getting closer…
Error makes it sound like an honest mistake instead of an intentional, economic attack on the nation. Sure, Trump will probably sue for such language but on what grounds? The US government is not a business so how could it be slandered or libeled?
The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.
All is going according to plan.
A real shame he wasn’t aborted.
“But don’t I make it look easy, don’t I make it look good? Eat it, peasants!”
