TheOubliette@lemmy.mltoAsklemmy@lemmy.ml•If you are an American, how are you preparing for the upcoming tariffs and possible trade war?
121·
1 day agoTariffs amount to a higher inflation rate / a regressive tax, as they will not subsidize local industry to any significant level. You will not see wage increases or more jobs from it. Probably the opposite.
This will be a quantitative change, it will look like 2022-2024 but with a higher effective inflation rate, translating into a transfer of wealth from the poor to the rich.
More people will experience what it’s like to earn 10-20% less money and have fewer job prospects. One would hope that this teaches humility and solidarity, but in a country that only knows how to punch left, that will be an uphill battle that must nevertheless be fought.
Basic self-consistency, particularly in Anglo countries. The culture seems to teach that it would be better to die than to recognize one’s own irrationality, correct it, and move on.