1] “Tariffs instead of an income tax?” [Nobel prize winning economist Paul Krugman; New York times; 6/24/24]: “Recently Donald Trump floated a truly terrible, indeed unworkable economic proposal…an ‘all tariff policy’ in which taxes on imports replace income taxes. Why is that a bad idea?
“First , the math doesn’t work..in reality, there’s probably no tariff rate high enough to replace the income tax.
“..we’d in effect sharply raise taxes on working-class Americans while giving the rich a big tax cut – because the income tax is fairly progressive..”
“How did the Republican National committee respond…’The notion that tariffs are a tax on U.S. consumers is a lie pushed by outsourcers and the Chinese Communist Party.” [stop laughing, they were serious!]
“..economists have been saying tariffs are a tax on domestic consumers for the past two centuries..”
[Note: read the entire column. Krugman’s Nobel Prize was for international trade theory]
2]. “The Real Reason Trump Pushes Tariffs” [Kimberly Clausing; New York Times; 2/23/25]: “A better way to think about tariffs is as a key tool to achieve the core of Mr. Trump’s economic agenda: He wants to shift the tax burden away from the well-off and toward the poor and middle class – while consolidating his power.” One study had Trump tariffs costing a “typical American household in the middle of the income distribution more than $2,600 a year.”
[Note: read the entire article – Trump’s objective is NOT to bring back American jobs]
3] “The ugly truth of ‘beautiful’ tariffs” [Heather Long; Washington Post Weekly; 1/19/25]: “..this week, he laid bare why he will raise tariffs this year: He needs money to pay for bigger tax cuts….The math doesn’t add up.”…..
“The Peterson Institute for International Economics found that the bottom 80% would be worse off, and only the richest Americans would benefit.”….
“In the worse case scenario, the average tariff rate could spike to the highest level since the Great Depression.” [Note: research effects of the Smoot-Hawley Tariff Act of 1930!]
“Regardless of whether they are friend or foe, Trump is likely to lose the trade war with China.” [Note; research how China previously, and now – is moving factories to foreign countries to escape Trump’s tariffs on them!!! Read the entire article]
4] “Trump’s tariff plan would sow chaos” [Jeff Stein, David Lynch; Washington Post; 10/17/24]: “…an attack on the international trade order that would likely raise prices, hurt the stock market and spark economic feuds with much of the world.”…
“The consequences would be far-reaching..higher prices for grocery staples..U.S. manufacturers would almost certainly see sharp declines in orders…gas prices would increase by as much as 75 cents a gallon..the annual cost could be as high as $7,600 for a typical household.” [Note: read the entire article]
5]. “New tariffs would lead to price hikes” [David Lynch; Washington Post; 10/31/24]: “U.S. companies say they’ll pass added costs to customers if Trump is re-elected and makes good on his promises.”…
“A consistent theoretical and empirical finding in economics is that domestic consumers and domestic firms bear the burden of a tariff, not the foreign country,” according to analysis by the nonpartisan Budge Lab at Yale University.”
[Note: read the entire article – IT DESTROYS TRUMP’s TARIFF PLANS]
***** And then, this: Trump claims Mexico and Canada aren’t doing enough to stop the flow of immigrants into the U.S. or to stop the flow of fentanyl. REPEATED comments by U.S. border patrol personnel say one thing: the vast majority of illegal drugs into the U.S. is smuggled in by. AMERICANS!!!!! Canada, Mexico and others have ALREADY taken steps – before Trump’s threats – to cooperate with the U.S. in reducing immigration into the U.S. For more perspective: research American birth rates since 1980. Some advanced nations are ALREADY in danger of disappearing because their birth rates are too low.
*****Bottom line: What will be the cost in lost good will by some of America’s best friends – when the REAL enemy of democracy is China??? “Beautiful tariffs” is just another BIG. TRUMP. LIE. We are cursed with a president living in n alternative universe of his own “alternate facts.”
With Justice For All 