Tuesday, August 27, 2024

Trump's economic gamble

Analysis: Former President Trump is talking down the economy like his election depends on it.

Comments

More from the analysis ...

... Why it matters: It might. Trump knows that nothing matters more than economic issues. That makes the next 71 days a battle to convince voters their wallets are still hurting.

- - - The former president is seizing on every negative bit of economic news to make the point that the economy is much worse than the Biden administration says.

The big picture: Vice President Kamala Harris is doing the opposite and grabbing onto any good news. It's a cherry-picking battle.

Zoom in: Trump falsely claimed last week that the Biden administration manipulated jobs data after a standard " and scheduled " revision showed the U.S. economy created 818,000 fewer jobs than previously estimated.

- - - Trump was wrong on why " and how " the new numbers were released. But the labor market is cooling, news that Trump wants to drive home.

- - - "Americans overwhelmingly disapprove of Kamalanomics because no one can afford it," RNC spokesperson Anna Kelly says.

- - - "After three-and-a-half years of sky-high inflation on everything from gas to groceries to housing costs, voters are feeling the pinch as a result of the Harris-Biden spending spree." ...

Between the lines: The risk for Trump is that his doom-and-gloom approach could turn into a self-fulfilling prophecy. If he wins, he'd be inheriting an economy that's slowing down -- and will be much harder to speed up with words alone. ...



#1 | Posted by LampLighter at 2024-08-27 12:37 AM

Goebbels knows that if you repeat a lie often enough it becomes the truth to the poorly educated.

Just his lie that a tariff is a tax on a foreign country. It isn't. It's a tax on the consumer.

His ultimate goal is to replace the income tax with a series of tariffs that will decimate the middle class and be an enormous windfall to the 1%

www.piie.com

"In the list of untested policy ideas from former President Donald Trump, scrapping the federal income tax and replacing it with revenues from sky-high tariffs on imports is one of the most harmful. Trump floated this fiscal swap when he met with Congressional Republicans last week, but it's a deeply problematic idea for several reasons. For starters, it would cost jobs, ignite inflation, increase federal deficits, and cause a recession. It would also shift the tax burden away from the well off, substantially increasing the tax burden on the poor and middle class.

If pursued, this policy would antagonize US allies and partners, provoking worldwide trade wars, damaging global economic welfare, and undermining national security. It would also likely destabilize the global financial system."

#2 | Posted by Nixon at 2024-08-27 08:25 AM

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