Monday, October 14, 2024

WSJ: Trump Ideas Worse on Inflation, Manufacturing, Deficit

Former President Donald Trump's plans to pump up American manufacturing and cut taxes would result in higher inflation, fewer factory jobs and a bigger budget deficit, according to a survey of prominent economists. Of 50 economists in a Wall Street Journal survey, 68% said Trump's policies would mean inflation would likely be higher, while only 12% said that about Vice President Kamala Harris' proposals. 61% of the economists polled said interest rates would also move higher under Trump.

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The survey is taken quarterly and includes economists from Wall Street, business and academia, the Journal said Monday. The outlet noted that 66 economists sent in responses this time, but not all of them answered every question.

Trump has proposed a broad tariff on goods brought in from other countries to be sold here of 10% up to 20%, as well as a higher tariff on Chinese goods of 60%. A vast majority of economists agree that the higher tariff charges on importers would be passed on to consumers, and many believe that if the charges were enacted they could spark retaliatory tariffs against U.S. goods sold abroad.

Out of 44 economists answering, 59% said there would be fewer factory jobs three to five years out, while 16% said there would be more.

In the Journal survey, 65% of the economists responding said they thought Trump's proposals would add to the deficit, up from 51% who said that in the previous quarterly poll.

It's absolutely mindboggling just how short America's memory is. Donald Trump inherited a growing economy from Barack Obama, added $8 trillion in debt and then mismanaged this nation's early Covid response and left office with unemployment at 6.4% - with a net loss of 2.7 million jobs over the 4 year error - the Dow Jones sitting at 30,930, and with over 400,000 dead from Covid.

Today, unemployment sits at 4%, the Dow closed today at 43,065 - another record high, and during Biden and Harris' term over 16 million jobs have been created. Yet a plurality still believe that their own personal economy was better under Trump than Biden, accurate statistics be damned.

#1 | Posted by tonyroma at 2024-10-14 04:26 PM

lmao.... When did the WSJ go all crazy lib economics??

Oh, wait, they are just reporting the facts, ma'am.

But their conclusions involve rationality, math, and historical perspective.

So, nothing interest Trumpers here.

#2 | Posted by Corky at 2024-10-14 04:50 PM

to interest

#3 | Posted by Corky at 2024-10-14 04:57 PM

@#2 ... When did the WSJ go all crazy lib economics??

Oh, wait, they are just reporting the facts, ma'am.

But their conclusions involve rationality, math, and historical perspective.

So, nothing interest Trumpers here. ...

Curious the the WSJ is a part of the Murdoch empire, yet their periodic survey of economists appears to show the stated conclusion.


#4 | Posted by LampLighter at 2024-10-14 06:49 PM

"WSJ: Trump Ideas Worse on Inflation, Manufacturing, Deficit"

No -----? But the guy's MO is always the worst outcome-only we ALL fail along with him.

#5 | Posted by Yodagirl at 2024-10-14 10:27 PM

Despite the apparent support for the Dotard's economic proposals by some in the business class, many business owners are concerned that Trump will drive some immigrants out of the country, no matter their legal status. The result will be higher wages and better working conditions. How and why, you ask? Because Americans will not bus tables, wash dishes, cut lawns or pick fruit and produce for what is being paid now, and will not have any problem dropping dime to OSHA, the EEOC, the Fair Labor Standards Board and others if mis-treated or underpaid.

If elected, Der Dotard will prove he is a friend to the working man/woman, but not in the manner most think...

#6 | Posted by catdog at 2024-10-15 09:26 AM

Hey - according to Trump we (the United States) is a "developing country, too. Look at Detroit."

#7 | Posted by YAV at 2024-10-15 01:07 PM

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