Not only are tariffs making inflation worse, but the president is also arguing that's a good thing. Our economic injury is self-inflicted. And Republicans have been cheering for it.
President Trump says that his approach is about putting "America first," but the record of his first 100 days is clear: Trump's foreign policy has left America weak, and Americans are paying the price.
-- Center for American Progress (@americanprogress.bsky.social) May 2, 2025 at 2:30 PM
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Inflation has gone down since the tariffs were put in effect.
#2 | Posted by fishpaw at 2025-05-05 02:32 PM
[LINKY]
"You know, somebody said, Oh, the shelves are going to be open,'" Trump continued, offering a hypothetical. "Well, maybe the children will have two dolls instead of 30 dolls. So maybe the two dolls will cost a couple bucks more than they would normally."
His remarks followed a defensive morning after the Commerce Department reported that the U.S. economy shrank at an annual rate of 0.3% during the first quarter. Behind the decline was a surge in imports as companies tried to front-run the sweeping tariffs on autos, steel, aluminum and almost every country. And even positive signs of increased domestic consumption indicated that purchases might be occurring before the import taxes lead to price increases.
Trump pointed his finger at Biden as the stock market fell Wednesday morning in response to the gross domestic product report.
"This is Biden's Stock Market, not Trump's," the Republican president, who took office in January, posted on his social media site. "Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS."
@#17 ... We've yet to see how Trump's actions will ultimately succeed or fail. ...
Actually we have. But the question becomes, were you paying attention?
Six bankruptcies.
For example ...
Bankruptcy expert studies Trump casinos (2016)
news.temple.edu
... A new study by a Temple University professor shows that Donald Trump's casinos in Atlantic City lost more jobs and money than competitors' casinos, while also going through more bankruptcies than any other major business in America.
Jonathan Lipson, Harold E. Kohn Professor in the Beasley School of Law and a noted expert on bankruptcies, found that the Trump Taj Mahal, the Trump Plaza and the Trump Marina shed half their employees and dropped more than 40 percent of their revenue from 1997 to 2010, when Trump, now the Republican nominee for president, was chief executive officer, board chair and/or the dominant shareholder of each.
Lipson used data from New Jersey Casino Control Commission reports, court filings and other publicly available sources. ...
@#21 ... and the economy has been doing well. ... inheriting another good economy, ...
OK, imo, your comment understates to economy that fmr Pres Biden passed on to Pres Trump.
OpEd: The Economy Has Been Great Under Biden. That's Why Trump Won. (November 2024)
www.chicagobooth.edu
... The economy under President Joe Biden was remarkably strong, so why did Biden lose? The White House released a brief on October 30, just days before the election, touting the latest quarterly data. Under the Biden administration, real GDP rose 12.6 percent, rightly cheered in the report as "a historically robust expansion" that repeatedly defied forecasts.
Since the pandemic, economic growth in the US has far outpaced that of our peer nations. Business investment is up; unemployment is low.
The consensus in the media seems to be that even though the economy is strong, people see it differently. Voters, burned by the rising price of groceries, felt pinched and demanded change. This story surely describes some voters, but we find it hard to believe that Americans elected Trump because they are confused about the economy.
Our research tells a different story, in which nobody is confused. Before the 2016 election, we wrote a simple economic model to explain the interplay between stock market returns and presidential elections. We then conducted an empirical analysis using 89 years of data. What we find challenges the notion that voters simply reward incumbents for strong economies and punish them for weak ones. While this narrative carries a fair amount of truth, it does not paint the full picture. The economy affects election outcomes in more than one way. It is not enough to say that a strong economy favors the incumbent.
Our main thesis is that a strong economy favors Republicans, and a weak economy favors Democrats, regardless of the incumbent. ...
Interesting OpEd....
"Walk me through why those tariffs-Bernie's tarrifs-would have been a good thing."
Well, for starters, there is no "Sanders-Hawley tariff proposal." You're citing Libertarian propaganda from www.ntu.org
"Bernie Sanders (I-VT) introduced legislation to strip the application of normal U.S. tariff rates to imports from China, a position he reiterated in his 2020 presidential run.[1] Sen. Josh Hawley (R-MO) recently introduced similar legislation.[2]"
Similar does not mean the same and it does not mean they are co-sponsoring a bill.
Sanders proposed a bill to strip China of MFN status. That's probably a good idea.
www.congress.gov
Hawley, separate from Bernie's proposal, introduced the idea of ending normal trade relations AND adding tariffs on certain Chinese made goods.
www.hawley.senate.gov
For most of us, opposition to Bernie is rooted in the conventional understanding that restrictions to free markets suppress wealth creation and economic growth. Trump is going to show us whether that is true or not.
#65 | Posted by madbomber
We're already seeing it.
Recommend reading the whole article: taxfoundation.org
Trump Tariffs: The Economic Impact of the Trump Trade War
Altogether, Trump's tariffs will raise $2.1 trillion in revenue over the next decade on a conventional basis ($1.5 trillion on a dynamic basis) and reduce US GDP by 0.8 percent, all before foreign retaliation. Including foreign retaliation announced as of April 10, the tariffs reduce US GDP by 1.0 percent.
The tariffs will reduce after-tax income by an average of 1.2 percent and amount to an average tax increase of more than $1,200 per US household in 2025. Our estimates of reductions in after-tax income may understate other harms consumers will experience, including loss of choice and higher prices for substitute goods.
In 2025, Trump's tariffs will increase federal tax revenues by $163.1 billion, or 0.54 percent of GDP, making the tariffs the largest tax hike since 1993. The tariffs are larger than the tax increases enacted under Presidents George H.W. Bush and Barack Obama.
Oh, and since we're talking about Venezuela, how did Bolivarian Socialism work out for that country?
#121: According to the World Happiness Report, the happiest people in the world live in socialist countries with universal health care, gun control, regulated businesses, and environmental protections. Hyper-capitalist America ranked 24th-- much below poorer Mexico whose people ranked themselves tenth in overall happiness: worldhappiness.report
Dotard Trumpf's abysmal approval ratings after his first 100 days of terror in 2025 will drive the US below 24 next year on the World Happiness Report.
"I do know that median household income in DEU is 45,800 EUR per year. In the US it's $80,610."
Stay in school, kids!
You'll make triple a high school dropout.
You'll make double a high school graduate.
You'll make $50k more than a college dropout.
Median Household Income and Percent Change by Selected Characteristics
2023 Median Income
No high school diploma:........ $36,620
High school, no college:........ $55,810
Some college:........................ $73,610
Bachelor's Degree or higher: $126,800
www.census.gov
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