Drudge Retort: The Other Side of the News
Saturday, December 28, 2019

President Trump's tariffs on imports -- meant to boost the economy -- ultimately led to job losses and higher prices, a new study from the Federal Reserve has found.

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Tariffs are taxes.
Taxes reduce economic activity unless they are spent in a way that creates more value than the taxes take.

Every economist knows this.

Sadly the tariffs failed to gain trade benefits.

The US should consider closing the border to Chinese companies until China liberalizes, which was the reason they were let into the WTO.

#1 | Posted by bored at 2019-12-28 02:45 PM | Reply | Newsworthy 1

The Trump Organization is a group of about 500 business entities of which Donald Trump is the sole or principal owner. About 250 of these entities use the Trump name.
The Trump Organization - Wikipedia
https://en.wikipedia.org wiki The_Trump_Organization

The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel (1992), Trump Castle Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009).
Business career of Donald Trump - Wikipedia
https://en.wikipedia.org wiki Business_career_of_Donald_Trump

Six out of about 500 companies over decades and the Atlantic City gambling/economy downturn in the early 90s pretty much to blame.

BTW, the tariffs are meant to be negotiating tools to get the other side to come to the table with more equitable tariff levels. guess some here do not get that.

#2 | Posted by MSgt at 2019-12-28 02:49 PM | Reply

#2

Thanks for the non sequitur on Donnie Drumpf's bankruptcies.

Always fun to rub Donnie Drumpf's face in his own shht.

The Republican Party has a loser for the head of their party.

#3 | Posted by ClownShack at 2019-12-28 03:14 PM | Reply | Newsworthy 4

the tariffs are meant to be negotiating tools to get the other side to come to the table with more equitable tariff levels.
#2 | POSTED BY MSGT

The tariffs did exactly what they were meant to.

Primarily, transfer American jobs to Russia.

#4 | Posted by ClownShack at 2019-12-28 03:16 PM | Reply | Funny: 1

CLOWN

"The Republican Party has a loser for the head of their party."

And on purpose, too. Red flags were everywhere.

#5 | Posted by Twinpac at 2019-12-28 03:45 PM | Reply | Newsworthy 1

yep leaving office in disgrace

#6 | Posted by RightisTrite at 2019-12-28 04:45 PM | Reply | Newsworthy 1

All part of Hillary's plan to crash the dollar and usher in the Amero!

#7 | Posted by snoofy at 2019-12-28 04:48 PM | Reply

#2 | Posted by MSgt

How many vendors did he bankrupt btw?

#8 | Posted by GalaxiePete at 2019-12-28 06:41 PM | Reply

SNOOFY

"All part of Hillary's plan to crash the dollar and usher in the Amero!"

There was no plan. The Amero was a hypothetical.

Tsk, tsk . . . and you call yourself knowledgeable.

#9 | Posted by Twinpac at 2019-12-28 11:48 PM | Reply | Funny: 1

PETE

How many cities did he leave holding the bag after one of his rallies?

#10 | Posted by Twinpac at 2019-12-28 11:54 PM | Reply

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"There was no plan. The Amero was a hypothetical."

Not to Deplorables.

They think Hillary Bucks is just one of many bullets we Matrix-dodged during the Failed Coronation.

#11 | Posted by snoofy at 2019-12-28 11:58 PM | Reply | Newsworthy 1

Not to Deplorables.

They think Hillary Bucks is just one of many bullets we Matrix-dodged during the Failed Coronation.

#11 | Posted by snoofy

Yeah well...those idiots thought that a POTUS could "invade" the US.

Jade Helm proved how laughably stupid righties are.

#12 | Posted by jpw at 2019-12-29 12:06 AM | Reply | Newsworthy 2

#2 MSGT,

Tariffs are meant to protect domestic goods and services from outside competition. Tariffs accomplish nothing but stifle invention and competition.

He said hold a dollar bill up to the mirror
And I'll show you something funny
It's only a fast buck, but
It's so hard to make that kind of money. -- Jefferson Starship

Last week, as the snow melted away in Wisconsin, farmers were desperately trying to harvest their corn, which was planted late for bad weather. It's intermittently raining today, and is expected to continue doing so for a couple of days, so I'm thinking there'll be nothing happening in the fields. Tariffs and unfortunate weather may have killed a few more small farms this year.

#13 | Posted by john47 at 2019-12-29 10:03 AM | Reply

Clownshack,

The tariffs did exactly what they were meant to.

Primarily, transfer American jobs to Russia.

#4 | Posted by ClownShack

Those jobs did not go to Russia. The jobs already existed in other countries; but their workforces were sort of idling, and now they're running at maximum, so our stores can still have stuff on the shelf. MADE IN CHINA MADE IN MEXICO, ETC., ETC.

#14 | Posted by john47 at 2019-12-29 10:10 AM | Reply

"#13 | POSTED BY JOHN47"

Laughably stupid. Wisconsin's farming economy is based on dairy - not soybean exports to China or anything else actually impacted by the tariffs - which resulted in a total decrease of $5B in ag exports to China, offset by $28B in aid Trump gave to farmers mainly driven by the bad weather. Try to learn something before posting such foolishness in the future.

#15 | Posted by iragoldberg at 2019-12-29 09:35 PM | Reply

Laughably stupid. Wisconsin's farming economy is based on dairy - not soybean exports to China or anything else actually impacted by the tariffs - which resulted in a total decrease of $5B in ag exports to China, offset by $28B in aid Trump gave to farmers mainly driven by the bad weather. Try to learn something before posting such foolishness in the future.

#15 | Posted by iragoldberg at 2019-12-29 09:35 PM

Dear Mister Goldberg,
Your response to me is what educated people call a non sequitur. My comment about farmers in WI was a sidebar comment, not intended to be a statement about economics. Did you forget your breakfast Thorazine, or what?

#16 | Posted by john47 at 2019-12-30 08:14 AM | Reply

which resulted in a total decrease of $5B in ag exports to China, offset by $28B in aid Trump gave to farmers mainly driven by the bad weather.

Wow, just yesterday you were all about the $7 billion the tariffs brought in. What changed? Why are you now suddenly touting soshulizm in the form of government handouts to large corporate agricorps?

#17 | Posted by jpw at 2019-12-30 11:58 AM | Reply

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