[–]Choice-of-SteinsGate [score hidden] 2 hours ago*
Trump is not, and never has been the economic genius he's touted as by both him and his supporters. And the point needs to be driven home that he, in fact, wasn't "better for the economy"
Trump inherited a growing economy. All he had to do was ride those coattails, but as soon as a real crisis emerged—the covid pandemic—he mismanaged it at every turn and left office with the economy in tatters. While in the aftermath, he succeeded in scapegoating others like Dr Fauci and Joe Biden. What's frustrating, is that Trump will be inheriting a growing economy for the second time.
An economic crisis occurred at the end of the last two Republican administrations. A democrat president stepped in both times and was forced to oversee an economic recovery and handle the subsequent fallout. Republicans exploited both opportunities to point fingers at their opponents, choosing to take advantage of a crisis for political gain and campaign talking points.
Under Trump, the national debt ballooned by nearly 40%
Trump's tax cuts legislation, which disproportionately and permanently benefited the rich and corporations, did not "pay for itself," and has/will cost the government an estimated trillions.
Trump put pressure on the fed to keep interest rates low for a political edge. This only worsened inflationary issues.
The Trump administration hamstringed the labor movement, made it more difficult for workers to unionize and operate effectively.
Trump didn't just mismanage the pandemic, but he shirked responsibility and encouraged his supporters to politicize every aspect of COVID, dividing Americans during a time of crisis.
Trump started a trade war with China and his tariff policies were disastrous for Americans.
It must be emphasized that all of these things and more contributed to economic and inflationary issues that extended into the Biden administration.
Now, to elaborate more on Trump's tariffs.
Most economists agree that tariffs, especially if they're not carefully implemented, generally do more harm than good, and disproportionately hurt lower income Americans.
This was made evident by Trump's tariff policies and the trade war he instigated during his presidency. To put it simply, it hurt Americans BIGLY.
And now he's proposing higher, across the board tariffs that will have even worse economic impacts.
We haven't seen tariff policies like this since the Smoot-Hawley Tariff Act, which accelerated the Great Depression and brought global trade to a stand still.
The process of determining tariff rates is a delicate one, and a process that Trump couldn't be bothered with. It should involve complex negotiations and careful considerations. Things Trump couldn't care less about. This is precisely why the Biden/Harris administration was forced to reform Trump's tariff policies, adopting a more selective and calculated approach
Trump's tariffs have and will generate economic tensions, raise prices, hurt domestic industries and pass costs down to the consumer.
They will also hurt rural communities just as much, if not more than they will Americans living in cities. While small businesses will face economic challenges of their own as they have fewer resources and less power to manage the consequences.
In general, it is believed that Trump’s tariffs did more harm than good, costing companies billions of dollars and reducing the demand for exported goods that were hit with retaliatory tariffs.
In a survey of economists conducted by Reuters, the Trump administration’s tariffs were very poorly received. Almost 80% of the 60 economists surveyed believed that the tariffs... would actually harm the U.S. economy... All in all, none of the economists surveyed thought that the tariffs would benefit the economy.
A CNBC study discovered that Trump’s tariffs actually hurt consumers greatly and equaled one of the largest U.S. tax increases in decades. Researchers have also found that the Trump tariffs lowered the real income of American workers and reduced GDP. In 2021, the Biden administration worked to undo many of these harmful trade barriers.
And when it comes to the trade deficit that Trump blames Biden for:
The U.S. trade deficit grew under Trump’s tariffs, from $481 billion in 2016 to $679 billion in 2020.
The trade war Trump started targeted American farmers and agricultural workers in the Midwest most of all, These are the same political groups that voted for him in droves.
As the trade war continued:
tariffs were also shown to reduce employment and economic output, impacting the overall U.S. economy and people’s livelihoods. The tariffs also did significant damage to relationships with other countries, particularly allies
Trump's current tariff policies have been picked apart by most economists, and the consequences are estimated to be severe. This is what Harris was talking about when she referred to Trump's "national sales tax." Most of the damage is expected to trickle down to consumers and small businesses. While it's very likely that Trump doesn't even know how tariffs work.
Trump is not an "economic genius," he is a notorious financial fraud who lies about his wealth and threatens to sue anyone who speculates about his real worth. He's bankrupted or crippled practically every business, product or service he's tried to slap his name on.
Trump has been involved in over 4,000 legal cases, many of them including financial crimes.
Tax information also shows that over a period of time in the 80s and 90s, Trump had lost more money than any other American taxpayer. What a loser! Literally...
Here's a long list of Trump's business failures:
Trump Casinos and Hotels
Trump University (The Trump Entrepreneur Initiative)
Trump Magazine
Trump Airlines
Trump Beverages
Trump "The Game" (yes a Donald Trump boardgame)
Trump Mortgages
Trump Steaks
Trump Travel Site
Trumpnet
Trump Tower Tampa
Trump Vodka
Trump Fragrances
Trump Mattress
Trump Network
Tour de Trump
Trumped! (Trump Radio)
Truth Social (why not call it "Trump Social" at this point?)
Donald Trump is not some financial guru, his administrations "economic achievements," by most metrics, benefitted the rich at the expense of everyone else. His greatest financial achievement was inheriting daddy's empire.
Before The Apprentice, Trump had squandered his riches, and if it weren't for his lucky reality TV show break, he'd be known as the failure he was always destined to be.
The next Trump administration will destroy what's left of the labor movement, which has been in steady decline ever since Reagan stepped into office. Don't forget Trump's recent remarks in front of a crowd of union workers, where he said he "hated" giving overtime pay.
Over the next four years, the MAGA coalition will use Trump to implement an agenda that will continue to redistribute wealth to the top, an agenda that Republicans have been working towards for decades.
Even Trump's immigration policies, and his plan for the "mass deportation" of immigrants, will reduce our economy, as it's estimated that Immigrants add trillions of dollars to our GDP. And make no mistake, the new Trump administration will have all immigrants in their sights.
Trump is not, and never has been the economic genius he's touted as by both him and his supporters. And the point needs to be driven home that he, in fact, wasn't "better for the economy"
Trump inherited a growing economy. All he had to do was ride those coattails, but as soon as a real crisis emerged—the covid pandemic—he mismanaged it at every turn and left office with the economy in tatters. While in the aftermath, he succeeded in scapegoating others like Dr Fauci and Joe Biden. What's frustrating, is that Trump will be inheriting a growing economy for the second time.
An economic crisis occurred at the end of the last two Republican administrations. A democrat president stepped in both times and was forced to oversee an economic recovery and handle the subsequent fallout. Republicans exploited both opportunities to point fingers at their opponents, choosing to take advantage of a crisis for political gain and campaign talking points.
Under Trump, the national debt ballooned by nearly 40%
Trump's tax cuts legislation, which disproportionately and permanently benefited the rich and corporations, did not "pay for itself," and has/will cost the government an estimated trillions.
Trump put pressure on the fed to keep interest rates low for a political edge. This only worsened inflationary issues.
The Trump administration hamstringed the labor movement, made it more difficult for workers to unionize and operate effectively.
Trump didn't just mismanage the pandemic, but he shirked responsibility and encouraged his supporters to politicize every aspect of COVID, dividing Americans during a time of crisis.
Trump started a trade war with China and his tariff policies were disastrous for Americans.
It must be emphasized that all of these things and more contributed to economic and inflationary issues that extended into the Biden administration.
Now, to elaborate more on Trump's tariffs.
Most economists agree that tariffs, especially if they're not carefully implemented, generally do more harm than good, and disproportionately hurt lower income Americans.
This was made evident by Trump's tariff policies and the trade war he instigated during his presidency. To put it simply, it hurt Americans BIGLY.
And now he's proposing higher, across the board tariffs that will have even worse economic impacts.
We haven't seen tariff policies like this since the Smoot-Hawley Tariff Act, which accelerated the Great Depression and brought global trade to a stand still.
The process of determining tariff rates is a delicate one, and a process that Trump couldn't be bothered with. It should involve complex negotiations and careful considerations. Things Trump couldn't care less about. This is precisely why the Biden/Harris administration was forced to reform Trump's tariff policies, adopting a more selective and calculated approach
Trump's tariffs have and will generate economic tensions, raise prices, hurt domestic industries and pass costs down to the consumer.
They will also hurt rural communities just as much, if not more than they will Americans living in cities. While small businesses will face economic challenges of their own as they have fewer resources and less power to manage the consequences.
In general, it is believed that Trump’s tariffs did more harm than good, costing companies billions of dollars and reducing the demand for exported goods that were hit with retaliatory tariffs.
In a survey of economists conducted by Reuters, the Trump administration’s tariffs were very poorly received. Almost 80% of the 60 economists surveyed believed that the tariffs... would actually harm the U.S. economy... All in all, none of the economists surveyed thought that the tariffs would benefit the economy.
A CNBC study discovered that Trump’s tariffs actually hurt consumers greatly and equaled one of the largest U.S. tax increases in decades. Researchers have also found that the Trump tariffs lowered the real income of American workers and reduced GDP. In 2021, the Biden administration worked to undo many of these harmful trade barriers.
And when it comes to the trade deficit that Trump blames Biden for:
The U.S. trade deficit grew under Trump’s tariffs, from $481 billion in 2016 to $679 billion in 2020.
The trade war Trump started targeted American farmers and agricultural workers in the Midwest most of all, These are the same political groups that voted for him in droves.
As the trade war continued:
tariffs were also shown to reduce employment and economic output, impacting the overall U.S. economy and people’s livelihoods. The tariffs also did significant damage to relationships with other countries, particularly allies
Trump's current tariff policies have been picked apart by most economists, and the consequences are estimated to be severe. This is what Harris was talking about when she referred to Trump's "national sales tax." Most of the damage is expected to trickle down to consumers and small businesses. While it's very likely that Trump doesn't even know how tariffs work.
Trump is not an "economic genius," he is a notorious financial fraud who lies about his wealth and threatens to sue anyone who speculates about his real worth. He's bankrupted or crippled practically every business, product or service he's tried to slap his name on.
Trump has been involved in over 4,000 legal cases, many of them including financial crimes.
Tax information also shows that over a period of time in the 80s and 90s, Trump had lost more money than any other American taxpayer. What a loser! Literally...
Here's a long list of Trump's business failures:
Trump Casinos and Hotels
Trump University (The Trump Entrepreneur Initiative)
Trump Magazine
Trump Airlines
Trump Beverages
Trump "The Game" (yes a Donald Trump boardgame)
Trump Mortgages
Trump Steaks
Trump Travel Site
Trumpnet
Trump Tower Tampa
Trump Vodka
Trump Fragrances
Trump Mattress
Trump Network
Tour de Trump
Trumped! (Trump Radio)
Truth Social (why not call it "Trump Social" at this point?)
Donald Trump is not some financial guru, his administrations "economic achievements," by most metrics, benefitted the rich at the expense of everyone else. His greatest financial achievement was inheriting daddy's empire.
Before The Apprentice, Trump had squandered his riches, and if it weren't for his lucky reality TV show break, he'd be known as the failure he was always destined to be.
The next Trump administration will destroy what's left of the labor movement, which has been in steady decline ever since Reagan stepped into office. Don't forget Trump's recent remarks in front of a crowd of union workers, where he said he "hated" giving overtime pay.
Over the next four years, the MAGA coalition will use Trump to implement an agenda that will continue to redistribute wealth to the top, an agenda that Republicans have been working towards for decades.
Even Trump's immigration policies, and his plan for the "mass deportation" of immigrants, will reduce our economy, as it's estimated that Immigrants add trillions of dollars to our GDP. And make no mistake, the new Trump administration will have all immigrants in their sights.
Imagine what that looks like when the DOE is gone
