“Tariffs are the greatest thing ever invented.”
~ Donald Trump
Debt is America’s problem, not Trump’s…
And that’s the problem because it will inevitably be Trump’s problem.
Even if Harris somehow gets elected, we’re looking at damaging economic policies in the future, but more deadly if Trump wins.
AP reports:
New analysis suggests national debt could increase under Harris, but it would surge under Trump
“The analysis released Monday by the nonpartisan Committee for a Responsible Federal Budget suggests a Harris presidency could increase the national debt over 10 years by $3.5 trillion.
That’s even though the vice president’s campaign insists her proposed investments in the middle class and housing would be fully offset by higher taxes on corporations and the wealthy.
Her campaign policy guide states that Harris is “committed to fiscal responsibility — making investments that will support our economy, while paying for them and reducing the deficit at the same time.”
The same analysis says former President Trump’s ideas could heap another $7.5 trillion onto the debt and possibly as much as $15.2 trillion. That’s even though he suggests growth would be so strong under his watch that no one would need to worry about deficits.”
Trump isn’t afraid of the growing debt tsunami pushing closer to American shores.
His solution, anyway, is to make others pay for it.
He’s already said tariffs will be a central part of his new economic policy.
He promises to implement a 20% tariff on all imports, a 60% duty on Chinese goods, and he wants to punish companies for moving jobs overseas.
He figures, by lowering taxes at home and pushing the cost of the federal government onto other nations, he can ‘Make America Great Again. All he has to do isprioritize manufacturing dominance at home like the US did between the Civil War and World War I.
This would be a useful idea, like it was over 100 years ago, but times are different now.
Hardly much of anything gets manufactured inside the United States.
Back in the late 19th Century industry was growing, and the British Empire was on the decline.
So, Americans were moving into Britain and buying up company after company.
Today, manufacturing is sent overseas to South East Asia. Microchips in Taiwan. Auto parts in China and clothing in Vietnam…
Among other items…
You see, America is not in the same position.
Trump’s tariffs will raise prices for everyday goods, which is almost the same as raising taxes.
If this happens while Trump’s government continues its deficit spending, we’ll be looking at raised prices because of tariffs and inflation too.
