Trump economics?

Lavender Room
1

Trump groupies love to claim Dear Leader’s economic policies are amazing…yet they are unable to give any examples or articulate what any of his economic policies might be in his 2nd term. Wonder why?

Donald Trump’s policies added twice as much to debt as Joe Biden’s: Analysis (thehill.com)

The fiscal policies of the Trump administration added twice the amount to the national deficit as have President Biden’s, a new analysis has found.

Trump’s administration borrowed $8.4 trillion during the former president’s time in office, while Biden has borrowed $4.3 trillion, according to an analysis by the Committee for a Responsible Federal Budget

2

Well he wants to eliminate income tax and replace it with tariffs. Tariffs on all imports would have to be well over 100% to make up for the lost money. Of course that would make fewer people buy imports so the tariffs would actually be much higher.

It’s an asinine plan with zero thought put into it.

3

Ahh yes, Trump’s tariffs. They will cost the average American family $1,700.

Trump’s proposed blanket tariffs would risk a global trade war | PIIE

The MAGA groupies who spent the last 4 years falsely blaming Biden for global inflation are silent.

4

Well he wants to eliminate income tax and replace it with tariffs. Tariffs on all imports would have to be well over 100% to make up for the lost money. Of course that would make fewer people buy imports so the tariffs would actually be much higher.

It’s an asinine plan with zero thought put into it.

Plus there’s that whole end of democracy, I’m going to be a dictator on Day 1 and shoot Rachel Maddow thing.

Trump and his groupies are bad. We should call them out.

I used to see things differently but this post by Nutella has really convinced me otherwise. Thank goodness he’s here to provide these viewpoints we wouldn’t otherwise hold or receive ourselves.

5

Group of 16 Nobel prize-winning economists all agree which presidential candidate would be worst for inflation (msn.com)

here’s 16 important people who agree with you, Nutella and the 51 important people who said Hunters laptop was disinformation.

I know in eb’s mind this isn’t legit because I copied the link from my main page (or something)

6

Well he wants to eliminate income tax and replace it with tariffs. Tariffs on all imports would have to be well over 100% to make up for the lost money. Of course that would make fewer people buy imports so the tariffs would actually be much higher.

It’s an asinine plan with zero thought put into it.

Plus there’s that whole end of democracy, I’m going to be a dictator on Day 1 and shoot Rachel Maddow thing.

Trump and his groupies are bad. We should call them out.

I used to see things differently but this post by Nutella has really convinced me otherwise. Thank goodness he’s here to provide these viewpoints we wouldn’t otherwise hold or receive ourselves.

https://media0.giphy.com/media/v1.Y2lkPTc5MGI3NjExeTZtNXdwMmxlY3hyb2hsaDA0czAxdmpyMXRnNjBpZ2N6bXVtdTJwdSZlcD12MV9pbnRlcm5hbF9naWZfYnlfaWQmY3Q9Zw/l2Je0H39CPLlG4UkE/giphy.gif

7

Group of 16 Nobel prize-winning economists all agree which presidential candidate would be worst for inflation (msn.com)

here’s 16 important people who agree with you, Nutella and the 51 important people who said Hunters laptop was disinformation.

I know in eb’s mind this isn’t legit because I copied the link from my main page (or something)

Just to save the rest of you the trouble, the link goes to a Dailymail opinion piece.

8

Group of 16 Nobel prize-winning economists all agree which presidential candidate would be worst for inflation (msn.com)

here’s 16 important people who agree with you, Nutella and the 51 important people who said Hunters laptop was disinformation.

I know in eb’s mind this isn’t legit because I copied the link from my main page (or something)

Just to save the rest of you the trouble, the link goes to a Dailymail opinion piece.

Which goes to an Axios piece who obtained the letter in which the16 Nobel prize winning economists wrote:

“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump,”
…
We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy," the economists write in the letter.
…
“Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” they write.

https://www.axios.com/2024/06/25/nobel-prize-winners-biden-economy-trump-inflation

9

Group of 16 Nobel prize-winning economists all agree which presidential candidate would be worst for inflation (msn.com)

here’s 16 important people who agree with you, Nutella and the 51 important people who said Hunters laptop was disinformation.

I know in eb’s mind this isn’t legit because I copied the link from my main page (or something)

Just to save the rest of you the trouble, the link goes to a Dailymail opinion piece.

Which goes to an Axios piece who obtained the letter in which the16 Nobel prize winning economists wrote:

“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump,”
…
We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy," the economists write in the letter.
…
“Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” they write.

https://www.axios.com/...nomy-trump-inflation

Shhhh … everybody knows that in my mind it isn’t legit because he copied it from his AOL homepage … or something.

10

Trump had a very easy ride for the first three years. There were no real crises and the economy was doing great. He was going around telling his fans that he was a presidential genius.

Then he had his first challenge, Covid, and it was a big one. And he failed hugely. He never stepped up to the challenge and he left this country in a complete mess

His fans will say that Donnie was doing everything great until Covid messed it up. Then they blame Covid on Biden. But no, Trump failed at the only real challenge in his term.

11

Group of 16 Nobel prize-winning economists all agree which presidential candidate would be worst for inflation (msn.com)

here’s 16 important people who agree with you, Nutella and the 51 important people who said Hunters laptop was disinformation.

I know in eb’s mind this isn’t legit because I copied the link from my main page (or something)

Just to save the rest of you the trouble, the link goes to a Dailymail opinion piece.

Which goes to an Axios piece who obtained the letter in which the16 Nobel prize winning economists wrote:

“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump,”
…
We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy," the economists write in the letter.
…
“Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” they write.

https://www.axios.com/...nomy-trump-inflation

Shhhh … everybody knows that in my mind it isn’t legit because he copied it from his AOL homepage … or something.

what is generally funny is that MSN uses microsoft edge as a news aggregator to automatically link news stories based on what you have clicked on in the past/location/language.

So if someone is constantly linking to stories from fox, newsweek, daily mail, its showing that they pretty much only read right wing news sources.

12

Then he had his first challenge, Covid, and it was a big one. And he failed hugely. He never stepped up to the challenge and he left this country in a complete mess

There was some good and some bad.

On the good, vaccine production and distribution was, despite some hiccups, IMO, not terrible. Operation Warp Speed, etc. Armchair QBing we can find ways it could have been better. But it was pretty quick.

The Congressional spending bills to help people and business were also not terrible. Written in Congress, but Trump signed them.

What was bad was the messaging. Messaging from the top is important in a crisis and Trump vaccilated between good and poor messaging, before diving headfirst into bad messaging and anti-vaccine/anti-government MAGA populism that undermined the above two good things. And somehow brilliantly propped up Dr. Fauci as the symbolic punching bag for all things negative about COVID, redirecting blame from the chief executive to a public health advisor. To such good effect that to this day people go into hysterics at the mention of “Fauci.”

13

MAGA babble
.

Which goes to an Axios piece who obtained the letter in which the16 Nobel prize winning economists wrote:

“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump,”
…
We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy," the economists write in the letter.
…
“Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” they write.

https://www.axios.com/...nomy-trump-inflation

Tyler’s posts confirm the economic ignorance of the MAGA base. Here is what a real Conservative economist says

“If a 20yo interviewing for a House internship suggested replacing the income tax with a massive tariff, they’d be laughed out of the interview.”

The people claiming, without evidence, that Biden ruined America ignore the fact that Trump’s proposal would raise taxes by $8,300 for the middle 20% of households.

Comparing Trump’s Haphazard $2,500 Tax Increase to Biden’s Targeted Tariffs - Center for American Progress Action

14

Ahh yes, Trump’s tariffs. They will cost the average American family $1,700.

Trump’s proposed blanket tariffs would risk a global trade war | PIIE

The MAGA groupies who spent the last 4 years falsely blaming Biden for global inflation are silent.

Speaking of tariffs, construction costs indices bear this out. Residential construction cost index during Obama averaged +1.2% per year.
Residential construction cost index during DJ averaged +4.8% per year.

His tariffs on wood and steel caused residential construction costs to grow twice as fast as they would have without those tariffs.

Turner has their commercial index at 989 for 2016. By 2020 it was 1177.
During Obama it grew an average of 1.925% per year. The fastest costs grew was 2016 when it grew 4.8%
If we discount 2020, the slowest it grew during DJ was 2017 when it grew 5.0%.

But apples to apples: 2020 it grew 1.8%, during the 2009 recession, construction costs FELL 8.4%

During DJ, commercial construction grew an average of 4.475%.
DJ’s tariffs on mostly steel cause commercial construction costs to grow 2.3x faster than they would have otherwise.

15

Speaking of tariffs, construction costs indices bear this out.

There are a few paradoxes with MAGAnomics. Protectionism through tariffs will raise domestic prices. Cracking down hard on illegal immigrant labor will raise domestic prices.

There are also costs to libtardnomics that the libs prefer not to talk about, though.

16

His tariffs on wood and steel caused residential construction costs to grow twice as fast as they would have without those tariffs.

The big thing about tariffs is that they raise the price of goods. Someone is paying for it. Once the price of most goods goes up, they will never come down. So we are left with home prices being 5% more just because of the tariffs.

17

The deplorables might be economically ignorant but business leaders know the economy will be worse under Trump.

No CEOs at Fortune 100 companies donate to Trump ahead of 2024 election (axios.com)

“There are zero Fortune 100 CEOs — a group that historically leans Republican — that have donated to former President Trump this election cycle”
.

18

If I’m a Fortune 100 CEO, why would I donate directly, therefore publicly, to such a polarizing figure when I can donate in secret to a SuperPAC and likely have some control over how that money is spent, if I’m so inclined given my sphere of influence? I’m not supporting a person, I’m supporting the party who I think is going to allow me to keep my money now and make as much as possible in the future. Right now, I see my direct donations going towards one person’s legal bills. Why would I?

19

His tariffs on wood and steel caused residential construction costs to grow twice as fast as they would have without those tariffs.

The big thing about tariffs is that they raise the price of goods. Someone is paying for it. Once the price of most goods goes up, they will never come down. So we are left with home prices being 5% more just because of the tariffs.

Someone is paying for it… according to Trump it’s the country the item is from.

According to reality, it’s the person in the US buying the item.

Tariffs don’t help the average consumer in any way, shape or form.

20

If I’m a Fortune 100 CEO, why would I donate directly, therefore publicly, to such a polarizing figure when I can donate in secret to a SuperPAC and likely have some control over how that money is spent, if I’m so inclined given my sphere of influence? I’m not supporting a person, I’m supporting the party who I think is going to allow me to keep my money now and make as much as possible in the future. Right now, I see my direct donations going towards one person’s legal bills. Why would I?

True, however the head of Yale business school says that in his experience top business leaders despise Trump, despite being registered Republicans.

Opinion | Donald Trump Doesn’t Have the Support of Corporate America - The New York Times (nytimes.com)

*** "Mr. Trump continues to suffer from the lowest level of corporate support in the history of the Republican Party.***

I know this because I work with roughly 1,000 chief executives a year, running a school for them, which I started 35 years ago, and I speak with business leaders almost every day. Our surveys show that 60 to 70 percent of them are registered Republicans.

The reality is that the top corporate leaders working today, like many Americans, aren’t entirely comfortable with either Mr. Trump or President Biden. But they largely like — or at least can tolerate — one of them. They truly fear the other."

Like many educated, reasonable, people he has issues with Trump’s economic policies.

Mr. Trump and his team are doubling down on some of his most anti-business instincts, including proposing draconian 10 percent tariffs on all imports; unorthodox monetary and fiscal policies, including stripping the Federal Reserve Board of its independence; possibly putting in place yield curve control to force interest rates lower; and devaluing the dollar — all of which would drive inflation much higher. These Trump positions have more in common with Karl Marx than Adam Smith.