What he is doing right now with the tariffs will go down in the history books. Something had to be done to drive down borrowing costs and pay down our debt. Raising taxes was never the answer. Raising taxes when housing affordability is this atrocious? Surely, you jest. You realize housing affordability is worse today than it was in 2006? He may be the single most consequential POTUS since Truman.
If you think these tariffs will raise enough money to start to pay down our debt then you must be doing some Trump math there
I suggest you look at US timber versus Canadian timber. Why did Trump excluded lumber from the tariffs? The answer is the SPF versus SYP for building homes is critical to your housing concern. Trump caved. Not so much for Whisky. Guess that is because he is anti-alcohol. In Win for NAHB, Canadian Lumber Exempt from Trump’s Global Reciprocal Tariffs | NAHB
OP is an intelligent poster. I find it odd that there is a willful choice to ignore that tariffs are a tax on us as consumers. This was the largest tax hike in history. Republicans just got a tax albatross draped around their necks. That is why they are desperate to pass this bull crap tax extender and no tax on SS and tips to pull the wool over everyone’s eyes. The poor have a little more cash, spend it on higher price goods, with an embedded tariff tax — government got prepaid.
The plan is to drive down the dollar, put the markets and economy into a tailspin to force feds to reduce interest rates to make it cheaper to borrow to pay our national debt. Cheap money will help the biggest corporations stay afloat. EXCEPT, he won't pay down the debt, he will cut corporate taxes and continue to raise our debt. He should repay the money borrowed from the SSI trust fund, but he won't do that either. Trump will mysteriously become a trillionaire while our National economy becomes a dumpster fire. Well, that's my opinion.
Weaker dollar and lower interest rates are certainly the plan. I agree there is really zero plan to “pay down the debt”. It is to simply eliminate the debt owed to the SSI trust fund by curtailing SS benefits. That is our money they want to steal. PSA: Every American should get their SS lifetime contribution data now before the government hides that data. Democrats should propose a bill that any curtailment of inflation adjusted lifetime SS taxes paid-in should have an immediate tax credit against indirect tariffs imposed on consumption of goods.
When Okee posted the thread in August, Dow was at 41k and change and went as high as 45000 under Biden. Now the guy he thinks is a genius has it at 400,500 with futures way down. That's a genius?
The fictional reasons for tariffs changes by the day, it is impossible to know which story is the truth, if any of them are. However, I do believe that there is some truth to what you have posted. The extreme tariffs will result in a total and complete collapse of the domestic economy if left in place. Throw in the pending tax cuts for $Millionaires and Billionaires that should heap mountains onto the debt pile, the economy will fail. Millions will lose their jobs, $Trillons will be decimated from average Americans who have retirement accounts and the elderly will be destroyed as interest rates will eventually collapse in the face of failing economic activity reducing what little return on their savings that they get. Healthcare costs will continue to skyrocket unchecked, especially medications all manufactured overseas, bankrupting even more Americans. Finally, once the US is completely reduced to the level of every other dictator led 3rd world states, some economic activity will return but with pre-industrial revolution conditions on labor with no EEOC, no OSHA, no EPA and no NLRB and no other federal regulation to check corporations, they will hire back employees for most minimum wage, no benefits and abuse their workers as they see fit as lab will be desperate for work by then. All of this carefully constructed by Heritage Foundation and its $Billionare supporters, all with idiot Trump as their puppet and Apartheid Elon as the enforcer.
Quite a few prognosticators (short sellers??) have opined the market was due for a correction as it’s experienced a pretty good run since the COVID sell-off. So, the present situation was perhaps inevitable and the US may come out of this with more reasonable equity valuations, lower interest rates, and a weaker US$ …… reducing foreign trade imbalances. The likelihood all of these happening is probably low, but over the long haul, recent events may yield positive results. IMHO, folks who continuously watch the market’s fluctuations subject themselves to a lot of unnecessary stress. Good luck to all and enjoy the ride.
I don't continually watch the market and I don't even buy individual stocks any more. I'm retired and really only sell the one stock I do own a couple of times a year because I am very heavily weighted in that stock due to great gains. Everything else is MF and ETFs. But a couple of days in a row of 1000+ slides is pretty hard not too notice. Also, this isn't some correction that was overdue. This is a market slaughter due to incredible stupidity.
I agree that what Trump is doing now will go down in the history books the same way that Smoot Hawley Tariff Act went down in the history books. In case you do not recall that legislation was largely responsible for turning a recession into a full blown Depression.
If the tariffs are left in place we will likely lose our allies to Communist China. Even some on the right are scratching their heads. This move is beyond arrogant and will likely backfire, the US is going to get what it deserves, as the population is fat and dumb just like it's oligarch leader.
Poster lost all credibility during football season when cheerleading Coach Neon Deon and the Colorado Buffs all season long. Others tried to point out the obvious then, that his record was all smoke and mirrors, that they would get soundly beaten if they had our schedule. Don’t look now but BYU just scored again…
