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I can’t afford this Trump economy

Sardines said:
The Great Depression was preceded by a decade of significant economic growth. Shortly before the Great Depression began a series of *** for tat tariffs between major economic powers were implemented. This ultimately drove the demand for now higher priced goods down sharply and, well, the rest is history.
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Any good reads on this?
 
Sardines said:
The Great Depression was preceded by a decade of significant economic growth. Shortly before the Great Depression began a series of *** for tat tariffs between major economic powers were implemented. This ultimately drove the demand for now higher priced goods down sharply and, well, the rest is history.
Click to expand...
The tariffs implemented before the Great Depression did not cause the Great Depression, but did not help. The tariffs that were implemented during the Great Depression made it worse. Keep in mind the U.S had a trade surplus back then, which changes the impact, and makes it much easier for countries to fight back with their own.

Tariffs will likely increase the dollars value, which is a double edge sword. It will be a partial counter to increased prices to somewhat attenuate the impact of increases in import pricing, but makes it harder for U.S. companies from exporting as U.S. goods will cost more.

Biden kept basically all the tariffs Trump put in and then added about 60% more.

Tariffs can increase the cost of goods but raise tax revenue by a lot. A corresponding decrease in income tax could offset some of the impact to the economy by encouraging U.S. manufacturing. All this based on the assumption other countries will also add tariffs like what happened after the Hawley-Smoot Tariff.

Tariffs make sense to fight countries like China that manipulate prices, and this is already being done, and also to protect U.S. manufacturing.

Even if Trump's idea for economic prosperity from tariffs were to be executed perfectly for our benefit, it will come at the detriment to many other countries, including many already in poverty. In turn, it will sour relationships with many allies and allow China/Russia to potentially build stronger ties with those countries.

Bottom line, tariffs have been around for a long time, and both parties make use of them. The debt clock shows the tax revenue from tariffs, and it is not trivial. I do think new tariffs on a global scale would be detrimental. Used as a tool against Canada and Mexico to secure borders will likely be effective, it won't help with diplomatic relations.
 
Miggs said:
Any good reads on this?
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Sure.
BN-FM648_bkrvfo_G_20141111155358.jpg


In 1920, a decade before the Great Depression, the economy crashed harder that it did in 1929. The government did mostly nothing except for impose emergency tariffs in 1921.

en.wikipedia.org

Emergency Tariff of 1921 - Wikipedia

en.wikipedia.org en.wikipedia.org

The Federal Reserve existed, but it didn't do anything. President Woodrow Wilson had a stroke and wasn't capable of doing anything. President Warren Harding didn't do anything, and the economy cured itself. Not only did the emergency tariffs not crush the recovery, it supercharged it, and Congress passed even more tariffs.

en.wikipedia.org

Fordney–McCumber Tariff - Wikipedia

en.wikipedia.org en.wikipedia.org

That era is now referred to as the Roaring 20's, and it was one of the most economically prosperous periods in our nation's history. As a side note, in addition to imposing tariffs, they also sought to tamp down immigration.

en.wikipedia.org

Immigration Act of 1924 - Wikipedia

en.wikipedia.org en.wikipedia.org

It made the 1920's. They were boom times. If I had to guess, @Sardines is referring to the Smoot-Hawley Tariff, but that wasn't what caused the Great Depression contrary to what is taught in Middle School. The best source on that is Nobel Prize winning former Federal Reserve Chairman Ben Bernanke who has written extensively on the subject in which he pinned the blame on the Federal Reserve of the period in no uncertain terms, and said he used what he learned from their missteps to fix the US economy during the Great Recession.
 
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fishonjazz said:
What is this in regards to?
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PJF posted a twitter showing essentially nothing but claiming (without any substantiation) that there is an "absolutely massive cleanup effort in North Carolina" and then asking why Biden didn't do that 4 months earlier. There's no info on what cleanup efforts were happening then and no details on the scale of the current effort, just cars driving down the street.

My question is, in the face of cuts that will hurt the poorest of us, why do the people of North Carolina need the federal government to clean up their streets for them? Pull yourself up by the bootstraps you lazy bastards and then clean up your own streets.
 
Sardines said:
PJF posted a twitter showing essentially nothing but claiming (without any substantiation) that there is an "absolutely massive cleanup effort in North Carolina" and then asking why Biden didn't do that 4 months earlier. There's no info on what cleanup efforts were happening then and no details on the scale of the current effort, just cars driving down the street.

My question is, in the face of cuts that will hurt the poorest of us, why do the people of North Carolina need the federal government to clean up their streets for them? Pull yourself up by the bootstraps you lazy bastards and then clean up your own streets.
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Agreed. Great post. You can give a man a fish or teach a man how to fish. Why should blue states keep bailing out red states with handouts? These people need to change and learn from their mistakes. It serves no one if we keep giving these freeloaders blank checks. They’re welfare queens.

Have Repub states ever considered repenting? I dunno I don’t have any evidence to back this up, but doesn’t it feel like god destroys these states every year? Every year Florida, Alabama, Mississippi (if there was anything of worth to destroy), and other southern states get wrecked every year by hurricanes and tornadoes. Have they considered that maybe god is trying to send them a message? I know it sounds callous but maybe it’s time for these folks to reanalyze their attitudes and beliefs? Maybe by celebrating gay marriage, recognizing women as equals, and actually trying to help the poor god would stop destroying their states with not man caused climate change?
 
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Stock market tanked today. Had its worst day in months. I just can’t afford Donald’s economy. We’d all be better off by giving him a set of the Oval Office and a camera. so he could pretend to be the teevee president but we’d have an actual functional adult running the country instead of the dotard we have now.

Sort of like the Truman show with Michael Scott in it. Trump who loves attention would love to pretend to be president. He likes teevee.
 
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The Thriller said:
Trump who loves attention would love to pretend to be president. He likes teevee.
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Maybe you haven't been keeping up with current events, but he isn't pretending. Trump has done more in his first six days than any President in our nation's history. Many are referring to Trump's wide-ranging actions at break-neck speed as "Shock And Awe".

www.pbs.org

Breaking down Trump's first week of 'shock and awe'

So much has happened since President Trump's inauguration on Monday that it’s hard to keep up. The issues range from DEI to immigration. The panel unpacks the first week.
www.pbs.org www.pbs.org

news.bgov.com

Trump Shock-And-Awe Return Forces Democrats To Consider Strategy

President Donald Trump’s opening salvo of insults and third-rail executive orders poses a test for moderate Democrats as the administration’s focus pivots to Capitol Hill.
news.bgov.com news.bgov.com

www.yahoo.com

'A shock-and-awe campaign': Trump WH fires DOJ officials who worked on criminal investigations of the president

Ed Martin, President Trump’s top prosecutor for Washington, D.C., told Justice Department colleagues Monday that he is launching a “special project” to review the office’s handling of a federal charge brought against many of the 1,500 Jan. 6 defendants who received presidential pardons last...
www.yahoo.com www.yahoo.com
 
fishonjazz said:
The question is, why do presidents of the US keep raising egg prices?
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You've got to wonder what's going on? Why is the deep state and Big Egg driving up prices? I couldn't buy eggs today, down the shops, there were none on the shelves, people are panic buying them at prices like they're made by Faberge. My cousin has some chickens she's started to call them her retirement fund.
 
Rubashov said:
You've got to wonder what's going on? Why is the deep state and Big Egg driving up prices? I couldn't buy eggs today, down the shops, there were none on the shelves, people are panic buying them at prices like they're made by Faberge. My cousin has some chickens she's started to call them her retirement fund.
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My wife said Costco didn't have any eggs when she went this week.
 
The Thriller said:
Stock market tanked today. Had its worst day in months.
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The real question you should be asking is: How did he know?

How did Trump know and get out in front of this? The stock market tanked due to the release of Chinese LLM Deepseek. On Trump's second day in office, a week before anyone knew about Deepseek, Trump announced a half trillion dollars fund to facilitate AI research in the United States.


It is nice to have a President who isn't on the backfoot.
 
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