The Trump Tax
So... is everyone ready to pay more for everything? Because that's why America elected Donald Trump president, right?
On Wednesday, Trump will be announcing sweeping tariffs on the entire rest of the world. As he likes to put it, "tariff" is his new favorite word in the dictionary. But consumers are likely to call it what it will actually be, to them: a tax. A big fat "Trump Tax" on all sorts of things consumers buy. Which will likely drive up inflation, and which will definitely hit consumers hard in the pocketbook.
Or maybe not. With Trump, you never quite know what he'll do next. And his record so far on tariffs has been completely chaotic. He'll announce one and then turn right around and suspend it. Or he'll announce that he's cut some wonderful trade deal and the tariff won't be levied at all. Or people from certain industries will beg him to relent and he will. There's no rhyme or reason, because there is no actual plan -- just Trump's whims.
Nobody even knows what the tariffs are designed to achieve. Is it to force other countries to cut deals with America? Is it to boost American manufacturing? Is it to raise tax revenues? Is it to convince companies to build factories here in order to avoid the tariffs? Sometimes one answer is given, sometimes another. But what it's going to boil down to one way or another is higher prices for American consumers:
President Trump's sweeping tariffs are expected to raise the cost of cars, electronics, metals, lumber, pharmaceuticals and other products that American consumers and businesses buy from overseas.
But Mr. Trump and his advisers are betting that they can sell an inflation-weary public on a provocative idea: Cheap stuff is not the American dream.
"I couldn't care less if they raise prices, because people are going to start buying American-made cars," Mr. Trump said on NBC's Meet The Press show on Sunday in response to fears of foreign car prices spiking.
Trump may not care about prices spiking -- not just on foreign cars, but on all sorts of products -- but consumers do. They're the ones who will be paying the Trump Tax, every time they go to the grocery store or hardware store. Getting Americans to accept some financial sacrifice for some higher goal is not usually seen as a winning political strategy for a reason. But that's exactly what Trump is going to attempt:
In confronting anxiety over the trade uncertainty, Mr. Trump and his top economic aides have resorted to asking Americans to think about the bigger picture. They espouse the view that Mr. Trump's trade wars are necessary to correct decades of economic injustice and that paying a bit more should be a matter of national pride.
"We may have, short term, a little pain," Mr. Trump said last month as he unveiled tariffs on Canada and Mexico. "People understand that."
Treasury Secretary Scott Bessent put it bluntly earlier this month when he pushed back against the idea that inexpensive products should be what Americans aspire to have. "Access to cheap goods is not the essence of the American dream," he said in a speech to the Economic Club of New York.
Mr. Bessent, a former hedge fund investor who is worth hundreds of millions of dollars, underscored that point in a follow-up interview on NBC, arguing that prosperity is not about buying "cheap baubles from China."
This completely ignores the fact that discontent with the economy (inflation, in particular) is seen by most political analysts as a prime reason why Trump won the election. Trump promised he would "bring prices down, on Day One." So far, the opposite has happened. Prices are still going up, the stock market is tanking, and economists are starting to worry not just about a looming recession but "stagflation," where unemployment is high but prices don't come down. Tariffs will only exacerbate this.
This is a self-inflicted wound from Trump. Many of his economic advisers, including Larry Kudlow and Stephen Moore, are urging him to show restraint on tariffs. But Trump is set to unleash the biggest increase in tariffs since the Depression era on Wednesday. He's calling it "Liberation Day." It may turn out to be Stagflation Day.
Consumer confidence is already way down since Trump won the election. People's outlook on inflation and job security is getting grimmer by the day, and that's before the new Trump Tax roils things even more. And they're right to be worried:
It's not just in consumer's minds. The Federal Reserve's latest economic forecasts show slower growth, higher unemployment and higher prices. The Fed didn’t call it stagflation, but the early signs are there. Bank of America is more explicit. Its economist[s] now say "modest stagflation" is the likely path for the U.S. economy in 2025.
As Daryl Fairweather, chief economist at Redfin, put it: "Unless we all wake up from this collective tariffs nightmare, the reality is recession. Recession with inflation, which is called stagflation. It's the worst kind of recession because people lose their jobs and prices stay high along with interest rates."
Trump is already below water in polls about the economy. While his job approval numbers are only slightly below water (by a couple points), his handling of the economy is way down. The Real Clear Politics polling average puts Trump down almost 10 points right now -- 43.3 percent approval to 52.9 percent disapproval. On the issue of inflation, Trump is even worse (he's down 11.6 percent in those polls). And again: that's all before the new Trump Tax is announced.
The rollout is likely to be just as chaotic as the other tariff announcements Trump has made. Maybe he'll announce some big number on Wednesday, then change it on Thursday, and on Friday announce a bunch of countries have made deals so they won't be hit by the new tariff at all. This might lead to wild swings in the stock market, since businesses hate unpredictability.
If the Trump Tax holds, with higher tariffs on the countries we trade most with, then prices will go up and so will inflation. Having billionaires tell consumers that paying higher prices is a wonderful thing is not likely to change people's attitudes much at all. Being told that higher prices will "liberate" you from "cheap baubles from China" and being lectured to about what does and does not constitute the American dream is not likely to sway public opinion.
And Trump himself isn't helping much in this regard either. Every Democrat should quote Trump every time they are near a microphone, from now on: "Well the president said quite plainly 'I couldn't care less if they raise prices,' and that 'people understand... a little pain,' but that's no help to a family struggling to put food on the table. Because let me tell you -- they do care if prices keep skyrocketing upwards. People voted for Trump to bring prices down, and what they're getting is the ultimate bait-and-switch: a big fat Trump Tax on everything."
-- Chris Weigant
Follow Chris on Twitter: @ChrisWeigant
You know it's bad when China, Japan and South Korea's governments all agree to work together against it...
So... is everyone ready to pay more for everything? Because that's why America elected Donald Trump president, right?
You DO realize you have been making these exact same claims for about a decade, right??
You DO realize, that you have ALWAYS been wrong..
You realize that, right??
On Wednesday, Trump will be announcing sweeping tariffs on the entire rest of the world. As he likes to put it, "tariff" is his new favorite word in the dictionary. But consumers are likely to call it what it will actually be, to them: a tax. A big fat "Trump Tax" on all sorts of things consumers buy. Which will likely drive up inflation, and which will definitely hit consumers hard in the pocketbook.
And THAT is what ya'all are hoping for, eh??
You want Americans to suffer JUST so you can blame it on PRESIDENT Trump... :eyeroll:
JMCT "can't wait for the next pandemic" and the utter brain dead moron is EXCITED about the "mass death" of Americans.
CW 2025 and Weigantians are all excited to see Americans suffer!!
It's all so pathetic and sad...
The FUNNY thing is, Americans that actually LOVE this country are going to LOVE what PRESIDENT Trump is going to accomplish...
DOGE is saving HUNDREDS OF BILLIONS of dollars in fraud, waste and abuse and that means it will be going BACK into the pockets of American taxpayers..
Except for brain dead Democrats. THEY won't get a penny because THEY don't like DOGE... :D
It's gonna be EPIC!!! :D
FACTUALLY NOT ACCURATE CLAIM FROM NY SLIMES HERE
More blaaa blaaaaa blaaaa BS from NY SLIMES. That can be ignored as well...
FACTUALLY NOT ACCURATE CLAIM FROM WAPOOP HERE
blaaa blaaaaa blaaaa BS from WaPoop. That can be ignored as well...
While his job approval numbers are only slightly below water (by a couple points), his handling of the economy is way down. The Real Clear Politics polling average puts Trump down almost 10 points right now -- 43.3 percent approval to 52.9 percent disapproval. On the issue of inflation, Trump is even worse (he's down 11.6 percent in those polls). And again: that's all before the new Trump Tax is announced.
Yunno what's funny???
Your brain dead Democrat Party would KILL to have those high numbers!!! :D
Brain dead Democrat Party approval numbers are in the MID to LOW 20s!!!!
Brain dead Democrats are ENVIOUS of PRESIDENT Trump's approval numbers!!!
BBBBBBWWWHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
Every Democrat should quote Trump every time they are near a microphone, from now on: "Well the president said quite plainly '
Yep.. Yep...
EVERY Democrat should remind EVERY AMERICAN that PRESIDENT Trump IS the POTUS..
That Democrats spent over ***TWO BILLION DOLLARS*** to beat PRESIDENT Trump and STILL Democrats got completely and utterly SLAUGHTERED by PRESIDENT Trump...
PRESIDENT Trump even DESTROYED Headboard Harris in the POPULAR VOTE by ***MILLIONS AND MILLIONS*** of votes!!!
You Democrats remind everyone of that many times a day.. :D
That works for me.. :D
Hay 2025 CW??
Any news on the site upgrade??
I am REALLY looking forward to having all the Weigantian Trolls hide behind their pussy filters and cede the field of battle to me.. :D
It's gonna be EPIC!! :D
Just think!! I won't have to waste ANY time explaining to the morons why exactly they are WRONG about everything.. :D
Then I can REALLY put my postings into overdrive, eh!?? :D
Hope it gets here soon.. :D
Honor???
What do brain dead America hating Democrats know of honor!???
http://mfccfl.us/honor.jpg
Well, isn't THIS fascinating..
Democrats are pushing their domestic terrorist arm to "take down" Tesla and "take out Elon Musk"...
And THEN these same Democrats are buying up millions of shares in Tesla stock at greatly reduced prices.. Greatly reduced due to the domestic terrorist attacks against Tesla..
Then these SAME Democrats are selling the stock when Tesla stock bounces back and making a huge profit...
Here are the facts from BUSSINESS INSIDER..
The recent actions of Democrats in Congress regarding Tesla and Elon Musk reveal a disturbing hypocrisy that cannot be overlooked. While they publicly vilify Musk, labeling him as corrupt and even a "Nazi," many of these same politicians are simultaneously investing in his company, Tesla, as its stock prices plummet. This blatant contradiction not only undermines their credibility but also raises serious ethical questions about their motives.
In recent weeks, the situation surrounding Tesla has escalated dramatically. A Tesla dealership in Las Vegas was firebombed, and there have been numerous incidents of vandalism against Tesla vehicles across the country, including keying and even a violent attack where a man rammed a vehicle into multiple Teslas in Texarkana. Additionally, a website called "DOGEQUEST" has emerged, aimed at doxxing Tesla owners and seemingly encouraging violence against them. Despite these alarming developments, many Democrats have chosen to ignore the violence and instead focus their attacks on Musk, with figures like Rep. Occasional Cortex calling him "sympathetic to Nazis" and "one of the most unintelligent billionaires I have ever met."
The hypocrisy is further highlighted by the actions of several Democratic representatives who have continued to invest in Tesla even as they publicly condemn Musk. Reps. Josh Gottheimer, Vicente Gonzalez, and Gil Cisneros, among others, have purchased Tesla shares since President Trump’s inauguration, despite their harsh rhetoric against Musk. For instance, Gottheimer has expressed concerns about Musk's access to sensitive data, calling it "outright dangerous," yet he has also disclosed investments in Tesla stock worth up to $30,000. This pattern of behavior raises serious questions about their true intentions: are they genuinely concerned about the issues they claim to champion, or are they simply looking to profit from a company they publicly disparage?
Moreover, the timing of these investments is particularly suspect. As Tesla's stock faced a decline, some Democrats seized the opportunity to buy shares at a lower price, suggesting that their criticisms may be more about political posturing than genuine concern for their constituents or the safety of Tesla owners. Rep. Gonzalez, who previously expressed alarm over the actions of "DOGE," purchased between $65,000 and $150,000 worth of Tesla stock during this tumultuous period. This behavior is not only hypocritical but also indicative of a broader trend within the Democratic Party, where political rhetoric is often divorced from action.
The brain dead Democrat Party's current stance on Tesla and Musk reflects a troubling reality: they seem more focused on attacking a political opponent than on addressing the violence and intimidation faced by Tesla owners and employees. White House press secretary Karoline Leavitt aptly pointed out that the Democrats were once strong supporters of electric vehicles and Tesla until Musk's political alignment shifted. This shift in allegiance has led to a dangerous environment where domestic terrorism against Tesla and its supporters is overlooked, all in the name of political gain.
So. Children... What have you learned???
The brain dead Democrats' actions regarding Tesla and Elon Musk expose a profound hypocrisy that undermines their credibility. By vilifying Musk while simultaneously profiting from his company, they reveal a willingness to prioritize political posturing over genuine concern for safety and ethical governance. It is ESPECIALLY hypocritical because TESLA is the largest EV manufacturer in the world..
So, OBVIOUSLY, brain dead Democrats no longer view the planet as in any danger from Global Warming because they are trying to DESTROY the largest EV manufacturer on the planet...
It is time for the Democratic Party to reassess its priorities and stand firmly against violence and intimidation, rather than using them as a tool for political power and monetary profit..
With Trump, you never quite know what he'll do next. And his record so far on tariffs has been completely chaotic. He'll announce one and then turn right around and suspend it. Or he'll announce that he's cut some wonderful trade deal and the tariff won't be levied at all. Or people from certain industries will beg him to relent and he will. There's no rhyme or reason, because there is no actual plan -- just Trump's whims.
Exactly right; it is Trump's conceit. I have this theory that it feeds Trump's obvious need for attention to have world leaders phone him and grovel. It's hysterical enough to watch a cabinet meeting wherein grown men and women abase and fall all over themselves to praise and flatter Hair Dick Tater; it's apparently not near enough for Trump's needy ego. I also think Trump violates multiple statutes and generally ignores the United States Constitution because it makes him feel like he's above everyone else.
Always remember that Trump believes the measure of a man is how much money he can amass (including screwing people out of theirs) and how famous he can convince them he is; hence, the fake Time magazine covers and the endless whining and coveting of the Nobel Peace Prize. Trump simply could not care less who pays to feed his psychotic neediness, and it'll still never be enough.
BashiBazouk
1
You know it's bad when China, Japan and South Korea's governments all agree to work together against it...
Priorities... very interesting.
Trump is plotting the biggest tax rise in global history
The burden for paying the bulk of the president’s Liberation Day tariffs will fall on consumers, potentially at some $600 billion a year.
Those tax and steal Republicans...
I've been reading that one of the worse aspects of the Republican administration's confusing tariff policy is its volatility, unpredictability, and lack of theory.
That is, suppose as some Republicans claim, that the tariff policy is meant to 'bring manufacturing home' - to get American corporations to reinvest in domestic production to avoid the tariff surcharges on their imported goods.
Well, that takes a lot of capital investment, restructuring of international operations, and time. Turn the entire enterprise around on a dime. But...
What if this tariff thing is temporary, subject to revocation on this president's whims? What if we put $40 billion into bringing manufacturing home by 2028, only to learn twelve months from now that all the tariffs are revoked because foreign countries flattered Trump with vows of future cooperation? And now our $40 billion investment for an alternate 2028 is a disaster because imported goods have gone back to being cheaper, just as they were in 2024?
Well, CEOs aren't generally dumb. They can think this nonsense through. Why commit to major rebuilding in the face of Trump's tariffs, when Trump's tariffs show no sign of permanence, thought, or theory? 'It was all a dream' isn't just a movie cliche - it's the hallmark of a Trump administration's political policy-making and follow-through.
So I think we can look forward to stagflation, recession, and general economic decay this year - without any promise of a future payoff that will justify this crowbar taken to the brainpan of the American economy.
So, when I see you condemning that bimbo Crock'o'shit and others over their attacks on a "vulnerable population" THEN you will have a moral foundation to ask me to please cease and desist.
Fair??
hell no. I don't need to be morally pure myself to ask you not to call a person N****r, F****t, or R****d, irrespective of whether or not they are black, gay or cognitively disabled, respectively. those words are beyond the pale, and your decision to continue using one in spite of giving your word not to, is entirely on you.
whether or not some congresscritter in Texas meant to insult the governor's disabling injury or his policy of transporting immigrants is entirely irrelevant to your decision to continue writing a word that you said you wouldn't. if you continue to call people words that are beyond the pale, that's got zero to do with me. making a Don Harris of yourself is entirely your own decision; my responsibility to let you know about it is over and done.
JL
[10] As a disabled person who has done his time in a wheelchair, I have to say that Hot Wheels doesn't feel very insulting, but it does call attention to the wheelchair.
The troll's little reindeer games are as weak and tiresome as ever, whining about Crockett as if Fat Donny doesn't even exist.
LOL. I guess "Don Harris" is a euphemism for "troll" for those who can't call a malignant troll a troll even while being actively trolled about a personally sensitive subject.
John From Censornati-
It's a little more complex than that. We have been dealing with Michale close on a couple of decades. Sure he is a "troll" as a catch all term but never really matched "troll" as the specific definition. Classically a troll would start a flame war and sit back and laugh at their achievement but Michale posts more than most of us combined which kind of takes him out of a true "troll".
I think Don Harris started here with noble intentions. His base idea was not bad but he was so incredibly inflexible there was no chance of it ever actually working. No matter how much we tried to help him make it work, it was his idea dam it! And only in it's pure form could the idea be his. So, we started treating him as the joke he became. At the end he was foaming at the mouth with profanity to the point Chris had to delete his account. He was never a troll, he just lost it.
So, when we say Michale is going full Don Harris it is not referring to trolling but his increased use of name calling, slurs and other ad hominems to the point he seems to no longer able to control it. He has always been a fallacious poster but back in the day he rarely used ad hominems. You could count on him to come up with a juicy Straw Man or a competent slippery slope but ad hominems seem to be mostly post Trump...
BashiBazouk,
We'll just have to agree to disagree. As far as I'm concerned, it's a troll. It's naive to believe that it isn't laughing at nypoet22 as it trolls him on this subject.
I've been around here for a very long time and at HuffPost before that. It hasn't changed much and it's always been about driving others away with its vileness.