this post was submitted on 10 Nov 2024
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Summary

Americans, frustrated with high prices despite a strong economy, voted for change with Donald Trump’s election. Trump promises to reverse Biden-era policies, vowing steep tariffs, tax cuts, and mass deportations.

Economists warn his plans could worsen inflation, increase the federal deficit, and destabilize growth. The Peterson Institute predicts Trump's tariffs could drive up costs for American consumers, while deportations could shrink GDP by $5.1 trillion.

His proposed tax cuts could add $4.1 trillion to the deficit, while economists question his willingness to address fiscal imbalances through spending cuts.

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[–] inclementimmigrant 42 points 1 month ago* (last edited 1 month ago) (8 children)

I am too, which is why am buying appliances I've been putting off and a gaming PC before the end of the year and getting my garden ready to go and got my deep freezer full of food.

Oh just to share the phyrric victory of Trump's last round of tariffs.

https://taxfoundation.org/blog/international-trade-commission-tariffs/

TLDR:

Through one lens, the tariff policy was a success. Imports of washers declined steadily between 2017 and 2022. The ITC reports that imports were 90 percent lower in 2022 than they were in 2017. As a consequence, the “domestic industry gained market share and improved its financial performance during the 2018-22 period,” the ITC determined.

The irony, however, is that the entire increase in domestic market share was driven by washers made by Samsung and LG in their new U.S. factories. The fortunes of the incumbent domestic manufacturers not only failed to improve—they continued to decline.

....

The results suggest that cheap imports were not the problem for incumbent domestic producers who sought protections, nor were the protectionist tariffs the solution. Incumbent producers proved unable to compete before and after the protections.

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