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Showing posts with label Tariffs. Show all posts
Showing posts with label Tariffs. Show all posts
Monday, January 13, 2025
Tariffs, Populism, And Economic Nationalism
"Skeptoid's wheelhouse is science vs. pseudoscience, so some of you might be asking why are we talking about an issue of political policy? We're not. We're talking about a question rooted in science: economics. Economics is very much a science, though there's always debate on whether it's a hard science or a soft science. It's generally considered a soft science, because it studies human behavior and societal interactions, which are harder to quantify and control compared to, for example, chemistry. Some argue that economics should still be considered a hard science due to its heavy dependence on mathematics, including calculus, statistics, probability, game theory, differential equations, and so on. However, these remain difficult to apply; you can mathematically develop all the predictive theories you want, but they're really hard to test by observing human behavior. And so today we are going to look at some hard examples of economic nationalism having been tried in three famous recent cases. Was it a bounty for their economies, or a bust?"
Tuesday, October 8, 2024
Tariffs: What You Rely On If You Are Economically Ignorant
"Republican presidential nominee Donald Trump is elevating McKinley, representative from Ohio from 1877 to 1891 and president from 1897 to 1901, to justify his plan to impose new high tariffs.
"Trump’s call for tariffs is not an economic plan; it is a worldview. Trump claims that foreign countries pay tariff duties and thus putting new tariffs of 20% on all imports, and as much as 60% on Chinese imports, will bring enough foreign money into the country to fund things like childcare, end federal budget deficits, and pay for the tax cuts he wants to give to the wealthy and corporations.
"This is a deliberate lie. Tariffs are essentially taxes on imported products, and they are paid not by foreign countries but by American consumers. Economists warn that Trump’s tariff plan would cost a typical family an average of more than $2,600 a year, with poorer families hardest hit; spike inflation as high as 20%; result in 50,000 to 70,000 fewer jobs created each month; slow economic growth; and add about $5.8 trillion in deficits over ten years. It would tank an economy that under the Biden administration, which has used tariffs selectively to protect new industries and stop unfair trade practices, has boomed."
"Trump’s call for tariffs is not an economic plan; it is a worldview. Trump claims that foreign countries pay tariff duties and thus putting new tariffs of 20% on all imports, and as much as 60% on Chinese imports, will bring enough foreign money into the country to fund things like childcare, end federal budget deficits, and pay for the tax cuts he wants to give to the wealthy and corporations.
"This is a deliberate lie. Tariffs are essentially taxes on imported products, and they are paid not by foreign countries but by American consumers. Economists warn that Trump’s tariff plan would cost a typical family an average of more than $2,600 a year, with poorer families hardest hit; spike inflation as high as 20%; result in 50,000 to 70,000 fewer jobs created each month; slow economic growth; and add about $5.8 trillion in deficits over ten years. It would tank an economy that under the Biden administration, which has used tariffs selectively to protect new industries and stop unfair trade practices, has boomed."
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Sunday, June 24, 2018
Will Trump Lead The World Into Another Great Depression?
If you think this question is too far out, ponder that the Smoot-Hawley Tariff Act of the early 1930s had a devastating effect on the world economy.
(PBS)
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