The immediate costs of Donald Trump’s trade war are fairly clear. Prices for imported goods are rising while economic growth is slowing.
Manufacturers are slashing orders, small businesses with Chinese suppliers are on the brink of insolvency, interest rates are rising, Americans’ retirement savings are bleeding value, and consumers are losing confidence.
The severity of these consequences remain to be seen. But even the administration’s defenders concede that Trump’s tariffs will entail some economic pain in the near-term. The real question concerns the long-term impacts of Trump’s misgovernance.
This is a long standing GOP policy.
When Nixon was elected in 1968 it was a peace candidate. Instead of ending the Vietnam War Nixon tripled down on all of Johnson’s failed policies, especially printing money to pay for the War without raising taxes. This started inflation and the Oil Crisis made it a giant problem.
When Jimmy Carter came in he hired Paul Volker to reverse the trend. It worked, but only after Carter was out of office. Reagan kept Volker on and benefitted from Carter’s plan. Then Reagan turned around and cut taxes for the rich without cutting spending. That ballooned the deficit and caused the mess that cost Bush Sr. his second term.
Clinton benefitted from the 1990’s tech boom and was on the verge of actually having a budget surplus. Bush Jr. came in and decided he could have two wars and tax cuts because why not.
was on the verge of paying off the debt
That’s inaccurate; the annual budget deficit became a surplus. But it was never near the scale to make much of a dent in the total debt. I think you used the wrong term? Your sentiment is correct if so.
You are correct.
I’ll edit.
FTFY:
couldis going toBy putting all of them in prison.
Boomers get what they voted for… outstanding move
