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Tariffs are a tax increase by the government paid by American citizens.
I have a great joke about Trickle Down economics….
99% of you wan’t get it!
Politicians suck at money management except when using insider information to trade stocks for their personal gains.
“With the debt limit X-date approaching, border security resources diminishing, markets unsettled, and ** the largest tax increase on working families looming **, time is of the essence,” Johnson warned.
Simply solution is to let the earlier tax cuts expire as planned, but only for those making over a certain dollar limit – say $250,000 or whatever. That eviscerates the argument that the entire spectrum of income earners will face a tax increase.
“The eventual bill that Republicans will draft is expected to include billions of dollars in spending cuts and to add trillions of dollars to the deficit—although Peter Navarro, a top White House aide, has argued that the new tariffs Trump announced Wednesday will raise $6 trillion over the same period, offsetting lost revenue.
Anyone want to wager where they will find “billions” of dollars of spending cuts? You can’t touch interest on the national debt; the R’s don’t want to cut defensive (meaningfully); cutting Social Security or Medicare is opposed by the vast majority of Americans; cutting Medicaid hurts the poorest among us. Oh, and cutting “billions” of spending doesn’t move the needle unless it’s ** hundreds ** of billions.
And Navarro is nuts that tariffs will bring in $6 trillion. Even for the sake of argument, who pays those tariffs? It’s everyday citizens who pay $5,000-$10,000 more for a car, and every other item that is either imported or has component imported. Not to mention that other countries will impose their own tariffs on us, which will hurt, for starters, our farmers – but Trump is happy to write them big checks on our dime to keep them happy since they are in his voting bloc.