It is my understanding 6.5 trillion in revenue is expected from tariffs over the next 10 years.
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That would be 650 Billion per year. 2.2T - 0.65 Trillion is $1.55T deficits, which doesn’t address the effect the consequent inflation would have on spending.
Tariffs are a fine thing. A great thing. They may drag manufacturing back to the US.
But they will not solve an unsolvable math problem.
It’s compound interest, people. This is why bankruptcy exists. There is no fix.
But there is also no such thing as a sovereign bankruptcy because there is no international court that is empowered to expunge debt like we have with our domestic bankruptcy courts.
A country can stand up and say . . . we declare our $31 Trillion expunged. We no longer owe it. By decree.
Holders of that debt will shrug and ignore it. No court expunged it. You can stand up and say . . . all that credit card debt I have . . . I declare it 0, by decree. I’ll do that without a bankruptcy court.
Think that works?
Owen-I wish to apologize to you for being so uncivil to you several weeks back.
I went back looking for something and saw our exchange. I disagree with your views on these things, but it was not right of me to come at you so hard.
You may not have deserved my agreement, but you did not deserve the harsh and uncivil treatment I sent your way.
I extend a sincere apology to you, and I hope you will accept it. If you don’t, I can accept that and move on.