A 20% import tariff would stop the bleeding and borrowing.
“A 20% import tariff would stop the bleeding and borrowing.”
I am afraid not.
Without spending restraint, no income is sufficient. The largest tax increase in human history was enacted under Obama (more than tariffs produce) - it was all spent, and more.
Or trigger a world wide depression. Possibly a world war.
This economic stuff is not easily predictable. It often does weird counter-intuitive things.
The one thing I know we need to do is stop letting non-taxpayers vote. Then we need to reign in the spending party in Washington D.C.
But none of that is going to happen. We are going to crash.