LOL!
No need to wait. Government is either going to get tariff revenue, or income tax revenues from newly employed Americans.
Or higher oil prices will cause more unemployment.
Besides I'm offering you a rationale to cut taxes.
You want to cut taxes, cut the corporate income tax, highest in the world.
Aren't you free traders always arguing that our taxes are too high?
Sure. So let's not raise them.
You can't have it both ways.
Both ways? I want to cut. How is that both ways?
They get a $1500 per worker cut in income taxes. They don't have to buy imports. They can pocket that money.
Your plan would raise the cost of our 7 million plus barrels a day in imports. That money goes into your "tax cut pot of money" and it also raises the cost of our 7 million barrels a day of domestic production. That money doesn't go into that pot, it comes out of our wallets.
How many other instances of higher prices with no benefits do you think we can find in your plan?
I never failed an econ class. Not even the graduate level ones.
That's weird. How do you explain your errors?
They get a $1500 per worker cut in income taxes.
And prices rise more than $1500 per worker.
Only now the American citizen gets to choose how or if that money gets spent.
We can choose now, without government raising prices across the board.
Look around dude!!! Higher oil prices have created a lot of employment in the U.S. oil industry.
Awesome! If $100 oil created jobs, $200 oil will drop unemployment to 0%. LOL!
They won't rise more than $1500 per worker. Imports are equal to about 16% of our GNP. A 10% increase in tariffs means less than a 1.6% increase in the general price level.
The average worker in the U.S. earns about $40,000 a year. That means even if they continue buying imports at the same level, they will see an increase in prices of about $600.
And even if prices did rise more than $1500 per person, the fact is that we would have 30% more people working. That means more money spent in American. More customers for American businesses of all kinds. And that means a lot more money to go around.
The future tax burden will go down too. Right now we double pay for cheap imports. We pay when we buy the cheap imports. Then we pay through taxes to support the 100 million Americans who are now on food stamps, and Medicaid and Unemployment.
The cost of unemployed Americans is far higher than any increase in prices that will occur.