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.
I just showed you a small part. If we import $250 billion in oil a year, import tariffs would raise prices by $25 billion. If we also produce $250 billion of domestic oil, those prices will increase $25 billion as well. Prices just rose twice as much as tariffs.
Do I need to continue, or does that old econ class you took give you any hints?
Retired Freepers will also probably like to thank you for raising their costs.
And even if prices did rise more than $1500 per person, the fact is that we would have 30% more people working.
Please (pretty please) show me how raising prices adds 30% more jobs.
Use you economics knowledge.