Posted on 02/20/2020 10:07:02 AM PST by Oldeconomybuyer
We had a chance, but we blew it. Now it’s going to get a lot worse before it can get better.
“Across the board import of 20% plus a small federal retail sales tax”
Since the tariffs get passed on to the consumer, you’re really talking about a 20%+ federal sales tax, in effect. Basically we’d be paying European level taxes for American level social programs. Color me skeptical that the economy would keep chugging along.
BS. You don't know how tariffs work do you? We import $2T in goods and services per year. YOU DON'T PAY A TARIFF ON EVERYTHING YOU BUY OR SERVICE YOU USE. 20% of $2T is $400B. That will not balance the budget but a NRST of say 5% plus the economic stimulus of LOWERING income tax rates will super charge the economy and balance the budget. Also the repatriation of industry alone will stimulate the economy even more.
Import tariffs fix ever fiscal problem.
20 or 30 years from now, our grandchildren and great grandchildren are going to experience an ugly collapse of the Western economy and are going to curse our graves and our parents and grandparents graves. And they should.
All we have to do is reverse what got us into this fiscal mess. How did we get here? Globalism, “Free” Trade or the lack of high protective import tariffs, unbridled LEGAL immigration and high income tax rates. Just reverse all of those and we would be fine.
Yup.
Socialism is Leal Plunder - Bastiat
DEFUND/DISMANTLE parasitic collectives, foreign and domestic...including all unConstitutional UNaccountable agencies. The bureaucrats can find something constructive to do. We won’t miss them.
“YOU DON’T PAY A TARIFF ON EVERYTHING YOU BUY OR SERVICE YOU USE.”
No, not at the moment, but you are suggesting an across the board import tarriff, so we would be if we followed your advice. Those tarriffs are not simply going to be paid by foreign companies on our behalf out of the goodness of their hearts. You want a BMW, you’ll be paying 20% more for a BMW.
“20% of $2T is $400B.”
Only if imports were some static thing that didn’t change. Since we know that every tax is a disincentive, then tarriffs are a disincentive on imports. So if you increase tarriffs on imports by 20% across the board, you can also expect a significant drop in imports, and so tarriff revenues would be lower than what you are predicting as well.
“plus the economic stimulus of LOWERING income tax rates”
Minus the economic malus of raising prices and sales taxes very significantly. I know your sales pitch works better if you leave that out though.
Maybe a global currency. And a global government.
And a global leader. One who confirms a “peace” deal that divides Israel for 7 years guaranteeing “peace and security”.
That should solve it. Perhaps some method to buy and sell with a mark on the right hand or the forehead. That will prove one is a global citizen.
A “citizen of the world” - as Barack Obama claimed to be.
I’m trying to find video of just the quote but I’m in a hurry. Found this though. It’s already to nauseating to watch all the way through but I will finish it later.
8 Times President Obama Showed the World He’s a Global Citizen
https://www.youtube.com/watch?v=TV2lBeKn7Vw
The “global citizens” are already waiting on their Antichrist. Many of them don’t know it yet.
What you said makes no sense. You are completely ignorant. Tariffs are on IMPORTS. So once again for possible cranial penetration; the duty only applies to imports that you buy. Don't buy, don't pay.
Only if imports were some static thing that didn’t change. Since we know that every tax is a disincentive, then tarriffs are a disincentive on imports. So if you increase tarriffs on imports by 20% across the board, you can also expect a significant drop in imports, and so tariff revenues would be lower than what you are predicting as well.
Yes that is GOOD thing!!! The increase in prices for those imports will increase the demand for domestic suppliers!!! Tariffs increase domestic employment, raise revenue and protect vital industries it's a WIN - WIN - WIN!!!
“Tariffs are on IMPORTS.”
Durrr. I myself reference that several times in my comment, but I guess you have some reading comprehension issues.
“So once again for possible cranial penetration; the duty only applies to imports that you buy. Don’t buy, don’t pay.”
Are you really that dense? Or do you just not realize that manufacturing in the US has been completely gutted over the last few decades? Where are you going to buy a domestically manufactured smartphone so you don’t have to pay the tariff? They do not exist. There are whole categories of goods like that for which the prices will just instantly go up 20%, to be paid by the consumer.
“Yes that is GOOD thing!!!”
Not if your goal is to make revenue to pay down the debt. Reduced imports = reduced tariff collections = shortfall in your projected revenue = your plan doesn’t work.
The purpose of the tariff is to ARTIFICIALLY inflate the price of imported goods. This is a good thing for two reason.
Lets say the margin are too low to make a product in the USA when compared to using virtual coolie slaves in China. Labor is a small part of the cost of production in modern up to date factories. Labor costs PER UNIT is around 6% in the USA and around 2% in China. The main exception to that is textiles. With that exception in mind, 99% of things we buy are not labor intensive to make, even if made in the USA. It doesn't take much of an incentive to bring the jobs back. A 20% tariff is more than enough.
Now about factories. China had no modern factories in 1980, and the ones they had made non commercial products. So how do they advance so fast? Well THEY BUILT THEM! DUH! Yes, it take a year or more to build a factory in the USA, which in itself an economic stimulus creating a plethora of construction jobs, but the wait is well worth it. The second reason is simply a tariff raises revenue, reduces the budget deficit and reduces the trade deficit.
Where are you going to buy a domestically manufactured smartphone so you don’t have to pay the tariff?
You will buy the 20% tariff-ed import until the factories are completed in the USA. It will take a year or two. It took 30 years for Free Traitors™ like you to F us over so, a few years is not too long to wait. Agree?
If it were up me we should send the USA's economists to Europe and Asia to get reeducated on how to protect and grow domestic industry.
That’s a whole lot of paragraphs to spam to avoid admitting that your plan, which was supposed to achieve paying down the debt, would utterly fail to do so.
LOL. Paragraphs you never read. My plan would work but doesn't fit the classic ( and disproved ) economic model taught in the USA. Now European and Asian economists would agree with me 100%. EVERY OTHER COUNTRY PRACTICES PROTECTIONISM.
So if you ever get the time please by all means try to refute anything I posted BUT FIRST READ IT.
Quit crying there is nothing we can to do and instead act like man with a set.
“Paragraphs you never read”
I read them, but since you fill them with ad hominems and straw men and fail to actually address any of my points, it was a waste of time.
“My plan would work...”
Nope, we’ve already established that it wouldn’t. You yourself admitted that the point of your tarriffs is not really to increase revenue (which would be needed to pay the debt), but to discourage purchasing foreign goods. So as a revenue generating plan, it’s a failure.
“by all means try to refute anything I posted”
I’ve already refuted your plan, point by point, and you really didn’t answer any of my criticisms, since you’d rather engage in ad hominems and strawmen. Bye now, I’m done here.
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