‘An economic fallacy’: Rand Paul doesn’t see the benefits of tariffs

politico ^ | May 19 | By Amanda Friedman

[meyer]

Every dollar extracted from foreign labor (in the form of a tariff) is one less dollar that should be extracted from domestic labor (in the form of income tax).

Of course, with the massive deficit spending, that probably doesn’t matter since deficit spending is a means to collect taxes stealthily through inflation (which the government will understate as per procedure).

[boycott]

Seems a little common-sense would help Grandstand Rand figure it out.

[OldGoatCPO]

You have no earthly idea what any of the objectives are. Nor do I or any of the so called business expert pundits on FOX. Why, because we are all basing our assumptions on what the Administration's mouthpieces say, and of course, they are all over the map. When they speak, their message is, in essence, to either assuage the concerns of average Joe or to send a message to various special interest groups. That includes Congress and the Courts.

Unless you are privy to private and classified discussions, you have no idea if tariffs serve a military or diplomatic purpose as well. Some have used Reaganomics to describe bad economic policy, yet working in concert with the DOD, Intel, and State, it bankrupted the former Soviet Union. Was that an unforeseen byproduct or done by intent? China's economy is not robust; it can, for now, handle the tariffs, but cannot indefinitely offset the damage that they have caused. Some talking head from the White House is not going to tell the public what role Defense and State play in any of this. It is possible some do not know themselves and can only repeat what they have been given for public consumption.

[Farcesensitive]

McConnell owns Kentucky.
And neither he nor any of the rest of the delegation said a word when Beshear stole the election from Bevin using Dominion machines.

Beshear won because McConnell and his backers wanted him to win, and the same goes for the rest of the Kentucky delegation and possible much of the rest of the state.

[bert]

: )

Derivative from extrapolation of the information you provided

[deek69]

How hard did Rands neighbor hit him?

[jmaroneps37]

Ask another eye doctor to give you stronger glasses Einstein.

[rlmorel]

I get your drift. I am trying to be cautious with Freepers I have known for a while-tensions have been high, and I don’t want to get crossways with someone over a relatively insignificant thing...:)

[Rockingham]

As a practical matter, most countries and cultures are not capable of full scale industrialization. For them, raw materials and niche production are the best strategy. For the US, tariff and other trade barriers are needed to protect their markets and industrial capacity from being poached.

[subterfuge]

Boom. And there is the fallacy of the Libertarian party. No borders, isolationist, legalized drugs...

[Hattie]

I don’t see the benefit of Rand Paul. Amazing how quiet these anti Trumpers were during OBiden years. Now they are all pretending they really care about the country and the American people. Now they want to control spending. Now they are concerned about the deficit. Baloney.

[subterfuge]

I’m sure you must know Bert is one of our resident cranks. I skip her posts myself.

[BlackbirdSST]

The statement quoted can be interpreted as an order rather than a Suggestion. It includes an implied but unstated threat

Stop making sht up bert.

[nikos1121]

God. Before Income tax we had tariffs and no income tax. We had balanced budgets. How then do we do it Rand? Tax us more?

[Socon-Econ]

Paul is correct on the raw economics, but there are goods that must be produced domestically in our enemies-laden world (weapons, drugs, electrical equipment, to name a few). Just not nearly as many as our domestic producers will lobby for.

[Socon-Econ]

Walmart is also raising prices on US goods. They are profiteering. They deserve to be called out so that Americans can vote with their $ by supporting companies that are supporting the transfer to an American manufacturing base.
*********
Your remarks are warmed-over Bernie Sanders. They would turn the tariffs, which are designed to raise the prices of imported goods, into a tax on Walmart. America has much to lose by punishing great American companies like that just because you think they are making too much monery for their shareholders.

[Wuli]

I think a certain level of Libertarian thinking is healthy for free market economy, but it cannot be the only and exclusive consideration on all economic and financial matters. The real world is not for Libertarian purists.

[bobbo666]

Yah, he has been bought.

[catnipman]

I see Rand is pissing into the wind AGAIN!

at one time, i thought Rand would make a fine President, but he has proven me wrong AGAIN ...

[rlmorel]

I am sure people regard me as a resident crank sometimes...:)