Posted on 04/28/2016 4:09:53 PM PDT by mrsmith
"...Icahn, who Trump had previously suggested could serve as his Treasury secretary, warned that markets will have a "day of reckoning" without fiscal stimulus, and argued that the U.S. government "certainly could do more spending."
"The Republican Party that I used to be more sympathetic with — I'm right in the middle now, although as you know I'm for Trump — but what I would say is Congress is in this massive gridlock," he said, explaining that the Republican-controlled body is "obsessed with this deficit to a point that I think it's almost pathological..." "
(Excerpt) Read more at cnbc.com ...
“With over $2.7 Trillion on imports each year, a 20% across the board import tariff balances the budget tomorrow.”
Sure, if consumers were robots unable to alter their behavior in the face of massive price increases...
BS. I expect massive economic stimulus as factories reopen and new domestic supply chains are created. Boom time. You got it bass akward. The economic stupidly you show is astounding.
Decreased consumer spending for imported goods hurts the economy, of China.
They spend less and save more. That is good too. As domestic manufacturing kicks in unemployment goes down. With no deficit the Feds could raise interest rates. Savers would be rewarded. It's all good.
More taxes to balance a budget that is intrinsically nonsense? No, you balance a budget by cutting spending, something loath to the uniparty. A tariff is just a tax on everyone with Washington reaping the windfall that will never be enough to quench the bureaucracy’s insatiable lust for power and money. Freeze spending and start eliminating federal ABC agencies one by one. That is a start.
Yes! Because we need to give Obama another $540 billion to spend.
Another commie-capitalist defending the income tax. More tariffs less income taxes. Screw the glowbullist cabal.
Increasing the cost of consumer goods results in more savings? Who knew?
Deficits don't matter do they? You just love that income tax don't you? I'd rather forge or delay a purchase than give up my income but hey that is what neo Marxists want AND LIKE.
Higher taxes don't matter do they?
When it comes to economics, he makes Obama look smart.
What and Democrats do?
Neither party understands economics.
Trump is the only one who gets it. And Trump did go to the Wharton School of Finance so I’m not surprised that he gets it.
“They spend less and save more. That is good too.”
Not if your goal is to pay off your deficit by taxing their spending!
“As domestic manufacturing kicks in unemployment goes down.”
Who is going to invest in domestic manufacturing in the middle of the economic downturn caused by your tariffs?
“With no deficit the Feds could raise interest rates. Savers would be rewarded. It’s all good.”
It’s a nice dream you have, but the real world is bit trickier.
By taking money out of the pockets of the consumers who must pay it?
People will consume less of imported goods while domestic suppliers come on line. Prices will eventually return to pre tariff levels with profit margins taking a hair cut.
“I’d rather forge or delay a purchase than give up my income...”
Says the person who seems to think Americans will suffer a 20% price hike on consumer goods without flinching.
No, when the government takes 20% out of the middle class budget, it hurts America more than China. They can easily retaliate by putting tariffs on our goods which, while less than we get from them, would still cause us more pain. Trade wars are pure stupidity and economic ignorance in action.
Cheap imports fuel our economy by lowering the cost of living and giving people more spending power. If you want everyone to work more to get less at inflated prices, do what you’re suggesting.
In the reality that everything U.S. consumers buy HAD to be manufactured here, you would need to bring in tons of immigrant labor to get the job done. We don’t have the labor capacity here to do it by a longshot. And I don’t want more foreigners immigrating here and voting Dumbocrat. I want them staying in their own countries.
A dollar for dollar income tax reduction could be a good solution until domestic manufacturing returns to pre NAFTA levels.
And less of the domestic goods.
Prices will eventually return to pre tariff levels
Sure they will.
We manufacture more now than we did pre-NAFTA.
It is nice to see you admit your tariffs would harm our manufacturing output.
Most super-rich people are not capitalists. They protect their positions with corporate welfare, crony socialism and bribing politicians with donations, speaking fees, etc. They’re not living by free market principles. Goes to show you why they have no faith in the free market.
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