Trump gave an answer that combined his ignorance on how tariffs work with delusion when asked about a recession.
Trump was asked what steps he would take to avoid a recession, and this was his answer:
I think we’re going to have a long period of wealth and success. Other countries are doing very poorly. As you know, China is doing very, very poorly. The tariffs have really bitten into China. They haven’t bitten into us at all except for the reporters that want to make it look that way. But they don’t understand what’s happening. The tariffs we’ve taken in close to $60 billion in tariff money, and the consumer has not paid for. Now at some point they may have to pay something, but they understand that.
And who really understands that is our great farmer. The farmers of this country really understand it. They know we had to do something about China, and we’re doing something about China. With that being said I think we’re having very good discussions with China. They very much want to make a deal. We’ll see what happens. They had a deal and they decided not to make it. Now I think they would like to have had that opportunity again because I think they really would — I think they really missed a great opportunity. I think they feel that they missed a great opportunity. But China very much wants to make a deal.
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Here are just a few of the problems with Trump’s answer. The president is in total denial about the prospect of a recession. His answer proves that he has no plan, and intends to do nothing to prevent a recession.
Bloomberg found that almost all of the cost of the tariffs are being paid for by US consumers, “One thing the tariffs have done is to raise prices for U.S. consumers. Multiple economic studies have concluded that essentially all of the increased revenue from the tariffs, such as it is, has come out of Americans’ pockets.”
The money that is coming in from the tariffs is coming from American consumers, not China. The money the US government is taking in is being shipped back out to farmers who are being put out of business by the trade war. The Chinese are in no hurry to make a deal. They are more than content to wait out the 2020 election.
America is screwed because Trump is in total denial about a recession and thinks that the tariffs that are sinking America are going to save it.
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