President Trump has responded to news of the first contraction of the US economy since 2022 in an entirely predictable manner: blaming former President Biden.
I’m pretty sure it’s because he has a hard-on for the gilded age when McKinley was president and virtually all federal income was from tariffs rather than income tax. Trump wants to get rid of income tax altogether, for what I trust are obvious reasons, and replace that revenue with taxation on those who buy products, meaning tariffs. Rich people and corporations will pay essentially no taxes at all, but if you want to buy a car, an appliance, a home, or even food, the price will be jacked up to cover the tariffs he’s implementing.
It was the Gilded Age, a time of rapid population growth and transformation from an agricultural economy toward a sprawling industrial system, when poverty was widespread while barons of phenomenal wealth, like John D. Rockefeller and J.P. Morgan, held tremendous sway over politicians who often helped boost their financial empires.
“We were at our richest from 1870 to 1913. That’s when we were a tariff country. And then they went to an income tax concept,” Trump said days after taking office. “It’s fine. It’s OK. But it would have been very much better.”
It’s important to note why he did the tariffs.
It wasn’t because there was an economic trade imbalance.
It wasn’t because he thought they were unfair.
It was because it is essentially the only non-military weapon he has and he wanted to look powerful.
It was because he wanted to alienate our allies under the direction of Putin.
It was because he wanted to feel like a big man. He wanted to show the world he was a dictator.
It was a selfish, dick-measuring move.
I’m pretty sure it’s because he has a hard-on for the gilded age when McKinley was president and virtually all federal income was from tariffs rather than income tax. Trump wants to get rid of income tax altogether, for what I trust are obvious reasons, and replace that revenue with taxation on those who buy products, meaning tariffs. Rich people and corporations will pay essentially no taxes at all, but if you want to buy a car, an appliance, a home, or even food, the price will be jacked up to cover the tariffs he’s implementing.
I disagree.
He did the tariff BS in order to tank the US economy, so that the elite wealthy can buy/consolidate/privatize at rock bottom prices.
His regime was all by design. And all is going according to plan.
And he can claim he’s cutting taxes, because to him the tariffs aren’t a tax which is a load of bull.