“if tariffs are linked to prosperity, it’s an inverse relationship, according to a recent report on America’s declining economic freedom for Canada’s Fraser Institute. The authors, Robert A. Lawson of Southern Methodist University and Fraser’s own Matthew D. Mitchell, write: “High-tariff countries are generally low-income countries while low-tariff countries are generally high-income countries. In the high-tariff countries, average GDP per capita is just $9,703 per year,” while “in low-tariff countries, it is $43,502 per year.”
In 2023, the U.S. had an average tariff rate of 3.3 percent, which put us in the company of such countries as Singapore and Hong Kong (zero percent each), Brunei (0.5 percent), Israel (1.3 percent), New Zealand (1.9 percent), Australia (2.4 percent), and Iceland (3.3 percent). This year’s tariff shift has been marked by wild fluctuations. But the average tariff rate on April 15 was 28 percent and is now around 19 percent. That puts the U.S. amongst the likes of Zimbabwe (18 percent), Chad (18.1 percent), Republic of the Congo (18.1 percent), Algeria (18.9 percent), and Egypt (19 percent).”
“Though job growth was low, layoffs were also relatively low. That said, people who have been fired or laid off have struggled to get back on their feet: “The number of people with continued unemployment claims has been elevated since April,” reports The New York Times.”
“When you look at the sectors of the economy that were supposed to benefit from Trump’s economic policies, however, the news gets significantly worse. The manufacturing sector lost 12,000 jobs during the month of August and 78,000 over the past year, according to the data released Thursday by the Department of Labor.
Over the past three months, during which Trump’s tariffs have been in full swing, the manufacturing sector is down 31,000 jobs. Other blue-collar sectors like construction and mining are down over that same period.
All three sectors figure to have been negatively affected by Trump’s tariffs, which (contrary to the administration’s claims) have hit American businesses with huge new taxes on parts, raw materials, equipment, and more. Like with any big tax increase, one way businesses can offset those costs is by hiring fewer people or postponing new investments and expansion. That’s exactly what manufacturing firms say they have been doing.”
Trump administration making it easier for wealthy people to cheat on taxes. One of the simplest ways to bring in more revenue and help the deficit is to take in the taxes people actually owe. This requires enforcement and effort, but the Trump administration isn’t willing to keep doing that.
Trump has 33 tech leaders over, and they all suck his dick like he’s a vain dictator.
What’s the point to gaining that much power and wealth if they are just going to bend over for a vain, capricious, and rule-breaking ruler?
Jobs numbers aren’t good, indicating a weak economy. Especially young people are having trouble getting jobs, indicating companies aren’t ready to expand with inexperienced people given the economic and political uncertainty. Of course, the economic uncertainty is mostly driven by bad White House policy.
Manufacturing jobs are down. Manufacturing business leaders say tariffs are the cause of less manufacturing jobs. They can’t plan with the tariff created uncertainty. Trump’s tariffs are weakening manufacturing, not strengthening it.
Most job growth was in education, healthcare, and government, meaning sectors that often don’t reflect economic growth.