Fox’s Chris Wallace actually got Trump’s economic adviser Larry Kudlow to admit on air that Donald Trump doesn’t have a clue how tariffs actually work.
CHRIS WALLACE: Trump keep saying China pays the tariffs he's imposed. That's not true. American importers do, right?
LARRY KUDLOW: Both sides pay.
CW: The Chinese aren't paying!
LK: No, but they'll suffer GDP losses.
CW: But Trump says China pays.
LK: Both sides will suffer. pic.twitter.com/eHcxHmBLoX
— Aaron Rupar (@atrupar) May 12, 2019
Now #brokeahontas, Trump’s newest trending Twitter handle, has no idea how things are actually paid for in this life, because paying bills is not his thing. That’s for the plebes like you and me, who don’t have the benefit of tax laws that allow us to weasel out of our obligations and welch on all our responsibilities, and do it multiple times, no less.
Americans are going to pay dearly for Trump’s trade war fantasies. That was evident long ago, but now the topic is heating up, since Mango Moron announced on Friday that tariffs would be raised on $200 billion of goods from China from 10 percent to 25 percent. The Chinese government is of course retaliating. Cover your head and duck, because this is not going to be pleasant.
Meanwhile, people who actually know a thing or two about how the economy and international trade really work, are weighing in and it is worrisome to say the least, how wide the gap is between Trump’s simplistic notions and the actual ways of the world.
— Ben White (@morningmoneyben) May 13, 2019
Trump lies like the proverbial rug. Remember his now-famous line, “If you just say it, they’ll believe it. I don’t know why, but they do.” That’s his philosophy of life, in a nutshell.
Yeah. The people who “don’t get it” include your own economic advisors —> https://t.co/hQ0rC32oeS
Maybe if you just ban all trade, you’ll achieve “10% GDP”. Just say it, they’ll believe it. https://t.co/PyouvCkgBw
— Michael Clemens (@m_clem) May 13, 2019
Here’s some more winning.
Soybean prices. So much winning. pic.twitter.com/nIdjcyoqdu
— Peter Kaufman (@inklake) May 12, 2019
GDP got a boost because imports fell after surging in the second half of 2018 to beat tariffs that were then put on hold (until now) https://t.co/RidyKHsw7J
— Scott Lanman (@scottlanman) May 13, 2019
The Oval Office is occupied by a sociopath suffering from Dunning-Kruger effect (see my other post this morning) and he honestly believes that if he just tells a convincing enough lie that people will buy it and he’ll do just fine — and why wouldn’t he believe it? It got him to the highest office in the land via television, on a career with zero elective office, not even a seat in student council in high school.
Too bad this is real life and there’s a terrible price to be paid for this folly and you and I are picking up the tab. Trump is borrowing money from the Department of Defense budget to subsidize the farmers and so we lose on taxes — and I pray to God the farmers have enough sense not to vote for this moron a second time. If they do, they have a death wish, plain and simple. Here’s a good synopsis of how Trump is screwing the very people who voted for him.
hungry and busy (working two jobs to survive) so republicans can control them. This issue stresses me beyond normal levels. Have lived in South and Central American countries and seen how hetting out from under this is almost impossible.
— BlueJay Beep (@bluejaybeep) May 12, 2019
And bear this in mind about Larry Kudlow: back in the nineties, he was snorting rails of cocaine at Bear Stearns and making light of the signs that were clearly pointing to the 2008 housing bubble. So if Kudlow thinks we’re in trouble here, now, you can take it to the bank that things are one hell of a lot worse than you thought, and about to get worse still.