this post was submitted on 03 Apr 2025
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politics

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[–] homesweethomeMrL@lemmy.world 68 points 1 day ago (1 children)

Almost everything Mr. Trump said this week—on history, economics and the technicalities of trade—was utterly deluded. His reading of history is upside down. He has long glorified the high-tariff, low-income-tax era of the late-19th century. In fact, the best scholarship shows that tariffs impeded the economy back then. He has now added the bizarre claim that lifting tariffs caused the Depression of the 1930s and that the Smoot-Hawley tariffs were too late to rescue the situation. The reality is that tariffs made the Depression much worse, just as they will harm all economies today. It was the painstaking rounds of trade talks in the subsequent 80 years that lowered tariffs and helped increase prosperity.

On economics Mr. Trump’s assertions are flat-out nonsense. The president says tariffs are needed to close America’s trade deficit, which he sees as a transfer of wealth to foreigners. Yet as any of the president’s economists could have told him, this overall deficit arises because Americans choose to save less than their country invests—and, crucially, this long-running reality has not stopped its economy from outpacing the rest of the G7 for over three decades. There is no reason why his extra tariffs should eliminate the deficit. Insisting on balanced trade with every trading partner individually is bonkers—like suggesting that Texas would be richer if it insisted on balanced trade with each of the other 49 states, or asking a company to ensure that each of its suppliers is also a customer.

👊🇺🇸🔥🤡

[–] gibmiser@lemmy.world 26 points 1 day ago (1 children)

Money is fungible so that we don't need perfectly balanced trade. It's a feature.

[–] Englishgrinn@lemmy.ca 2 points 6 hours ago

In before MAGAs are on your case wondering what mushrooms have to do with anything.

[–] pleasegoaway@lemm.ee 42 points 1 day ago (1 children)

The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.

All is going according to plan.

[–] Jhex@lemmy.world 7 points 21 hours ago (1 children)

That plan assumes an eventual recovery... That is looking less and less likely or feasible

[–] Frjttr@lemm.ee 5 points 15 hours ago (1 children)

The eventual recovery is part of the plan, but you won’t be the one recovering.

[–] Jhex@lemmy.world 2 points 15 hours ago

Are they inmortal? Ir doing it for their great grandkids?

[–] hanrahan@slrpnk.net 14 points 1 day ago (1 children)

This will just confirm to the MAGGAots that they're doing the right thing,.if the orthodox liberal elite are agaist it theyre in the rigth track as far as they are. .concerned.

[–] floofloof@lemmy.ca 4 points 17 hours ago

And if it all goes to shit they'll come up with conspiracy theories to help them avoid facing the reality of having made a mistake.

[–] Geetnerd@lemmy.world 2 points 16 hours ago

"But don't I make it look easy, don't I make it look good? Eat it, peasants!"

[–] octopus_ink@slrpnk.net 52 points 1 day ago (2 children)

It's a shame Trump supporters won't consume anything that doesn't feed their confirmation bias.

[–] FundMECFSResearch@lemmy.blahaj.zone 36 points 1 day ago (2 children)

To be fair, the economist is shit.

They cheer welfare cuts that are projected to put tens of thousands of children into poverty and complain about tiny tax increases on the rich.

The economist is the magazine of the upper class. They may be neo-liberal instead of straight up facist, but they are morally bankrupt.

[–] timbuck2themoon@sh.itjust.works 12 points 1 day ago (1 children)

It's why I canceled. They have good news reporting but they personally view countries (notably the USA) as nothing but an economic engine. They don't honestly care about the lives of the people who live there. Kind of like how they think the USA needs to cut "red tape" with DOGE but can't specify what or precisely why. But it's crickets on usable healthcare..

Same. I used to be an avid reader as a young adult but I couldn’t bear them anymore with how little they care about people. It’s all money money money, not people.

[–] octopus_ink@slrpnk.net 4 points 1 day ago

That's a good point, I really can't argue.

[–] hypna@lemmy.world 5 points 1 day ago (2 children)

I dunno pretty sure they consume groceries

[–] newthrowaway20@lemmy.world 4 points 1 day ago

They've been told to stop talking about grocery prices.

[–] ieatpwns@lemmy.world 2 points 1 day ago
[–] technocrit@lemmy.dbzer0.com 22 points 1 day ago (2 children)

The Economist: [Endlessly promotes fascism]

...

The Economist: What's with this fascism!??!?!

[–] wise_pancake@lemmy.ca 27 points 1 day ago (1 children)

They haven't encouraged this, they've been pretty critical of trump.

They're openly capitalist and liberal.

[–] TheTechnician27@lemmy.world 13 points 1 day ago* (last edited 1 day ago) (1 children)

Scratch a neoliberal...

In all seriousness, capitalism is exactly why we're here right now. (That said, technocrit is an idiot with some of the dumbest takes on this site. They blanket basically everything as fascist/fascism-adjacent, and I'm not going to say The Economist promoted this, because they didn't.)

[–] rocket_dragon@lemmy.dbzer0.com 17 points 1 day ago (1 children)

Like it or not, in the US the liberals were the primary opposition to fascists.

Conservative and Russian created propoganda managed to convince a lot of leftists that it was more important to fight liberals than fascists.

[–] NoneOfUrBusiness@fedia.io 6 points 1 day ago (1 children)

Like it or not, in the US the liberals were the primary opposition to fascists.

And they were ineffectual opposition that did more to help fascism than hurt it.

[–] rocket_dragon@lemmy.dbzer0.com 6 points 1 day ago (1 children)

Ineffectual, yes. As for helping fascism, the ones who helped were the ones too busy fighting liberals to fights the fascists.

[–] NoneOfUrBusiness@fedia.io 1 points 1 day ago (1 children)

Being ineffectual is helping the fascists; that's the whole goddamn problem here. When you're fighting fascists the battlefield isn't the polls; it's the hearts and minds of disillusioned workers, and liberals are too weak to win that battle against fascism no matter how much you try to unite behind them.

[–] rocket_dragon@lemmy.dbzer0.com 1 points 1 day ago (6 children)

Leftists are also too weak and ineffectual to win that battle. Leftists are orders of magnitude weaker than liberals in the US.

If anything, leftists are busier driving the horizontal hostility that poisons worker solidarity and benefits fascists.

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[–] MoonManKipper@lemmy.world 15 points 1 day ago (4 children)

I don’t think you know what fascism is? Liberal, capitalist, sure, pro Trump? Definitely not, pro fascism? definitely not…. That’s even true for the very woolly definition of fascism as most people use it today

[–] AmidFuror@fedia.io 4 points 1 day ago

If it's not Mao-era China, it's fascist.

[–] PP_BOY_@lemmy.world 3 points 1 day ago

A good example of why "literally fascism!!!" Didn't get people to the polls last year.

[–] homesweethomeMrL@lemmy.world 1 points 1 day ago* (last edited 1 day ago)

“LiBz!11”

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[–] TIN@feddit.uk 16 points 1 day ago (1 children)

Hang on, more of an unnecessary economic error than Liz Truss?! That's impressive "hold my beer" territory

[–] homesweethomeMrL@lemmy.world 12 points 1 day ago

He’s the most incompetent, demented rapist to hold the office. Many people are saying it. People are calling him Mr. Brexit. Bigly.

[–] homesweethomeMrL@lemmy.world 10 points 1 day ago (2 children)

Here's the list - Who can find The Country Not On The List!

*timer theme*

[–] kat_angstrom@lemmy.world 9 points 1 day ago (1 children)

I didn't look, but it's Russia, isn't it?

[–] homesweethomeMrL@lemmy.world 6 points 1 day ago (1 children)
[–] kat_angstrom@lemmy.world 5 points 1 day ago (1 children)
[–] homesweethomeMrL@lemmy.world 2 points 1 day ago

Eh, me too. But you get a copy of the home game!

[–] ArbitraryValue@sh.itjust.works 9 points 1 day ago (1 children)

The actual Economist editorial is here (paywalled but archived).

[–] Hayduke@lemmy.world 6 points 1 day ago (1 children)

It’s almost like he doesn’t know what the fuck he is doing. Almost like someone is telling him what to do. Someone who greatly benefits from this sort of chaos on our former allies.

[–] floofloof@lemmy.ca 1 points 16 hours ago

If only they had left a clue, like being passed over for the tariffs. Who could it be?

[–] BrianTheeBiscuiteer@lemmy.world 5 points 1 day ago (1 children)

Getting closer...

Error makes it sound like an honest mistake instead of an intentional, economic attack on the nation. Sure, Trump will probably sue for such language but on what grounds? The US government is not a business so how could it be slandered or libeled?

[–] pleasegoaway@lemm.ee 4 points 1 day ago

The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.

All is going according to plan.

[–] cabron_offsets@lemmy.world 3 points 1 day ago

A real shame he wasn’t aborted.

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