berg80
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- Oct 28, 2017
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White House eyes punishments for economists who told the truth about tariffs, consumers
Donald Trump’s top economist didn’t just disagree with consensus economic research, he also suggested he wants to see researchers “disciplined.”Throughout his second term, Donald Trump has heard economists tell him that American consumers will end up shouldering the increased costs associated with his trade tariffs. The president has consistently rejected those analyses, despite everything we know about Economics 101.
Unfortunately for the White House, almost a year after Trump advanced his tariffs agenda, experts have scrutinized the evidence and concluded that their predictions were correct. From the Congressional Budget Office to international scholars to the National Bureau of Economic Research, all of the available data points in the same direction: American consumers, not foreign companies, are paying more as a result of the Republican president’s policy.
Last week, still more evidence emerged. Research published by economists at the Federal Reserve Bank of New York and Columbia University found that, through last fall, 90% of the economic burden from Trump’s tariffs fell on Americans, not foreigners.
The findings didn’t generate a ton of headlines or national discussion, which was understandable. After all, the economists and researchers had simply found evidence that proved what we already knew. That said, the reports made reality clear, in case there were any lingering doubts.
The trouble is, Team Trump doesn’t want economists and researchers to make reality clear.
White House eyes punishments for economists who told the truth about tariffs, consumers
Donald Trump’s top economist didn’t just disagree with consensus economic research, he also suggested he wants to see researchers “disciplined.”
Economists of all stripes have been naughty boys and girls. For nothing upsets the regime like advertising the facts when they run counter to its narrative. Most especially on Don's signature economic policy. The one he keeps pointing to as raking in a ton of cash.
He, and folks like the dutifully loyal Kevin Hassett, would rather we consumers not know where that cash is coming from. Our wallets. Tariffs equate to a tax on consumption. But don't try to tell Don that. He'll look at you as though you told him he lost the 2020 election. Or climate change is real. Or this isn't the greatest economy known to man. Or vaccines, not disinfectant, are the best way to combat a pandemic.