Trump’s voodoo economics

Trump claims his tariffs will bring in $3 trillion, enough to pay for the Big Beautiful Bill and also lower the national debt. This is magical thinking.

Tariffs are simply a consumption tax that hits the middle class and working class hardest. It makes goods more expensive, driving inflation. It takes money out of the hands of the real job creators, the middle class and working class, increasing unemployment and slowing the US economy.

Finally, Trump’s tariff goals are inherently contradictory:

“. . .  there is a disconnect in Trump’s strategy: He argues that tariffs will both raise trillions of dollars and force other countries to negotiate trade deals that are more favorable for the United States.

But if he succeeds at the negotiating table, tariff revenue will decline — and the “tremendous surplus” will shrink.”

Call them the “tooth fairy tariffs.”

 

https://www.bostonglobe.com/2025/06/09/business/trump-tariffs-tax-cuts-deficit/ 

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