#47 economic policies

mickeyrat · January 31

Yeah theres a lot of that number. however , the breadth of change being attempted warrants breaking up the various aspects of these orders/changes etc. Feel a lot will get lost in the shuffle. And these particular policies are pretty important to the average citizen, no?

https://www.threads.net/@repjayapal/post/DFd7dQqsEvu?xmt=AQGz-TgYy6YnmEzHcvK-TujqgKOajkJvLQJPWENLg7ONIQ

DE4173 · January 31

Thank you for creating this thread. A week or so, I would have thought "another Trump thread?" but now I appreciate the threads broken out into subject so they are easier to keep up with.

Yes, this is going to hit hard and is very important to the average citizen and their spending. 🤬

mickeyrat · January 31

DE4173 said:

Thank you for creating this thread. A week or so, I would have thought "another Trump thread?" but now I appreciate the threads broken out into subject so they are easier to keep up with.

Yes, this is going to hit hard and is very important to the average citizen and their spending. 🤬

at a minimum, fairly broad subject categories to not completely clutterfuck the board?

and this one being a major campaign theme, seemed appropriate. reserving the main fuckstick threads on his personal insanity.

other existing threads like DoD or general apolitical gov dept can just be updated, I should think. Provides good contrast by date/admin.

DE4173 · January 31

I'm not the sharpest knife in the place that knives are kept, so are these tariffs in place in order to get Canada and Mexico to accept certain conditions and they will go away/lessen once/if those conditions are met?

DE4173 · January 31

My apologies that I didn't word my post better. I appreciate that you created this thread for the reasons you listed.

mickeyrat · January 31

DE4173 said:

I'm not the sharpest knife in the place that knives are kept, so are these tariffs in place in order to get Canada and Mexico to accept certain conditions and they will go away/lessen once/if those conditions are met?

who the fuck knows. I dont think he does. but it would help to pay attention to what the house is doing now, plans are being floated for the extension of the rich people tax cuts. Some of these proposals include, reducing the number of folks on social security, taxing scholarships for college students, among other things.

Important to keep an eye on the confirmation hearings, but all of us must either team up to focus on a few areas while others focus elsewhere or be a "jack of all trades" kind of thing in trying to keep up on the deluge of shit coming.

but some of this is definitely posturing to give the illusion he's a tough guy. heres where it important to get the other countries perspectives from their news sources.....

Tim Simmons · January 31

Immigration is a big driver (he wants them to do more to curb it - which, fine), but also he’s long said that they get a the better deal from Trade. Americans are gonna hurt more from this, certainly in the shorter term.

mickeyrat · January 31

https://www.propublica.org/article/trump-tax-cuts-congress-republicans-plan-slash-benefits?utm_source=blueskyCM&utm_medium=social&utm_campaign=propublica-bsky&fbclid=IwY2xjawIJvttleHRuA2FlbQIxMQABHQfyDP0beSBQlpM-vbAIs16A3RgX0PRBs0usaRI9TJ3UtzCjgx6wx9Q6JA_aem_rqRqMErk9KhA0dKxBW9_aA

To Pay for Trump Tax Cuts, House GOP Floats Plan to Slash Benefits for the Poor and Working Class

A menu of options being circulated by congressional Republicans also includes new tax cuts for corporations and the ultrawealthy.

by Robert Faturechi and Justin Elliott Jan. 30, 2025, 6 a.m. EST

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One of the hallmarks of Donald Trump’s presidential campaign was a promise of sweeping tax cuts, for the rich, for working people and for companies alike.

Now congressional Republicans have the job of figuring out which of those cuts to propose into law. In order to pay for the cuts, they have started to eye some targets to raise money. Among them: cutting benefits for single mothers and poor people who rely on government health care.

The proposals are included in a menu of tax and spending cut options circulated this month by House Republicans. Whether or not Republicans enact any of the ideas remains to be seen. Some of the potential targets are popular tax breaks and cuts could be politically treacherous. And cutting taxes for the wealthy could risk damaging the populist image that Trump has cultivated.

For the ultrawealthy, the document floats eliminating the federal estate tax, at an estimated cost of $370 billion in revenue for the government over a decade. The tax, which charges a percentage of the value of a person’s fortune after they die, kicks in only for estates worth more than around $14 million.

Among those very few Americans who do get hit with the tax, nearly 30% of the tax is paid by the top 0.1% by income, according to estimates by the Tax Policy Center think tank. (Many ultra-wealthy people already largely avoid the tax. Over the years, lawyers and accountants have devised ways to pass fortunes to heirs tax free, often by using complex trust structures, as ProPublica has previously reported.)

Another proposal aims to slash the top tax rate paid by corporations by almost a third.

Trump promised such a cut during the campaign. But Vice President JD Vance came out against it before Trump picked him as his running mate. “We’re sort of in line with the OECD right now,” he said in an interview last year, referring to the Organization for Economic Cooperation and Development, a group of 38 wealthy developed nations. “I don’t think we need to be cutting the corporate tax rate further.”

continues.....

Zod · January 31

DE4173 said:

I'm not the sharpest knife in the place that knives are kept, so are these tariffs in place in order to get Canada and Mexico to accept certain conditions and they will go away/lessen once/if those conditions are met?

Who knows, they haven't really discussed any of the logistics. I don't see how the USMCA can remain in place and there be tariffs, so shouldn't this involve Trump announcing the US is pulling out of it in order to implement tariff's. Pulling out of the USMCA could have pretty big implications.

The Juggler · January 31

This is what happened since tariffs were announced earlier.

For all you magas out there....this is an indicator that the market expects tariffs to have a negative impact on inflation. The 10 year has been largely increasing since October when Trump began rising in the polls as the market realizes his polices are inherently inflationary.

Image: https://us.v-cdn.net/5021252/uploads/editor/2i/6i4x6c0wrcr6.png

The Juggler · January 31

This is the same chart going back to last Summer. Interest rates are indirectly to tied to the ten year.

Gern Blansten · January 31

Dow down 327

mickeyrat · January 31

https://www.threads.net/@thetnholler/post/DFgYB7hSW9x?xmt=AQGzy3N-lhvPtTqbK6gaznr_pwBHB8ZCMoxLUmdtcPXlGA

mickeyrat · January 31

https://www.threads.net/@24hoursofukraine/post/DFgZkP7tnS3?xmt=AQGz2LwY6rf_QmrWSAWh18m2KxC0QpVQQDRYm1fNrXSxzg

mickeyrat · January 31

https://www.threads.net/@keithboykin/post/DFgGvQSyfDN?xmt=AQGz_3ZkNMz5gOxe-KFTlql8FS9MZie4imlLctp6eCKILg

mickeyrat · January 31

https://www.threads.net/@npr/post/DFgDH9VPKwQ?xmt=AQGzxaCbXEttQw36nKh1Mi5HQ9rt7atT06-szKs3Vi0v_g

OnWis97 · January 31

A large tariff on Ozempic and Wegovy is a good thing.

Good to see some retaliatory tactics against a regime that loves retaliatory tactics.

mickeyrat · January 31

OnWis97 said:

A large tariff on Ozempic and Wegovy is a good thing.

Good to see some retaliatory tactics against a regime that loves retaliatory tactics.

compounded formulas are vastly cheaper. isnt a problem. those two drugs faced shortages already.

mickeyrat · February 1

https://www.threads.net/@msfrancesma/post/DFge7xwP0JX?xmt=AQGzvxG4mdVSw14SZn-w9YfKcE4FticpcqZii4mg-w9Caw

jhager79 · February 1

I have a feeling that the relationship between Canada and the United States is about to irreparably broken tomorrow. I hope that other Canadians decide to vote with their wallets, spend money and travel to countries that are friendly to us. No more day trips to border states anymore or vacations in Florida. Personally that’s what I’ll be doing, cost of lost tickets for Pittsburgh be damned.

brianlux · February 1

jhager79 said:

I have a feeling that the relationship between Canada and the United States is about to irreparably broken tomorrow. I hope that other Canadians decide to vote with their wallets, spend money and travel to countries that are friendly to us. No more day trips to border states anymore or vacations in Florida. Personally that’s what I’ll be doing, cost of lost tickets for Pittsburgh be damned.

I don't blame you for feeling that way. It's sad though, because so many of us here in the U.S. also hate what is happening. And I hope what you say about "irreparable" is only true for now and changes one day.

Tariffs will be a major topic of conversion tomorrow. Meanwhile, I'm going chew on a few of these:

Tums Antacid Extra Strength 750 Chewable Tablets Assorted Berries 96 ea Antacids Market Basket

mickeyrat · February 1

https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/?fbclid=IwY2xjawIK4sJleHRuA2FlbQIxMQABHehYBk9bIEXNHV72Eo__NX7k-O63qq2scNVy7DXF25Wydatkbff-ZSN1gQ_aem_JQXuAP_kZihnaYm36lyU9w

Trump Tariffs: Tracking the Economic Impact of the Trump Trade War

January 31, 2025 20 min read By: Erica York

Latest Updates

Updated to include additional analysis of the proposed 25 percent tariffs on Canada and Mexico that could begin February 1, 2025.
Updated to separate out 25 percent tariffs on Canada and Mexico given recent threats that these tariffs could begin February 1, 2025.
The update contains modeling of President-elect Trump’s proposed 25 percent tariffs on Canada and Mexico and 10 percent tariff on China.

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Key Findings

President Trump has threatened a variety of new tariffs for his second term in office, from universal baseline tariffs to country-specific tariffs.
We estimate the 25 percent tariffs on Canada and Mexico and 10 percent tariffs on China proposed to go into effect as early as February 1, 2025, would shrink economic output by 0.4 percent and increase taxes by $1.2 trillion between 2025 and 2034 on a conventional basis, amounting to an average tax increase of more than $830 per US household in 2025. The tariffs on Canada and Mexico alone would increase taxes by $958 billion between 2025 and 2034 on a conventional basis, amounting to an average tax increase of more than $670 per US household in 2025.
The first Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products valued at approximately $380 billion in 2018 and 2019, amounting to one of the largest tax increases in decades.
The Biden administration kept most of the Trump administration tariffs in place, and in May 2024, announced tariff hikes on an additional $18 billion of Chinese goods, including semiconductors and electric vehicles, for an additional tax increase of $3.6 billion.
We estimate the imposed Trump-Biden tariffs will reduce long-run GDP by 0.2 percent, the capital stock by 0.1 percent, and employment by 142,000 full-time equivalent jobs.
Altogether, the trade war policies currently in place add up to $79 billion in tariffs based on trade levels at the time of tariff implementation and excluding behavioral and dynamic effects.
Before accounting for behavioral effects, the $79 billion in higher tariffs amounts to an average annual tax increase on US households of $625. Based on actual revenue collections data, trade war tariffs have directly increased tax collections by $200 to $300 annually per US household, on average. Both estimates understate the cost to US households because they do not factor in the lost output, lower incomes, and loss in consumer choice the tariffs have caused.
Academic and governmental studies find the Trump-Biden tariffs have raised prices and reduced output and employment, producing a net negative impact on the US economy.

continues.....

DE4173 · February 1

Thanks for sharing!

battle1 · February 1

Well yesterday, this trudeauu guy promised a "forceful and immediate" retaliation to any tariffs. Now, he says they will be "forceful but reasonable". Is this guy kidding himself? It could be the end of the American republic after all with these threats of force from canada.

battle1 · February 1

What the hell is "forceful but reasonable" anyway? It reminds me of "undeniably similar, all differences aside". Oh canada, what are we going to do with you?

DE4173 · February 1

mickeyrat · February 1

DE4173 said:

what relevance does this have on the issue at hand?

battle1 · February 1

mickeyrat said:

DE4173 said:

what relevance does this have on the issue at hand?

It relates to tariffs on canada, and the threats of force against America. Both tie back to "#47 economic policies", to be fair.

Halifax2TheMax · February 1

Reading is hard. Comprehension is harder.

Tim Simmons · February 1

battle1 said:

What the hell is "forceful but reasonable" anyway?

I guess as opposed to ‘forceful and unreasonable’ which is what we seem to be doing.

Hawk123 · February 1

battle1 said:

What the hell is "forceful but reasonable" anyway? It reminds me of "undeniably similar, all differences aside". Oh canada, what are we going to do with you?

Reasonable means not blanket tariffs on everything like your hero is doing that fucks over everyone. Have fun rebuilding California with expensive wood and higher oil prices. Should also help with the high cost of housing.