Trump got booed so hard at the Commanders game he literally said, “I, state your name…” during the pledge.
Man short-circuited mid-sentence. The boos broke him.
This American Dad’s beautifully articulate takedown of what’s happening is as powerful as it is informed
“Is this greatness?’ He asks … and then answers
There have been claims that NOAA/NWS did not foresee catastrophic TX floods--but that's simply not true. This was undoubtedly an extreme event, but messaging rapidly escalated beginning ~12 hrs prior. Flood Watch mid PM, "heads up" outlook late PM, flash flood warnings ~1am.
This is beyond fucked-up. Trump is hiring actors off Craiglist to attend his taxpayer-funded North Korea-style military parade for himself on his birthday. It is the American people who are paying for the actors. 😡😡😡👇
Why do economists worry so much about the economic impact associated with tariffs?
Putting this out there so there is some clarity on why most economist worry about tariffs, which are at best a blunt tool, to cure what ails us. When used to cure so many problems at once, beware of law of unintended consequences.
A top 10 list
1) Regressive - tariffs are a tax which raise the cost of goods across the boards with no wiggle room for what household or firms earns. That tends to hit low & middle income households and smaller & midsized businesses, with narrow profit margins larger, disproportionately hard and spurs inequality.
2) Stoke uncertainty - Countries feel compelled to retaliate with their own trade barriers & trade tensions tend to escalate, even though that leaves everyone worse off. The result is higher levels of uncertainty, measures of which have already lapsed the pandemic on a global scale. That acts as yet another tax on economic activity; it spurs a reluctance to make big investment decisions by firms and households. Preemptive sayings picks up as people hunker down. That uncertainty tightens credit conditions, especially for those most exposed to tariffs, which further inhibits growth.
3) Higher inflation - tariffs are a tax on imports. They cascade through supply chains which raise costs, many of which are passed along to consumers. That narrows profits margins & erodes demand which simultaneously stokes inflation & stems growth, which together can create stagflation.
4) Higher job losses than job creation - Tariffs reduce competition, with the most protected industries not hiring enough to offset the blow to the hardest hit industries. A recession is now more probable.
5) Spurs bureaucratic waste - Collecting tariffs is costly and boosts administrative overhead and waste. It incentivizes firms to lobby for waivers and can spur fraud for firms to curry favor with those in power.
6) Undermines productivity growth - Tariffs reduce competition, divert investment to favored industries as opposed to the most productive, and stifles investment in and adoption of new technologies.
7) Poor revenue generators - due to the regressive nature of tariffs as a tax and the dampening effect they have on demand, they tend to generate much less than what is estimated in terms of revenues.
8) Reduces competitiveness of exports - The blow to productivity, tighter credit standards & diversion of resources to protected sectors diminishes our ability to export as well as import.
9) Much worse at removing trade barriers across our trading partners than trade pacts - tend to stoke retaliation rather than cooperation in removing trade barriers that disproportionately hurt some industries and workers. Harder boarders reduce the funds and flow of workers needed to upskill and compete more effectively. They make economies smaller instead of larger.
10) Stokes nationalism or worse - The Smoot-Hawley Tariff Act of 1930 triggered a trade war between the US and 26 countries. Those shifts caused global trade to plunge 67%, which along for overwhelming reparations on Germany in the wake of WWI sowed the seeds of WWII. That is why we had the Marshal Plan following WWII to increase economic linkages between countries and reduce the risks of another global war. 💔
BREAKING: Trump and Republicans say they’ll focus their efforts on defeating Native American candidate Deb Haaland, who is running for governor of New Mexico.
She has protected sacred lands and stood up to bullies. It’s obvious why they want her to lose.
@dougboneparth I fixed it for you.
Monday - Roll back tariffs
Tuesday - Reinstate tariffs
Wednesday - Roll back tariffs
Thursday - Reinstate tariffs
Friday - Roll back tariffs
Saturday - Golf - threaten tariffs
Sunday - Golf - pump crypto