Top Tweets for #jeffreysacks

🇺🇸JEFFREY SACHS: "Tariffs are going to lower living standards. They're going to wreck the US economy, and they're being put on for unbelievably bizarre and mistaken reasons that are completely fallacious. Let me explain. The United States runs a large deficit in its trade in goods and services — what's called the current account of the United States — and that deficit is about a trillion dollars. Trump says, 'Oh, that's because other countries are ripping off the United States.' I can't even begin to say how absurd that line is. [The word is childish.] Running a current account deficit means — and it means precisely — that the United States is spending more than it's producing. That's what leads to a deficit. You spend more than you produce. And we spend more than we produce because we have very low saving in this country. We have an enormous budget deficit. So the government is like the national credit card — it runs on credit. It transfers money, pays for wars, pays for Israel’s wars, pays for military bases in 80 countries around the world, pays for that more than a trillion-dollar-a-year military establishment, and hundreds of billions more of associated spending on the military-industrial complex. And it gives tax cuts for the richest Americans. It allows for tax evasion by the richest Americans — and I mean evasion, because it doesn't do audits, and it guts enforcement of the tax laws. So we hemorrhage deficits and have rising public debt. And because of all that, the spending of our country is much larger than our national income. It’s a trillion dollars more than national income. It is exactly the imbalance of our imports of goods and services over our exports of goods and services. All of this is to say that what Trump calls a 'ripoff' is just the absolute irresponsibility of the political class in Washington. It's a corrupt, plutocratic gangsterism that gives away the taxes and tax cuts to the richest people and goes on war after war — on credit. And that leads to these large deficits that Trump then blames on other countries. Now he's going to correct these deficits, he thinks, by raising tariffs. And of course, it's going to do nothing of the kind. The deficits are going to continue because they come from the profligacy of Washington. They don't come from the fact that other countries are ripping us off. So he'll raise the tariffs. Americans will shift their spending, say, from an imported automobile to domestic automobiles. That's true. They'll pay higher prices for those domestic automobiles. And our auto industry will export less abroad. So yes — there will be fewer imports and fewer exports, and the balance won’t budge. And none of it's going to change the fiscal recklessness. Because what's Trump’s highest aspiration? It is to continue tax cuts for the richest Americans, which is going to cost another $4 trillion over the next 10 years in the budget. Because these tax cuts are supposed to end, but he says, 'No, no, no — these are taxes for my rich donors, so they're going to continue.' So he's not going to solve the budget crisis. He's not going to solve the trade deficit — because that comes from the budget crisis. But what he's going to do is lower the living standards of our country and the world. Because trade is beneficial in living standards — it's called gains from trade. We buy more cheaply. We sell goods that we have a comparative advantage in. And both sides gain from trade. Of course, we overdo it, because we overspend — but that’s a completely different thing. No one’s ripping off the United States by these numbers. I don’t know whether it's just rhetoric or ignorance or confusion, but it's unbelievably bad economic policy. It will come to no good. And incidentally, you mentioned rightly that tariffs are, of course, a tax. So who’s supposed to have authority over taxes? [Congress.] And Congress has nothing to say in this. This is a one-person show. What did we become in this country? Even King George wouldn't levy taxes without the British Parliament in the 18th century. So what happened to this country? Trump just says, 'Oh, it's an emergency,' and now we have one-person rule — and one-person rule on completely fallacious premises that don’t pass the first day of study of what a trade deficit is. I taught that for more than 20 years at Harvard University — what is a trade deficit, how does it relate to the excess of spending over production, how does it relate to the excess of investment in a country over a low saving rate? Well, none of this seems to register. No one asks a question. There isn’t a day of hearings. There isn’t any analysis. It’s a one-person show based on economic fallacies that are going to wreck our economy, wreck the world trading system. And I can tell you — all over the world, because I am talking with leaders all over the world, and recently in Asia — the words to describe this, you can’t say in polite company."

Jeffrey Sachs on how Joe Biden has been the most destructive president in American history, and how Donald Trump can repair the damage. (0:00) The Regime Change in Syria (8:48) What Is Greater Israel? (21:45) Were Americans Involved in the Overthrowing of Assad? (34:26) War With China by 2027 (40:22) Biden’s Attempt to Sabotage Trump (46:10) The Attempted Coup of South Korea (51:20) Jeffrey Sachs' Warning to Trump of Potential Nuclear War (55:18) Will We See the Declassification of the 9/11 Documents? (1:07:11) Will Trump Pardon Snowden and Assange? (1:16:43) The Most Important Appointment of Trump’s Cabinet (1:26:29) Biden’s Attempt to Kill Putin (1:35:58) Can Trump Bring Peace? (1:45:44) Is War With Iran Inevitable? (1:51:21) Why Corporate Media Hates Jeffrey Sachs Includes paid partnerships.

Taiwan is a part of China. My advice to Taiwan is don't become the next Ukraine. I said to the Ukrainians, don't become the next Afghanistan. I told the Ukrainians, you will be destroyed not by Russia, but by the United States. I often quote Henry Kissinger's quip when he said to be an enemy of the United States is dangerous. But to be a friend of the United States is fatal. What China wants is for the United States to stop bullying us. China is surrounded by U.S. military forces in Japan, in Korea, in the Philippines, throughout Southeast Asia. Harvard Economist Jeffrey Sachs Shocking Prediction for US China Relations in 2025