Brunswick Beacon, 10.17.24
On October 9, the Consumer Price Index reported that inflation dropped to 2.4%, even lower than Trump’s 2.5% rate in January 2020 before COVID shut down the economy. The Dow Jones and S&P 500 stock indexes closed at record highs.
Trump would flush all that away. His 60% tariff on Chinese imports and 10% tariff on imports from other countries ignores the fact that tariffs are sales taxes passed on by importers as price increases paid by consumers. The American Action Forum, a center-right think tank, estimates Trump’s sales tax will cost you another $3650-$4300 every year.
Sixteen Nobel-Prize-winning economists condemned Trump’s proposals, warning that his national sales tax and “fiscally irresponsible budgets” will raise prices and reignite inflation. They credited the Biden/Harris administration’s policies with “lowering long-term inflationary pressures” and called them “vastly superior.”
Trump and Project 2025 propose merging airlines and oil companies creating more monopolies, eliminating competition, increasing prices and reigniting inflation.
Trump would scrap the Biden/Harris Administration’s renewable energy efforts. That would pump more greenhouse gases into the atmosphere, make climate change worse, increase costly and deadly climate disasters like Hurricanes Helene and Milton, and reignite inflation.
Trump would deport millions of immigrants employed in construction, agriculture, and food preparation, causing an economic collapse.
The US economy is the envy of the world. The dollar accounts for 60% of global foreign exchange reserves. Trump wants to squander that by devaluing the dollar to fight a trade war that will make us pay more for imports and reignite inflation.
Trump’s niece says he paid someone to take his SATs. Trump’s former professor at Wharton said “Trump was the dumbest student I ever had.” Trump’s Treasury Secretary Steven Mnuchin called Trump an “idiot.”
We should listen to sixteen Nobel-prize-winning economists instead of Donald J. Trump.
Nancy Briganti
Carolina Shores
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