During a bizarre and combative interview with Bloomberg editor-in-chief John Micklethwait at the Economic Club of Chicago yesterday, Donald Trump refused time and time again to acknowledge the negative effects his economic policies could have on American consumers, industries, and the economies of our allies abroad.
According to new reporting from the Washington Post, economists warn that Trump’s proposals would “likely raise prices, hurt the stock market and spark economic feuds with much of the world.”
Trump has repeatedly said he plans to impose across-the-board tariffs as high as 20% on all imports coming into the U.S. and a massive tariff of 60% on all Chinese imports.
Independent studies have found that Trump’s proposals would raise taxes for the typical American family by up to $3,900 a year.
Sixteen Nobel Prize-winning economists signed a letter in June warning that Trump’s proposal would “reignite’’ inflation, which is nearly back to levels sought by the Federal Reserve after peaking a few years ago.
It’s not just tariffs that pose a dangerous threat to the economy. Last month, the Peterson Institute for International Economics predicted that Trump’s plan to deport millions of people, coupled with his terrible economic proposals, would shrink the economy while driving consumer prices higher and spiking inflation between 6% and 9.3%.
The same study found that a mass deportation operation as Trump describes would cost an estimated total of at least t$315 billion. The study emphasizes this was a conservative estimate that didn’t account for the long-term costs of sustained mass deportation or the additional costs of removing millions of people in a singular operation.
The Peterson Institute also estimated the cost of a program aiming to arrest, detain, process, and deport one million people per year “would average out to $88 billion annually, for a total cost of $967.9 billion over the course of more than a decade.”
Published: Oct 16, 2024 | Last Modified: Oct 20, 2024