Trumps Trade War Is Painful

Regular Member Posts : 7317 Join date : 2014-07-29

February 7, 2020

Trump’s trade war is making American family incomes decrease by $1,277 a year: government

President Donald Trump’s trade war is projected to reduce the average family’s real income by $1,277, according to a new report from the Congressional Budget Office (CBO).

And despite Trump’s claim that his policies have led to historic economic growth, the CBO projects that the economy will grow by just 1.7% through 2030.

Trump had claimed that the economy would grow by 4 to 6% but growth has been barely over 2% in each of the last three quarters, slower than during the final three years of the Obama administration.

The CBO report is just the latest research showing the consequences to consumers from Trump’s trade war.

A 2019 New York Federal Reserve
report showed that the costs of the tariffs were passed on entirely to consumers in the form of higher prices with “no impact” on foreign exporters.

A report by economists on the Federal Reserve Board
published in December further showed that the tariffs hurt the manufacturing industry that they were intended to protect. The report found that the tariffs gave manufacturers a “small boost” but it was soon “offset by larger drags from the effects” of rising costs and retaliatory tariffs. As a result, manufacturing employment fell while prices to consumers continued to increase, causing a recession in the manufacturing sector for much of last year.

Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics,
predicted to the outlet that the annual cost to households could continue to increase despite Trump’s highly-touted new trade deals.

“For the average household it will be a net loss, no doubt,” he said. “It will be painful.”

The report also added that the tariffs “directly affect deficits and debt.” The report projected the federal budget deficit to increase to $1 trillion this year and will average $1.3 trillion per year through 2030.
The federal debt is projected to grow from 81% of the GDP in 2020 to 98% of the GDP in 2030 and 180% of the GDP in 2050.

Regular Member Posts : 176 Join date : 2019-02-03

Bullshit.

I work for a company that gets 60% of our steel from China.. we simply shifted suppliers and get most from Mexico now.

It has impacted no ones take home pay and has not affected anyones employment status

Subject: Re: Trumps Trade War Is Painful Thu Feb 13, 2020 6:24 pm

elsewhere, FRW wrote:: Trump may be the most accomplished President in our nation's history:

1) He got conservative judge Neil Gorsuch and Brett Kavanaugh on the Supreme Court.
2) The stock market is at an all-time high.
3) Consumer confidence is at an all-time high.
4) He created millions of jobs by undoing Obama’s regulations.
5) Mortgage applications for new homes is at a 7 year high.
6) Unemployment rate is at a 50 year low.
7) Signed the promoting women in entrepreneurship act.
8 ) Gutted over 800 Obama era regulations thus freeing up companies to hire again and get the economy moving once again.
9) Ended the war on coal and caused a new mine for coal mining to open that will mine clean coal. He also put the miners back to work.
10) Weakened Dodd-Frank regulations.
11) Promotes buying and hiring American.
12) Investments from major businesses such as Foxconn, Ford ,Toyota, Intel and others will build here now.
13) Building the border wall as promised.
14) Fighting against sanctuary cities.
15) Changed the rules of engagement against ISIS.
16) Drafted a plan to defeat ISIS.
17) Worked to reduce the cost of the F-35 fighter jets.
18) Imposed a five year lobbying plan.
19) Sanctioned Iran over its’ missile program.
20) Responded to Syria’s use of chemical weapons.
21) Reduced tax reform plan.
22) Renegotiated NAFTA and replaced with the USMCA.
23) He withdrew from the Trans Pacific Partnership thus keeping jobs here.
24) He pulled us out of the Paris Climate Accords thus saving us millions of dollars every year.
25) Created a task force to reduce crime.
26) The DOJ is targeting dangerous gangs like MS-13.
27) Signed independence and economic growth law.
28) Signed an executive order to protect police officers and target drug cartels.
29) Signed an executive order for religious freedom.
30) His administration is working on sending education back to the states.
31) He’s fixing the dept. of Veterans affairs so now vets can choose their own doctors and be covered. This also protects whistle blowers and allows VA to terminate bad employees.
32) Authorized construction of the Keystone and Dakota pipelines. The Dakota pipeline is up and running without harming the environment.
33) Created commissions on election fraud and opioid addiction.
34) Food stamp use is the lowest level in decades along with government dependency.
35) Reduced the White House payroll saving taxpayers millions of dollars.
36) Has donated his Presidential salary to various causes.
37) Signed over 52 pieces of legislation.
38) Cut 600 billion from UN peacekeeping mission.
39) Gas prices lowest in more than 12 years.
40) Making NATO allies pay billions of their fair share of dues owed.
41) Signed Criminal Justice Reform, “First Step Act"."
42) Negotiated the USMCA trade deal with Mexico and Canada and eliminated the disastrous NAFTA.
43) Brokered the biggest trade deal in history between the United States and China.

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