Fed up with high prices and unimpressed with an economy that by just about any measure is a healthy one, Americans demanded change when they voted for president.

Summary

Americans, frustrated with high prices despite a strong economy, voted for change with Donald Trump’s election. Trump promises to reverse Biden-era policies, vowing steep tariffs, tax cuts, and mass deportations.

Economists warn his plans could worsen inflation, increase the federal deficit, and destabilize growth. The Peterson Institute predicts Trump’s tariffs could drive up costs for American consumers, while deportations could shrink GDP by $5.1 trillion.

His proposed tax cuts could add $4.1 trillion to the deficit, while economists question his willingness to address fiscal imbalances through spending cuts.

  • TransplantedSconie@lemm.ee
    852·
    23 days ago

    Sorry, folks! Only inflation, death, and Great Depression 2.0 ahead. Moose out front should have told, ya.

  • Zier@fedia.io
    62·
    23 days ago

    Economic change will come. Food +15-35% Imported goods +20-45% Taxes will rise Wages will stagnate Unions will be busted Social services will be discontinued

    • jonne@infosec.pub
      112·
      23 days ago

      If tariffs are instated, unions will gain a huge amount of leverage in those industries domestically, even with a hostile NLRB.

      • WhatAmLemmy@lemmy.worldEnglish
        181·
        22 days ago

        You think fascists aren’t going to criminalize unions? The constitution, rule of law, precedent… None of these arbitrary barriers mean anything to tyrants, especially tyrants with no checks ave balances; commanding the most advanced war machine in history.

        All of this has happened before, and ~100 million people were murdered or killed. That’s the equivalent of 400-500 million today. Europe and Asia were leveled. Nobody had nukes until the final 2 months, and those were all of the nukes in existence. Today there are several thousand.

        • jonne@infosec.pub
          3·
          22 days ago

          A general strike is basically the only check left, and it’s definitely not going to be pretty. But it’s not like there’s anything else you can count on, the courts are in his pocket, police love Trump, Congress will enable him, so it’s unions or there’s nothing else left.

      • twistypencil@lemmy.world
        8·
        22 days ago

        Except they won’t be able to exercise that leverage for years, bringing manufacturing home is not just flipping a light switch. We don’t even have basics

        • jonne@infosec.pub
          2·
          22 days ago

          Yeah, of course. Some industries were already starting the onshoring though, and there’s going to be a ton of lobbying by industries to actually not implement those tariffs, so we’re not even sure this is going to happen.

  • P_P@lemm.eeEnglish
    543·
    23 days ago

    They are going to miss the shit out of Biden before long.

    Prices are already going up and layoffs are already starting in anticipation of the tariffs.

    All the while, Trump and his rich buddies are going to rob us blind.

    I wonder what the new social security retirement age is going to be.

  • inclementimmigrant@lemmy.world
    432·
    23 days ago

    I am too, which is why am buying appliances I’ve been putting off and a gaming PC before the end of the year and getting my garden ready to go and got my deep freezer full of food.

    Oh just to share the phyrric victory of Trump’s last round of tariffs.

    https://taxfoundation.org/blog/international-trade-commission-tariffs/

    TLDR:

    Through one lens, the tariff policy was a success. Imports of washers declined steadily between 2017 and 2022. The ITC reports that imports were 90 percent lower in 2022 than they were in 2017. As a consequence, the “domestic industry gained market share and improved its financial performance during the 2018-22 period,” the ITC determined.

    The irony, however, is that the entire increase in domestic market share was driven by washers made by Samsung and LG in their new U.S. factories. The fortunes of the incumbent domestic manufacturers not only failed to improve—they continued to decline.

    …

    The results suggest that cheap imports were not the problem for incumbent domestic producers who sought protections, nor were the protectionist tariffs the solution. Incumbent producers proved unable to compete before and after the protections.

    • AdamEatsAss@lemmy.world
      102·
      23 days ago

      In the case of the washers it still generated USA based jobs. I think the major concern is things that aren’t manufactured in the USA atscale or at all. Computer chips come to mind with the majority being imported. It’ll take time to build factories and train workers.

      • jonne@infosec.pub
        20·
        23 days ago

        The CHIPS act already kicked off that process. Of course Trump will take credit for it once those factories are online in a few years.

      • inclementimmigrant@lemmy.world
        12·
        22 days ago

        The point of that Trump tarrif plan was to bolster the current American company manufacturing and did nothing but cost American manufacturing companies and the continued decline of actual American companies.

        This cockamamie plan for blanket tariffs isn’t going to produce anything close to washers and like you said chips.

        Speaking of computer chips, which Biden/Harris spurred on with the CHIPS Act with a TSMC plant in Arizona, that has problems getting skilled workers, we import a lot of raw materials to produce then as well as higher cost of labor. Add tariffs.

        Now think of food, we actually export a ton of it. Now think about tariffs, those going down just like with Trump tariffs when other countries retaliated in the trade war, costing billions.

        We import a shit ton of food, both in season and out of season, why do you think we still have tomatoes in winter. Blanket tariffs and good luck bringing that back that never existed.

        Same goes for clothing, shoes, we don’t make those we don’t have the factories, labor, or enough raw materials. Tariffs.

        I’m not against targeted tariffs, they can produce results, though like above might not be what you actually wanted, but this trumpian fever dream isn’t a smart idea.

      • asret@lemmy.zip
        2·
        21 days ago

        Another concern is just where the labor is supposed to come from

        The USA unemployment rate is currently below the long term average and they’re planning for mass deportations.

        What are they going to give up doing in order to restart basic manufacturing?

    • CharlesDarwin@lemmy.worldEnglish
      2·
      22 days ago

      which is why am buying appliances

      I half wondered if the market spiked so much because some people expect a huge uptick in spending (for the next two months) by people that are bracing for the tariff impact.

    • twistypencil@lemmy.world
      17·
      22 days ago

      Fwiw, appliances and computers have not really been affected by inflation, it’s more housing, health care, childcare, groceries and gas

      • SkunkWorkz@lemmy.world
        12·
        22 days ago

        Trump’s tariffs will impact appliances and computer parts. All that stuff is made abroad and most brands are foreign brands and the Chinese brands will get taxed even higher.

      • inclementimmigrant@lemmy.world
        11·
        22 days ago

        So

        1. We’re not talking about inflation due to COVID and corporate price gouging, we’re taking about tariffs.

        2. Appliances and computers would suffer from tariff-induced inflation because the parts come from China and elsewhere not the US.

        3. Housing was affected, mostly new home prices, with his Canadian lumber tarrifs. Which is another story of tarrifs not always working as intended.

  • bquintb@midwest.socialEnglish
    362·
    23 days ago

    It’s hilarious how gullible right wing losers are. They really think Trump gives a shit about them. Numbskulls

    • neomachino@lemmy.world
      21·
      22 days ago

      People genuinely don’t understand this and it’s scary.

      I feel like I’m going crazy explaining what a tariff is to people over and over who have never heard the word before but are praising it as a way to make everything cheaper and boost our economy

      • CharlesDarwin@lemmy.worldEnglish
        10·
        22 days ago

        The same dumb-dumbs think Elon is both a brilliant businessman in the way he’s running Xitter (now worth 80% less. I don’t have an MBA, but I think that might not be a good way to run a business), AND think he would be just perfect for “fixing” our “wasteful” government spending.

        SMH.

  • Billiam@lemmy.world
    22·
    22 days ago

    Prices will come down in two weeks everyone. Just like their infrastructure plan, their ACA replacement, his taxes…

    • CharlesDarwin@lemmy.worldEnglish
      5·
      22 days ago

      They’ll come down even before he is in office, because “the markets anticipate his miraculousness, you silly libs!”

  • ALoafOfBread@lemmy.ml
    16·
    22 days ago

    Hmmmm what do you call it when you STAGnate the economy (like by shrinking it $5.1T) and cause inFLATION (by returning to fucking mercantilist economic policy)? Sounds so familiar…

  • astrsk@fedia.io
    15·
    23 days ago

    Get your PC parts now while you can. You’ll regret sitting on that new video card or ram upgrade in a few months.

  • twistypencil@lemmy.world
    10·
    22 days ago

    The economic situation is a 50 year problem. Since 1973 the bottom half of Americans wages went up only $3 despite inflation. Good luck Trump, you won’t get through this trap you have set for yourself