Liberation Day

[Flyjunky]

Seems we have some real international economic geniuses in this rokslide thread. How come none of you are in charge of this country? Sure seems like you know better than everyone what and how things should be done. Too bad you also didn’t make some noise the last 4 years as well.

 

[TaperPin]

So what would your strategy be to dig the US out of the financial hole that past generations have now put us in.

We have the strongest economy in the world. You’ve been told we are victims, to act like victims, to feel like victims, like we’ve been financially victimized in the strongest most prosperous economy in the world, and trade imbalances are the enemy. We had been doing really well.

Trade imbalances aren’t the enemy. Look at trade between states - do you feel victimized because your state has a trade imbalance with another state? Does that wreck the economy of a state because they produce more or less than you do? No, that would be an illiterate argument.

Free trade with equal amounts of tariffs makes sense, but why follow someone who can’t even calculate what that parity is? Using an AI to do homework isn’t allowable in junior high school, inaccurate tariff history presented as fact is lazy in any classroom, and telling you to not question it doesn’t hold water in this house. We teach kids to think, not be gullible, have agency of your life and don’t let anyone convince you you’re a victim.

 

[Idaboy]

Seems like big tariffs are big government

 

[DangerRanger]

How come no one is championing this effort as a kick in the balls to the wealthiest 1%, who undoubtedly consume more than us regular joes? It's a tax on them just as it is a tax on us. A tax they can't avoid.

How would it be?

If a human can live wonderfully on 50k and Joe makes 55k any change in utility cost is a lot worse than if they make 50 million

 

[TaperPin]

Seems we have some real international economic geniuses in this rokslide thread. How come none of you are in charge of this country? Sure seems like you know better than everyone what and how things should be done. Too bad you also didn’t make some noise the last 4 years as well.

You think opinionated people just go radio silent based on political party? If something is stupid it’s stupid. Biden did plenty of dumb stuff, but there wasn’t chaos with hyperactive decision changes and flip flopping, and the economy recovered from Covid better than any economy in the world. Did he overspend? You bet. Was he too old? You bet. His VP wasn’t electable and some of us complained about that before Biden was in office. While some were laughing at memes of Bud Light, some of us were complaining about foreign ownership of US ammo makers. While some were cheering on Margery Tailor Green for being obnoxious, some of us were complaining loudly about the house having the all time record for getting the least amount of work done. Teaching kids to not be gullible includes scrutinizing every politician the same, local, state and federal.

 

[Flyjunky]

Seems like big tariffs are big government

Seems like some want to stop getting our balls kicked and giving away our money while others want to go to court and start riots when they can’t get their way.

 

[Dos Perros]

The reason billionaires are cheering from the sidelines is the administration is going to use tariff income, which is primarily paid by the working class, to offset tax breaks for that top 1%. It’s not a secret - look into the budget and how large the tax breaks for the wealthy are. Billionaires have used conservative talk radio, pod casts, NewsMax, Fox News, X and Truth to convince followers it’s a great idea to give them tax breaks. Anyone that says don’t believe anyone except for me, give me blind loyalty, distrust everyone else, sacrifice your own well being, and put down anyone who disagrees is convincing you to be gullible.

They don’t pay taxes anyway tho I thought?

 

[Idaboy]

Seems like some want to stop getting our balls kicked and giving away our money while others want to go to court and start riots when they can’t get their way.

I wasn't implying, nor believe, either of those approaches are helpful....we can do the autopsy in a few years and see how this works out....in the meantime, looks like time to go shed hunting

 

[Dos Perros]

Average joe foots the bill and pain, every time

No…the headlines drive clicks.

Most of us aren’t changing our investment strategies a lick. The boring ones of us at least. The market will always have downturns. Once you accept that it’s easier to ride them out.

 

[Ten Bears]

the same handful of clearly retired, jobless, or federally employed brainwashed posters rambling on daily is getting old.

 

[Dos Perros]

How would it be?

If a human can live wonderfully on 50k and Joe makes 55k any change in utility cost is a lot worse than if they make 50 million

That’s true, it’s not a progressive tax.

But what if the tariffs enable a progressive tax cut?

 

[KurtR]

We have the strongest economy in the world. You’ve been told we are victims, to act like victims, to feel like victims, like we’ve been financially victimized in the strongest most prosperous economy in the world, and trade imbalances are the enemy. We had been doing really well.

Trade imbalances aren’t the enemy. Look at trade between states - do you feel victimized because your state has a trade imbalance with another state? Does that wreck the economy of a state because they produce more or less than you do? No, that would be an illiterate argument.

Free trade with equal amounts of tariffs makes sense, but why follow someone who can’t even calculate what that parity is? Using an AI to do homework isn’t allowable in junior high school, inaccurate tariff history presented as fact is lazy in any classroom, and telling you to not question it doesn’t hold water in this house. We teach kids to think, not be gullible, have agency of your life and don’t let anyone convince you you’re a victim.

Do we have the strongest economy? Or is it built on a house of cards? If we had such a strong economy why are we in debt as much as we are. This is a problem that both parties are mutually responsible for. It started way before biden and before even Regan.

So do you believe the route we have been on is sustainable for the next generations or does some thing need to change?

 

[DangerRanger]

That’s true, it’s not a progressive tax.

But what if the tariffs enable a progressive tax cut?

The ones passed on mostly to general consumers?

That will be even better for the highest class.

 

[GSPHUNTER]

As with everything, I just have wait and see a wait and see attitude. First off the stock market doesn't like the tariffs, but there will likely be an adjustment in the coming days as the initial shock wears off. We can only hope this will stimulate US economy and bring jobs back, If not, Trump and the republicans will take a big hit come midterms.

 

[Poser]

Seems we have some real international economic geniuses in this rokslide thread. How come none of you are in charge of this country? Sure seems like you know better than everyone what and how things should be done. Too bad you also didn’t make some noise the last 4 years as well.

Well, that's thing -it doesn't require an economic genius to look at the arithmetic behind the tariffs and realize they are, at best, simplistic and, at worst, the product of idiots. You could have assigned a tariff reasoning project to a 10th grade economic class and came out with more logical and systematic reasoning. Nor does it require an economic genius to ask why the hell are we now tariffing coffee when we can't produce coffee. Nor does it take an economic genius to examine the history of tariffs in the US and question the end results of such measures, particularly when stacked up against the resulting Great Depression (You might also consider the government programs (aka spending) it took to get the US out of the Great Depression). It doesn't take a genius to look at the trade deficits of countries roughly the size of some US states and conclude why they may very well import less than they export and, if there is an issues, perhaps negotiate trade agreements that address specific trade concerns without resorting to blanket tariffs.
None of what has transpired in the last 24 hours is the product of genius: these aren't genius economics so it doesn't require genius level analysis.

 

[jimh406]

I get that a few people think they know how this ends. However, there are leaders involved from all countries that can choose how they react. If what I'm hearing is correct, all countries are heavily dependent on the US economy.

So, I'm in the wait and see camp. I believe the old adage that stocks aren't for the short term. I would rather have a stronger economy in general for decades than plugging along like we were getting more behind every year. We were due a reset.

 

[JustABritCrazy]

Well I’ve been liberated of about 15 grand so far. Someone asked how do we ourselves out of this economic house of cards. Simple start paying our bills. Want to reduce interest payments, pay down the principle. Government has three basic ways to raise money. Print it, use taxes and of course tariffs. Printing money doesn’t work, Germany tried that between the wars. So that leaves taxes and tariffs. As much as I hate paying taxes, that track is the only reasonable way out of this hole. Instead of a tax cut everyone gets an increase, whatever money is generated is directed to the debit principle. In the meantime do surgical cuts to the budget, not the sledgehammer we have been seeing reducing our costs. I’m out of money either way, but at least this way willl make the country stronger in the future. As long as the idiots in Congress don’t use the new revenue to feed the pigs at the trough. Once the debit is reduced to a certain point, stop the tax increase. When I needed extra money I got a second job and reduced my costs. All of this of course means Congress has do its job and make unpopular decisions. I pretty much dispise all politicians, particularly the bunch currently running things, so flame away

 

[TaperPin]

Smoot-Hawley tariffs in the 1930s should be looked at for those who believe tariffs worked so well. 1000 economists opposed it and its passing ended up costing Republicans the presidency and both houses.

Smoot–Hawley Tariff Act - Wikipedia

en.wikipedia.org

 

[jimh406]

Smoot-Hawley tariffs in the 1930s should be looked at for those who believe tariffs worked so well. 1000 economists opposed it and its passing ended up costing Republicans the presidency and both houses.

Interesting history, but I don't think you can compare the economy of the 1930s to the economy of today.

What Is a Tariff? | HISTORY

Tariffs have been used to bring in revenue, protect domestic industries from foreign competition and cooperate or retaliate against other nations around the world.

www.history.com

 

[jimh406]

Well I’ve been liberated of about 15 grand so far.

Not unless you sold.