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Economy

Emperor Palpatine would love Trump’s U.S. FART Act

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Ever since Trump officially launched his self-declared trade war earlier this year, countries around the world have been lining up to retaliate against his arbitrary use of tariffs—the Senate Finance Committee recently called it “knee-jerk impulses”—in his pursuit to advance his anti-free trade, protectionist agenda.

In January, Trump lobbed the first economy-killing grenade when he imposed tariffs on imported solar panels and residential washing machines. Weeks later Trump launched a second round of attacks with across-the-board tariffs of 25 percent on steel and 10 percent on aluminum.

Following the second round of attacks, Trump’s trade advisor Peter Navarro appeared on FOX Business Network to assure America that Trump knew what he was doing and that fears of a trade war were misplaced because no country would dare retaliate for Trump’s tariffs.

Obviously, with retaliatory tariffs being leveled by Canada, China, Mexico, and the EU, Navarro was not only wrong in his conclusion, but we now find ourselves in the throes of a trade war, with casualties here at home such as we witnessed recently with Harley Davidson’s announcement to move some production overseas to avoid tariffs.

Additionally, the price of steel has doubled, causing layoffs and possible business closures for smaller businesses. For example, last week Mid-Continent Nail announced layoffs for 60 of its 500 employees and may be forced to relocate to Mexico to survive Trump’s trade war.

But don’t worry. Trade wars are “good” and “easy to win.”

Already guilty of abusing his authority to level tariffs—he can only do so as a matter of national security—and in true “Damn the torpedoes! Full speed ahead!” fashion, Trump is working on a bill he hopes Congress will consider that would shift tariff powers from the legislative branch to the executive branch.

The U.S. Fair and Reciprocal Trade Act would give the president power to level tariffs anywhere, anytime, and for any reason. Former White House Communications Director Anthony Scaramucci refers to Trump’s proposal acrostically, calling it the U.S. FART Act because it “stinks.”

Personally, I think a better nickname for it is the Emperor Palpatine Act because it gives Trump…

I would like to believe, as the editorial board of National Review does, that Congress would never consider surrendering its Article 1, Section 8 power to “lay and collect Taxes, Duties, Imports, and Excises” to any president, especially Trump. But when you consider that they already allow Trump to abuse his authority to impose tariffs—national security, remember?—not to mention that efforts to rein him in have been shot down by Mitch McConnell and other Republicans sold out to Trumpism, I’m not so sure FART wouldn’t fly if given its wings.

Case in point: We need only remember how Sen. Bob Corker (R-TN) successfully led the charge to surrender the Senate’s Constitutional authority to approve treaties to Obama during the Iran deal to know just how feckless Republicans can be when dealing with unpopular issues.

Originally posted on The Strident Conservative.

 


David Leach is the owner of The Strident Conservative. His daily radio commentary is distributed by the Salem Radio Network and is heard on stations across America.

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Economy

Thomas Sowell makes a clear point about Medicare-for-All

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Thomas Sowell makes a clear point about Medicare-for-All

How was the left able to take heat away from their Medicare-for-All proposal, and more specifically the estimated $32 trillion price tag over a decade? They tripled down with the Green New Deal, which some estimate would cost upwards near $100 trillion.

So, the price tag of the Democrats’ desired replacement for utterly failing Obamacare is to take current government control over healthcare and put it on a regiment of steroids and methamphetamine. When you’re going through Hell, keep going, I suppose.

But all of this could be alleviated if voters and politicians took a moment to think about the prospects of Medicare-for-All logically. Let’s erase, for a moment, the Utopian notion that taxing rich people extreme amounts will give us enough money to make healthcare free for everyone while also improving the quality. That’s the goal, right? Cheaper, better healthcare is what most people want. Conservatives believe it’s best to pull government administration out of the equation and put it all on a competitive capitalist model that has worked for nearly every other industry for over a century. Hyper-leftists want to add more government control.

Conservative commentator Thomas Sowell has some thoughts on the matter. One in particular can be wrapped up into an eloquent quote that should be ideological checkmate allowing us to win the healthcare debate.

“It is amazing that people who think we cannot afford to pay for doctors, hospitals, and medication somehow think that we can afford to pay for doctors, hospitals, medication and a government bureaucracy to administer it.”

Of course, our version of checkmate requires common sense, logic, and basic math skills. These attributes aren’t as readily present on the left, therefore they might hear this logic and still think single-payer makes sense.

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Democrats

Bernie 2020, the union: How organized labor is the latest play for primary points

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Bernie 2020 the union How organized labor is the latest play for primary points

When one Democratic candidate goes to the left, the other candidates lurch to match. We’ve seen it in support for the Green New Deal, Medicare-for-All, and super-high tax rates for the rich. We’re about to see it in regards to organized labor as Bernie Sanders’s campaign has become the first group in presidential campaign history to form a union.

My Take

Whether this was a decision by campaign leadership to demonstrate their boss’s leftist credibility or of they’re simply being the leftists that they are, we can’t be sure. In fact, we’ll almost certainly never know. Either way, it’s done and now all of the other leftist campaigns have to respond.

Expect every major campaign team to unionize soon. It’s not because it will make them more effective. It won’t help them get better benefits or retain their jobs for longer term since the organization will fundamentally change following the election. All it will do is allow them to make the claim they’re so pro-union, they’re willing to accept the lost productivity associated with organized labor.

This is quickly becoming the most symbol-driven primary election season we’ve seen in decades, perhaps ever. It would all be very entertaining if it weren’t so dangerous to the American psyche.

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Economy

Busted: The myth that old 90% tax rates actually worked

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Busted The myth that old 90 tax rates actually worked

One of the favorite tactics for the new Democrats to push their idea of super-high taxes on the rich is to invoke Dwight D. Eisenhower. They say even a Republican President once believed in high taxes on the rich, a time in which the highest tax bracket was 90%.

John Stossel an economic historian Phillip Magness debunked the myth that rich people actually paid the extreme tax rates of the past in this video. As usual, Democrats have selective memories when it comes to anything they want to press.

Back in the days of high taxes for the rich, there were enough loopholes intentionally left open for them to cut their actual tax rates tremendously. According to Magness, the actual average rate paid by millionaires back then was around 41%. With fewer loopholes available today, the highest tax bracket of 37% is close to what is actually paid by those earning the most money. But what would happen if the high tax rates of the past were combined with the lack of loopholes of today? We’d have an economic collapse that would hit so swiftly, there’s no way Democrats would have time to react.

The bottom line is this: the best producers in America will no longer have an incentive to produce here. Some would leave. Others would simply stop producing. It’s easier for them to reduce their revenue and live off their accumulated riches than to earn money for the government to take. Even at a “more reasonable” 70% tax rate, as proposed by some of the top Democrats today, the increase would be too great for most wealthy Americans to bear. We saw this play out in France. We could see it play out here if the Democrats get their way.

Fighting the talking points of the left is one of the biggest reasons conservative sites like NOQ Report exist. We call on those who want to help prevent the rise of socialistic ideas to contribute to us; as a news outlet that is crowdfunded, you’ll notice a conspicuous lack of spammy ads that you find on other sites. This is intentional and allows us to reach a broader audience with the conservative truth.

Democrats love pretending like raising taxes on the rich will solve all of our problems. They know it’s not true, but it certainly sound good in campaign speeches. This isn’t really a tax grab. It’s a power grab designed to confuse the people.

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