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Trade war one-year anniversary: A hopeless economic hell

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Trade war one-year anniversary A hopeless economic hell

America is about to “celebrate” the one-year anniversary of the start of Trump’s trade war.

On January 22, 2018, the man with more business failures than successes — including four bankruptcies — began his assault on the U.S. economy by imposing YUGE tariffs on solar panels and washing machines manufactured outside the US.

The case for tariffs on washing machines was pushed by Michigan-based Whirlpool chairman Jeff Fettig who claimed that tariffs would create new manufacturing jobs in several Midwest states.

“This is a victory for American workers and consumers alike,” Fettig said, despite historical evidence that tariffs create few jobs and always result in higher prices — a point made by Sen. Ben Sasse (R-NE) at the time. “Moms and Dads shopping on a budget for a new washing machine will pay for this — not big companies.”

So, on this one-year anniversary, was Sasse correct? Yep! 100 percent!

Samsung North America CEO Tim Baxter said in a recent interview with FOX Business that Trump’s tariffs have had a negative impact on the prices of Samsung products.

The industry actually ended up after the imposition of the section 201 [tariffs] about a $100 price increase on literally all laundry products. So, a category that was growing with the GDP is actually contracted in 2018.” (Emphasis mine.)

Did you notice he said that “the industry,” not just Samsung, had increased prices? Did you also notice that the industry “was growing” before Trump started his trade war?

By the way, the word “contracted” should be setting off alarm bells. When enough segments of an economy contract over a period of time, you end up with a recession.

Now that the full impact of Trump’s trade war is being felt, we’re beginning to see that he is hurting many sectors of the economy. Here are just a few areas making the news recently:

  • U.S. manufacturing slowed to a six-month low in October
  • Farmers are being crushed by China’s retaliatory tariffs
  • The housing market is showing signs of slowing down due to the rising cost of labor and materials
  • U.S. steel prices are now the highest in the world
  • Automakers Ford and GM are cutting jobs and shuttering plants due to high steel prices and slow sales

According to recent estimates by the National Taxpayer’s Union Foundation, the annual cost of Trump’s tariffs on consumers will be $41.65 billion next year and will exceed the taxes Americans will pay for Obamacare ($34.6 billion)

For those of you hoping that Trump will realize the error of his ways and reverse course, let me quote the sign hanging over the entrance to Hell from Dante’s Inferno. “Abandon all hope, ye who enter here.”

It was recently announced that Trump will use his upcoming State Of The Union address to urge Congress to pass new legislation expanding his trade war powers. The proposal will give Trump more authority to raise tariffs without Congressional approval and already has the support of key Republicans.

You know, quoting Dante was more appropriate than I realized. Trump’s trade war is creating an economic hell, and it looks like we should abandon all hope that he’ll be stopped.

Originally posted on StridentConservative.com.

 


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

U.S. poverty falls to lowest level since 2007 and media’s response is downright comical

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US poverty falls to lowest level since 2007 and medias response is downright comical

Did you hear that the poverty level fell below where it was prior to the economic collapse twelve years ago? Probably not, because legacy media doesn’t want you to hear about that. They don’t want you to realize the economy is in better shape than it’s been in decades. They don’t want you to look at your paycheck and bank account and realize you’re doing better now than you’ve done in a long time, perhaps ever.

They don’t want you to know this because if you realize you’re doing better, you’re more likely to acknowledge much of this is due to President Trump’s first term in the White House. If you reach the conclusion that your personal prosperity and the prosperity of those around you is better than it was before, you will be more inclined to vote for President Trump and other Republicans in the 2020 election. The media and their cronies in the Democratic Party can’t have that, so they bury stories like these.

But even when they report it, they do so in a way that is so biased, so hilariously tilted, one might read a story about how poverty is now low and come out of it thinking the economy is tanking as we speak. That’s how radically unhinged the reports have been, taking reality and attempting to morph it into their own version that paints a much grimmer picture.

This article from NPR starts off basically saying things are bad even though they’re good. It’s pure doublethink as part of their (attempted) Orwellian control over the collective consciousness of this nation.

U.S. Census Bureau Reports Poverty Rate Down, But Millions Still Poor

The U.S. poverty rate declined slightly last year, but finally fell below the 2007 level, right before the Great Recession pushed millions of Americans out of work and into financial distress.

The improving economy was a key factor in the decline. The U.S. Census Bureau noted in its annual report on income and poverty that there were 2.3 million more full-time, year-round workers last year and that median earnings for all such workers rose by more than three percent.

Amid these positive signs, the bureau reported separately that the number of people in the U.S. who did not have health insurance rose from 25.6 million people in 2017 to 27.5 million in 2018. That included 4.3 million children. Health advocacy groups called the increase extremely troubling and blamed declines in Medicaid coverage, especially for Hispanic children and children under the age of six.

Even when reporting great news for Americans, mainstream media does everything in its power to convince people it’s all just awful. “You’re not really prospering,” they’ll tell you. They torture the numbers until they say what they want them to say.

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Democrats

California, the birthplace of the gig economy, passes bill to kill it

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California the birthplace of the gig economy passes bill to kill it

There was a dream that sparked the formation of companies like Uber, Lyft, GrubHub, and other early adopters of the “gig economy.” The dream was simple and elegant: Connect consumers with people willing to serve. Apps were created. Lifestyles were adjusted. The convergence of digital and mobile technologies had given birth to a way of doing business that hadn’t been possible before.

Today, California legislature moved to taint the basic premise of the gig economy by taking the “gig” out of the mix. They moved to force companies like Uber to accept those taking advantage of their service from the provider end as employees.

Bill to limit gig economy now heads to Gov. Newsom’s desk

California lawmakers have sent the governor a bill that would give new wage and benefit protections to workers at so-called gig economy companies such as Uber and Lyft.

The 56-15 Assembly vote Wednesday marked a victory for labor unions and a defeat for tech companies that vehemently oppose the proposal.

Democratic Gov. Gavin Newsom has already said he supports it.

This flies in the face of why and how the gig economy was built in the first place. It treats gig workers as victims, as if they were forced to embrace the lifestyle and somehow need protections like indentured servants. And while many of these workers are celebrating the move, many will very likely find out the repercussions were not what they were promised by Democratic lawmakers.

There is no way companies like Lyft and GrubHub can continue to do business the way they’re currently doing it, nor at the costs they currently offer, thanks to this asinine legislation. It will force artificial raises in “wages” that were agreed upon by the workers in the first place. This will drive up prices to consumers, which will limit their usage. As fewer people call for an Uber, drivers will find their win was a great big loser for them.

But it’s a win-win for labor unions. It’s a win-win for Democrats. It’s a win-win for everyone other than anyone who uses the services or is employed by them.

In other words, the vast majority of Californians will lose as a result of this labor union victory.

This flies in the face of what the gig economy means to America. By inserting more government control, there will be repercussions felt by the companies, their users, and the workers who were supposed to benefit from this move.

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Economy

Record-low black unemployment cheered by black activists

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Record-low black unemployment cheered by black activists

Project 21 members credit Trump economic policies for increased minority opportunity.

Washington, D.C. – Black unemployment and the black-white employment gap have fallen to the lowest levels ever recorded, and members of the Project 21 black leadership network are cheering the economic policies of the Trump Administration for ushering in historic levels of opportunity and equality for black Americans.

“Love him or hate him, this is an incredible economic accomplishment for the President and a tremendous benefit for American blacks,” said Project 21 member Derryck Green.

Along with a reported third straight month of 3.7 percent overall unemployment, the federal Bureau of Labor Statistics (BLS) August jobs report noted that the overall black unemployment rate fell half-a-percent to 5.5 percent. This is the lowest black unemployment rate ever recorded. BLS began reporting employment statistics by race in 1972. And with overall white unemployment at 3.4 percent, it is also the smallest reported gap between the races ever in terms of joblessness. Until recently, the racial employment disparity between blacks and whites has generally held to a 2-1 margin.

“Once again, unemployment among blacks has reached a record low, ” remarked Project 21 Co-Chairman Horace Cooper. “Before his first term is over, President Trump’s high-growth/low-tax/limited regulatory policies will have set more high employment records than Obama’s slow-growth/high-tax/high regulatory policies could in eight years.”

In addition to black Americans, drops in unemployment have also been seen among Hispanics, Asian-Americans and other groups.

“A strong U.S. labor market and flourishing industries have contributed to unemployment nationwide being near a 50-year low. Many who have previously been left out of the workforce – including women, minorities and workers with disabilities – have all seen gains during the Trump Administration,” said Project 21 member Derrick Hollie. “And the unemployment rate for black Americans dropped to a record low of 5.5 percent in August. It narrowed to being 1.62 times the white unemployment rate. This is the smallest gap ever. Most economists use gross domestic product (GDP) and unemployment to gauge how well our country is doing. So all this shows America is doing okay right now.”

“Black unemployment hitting a recorded all-time low is bad news for those who take black political support for granted,” noted Project 21 member Leo Fuller. “For too long, many ethnic communities have largely been afraid to leave the liberal orthodoxy because they were told it was necessary for the government to provide for them. Liberals, to keep and expand their power, must now tell blacks, Hispanics and others that they have to work against their own pocketbooks.”

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