Both major political parties and official Washington as a whole have gone back to the future on tariffs. Where once barriers to trade were (rightly) seen as taxes by another name and crony capitalism at its worst, today, tariffs are lauded as the greatest bulwark against globalism, elites, and other bogeymen.
Politicians, great and small, have turned themselves inside out to defend the new protectionism, few more gaudily, but without a trace of irony, than Florida Sen. Marco Rubio.
As Reason's Eric Boehm writes, there was a time – not that long ago – when Rubio and others on Team Red understood that tariffs are bad economic policy. But when the party winds changed from (mostly) free markets to Trumpish populism, Rubio trimmed his sails along with the rest:
The once-independent-minded senator from Florida has recently gone all-in on nationalist economics—presumably in an attempt to flatter Trump, a man Rubio once called a “dangerous con man.” The senator has authored other essays recently advocating for industrial policy (he supports the “right” kind of industrial policy, which would of course be very different from the wrong kind of industrial policy President Joe Biden is pursuing, even though it's unclear how they would actually differ) and has publicly pushed back at critics who have called out his economic fallacies.
Let's be blunt: Rubio was either telling massive fibs about the benefits of free trade back in the day, or he's telling even bigger fibs about protectionism today. It's a damning look either way, but one that most politicians on the right and left have adopted…most likely, to preserve their “relevance” (but not their dignity).
If we accept that the majority of official Washington is merely trying to fit in rather than lead or, heaven forbid, think independently, the question of who really pays for tariffs remains.
As the Petersen Institute reminds us, it's the American people. And more importantly, the working class people in both parties say they cherish, admire, and want to see flourish (so pile of the tariffs). Regarding Trump's proposal in particular (which includes extending the 2017 tax cuts), the Institute says:
[Trump] proposes extending expiring tax cuts from 2017 and has also suggested possible new rounds of tax cuts. At the same time, he has proposed a ten percent “across- the -board” tariff and a 60 percent or more tariff on imports from China. Together, these policy steps would amount to regressive tax cuts, only partially paid for by regressive tax increases. The tariffs would reduce after-tax incomes by 3.5 percent for those in the bottom half of the income distribution and cost a typical household in the middle of the income distribution about $1,700 in increased taxes each year. If executed, these steps would increase the distortions and burdens created by the rounds of tariffs levied during the first Trump administration (and sustained during the Biden administration), while inflicting massive collateral damage on the US economy.
The bottom line about tariffs – Trump's, Biden's, and all the rest – is that they are tax hikes that affect those least able to afford them the most.
But all's fair in love, war, and building a bigger, more expensive, more intrusive government, especially if you want to remain “relevant” in official Washington.
Rubio’s Tariff Flip-Flop Is Indicative Of Republican Party’s Populist Swing
Will Trump Dump JD Vance?
ANALYSIS – Is Trump regretting his VP pick? Will Trump tell Vance he is “fired”? When former President Donald Trump selected J.D. Vance as his vice presidential candidate soon after surviving an assassination attempt, some called the choice bold and a doubling down on Trumpism.
I said he could help Trump make his case in 2024 and be the GOP standard bearer in 2028. Still, I also said I would have preferred Trump had picked a woman, and that I had some reservations about Vance as VP, including his youth and inexperience.
Fox News’ Kilmeade Fires Back At Racism Allegations
Trump’s ‘Dying Wish’ Exposed – What He Wants If Assassinated
Kamala Harris ‘Owns’ All Of Biden’s Many National Security Failures
Does This Single Fact Signal Our Imminent Financial Collapse?
Both major political parties and official Washington as a whole have gone back to the future on tariffs. Where once barriers to trade were (rightly) seen as taxes by another name and crony capitalism at its worst, today, tariffs are lauded as the greatest bulwark against globalism, elites, and other bogeymen.
Politicians, great and small, have turned themselves inside out to defend the new protectionism, few more gaudily, but without a trace of irony, than Florida Sen. Marco Rubio.
As Reason's Eric Boehm writes, there was a time – not that long ago – when Rubio and others on Team Red understood that tariffs are bad economic policy. But when the party winds changed from (mostly) free markets to Trumpish populism, Rubio trimmed his sails along with the rest:
Let's be blunt: Rubio was either telling massive fibs about the benefits of free trade back in the day, or he's telling even bigger fibs about protectionism today. It's a damning look either way, but one that most politicians on the right and left have adopted…most likely, to preserve their “relevance” (but not their dignity).
If we accept that the majority of official Washington is merely trying to fit in rather than lead or, heaven forbid, think independently, the question of who really pays for tariffs remains.
As the Petersen Institute reminds us, it's the American people. And more importantly, the working class people in both parties say they cherish, admire, and want to see flourish (so pile of the tariffs). Regarding Trump's proposal in particular (which includes extending the 2017 tax cuts), the Institute says:
The bottom line about tariffs – Trump's, Biden's, and all the rest – is that they are tax hikes that affect those least able to afford them the most.
But all's fair in love, war, and building a bigger, more expensive, more intrusive government, especially if you want to remain “relevant” in official Washington.
Norman Leahy
Will Trump Dump JD Vance?
Search
follow us
subscribe
Trending Stories
Will Trump Dump JD Vance?
ANALYSIS – Is Trump regretting his VP pick? WillBacklash Grows As Harley-Davidson Infected With Woke Virus
ANALYSIS – Say it isn’t so! Even asProject 2025 Will Return Sanity To Our Woke Military
ANALYSIS – “I disagree with some of the thingsNew Impeachment Investigation Launched Into Allegations Hunter Biden Invoked Joe’s Name
Congressional investigators are looking into further allegations againstCommentary
Will Trump Dump JD Vance?
Kamala Harris ‘Owns’ All Of Biden’s Many National Security Failures
Does This Single Fact Signal Our Imminent Financial Collapse?
Smoke Shop Shooting: 71-Year-Old Stops Armed Burglar
Security
Trump’s ‘Dying Wish’ Exposed – What He Wants If Assassinated
Kamala Harris ‘Owns’ All Of Biden’s Many National Security Failures
US Support For Israel In Its War Must Be ‘Ironclad’
US Fighters Intercept Chinese And Russian Bombers Near Alaska
Foreign Affairs
Trump’s ‘Dying Wish’ Exposed – What He Wants If Assassinated
Attacks Disrupt Paris: Major Infrastructure Targeted Hours Before Olympic Games
US Fighters Intercept Chinese And Russian Bombers Near Alaska
Disruptions Linger After IT Update Crashes Computer Systems Worldwide
Business & economics
Does This Single Fact Signal Our Imminent Financial Collapse?
Elon’s ‘Final Straw’ To Cost California Millions
Meet The Man Who Tracks Pelosi’s Investments – Guess His Earnings Last Month?
Congress Investigating Whether Woke Activists Broke Federal Tax Law With ESG Investment Schemes
heath & science
Old School Sold For Next To Nothing To Planned Parenthood
Elon Musk On Estranged Child: ‘Killed By The Woke Mind Virus’
Congressman Claims Biden Didn’t Recognize Him Despite Their Friendship
Congresswoman Sheila Jackson Lee Succumbs To Pancreatic Cancer
American Liberty Arms
Trump Shooter Put in Range Time Weeks Before Assassination Attempt
Armed Georgia Man And A Labradoodle Capture Inmate
More Anti-Gun Groups Fabricating Mass Shooting Data
The Truck Gun For Active Killer Interdiction: Realistic?
At American Liberty News, we eschew the mainstream media’s tightly controlled narrative to provide our readers with real news, real insights, and the means to take action. We seek out insightful coverage – and partner with knowledgeable and experienced people and organizations to bring you the information and insight our readers demand.
We humbly seek to provide the tools and information necessary for our readers to decide for themselves what is true and what is right.
TOP TAGS
TOP CATEGORIES
FEATURES
American Liberty News ©2022
Evolution Digital Media | 1900 Reston Metro Plz | Suite 600 | Reston, VA 20190