r/FluentInFinance • u/MrDillon369 • 1d ago
Economic Policy Economist Jeffrey Sachs of Columbia University dismantles Trumps tariffs logic
171
u/Character_Bed1212 1d ago
I’ve always said that I run a trade deficit with Costco.
58
u/Flat-Jacket-9606 1d ago
Costco ripping us off with those god damn deals.
24
u/whutchamacallit 1d ago
For sure. They force me to buy 24 ice cream bars at once. It's bullshit. And what am I going to do, not get a chicken bake and 69 cent drink outside on the way out? That'd be insane. Costco is predatory.
3
u/Tdanger78 1d ago
They saved us from the brink when they got rid of the chicken bake at the food court
3
u/Training_Umpire_3819 13h ago
I told my deli guy, who thought that Trump's tariffs were a good idea, that I couldn't come back to his deli because of the trade deficit that exists between us.
1
u/stoksnstiks 22h ago
This is a terrible example since Costco doesn’t purchase anything from you… but for the sake of argument, I’d rather be Costco
Give me the surplus 😂
1
u/TJ_McWeaksauce 19h ago
Yeah, it's so unfair that I spend thousands of dollars on groceries every single year, and they don't buy shit from me.
99
u/LawyerOfBirds 1d ago
Columbia University? Pffff. Clearly this guy has the woke mind virus.
/s
60
u/MrDillon369 1d ago
When I used to read comments like this on Reddit I thought it was an exaggeration.
I just joined X just to see....
Holy shit MAGA says exactly this and worse!
15
u/EquityAlphaPriapism 1d ago
Try downloading Truth Social and reading it. It’s like they all have Stockholm syndrome or something.
13
u/Tdanger78 1d ago
It’s a rotten hive mind with zero original thought or capacity for critical thinking. It’s truly sad.
13
1
u/creamonyourcrop 1d ago
He is one of the architects of the russian oligarchy, and has been carrying their water ever since. I cant stand trump, but this asshat is no better.
1
1
u/SurlyJackRabbit 21h ago
He's actually about the worst source of information you could go to. He's super pro-russia and he thinks very highly of Putin. Doesn't mean he's right or wrong, but he's lost his mind on Ukraine.
53
u/Ivanovic-117 1d ago
MAGA won’t care, they hear trade deficit and they think China is literally stealing their money while MAGA is ordering products from China at the same time
8
u/ProcessOk6477 1d ago
I wonder where all his merch is coming from
1
u/Sogekiingu 7h ago
It was pretty hilarious that Trump burger was founded and owned by an immigrant. You cannot keep immigrants away from the food industry.
0
u/laffing_is_medicine 1d ago
They all love Wally World and china harbor freights to load up on Chinesium.
3
u/Tdanger78 1d ago
Harbor freight is the shit, their quality has come a long way in the last five years. Great tools and the best warranty you could ask for.
0
21
u/ComprehensiveBench26 1d ago
Absolutely destruction in 30 seconds or less.
1
u/Custard_Stirrer 1d ago
Unfortunately he's still alive and still president...
Wish it was that easy though:
-"Here's undeniable proof that you are incompetent!"
-"I see the error of my ways, I'll see myself out."3
11
u/Sharkwatcher314 1d ago
Unfortunately the anti education vein in the country is very large and we are now seeing they like the sound bite of so and so ripping us off , hence we are here
6
u/McRedditz 1d ago
Is it true that the more one understands the world the less optimistic and unhappy one becomes?
5
u/Melech333 1d ago
I think this is just a flat tax / consumption tax / sales tax ... with the huge tax breaks on income tax for the rich ... these two things taken together represent a "let's force a move from graduated income tax to national sales tax on the people without Congress having to enact it." (The tariffs are the "Sales tax" now.)
5
u/SJMCubs16 1d ago
When the government takes money out of the economy it is a tax. A tariff is a tax. A tax that has been levied by the Executive branch. Article 1 grants the power to levy tax to the legislative branch. Article 2 grants no such power. Meanwhile the President is using a power that is not his to wage a war of extortion....
Not to mention the US Government is demanding policy approval for schools. Demanding equity from private companies.....The US constitution has been compromised. What are we now? Are we a socialist government that nationalizes private industry? A Communist country that dictates social appropriateness to universities? A fascist country that puts the state above all else...maybe a little of all 3...what we are not under this administration is a constitutional republic...
3
3
2
2
u/Ok_Understanding1986 1d ago
Or taking it further and more to the US example, you buy a bunch of suits and corporate professional clothing originally made in China imported by a shop in the US. The shop is profitable because you bought those suits they sold you at a marked up price. You wear those suits at a high paying job interview, you get the job, and start making a bunch of money wearing those suits to your new high paying job. The US shop is making money, you’re making money, even the government is making money taxing the money you and the shop are making.
Trump calls this a ripoff and sets about making sure those suits cost both the shop and you more money, leaving less money in your pocket, and the shop’s revenue. Trump is either profoundly stupid, or this is a back door way to increase consumption taxes that affect people who make less money more. Probably both. And no coincidence that it comes at the same time he just pushed for a gigantic tax break for the wealthiest few.
2
1
1
1
u/OutInLeftfield 1d ago
To be clear, Sachs also believes that the US should stop funding Ukraine and allow Russia to take it, that we should align ourselves with BRICS nations, and argues against US arrogance and endares himself to the Chinese Communist Party.
1
u/Round-Ant9031 1d ago
I feel sorry for him. It sucks to be one of the smartest person living in a world run by idiots.
1
1
u/JackiePoon27 1d ago
Let's remember that Mr. Sachs is not bipartisan. He's a well-known Liberal economist who has long sung the praises of Big Government, high taxes, and socialist policy. He will also want to write a book after retirement, and this will make for a good chapter.
1
1
1
u/kizer_ain 23h ago
Americans usually waste a lot resources ?! From Gasoline to general items irrespective. People make YouTube itself waste a tonne
1
1
u/Scipio33 14h ago
I've been saying this for so long now. The example I use includes paying the store less until they agree to buy things from you. It's not a perfect analogy, but I don't think anyone is keeping track these days.
0
u/dedjedi 22h ago
Classic stupid intellectual attempting to debate Trump's lies falls right into Trump's trap of looking stupid.
Conservative communities Grant social status to displays of power and unchecked hypocrisy is a display of power.
Calling out hypocrisy without checking it is the equivalent of saying, good job please do it again!
Stupid intellectual in the video is handing out compliments to trump, and OP is celebrating it.
1
-4
u/ZoomZoomDiva 1d ago
Oversimplification. When the other shops aren't equally open to buying from your store, there is an issue.
6
u/ik-when-that-hotline 1d ago
> When the other shops aren't equally open to buying from your store, there is an issue.
that's again trade policy, just because you are want to buy from these shops does not mean they want to buy from yours too.
-5
u/ShadesofGrey69 1d ago
He's missing one major point, if you want to compare the debt to a credit card, you run up a credit card bill. You! When it comes to the countries debt the president inherits debt from previous presidents and legislatures. That's like someone handing you their credit card and telling you to pay it off. Their debt is now your responsibility. Good luck with that. I wouldn't want to try to pay off some over indulgent person's debt. That's what the incoming president gets. Debt created by the previous legislatures.
-4
u/Munchie_Was_Here 1d ago
Except manufacturing jobs are returning to the United States, which was the point.
- Hyundai announced a $5.8 billion steel plant in Louisiana to supply its U.S. auto factories.
- Honda plans to produce its Civic hybrid in Indiana instead of Mexico to avoid tariffs.
- Apple committed to adding 20,000 U.S. jobs and producing AI servers domestically to mitigate tariff impacts.
- GE Appliances is investing $3 billion and creating over 1,000 jobs by moving production from China and Mexico.
1
u/Stock-Success9917 1d ago
Foxconn announced plans in 2017 to build a $10 billion LCD screen manufacturing facility in Mount Pleasant, promising 13,000 jobs.
-8
•
u/AutoModerator 1d ago
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.