Tariffs-Firings-Prices Rise- Stocks Decline-Deficits Soar – To Pay for Corporate and Wealthy Tax Cuts?

What are we missing here?

First, let’s remember Trump’s promises– lower prices and ending inflation, deporting illegal ( now some legal) immigrants, end the war in Ukraine in 24 hours of taking office…followed by taking over the Gaza strip, making Canada a 51st State, buying Greenland and Panama Canal and renaming Gulf of Mexico the Gulf of America. Here are Trumps economic campaign promises-https://doggett.house.gov/issues/trumps-economic-promises-timeline

First, Trump was insulting and alienating Mexico and Canada for immigration and fentanyl issues.

Now Trump is in a worldwide trade war to increase domestic production which will take YEARS if it comes to fruition.

Where we are now…

  1. Tariffs will cost households any where from $2000 to $5000 more per year—so much for Trump lowering prices. Already, items we bought from India are 25% higher as of yesterday. Americans pay these increases.
  2. Economists estimate that custom taxes will results in $700 billion in revenue- paid for in the end by increased prices for the everyday American from resulting inflation.
  3. Trump and friends are living in the past—it is a WORLDWIDE economy now, not one country. Trump imposed a 54% tariff on China and today, China imposed a 34% tariffs on all goods imported from the US effective April 10.
  4. Trump creates tariffs and they are matched by other countries.
  5. Even with tariffs- 52.5% of the world’s adult population make less than $10,000 or 1.49 billion adults in the world- meaning other countries will always have a cheaper labor market.
  6. Automotive parts, computers, medical products and clothing had components or were manufacturing in foreign countries.
  7. As of April 1, 2025-about 60,000 workers have been laid off or fired by Trump but then a court order on March 18 has 24,000 workers being rehired. Total chaos. https://www.cbsnews.com/news/federal-probationary-workers-mass-firing-rehired/
  8. If Trump extends the 2017 Tax Cuts and Jobs Act- it will decrease federal tax revenue by $4.5 trillion between 2025 and 2034. And as of yesterday, the GOP wants to raise the debt limit to $5 Trillion. Meaning less money for Social Security, etc etc. https://taxfoundation.org/research/all/federal/trump-tax-cuts-2025-budget-reconciliation/
  9. Many US industries are going to be affected by retaliatory tariffs by foreign countries who react to Trump’s tariffs- crude oil, gas turbines, nuclear reactors, medical equipment, motor vehicles, commercial airplanes, pharmaceutical products, plastics, optical equipment, and services- transportation, education and financial services, soybeans, corn, wheat, meat etc. in 2024- Canada represent 16.9% of US exports, Mexico- 16.2%, China- 7%. Not to mention travel and many other categories. https://en.wikipedia.org/wiki/List_of_exports_of_the_United_States
  10. If the US wanted to adjust tariffs- they should have done it in key industries, gradually, and for critical areas- tax cuts, grants, incentives. And, the same applies to downsizing the government. This herky jerky tariffs policy and firings and restructurings with little thought will result in a recession not only in the US but worldwide. We are all screwed. And, for what?

Here is more about who would benefit from Trump’s tax cuts- it is not you or me.Households with incomes in the top 1 percent