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Ron Paul: Trump Tariffs Are A Bad Idea

Ron Paul

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President Donald Trump’s planned 25 percent tariff on steel imports and 10 percent tariff on aluminum imports may provide a temporary boost for those industries, but the tariffs will do tremendous long-term damage to the American and global economies. Tariffs raise the price of, and reduce demand for, imported goods. Tariffs ensure the preferences of politicians, instead of the preferences of consumers, determine how resources are allocated. This reduces economic efficiency and living standards.

Some justify these economic inefficiencies as being worth it to save American jobs. This ignores how tariffs increase costs of production for industries reliant on imported materials to produce their products. These increased costs lead to job losses in those industries. For example, President Trump’s proposed steel tariff could cost nearly 40,000 jobs in the steel-dependent auto manufacturing industry. Tariffs also cause job losses in industries reliant on exports. This is especially true if – as is likely to be the case – other countries respond to President Trump’s actions by increasing tariffs on US products.

Many of President Trump’s critics do not themselves support true free trade, which is the voluntary exchange of goods and services across borders. Instead, they support the managed (by government) trade of NAFTA and the World Trade Organization (WTO). NAFTA and the WTO promote world government and crony capitalism, not free markets. Any libertarian or free-market conservative who thinks the WTO promotes economic liberty should remember that the WTO once ordered Congress to raise taxes!

Foreign manufacturers may make convenient scapegoats for the problems facing US industry. However, the truth is that most of the problems plaguing American businesses stem from the US government. American businesses are burdened by thousands of federal regulations controlling every aspect of their operations. The tax system also burdens businesses. Until last year’s tax reform bill, the US had the highest corporate tax rates in the developed word. The tax reform bill lowered corporate taxes, but the US corporate tax rate is still higher than that of many other developed countries.

The United States not only spends more on “defense” than the combined budgets of the next eight biggest spending countries, but also spends billions subsidizing the defense of developed counties like Germany, Japan, and South Korea. Bringing US troops home from these countries is an excellent place to start reducing spending on militarism.

The biggest cause of our economic problems is the Federal Reserve. America’s experiment with fiat currency has enabled a system based on private and public debt. This makes trade imbalances inevitable as the US government needs foreign investors to purchase its debt. Foreign investors get the money to purchase the US government’s debt by selling products to American consumers. A trade war could cause foreign investors to stop buying US debt instruments and could end the dollar’s world reserves currency status. This would cause a major economic crisis – but at least it would stop our shores from being flooded with “cheap foreign goods.”

President Trump’s claim that trade wars can be easily won is as credible as the neoconservative claim that the Iraq War would be a cakewalk. A trade war would likely push the global economy into a recession or worse. Instead of imposing costs on American businesses and consumers and putting those whose livelihoods depend on imports out of s job, President Trump should address the real causes of our economic problems: the welfare-warfare state, the IRS, and the Federal Reserve.

Ron Paul is America’s leading voice for liberty, prosperity and peace. As a former member of the U.S. House of Representatives and three-time presidential candidate, Ron Paul tirelessly works for limited, constitutional government, low taxes, free markets, and a return to sound monetary policies. Ron Paul never voted for legislation unless the proposed measure was expressly authorized by the Constitution.

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GOP

Tom Arnold Files Charges Against Mark Burnett

Polipace Staff

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Actor/comedian Tom Arnold and television producer Mark Burnett, known for reality TV shows like The Apprentice and The Voice, reportedly got into a physical altercation at a pre-Emmys party on Sunday night. Both the LAPD and Arnold’s lawyer, Marty Singer, confirmed the incident to The Hollywood Reporter.

Arnold tweeted about the incident around Midnight EST, alleging that “Burnett just went apeshit & choked me at this huge Emmy party then he ran away with his torn Pink shirt & missing gold chain.” He also stated that he’d called the police.

Around 9:45 am EST, Tom Arnold reported that he had filed charges against Mark Burnet “in West LAPD.”

<blockquote class=”twitter-tweet” data-lang=”en”><p lang=”en” dir=”ltr”>Sitting in West LAPD filing charges against your best bud Apprentice Outtakes Mark Burnett who lost his mind, attacted &amp; chocked me last nite at Katzenberg’s Night Before The Emmy’s Party. Last fight I got into there was with Harvey Weinstein. Mark Burnett is scared:) <a href=”https://twitter.com/hashtag/TrumpTapes?src=hash&amp;ref_src=twsrc%5Etfw”>#TrumpTapes</a></p>&mdash; Tom Arnold (@TomArnold) <a href=”https://twitter.com/TomArnold/status/1041729746361475072?ref_src=twsrc%5Etfw”>September 17, 2018</a></blockquote>
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In response, Burnett’s wife, Roma Downey (of Touched by an Angel fame) tweeted an image of her bruised hand, claiming it was injured during the confrontation. “Got this bruise tonight when Tom Arnold tried to ambush my husband Mark and me at a charity event,” she wrote. “Is your TV show worth it Tom? Please stop.”

Downey was referring to Arnold’s new show, “The Hunt For The Trump Tapes,” which premieres Tuesday on Viceland. The show follows Arnold’s attempts to find tapes that show Donald Trump expressing bigoted views on the set of “The Apprentice,” which Burnett produces.

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Manafort Will Lose Four Homes As Part of Guilty Plea

Polipace Staff

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Manafort, already convicted, will be pleading in Court Friday on more felony charges in order to avoid another very public trial. He seems to be willing to spend a great deal of money not to go to jail, and doesn’t trust he would be pardoned by Trump – and will be giving up four houses at a value of $46 million.

According to the agreement, he will be also losing his life insurance policy, which will be owned by the federal government. Not sure how that will work exactly, but maybe they assume Russia will “take him out” sooner than later?

A statement from the White House on Friday said the plea deal had “nothing to do with the president or his victorious 2016 presidential campaign”.

The former Trump campaign chairman Paul Manafort has agreed to co-operate with an investigation into alleged Russian meddling in the US election as part of a plea deal.

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GOP

Feinstein Refers Confidential Information About Kavanaugh to FBI

Polipace Staff

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Senator Dianne Feinstein says she’s notified federal investigators about information she received concerning Supreme Court nominee Brett Kavanaugh.

“I have received information from an individual concerning the nomination of Brett Kavanaugh to the Supreme Court,” Sen. Feinstein said. “That individual strongly requested confidentiality, declined to come forward or press the matter further, and I have honored that decision. I have, however, referred the matter to federal investigative authorities.”

Feinstein — who’s on the Senate Judiciary Committee, which just finished confirmation hearings for Kavanagh — says she has “referred the matter to federal investigative authorities.”

Another committee Democrat, Illinois Sen. Dick Durbin, says the matter has been referred to the FBI.

Republicans are pushing to confirm Kavanaugh to the court by Oct. 1, when the 2018-19 term begins.

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