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.
Inside Candace Owens’ $37,500 Reparation Check
Months after graduating Stamford High in Connecticut, Candace Owens received $37,500 from the government after Owens received racist voice mails. This is the same woman who claims that racism doesn’t exist– and that she “made it on her own.”
The supposed ringleader was fellow student Evan Kopek, who “had a shouting match” with Owens two days before the incident in February 2007. Kopek was suspended, but the school refused to “discipline him and the other boys for an incident committed off school grounds unless the police made an arrest.” This decision caused Owens to miss school for six weeks because “it was traumatic to attend with the alleged callers.”
The NAACP even offered its support.
Years later, during a 2019 appearance at CPAC, the annual conservative conference, Owens had this to say about racism in America (via Daily Beast). “Stop selling us our own oppression,” she said. “Stop taking away our self-confidence by telling us that we can’t because of racism, because of slavery. I’ve never been a slave in this country.”
Oliver North Resigns: NRA Civil War Goes Public
Wayne LaPierre, who has been the public face of the NRA for decades, claims that the NRA is in serious trouble and may shut down after the latest public battle. The civil war between NRA executive vice president Wayne LaPierre and now-departing NRA president Oliver North exploded into the open Friday night with yelling, threats and screaming.
In a statement read to members of the group Saturday, North said he believes a committee should be set up to review the NRA’s finances. He said there is a “clear crisis” and “it needs to be dealt with” if the NRA is to survive.
He also then said he is resigning, and will not seek re-election.
Making this weirder, NRA is currently suing their public relations firm, Ackerman McQueen, over access to documents detailing how the firm spent the NRA’s money.
NRA board members grew increasingly concerned about whether they were getting their money’s worth from their long time advertising and PR firm; according to financial documents cited in The New Yorker, the NRA paid Ackerman McQueen just under $41 million in 2017 for ads that often just involved a logo. North is also an employee of Ackerman McQueen.
NRA board members have grown increasingly concerned about whether they were getting their money’s worth from their long time advertising and PR firm; according to financial documents cited in The New Yorker, the NRA paid Ackerman McQueen just under $41 million in 2017 for ads that often just involved a logo. North is also an employee of Ackerman McQueen.
North had sent a letter to the NRA board contending that the NRA had paid for, through a vendor, more than $200,000 of clothing purchases by LaPierre, according to the Wall Street Journal.
Additionally, there is an issue that the NRA has been delving into topics that have nothing to do with gun education and rights. Some members claim the NRA has compromised its values and is more aligned with politicians and enamored of power than its membership.
As a non-profit, they could be in trouble, if its found they are ignoring their primary mission and working in politics.
New York State could close down the NRA entirely by moving for dissolution if found that they are not following the law. As a nonprofit chartered in New York, the NRA falls under New York law and the purview of the NRA-hating NY Attorney General. She has frequently expressed her desire to tear down the organization, and has been signaling a pending investigation into NRA finances.
Hannity Wants to Leave FoxNews to Work for TrumpTV
The timing of Sean Hannity’s potential departure from Fox News matches up with Trump’s possible exit from the White House if he loses in 2020. Trump TV was an idea that was kicked around by the Trumps when they expected to lose the 2016 election, so it is almost too perfect that Trump TV could put into action if Trump gets booted out of the White House next year.
As Fox News continues to lose key members of its team, all eyes are now on Sean Hannity, who remains one of the last stars standing from the network’s primetime lineup. Hannity a few months ago tweeted an article denying reports that he was working on his exit strategy — but now seems to be confirming he no longer wants to be there.
According to sources, Hannity is still angry over the Murdochs’ firing of Fox News C.E.O. Roger Ailes and co-president Bill Shine, Hannity’s close friend and former producer. Hannity believes the Murdochs are out to get Trump. “Hannity told Trump last year that the Murdochs hate Trump, and Hannity is the only one holding Fox together,” a source who heard the conversation told me. Hannity has told friends that he intends to leave Fox when his contract expires in early 2021, two people who’ve spoken with him said.
A Fox News staffer told Vanity Fair, “Sean doesn’t feel supported. He has no relationship with Lachlan [Murdoch]. According to HillReporter: Sean thinks, Wait a second, I was hired to get ratings and I get ratings, but now people are embarrassed about me? He feels Fox spends a lot of time supporting Shepard Smith but his show makes no money. That’s annoying to him.”
Trump’s own TV network was dreamed of as a challenger to Fox News. There could be no better way to challenge Fox for their own viewers than to poach their highest rated host. The Fox News dominance of conservative media is close to splintering. Fox can’t afford to lose many more advertisers, and if their pro-Trump hosts bolt, Fox News as we know it could be dead and gone.
Trump death touch is killing everything on the right, potentially including Fox News.