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How do you address the issue that a great number of people are working extremely low wage jobs and are at rock bottom, why would these people vote to keep the status quo which only bennifits are VERY small minority of people.
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Originally Posted by Redshadowz
Not sure why you think he is trolling? Everything he said was correct.
Did you even read Adam Smith's, "Wealth of Nations"?
America used high-tariffs to build our industry, and protect it from foreign competition. Abraham Lincoln nearly tripled the tariffs when he passed the "Morrill tariff". And by 1865, tariffs were around 50% on most foreign goods.
It is called "Infant Industry". And one of the founding fathers, Alexander Hamilton, was the originator of the argument in favor of huge protections/subsidies to industry.
Alexander Hamilton's ideas were what made America into an industrial superpower. We protected our industry in the 1800's, and brought the factories of Europe, to America. Just the same as China is doing to us today.
We weren't economically powerful until the late 19th century and even then it took 2 world wars to destroy the rest of the world's industrial capacity.
High tariffs work for a situation like colonial America, but they don't work in America in 2017 with an advanced economy. You do realize America has it's own tariffs and subsidies for industries?
Look at China right now, they have a huge oversupply problem and still have ghost cities with hundreds of thousands of empty units. China's growth was impressive but they are stuck right now.
3) Hillary Clinton would not have kept the debt "in-check". Short of another "technology boom", I don't see how any president is going to keep the debt in check. Nor is it even that important. Neo-Keynesian economic theory wants massive deficits and debt. Only being limited by the availability of new capital.
Even conservative think tanks acknowledge Trump's tax cuts would add tremendous debt to the economy. Clinton based on campaign proposals would have been better for the debt.
They would have to cut back on some things for a breif period of time until the market corrected, that is part of the pain that would be required in order to correct our problems.
How brief? Is there a "factory button" we can push and they appear with trained Americans?
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There is no way around that pain if we ever hope to regain a middle class.
Sure there is. Stop doing all this supply side crap and focus on demand. The dirty secret is jobs will be created with higher taxes on the wealthy as jobs are created due to demand. Focus on education, healthcare, and less taxes for the middle class ( the real job creators).
How brief? Is there a "factory button" we can push and they appear with trained Americans?
Sure there is. Stop doing all this supply side crap and focus on demand. The dirty secret is jobs will be created with higher taxes on the wealthy as jobs are created due to demand. Focus on education, healthcare, and less taxes for the middle class ( the real job creators).
Thats what the fed govt did back in the bell labs days. A company either reinvested the money in their company and created jobs or they paid something like 90% taxes.
Even conservative think tanks acknowledge Trump's tax cuts would add tremendous debt to the economy. Clinton based on campaign proposals would have been better for the debt.
The question is, "Do we actually want to pay off our debt?"
If you think the answer is "Yes", then you don't understand economic theory.
All money is debt, and debt is credit.
This video is from the HBO Miniseries, John Adams(He was the second president of the United States).
The video is primarily an exchange between Alexander Hamilton, and Thomas Jefferson. Alexander Hamilton was the assistant to George Washington during the Revolutionary War. He wrote the majority of the Federalist Papers, and he was the first Secretary of the Treasury of the United States. He helped to establish the "First National Bank" of the United States, and pushed for a policy called "Assumption", for the purpose of building the "credit" of the United States(among other things).
If you are a libertarian, or if you don't really understand what Alexander Hamilton is talking about, it would seem like he is just some power-hungry tyrant, who can basically be blamed for the American Civil War.
If you understand international trade and foreign policy, you'll realize that Hamilton was brilliant. And that "Hamiltonianism" is what built America into a world superpower.
Every dollar in existence, comes into existence as debt. We do not want to pay off the debt. Debt is good. As long as we can finance that debt at below-market interest rates, and export that debt around the world.
We weren't economically powerful until the late 19th century and even then it took 2 world wars to destroy the rest of the world's industrial capacity.
High tariffs work for a situation like colonial America, but they don't work in America in 2017 with an advanced economy. You do realize America has it's own tariffs and subsidies for industries?
Look at China right now, they have a huge oversupply problem and still have ghost cities with hundreds of thousands of empty units. China's growth was impressive but they are stuck right now.
The United States is a "service-based" economy. But the primary profitable service industry, is finance. The United States spent the 19th century building our financial industry. And by WWI, it had become the largest financial industry in the world, eclipsing the British Financial industry(think, Bank of England).
But America became a Financial superpower in exactly the same way that China is doing it now.
We subsidized our industry, making it artificially competitive, by suppressing wages, and suppressing the value of our currency(also, by maintaining a gold-standard which gave huge advantages to the Fiat currency systems of Europe). We then became the "manufacturer of the world", and sold our goods to Europe, mostly through credit(IE debt). And during the World Wars, American holdings of European debt were often larger than the entire gross-national products of those countries.
Once these countries became dependent on American industry and American finance, we began to bully them into adopting the US Dollar as an international "Reserve" currency.
By WWII, we had forced all of the Western world into basing the value of their currencies on the US dollar.
And by the 1970's, we were able to convince Saudi Arabia, to use its power in OPEC, to make oil tradable only in US dollars. Creating what people call the "petro-dollar" system.
Since no one can buy oil unless they are holding US Dollars(think of all trade being in dollars, instead of the old gold bars). It means that any country who wants to trade internationally, has to keep massive vaults of US Dollars on hand, or borrow US dollars on credit.
This is how the United States can run trade deficits of $550 billion a year annually.
As long as there is constant demand for US Dollars, then we can print them up, and ship them around the world.
So the #1 priority for the United States, is to maintain demand for US Dollars, and nothing else. We must defend our financial industry at all costs, and the petro-dollar system it is backed by, or our entire economy goes down in flames.
I am a trump supporter, I am looking for lagit news on when these tarrifs will take effect. A lot of peoples jobs are on the line because companies will sell out americans in the drop of a hat if they don't have the govt standing there with a big stick.
I know things are super sketchy at my place of work, the company is trying to bring in people from over seas before things get tighter in order to displace more americans.
Trump needs to work fast because companies are actively working against us.
I am very eager to see the news of the 45% tarrifs and when those will actually start hitting the points of entry for goods.
Personally I do not believe any "real" trade tariffs will ever be signed by Donald Trump (no matter how sincere Trumps desires to pass them may be.)
It was the free trade agreement passed by the republican congress and signed by Bill Clinton that caused most of our jobs to leave America. And after Clinton signed the trade deal the republicans in Washington had a huge party, at the party they were laughing and smiling and they broke open a huge fortune cookie that said "free trade will bring us all wealth" (I saw this republican party on the Netflix documentary "Death by China.")
Like Trump says the US corporations love the free trade deal because it allows them to get rid of their high paid US workers and instead hire cheap Asian/South American workers to make their products. Then those US corporations get to sell the products at the same cost as before greatly increasing corporate profits.
The US corporations that love the free trade deals are the same corporations that give the republican congress members $100's of millions of dollars in campaign contributions. Will republicans in congress pass a law their campaign contributors greatly oppose? And will republicans in congress abolish a free trade law that made them have a huge party laughing and smiling?
And Donald Trump is not the only Washington politician that wants trade tariffs, Bernie Sanders wants trade tariffs as well. But has Bernie Sanders been successful in changing our free trade agreements? (NO)
And besides trade tariffs there are other measures to bring back American jobs that have support in Washington. Democrats recently tried to end tax breaks for US corporations that outsource jobs, and this would have potentially brought millions of jobs back to America (but the republicans in congress stopped this law from passing.)
Republicans in congress will not even allow ending tax breaks for US corporations that outsource jobs because it lowers corporate profits, why would republicans in congress support trade tariffs when trade tariffs will greatly reduce the corporate profits of their campaign contributors?
I am a trump supporter, I am looking for lagit news on when these tarrifs will take effect. A lot of peoples jobs are on the line because companies will sell out americans in the drop of a hat if they don't have the govt standing there with a big stick.
I know things are super sketchy at my place of work, the company is trying to bring in people from over seas before things get tighter in order to displace more americans.
Trump needs to work fast because companies are actively working against us.
I am very eager to see the news of the 45% tarrifs and when those will actually start hitting the points of entry for goods.
Trump has been talking about trade tariffs since writing a 2011 book "when he called for a 20 percent tax on "any foreign country shipping goods into the United States.""
"Will Trump have the power to impose tariffs?"
"Broadly speaking, yes. An American president’s unilateral authority on trade policy is exceptionally strong for a government based on checks and balances. While the Constitution gives Congress the power to regulate commerce with foreign nations, lawmakers over the years have delegated much of that power to the executive branch. Under the 1974 Trade Act, Trump can impose tariffs and quotas on countries that violate trade agreements or engage in unfair trade practices. One section authorizes the president to deal with balance-of-payments deficits by imposing temporary import surcharges of up to 15 percent for as long as 150 days."
"Trump alternatively could invoke the International Emergency Economic Powers Act of 1977, which allows a president to restrict imports if they pose a national security risk. Trump could even use the obscure Trading With the Enemy Act of 1917, which allows the president to restrict trade in wartime, even if the "war" is against terrorists and not China, Mexico or any country he wants to punish with tariffs."
"So Congress’s hands are tied?"
"Congress could try to pass a law overriding Trump’s tariff plans, but that would require a two-thirds majority in both chambers to overcome his almost certain veto. While Trump might be able to impose tariffs unilaterally, they could violate U.S. obligations under the WTO or Nafta. That wouldn’t necessarily stop him: Trump could walk away from Nafta simply by giving Canada and Mexico six months’ notice."
"And in December 2016 President-elect Donald Trump's administration was considering imposing a 5% tariff on all imports into the United States. While the decision is not final, sources told CNN the tariff could be implemented through an executive order in the early days of the Trump presidency."
But then in "January 2017 President-elect Donald Trump warned German car companies he would impose a border tax of 35 percent on vehicles imported to the U.S. market." And Trump warned that German car companies making cars for the US in Mexico would be hit with 35% tariffs." Trump threatens German carmakers with 35 percent U.S. import tariff | Reuters
But today even somewhat conservative groups like Forbes.com are anti-tariff by saying "Putting a tariff upon goods moving from Mexico to the United States means that it is the people in the U.S., who are paying the tariff.... and any money actually raised by a tariff will be paid by Americans, not Mexicans." Forbes Welcome
Personally I believe the Washington republicans will surround Trump and herd him away from the trade tariff issue, and instead join/push Trump to pass supply side tax cuts and corporate deregulation.
But perhaps Trump is truly 100% serious about trade tariffs and will not allow himself to be pushed around by Washington republicans (but personally I would bet on the Washington republicans herding Trump away from any trade deal that lowers American corporate profits. Or maybe the Washington republicans will join Trump to pass a small 5% tariff that will make republicans look like hero's while doing virtually nothing to American corporations outsourcing jobs.)
Chad.
Last edited by chad3; 02-09-2017 at 07:34 PM..
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