How A Trump Presidency Will Hurt American Incomes
March 2, 2016 4 Comments
If Donald Trump is elected, Americans are likely to see their incomes decline by thousands of dollars every year. The world economy is already on thin ice, with many countries on the edge of a recession. A Trump presidency will push us over the edge, and Americans are likely experience crashing incomes, millions of lost jobs, and untold businesses failing.
Think about it for a second. many of us don’t like buying cheap products from Wal-Mart and such places. That’s fine, I’ve said many times that they are not a good value, but, if you need a pair of shoes and have, say $50, what else are you going to do? Put a $200 pair on your credit card and make payments for the rest of your life? They may be (and probably are) a better value, but only if you’re not paying interest on them. Buy the cheap ones (for cash) and save money for good ones, it’s called delayed gratification, and it’s an outstanding trait in people that really do get ahead.
We Can’t Punish China Without Punishing Ourselves More
First, Trump promises to tax trade with foreign countries like China and Mexico, even allies like Canada and Japan. Tough trade talk sounds good, but a giant tax on China won’t hurt Chinese producers as much as it hurts American consumers, especially working-class families. Of course, the hypocrisy in all this is a Trump tariff will hurt many, many of Trump clothing brands like Trump ties manufactured in China and Trump shirts made in Bangladesh. David Letterman confronted the Donald four years ago on this, and Trump hasn’t changed anything. […]
The main reason paychecks will shrink is that Trump has promised “government will pay” for everyone’s health care. Free health care means shadow taxes on payrolls and limits on how often people can see their doctor. It’s called rationing in other countries.
Understand not being able to afford what you wants, in a word: sucks. I know, I’ve been there. I love high quality in almost everything, but I make do, mend, improvise, adapt, and overcome. Why? Because having low debt makes a better life. As Maggie Thatcher said, free stuff stops when the government runs out of other people’s money, even borrowed other people’s money.
A Debt Crisis Is a Horrible Thing to Live Through
The third thing Trumponomics will do is cause a debt crisis. The size of the U.S. national debt rose above $19 trillion dollars a few days ago. This is the first modern election where the national debt is larger than gross domestic product (GDP). The debt has grown immensely during the Obama presidency. Not only does the Trump campaign have no plan to cut federal spending, his health-care promise implies a bigger government.
It’s rampant, and one of the hallmarks of a prosperous society is that one gets to enjoy the fruits of their labors, including the use of the property. By the way, that includes their income. How much do you spend on taxes, and how much less would it be if the government did only what is mandated by the Constitution? Not to mention outright takings, like Kelo, where a woman had her house taken to build a parking lot, and if I correctly remember, it never got built, because the beneficiary company moved out, anyway.
Say Goodbye to Property Rights
Fourth, property rights will be less secure under a Trump presidency because he is already threatening to abuse the government’s authority to take private property. The Constitution calls this the right of “eminent domain,” and it was designed for extremely limited, public use. In recent decades, wealthy private developers like Trump have convinced local governments to essentially abuse eminent domain for private development.
Mark America remind us that Trump is, as he says:
Mostly, the problem with Donald Trump is that he hasn’t done or said anything to relieve me of the fear that he’s completely untrustworthy, not just on social issues, but primarily with respect to his signature issues on which he has provided little specific detail.
# Never Trump