The most enduring fiction that Republicans have sold to the electorate is that despite significantly shifting the tax burden onto working people, enacting explicitly antilabor policies, trying to gut public education and attenuating what little social safety net this country still offers, Republicans are somehow supposedly better for the economy. Excuse me, but what delusional fantasy realm are they inhabiting?
That Trump is seen as better able to handle the economy (51 percent to 42 percent) from a recent W. Post poll in Pennsylvania, simply boggles the mind. Even more mind shattering, "Among likely voters who cite the economy as extremely important, Trump has the support of 65 percent."
This is given it is totally at odds with economic reality. It makes me wonder how many of the Trump favorites even grasp of his past and how awful he's been on the economy. E.g.
Donald Trump & GOP "Better For Economy" ? This Delusion Is Belied By The Facts
So how did so many likely voters get so dumb? My bet is that too many have succumbed to brain washing and propaganda, likely from tuning into FOX News, which is regarded by the hoi polloi as "entertainment" - say as opposed to watching the fact-based Rachel Maddow Show on MSNBC. So the less educated (i.e. "low information") voter tends to go where there's no demand made on the frontal cortex. They can instead be teased and twittered by the likes of Hannity, Laura Ingraham, and Greg Gutfield - spewing out endless bollocks. Proof? I'd lay 10 to 1 odds you give any of these pro Trumpers (in the polling) a basic economics test they'd flunk it.
Do they even know Dotard's planned 20% tariffs aren't paid by foreign governments. That’s a myth too many gullible ‘Muricans believe. They are paid initially by U.S. companies that import whatever goods - whether baby formula, plywood, wall tiles or HDTVs - and then these are passed on to American consumers. Result? Higher cost, more inflation. Thus, Trump's tariffs would explode costs up on just about everything and increase inflation dramatically. These yokels think they're hurting now? Wait until Trump gets back in, thanks to their cockeyed fantasies, and they will experience some real hurt.And these increased costs will hit the low income people the hardest, most of whom are rural Trump supporters. This is because they spend a larger share of their income on goods. Thus, if baby formula goes up 25% low income people - laborers, family farmers, etc. will feel it much more than Wall Street mavens.
And it may be even worse, because as WSJ finance columnist Greg Ip recently wrote ('Economists See More Inflation Under Trump', p. A2, July 13-14) Trump wants to target the labor supply too, writing:
"He has also promised the largest deportation of unauthorized immigrants in history which might reduce the supply of labor"
Of course it will reduce the supply of labor, especially in the agricultural sphere, thereby rendering fewer workers to harvest crops- whether lettuce, cabbage, green onions, tomatoes oranges, apples or other - raising their prices considerably. Between the reduced labor move and Trump's proposed tariffs (which will almost certainly emerge if the GOP wins both Houses of congress) inflation will soar. Ip's survey of "more than 68 professional forecasters from business, Wall Street and academia" confirms this - as he writes:
"Of the 50 who answered questions about Trump and Biden, 56% said inflation would be higher under another Trump term than a Biden term versus 16% who said the opposite."
Any voters out there paying attention? How about: 'Do you know Trump's Project 2025 also has a plan to gut Medicare and Social Security'?
Lastly, we ought to reckon in autocracy researcher Ruth Ben-Ghiat's work, given how much applies to our circumstances today. Specifically how autocrats(like Trump, Viktor Orban) use propaganda not only to undermine the truth but to diminish and disparage overall quality of life in a given society to rouse many voters to cheer the autocrat. Such is also the case with the economy where we find Trump as well as his hired stooges have relentlessly bashed "Bidenomics" for causing inflation and higher grocery prices.
The truth is that Biden has had one of the best narratives in terms of economic success. Despite all the disruptions and headwinds the U.S. still has the best economy in the world. Even the Financial Times in a piece last year rued how the U.S. was leaping past the UK in growth and lower inflation. The inflation numbers are even better now, but too many rank and file voters have no clue because they over indulge in the dismal dissing from the Trumptards.
Time to put down the remote and social media chatter and read real news for once.
See Also:
WSJ CORE Econ Model Proves Americans' Economic Perceptions Aren't Based On Hard Data - But Delusions
And:
Wisconsin Voters Would Change To Trump Because Of Housing Costs? A Colossally Dumb Move
And:
Newsflash To WSJ Editors: "Price Fixing" Is Not The Same As Protecting Consumers From Price Gouging
And:
And:
by Robert Reich | September 19, 2024 - 6:20am | permalink
— from Robert Reich's Substack
Friends,
I am not crying for Carl Icahn, who has lost about $17 billion over the last few weeks as investors have fled Icahn Enterprises stock.
I’m talking about it today because the saga offers an important lesson about why the American economy hasn’t been working for most Americans in this era of shareholder capitalism.
Icahn was one of the first of the breed of corporate raiders — now more politely deemed “private equity” managers and “activist investors” — who take over or push corporations to make more money.
In 1985, after winning control of the now-defunct Trans World Airlines, Icahn stripped its assets, pocketed nearly $500 million in profits, and left the airline more than $500 million in debt. Former TWA chair C.E. Meyer Jr. called Icahn “one of the greediest men on earth.”
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