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Is Reaganomics and free trade officially dead?
Posted on 5/19/24 at 8:19 am
Posted on 5/19/24 at 8:19 am
How did we get here? Trump loves him some tariffs, and Biden has followed suit. Why has protectionism gotten so stylish and Adam Smith so passé?
It will be to the detriment of all in the long run, but as economists say… in the long run we’ll all be dead.
Atlantic article
It will be to the detriment of all in the long run, but as economists say… in the long run we’ll all be dead.
quote:
The details of this new consensus, however, are still being worked out. Trump favors a blunt approach; he has proposed a 60 percent tariff on all Chinese goods and a 10 percent tariff on foreign goods from any country, including allies. Biden argues that Trump’s plan would sharply raise prices for American consumers without much benefit. His administration instead favors what officials call a “small yard and high fence”: major restrictions on a handful of essential technologies from particular countries.
These are the terms on which the debate is now being waged: not whether to restrict free trade, but where, how, and how much. That is a very big change from the world we were living in not long ago. The precise consequences of that change will take years to reveal themselves. But they’re sure to be just as big.
Atlantic article
16
Posted on 5/19/24 at 8:43 am to TejasHorn
Economics have always been manipulated by governments and special interests.
Economics is now the weapon of choice to send messages to other countries.
I’m more cynical the older I get. It’s a rigged game.
Economics is now the weapon of choice to send messages to other countries.
I’m more cynical the older I get. It’s a rigged game.
Posted on 5/19/24 at 8:54 am to TejasHorn
I'm curious to the boards opinions of tariffs, do y'all think they are good or bad in most cases?
Posted on 5/19/24 at 9:09 am to TejasHorn
quote:
free trade
aka fake trade reagan had tariffs also. look it up. i have posted it here before.
tariffs worked on CHYNA
Posted on 5/19/24 at 9:30 am to TejasHorn
quote:
How did we get here? Trump loves him some tariffs, and Biden has followed suit. Why has protectionism gotten so stylish and Adam Smith so passé?
China was not nearly the manufacturing powerhouse in the early 1980s as it is now. In the 1970s, they were on par with Italy in terms of manufacturing power. By 2010, China had overtaken US in manufacturing capacity.
They can now make us completely dependent on their exports and can sell as low as they need to for putting US companies out of business because of an endless supply of cheap labor.
US economic policies have had to evolve as the world has changed. Reagan would have been more protectionist now, too. Or completely submissive to China, which would put him in a conundrum with his hatred of communism.
The world has evolved, but Reaganites have not. Even though Reagan would likely have different policies today than he had in the early 1980s.
This post was edited on 5/20/24 at 2:48 pm
Posted on 5/19/24 at 9:58 am to TejasHorn
quote:does all include those children being used for child labor in those foreign countries? nothing is free, genius. somebody somewhere has to pay a price.
It will be to the detriment of all in the long run
Posted on 5/19/24 at 10:00 am to TejasHorn
Frankly, it all comes down to Asian protectionism/trade aggression. China and Japan have always been very protective of their domestic industries. They want it to be laissez-faire in one direction: out.
If China were to embrace free trade, I really don't think we would have significant problems outside of a few, key industries.
If China were to embrace free trade, I really don't think we would have significant problems outside of a few, key industries.
Posted on 5/19/24 at 10:43 am to TejasHorn
It’s really not free trade when our industry in the U.S. is heavily regulated and China isn’t.
I favor deregulation to lower domestic production costs over tariffs though
I favor deregulation to lower domestic production costs over tariffs though
Posted on 5/19/24 at 6:35 pm to TejasHorn
Pretty sure Trump proved his case.
Most people do not know that it was not long ago that the federal government was funded by tariffs.
It was FDR that introduced a switch and introduced free trade.
Most people do not know that it was not long ago that the federal government was funded by tariffs.
It was FDR that introduced a switch and introduced free trade.
Posted on 5/19/24 at 7:21 pm to TejasHorn
Free trade only works when everyone plays by the same rules.
I’m willing to pay a little more at the register to know an American made it vs a kid in Bum Effed China.
I’m willing to pay a little more at the register to know an American made it vs a kid in Bum Effed China.
Posted on 5/20/24 at 6:37 am to TejasHorn
quote:
How did we get here? Trump loves him some tariffs, and Biden has followed suit. Why has protectionism gotten so stylish and Adam Smith so passé?
It will be to the detriment of all in the long run, but as economists say… in the long run we’ll all be dead.
LINK
That^ is where "free trade" has gotten us and it now threatens political stability. An economy can only survive on treasuries being its biggest export for as long as foreign demand rises congruently with supply. Once supply outstrips foreign demand it's time to devalue and reshore.
Posted on 5/20/24 at 8:31 am to TejasHorn
"Free trade" which was never free destroyed manufacturing in the country and made the 1% very wealthy by pulling money from the middle class.
Posted on 5/20/24 at 5:56 pm to TejasHorn
Well school house rock economic theories like. "Trickle down.. and a rising tide lifts ALL boats" seem to be economic fallacy..
I do wonder about other commonly accepted theories... Like "war" is good for the economy... OK.. WHY IS IT?...because of gov't spending? What exactly is, is the difference between building planes, ships and tanks... and building roads, bridges, drainage, schools, etc?
I do wonder about other commonly accepted theories... Like "war" is good for the economy... OK.. WHY IS IT?...because of gov't spending? What exactly is, is the difference between building planes, ships and tanks... and building roads, bridges, drainage, schools, etc?
Posted on 5/22/24 at 9:33 am to TejasHorn
Argentina is going free trade route after decades of Peronism. China and most of Asia will lean free trade in the coming decades, same with Africa.
Posted on 5/22/24 at 9:55 am to TejasHorn
Free trade is as real as efficient markets and capitalism 
Posted on 5/22/24 at 1:10 pm to TejasHorn
Reagan saved Harley Davidson by putting tarrifs on Jap bikes. 
Posted on 5/22/24 at 5:03 pm to TejasHorn
Free Trade only works if everyone plays by the rules.
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