Sweeping taxes on imports have cost the average American household nearly $1,200 since Donald Trump returned to the White House this year, according to calculations by Democrats on Congress’ Joint Economic Committee.
Using Treasury Department numbers on revenue from tariffs and Goldman Sachs estimates of who ends up paying for them, the Democrats’ report Thursday found that American consumers’ share of the bill came to nearly $159 billion — or $1,198 per household — from February through November.
“This report shows that (Trump’s) tariffs have done nothing but drive prices even higher for families,” said Sen. Maggie Hassan of New Hampshire, the top Democrat on the economic committee. “At a time when both parties should be working together to lower costs, the president’s tax on American families is simply making things more expensive.”
$1,200 is only part of the cost. Farmers lost 44 billion dollars and got 12 billion back from the biggest loser. They’ve lost their markets so prices will plunge and farmers will lose their farms. So much winning. His lies are the not really the best but the farmers’ lack of intelligence is mind blowing.
And even if the tariffs were revoked today, prices are effectively permanently higher. There is no mechanism to lower prices in the way tariffs have raised them.
Subsidies.
Subsidies are coarse and indirect, and unfortunately unless you build in explicit price controls (and would either party even consider that?) the market will not stop charging prices that now people have demonstrated they will pay.
At best they will slightly lower prices but nowhere near as reliable as tariffs raised them, and also inefficiently divide that benefit of the subsidy with the business that will skim extra profit now at the expense of taxpayers. I.e., a citizen still paying more for less.
You have sales, which is an easy way to do that. And discounts can be basically permanent.
Yes, there are technically ways to lower prices. The impossibility is due to the complete lack of incentive for corporations to do so. So, it won’t be happening.
But they’ll be back to vote Republican. Because these farmers just do not learn or will themselves to educate themselves better.
That’s just 100 a month, $25 a week. I feel like my groceries have gone up way more than just $25 a week.
That’s just from tariffs. Don’t forget inflation and general corporate greed taking advantage to increase profits.
Inflation is also at play.
Which is part of the cost to households. Ergo the initial statement is under stating the full impact.
$1200 and my entire business…
A really harsh tax increase, and worse yet, a hugely regressive one.
And I’m sure all the mouth-breathing cheeto mcpedo worshippers will clap like trained seals about it, even as he is having Great Gatsby parties and LARPing as some kind of architect for a gaudy golden ballroom…
that little?
