349 sats \ 4 replies \ @Rothbardian_fanatic 11h \ on: A Brief History of Tariffs and Stock Market Crises econ
Beat me to it by 1/2 hour!!
Tariffs may be aimed at foreign companies and governments, but their domestic consequences are often far greater. Advocates for protectionist measures on steel, lumber, electric vehicles, and other products fail to understand that everyone who invests in the stock market has suffered losses because of this policy. It isn’t just the approximately 60 percent of Americans who directly own stocks, often in their 401(k)s and individual retirement accounts, union pensions and teacher retirement plans will be affected, too. The minor bump in price protection for certain industries is more than wiped out by trillions eviscerated in the market capitalization in the major indexes and the domestic economic dislocation.
You pay one way or you pay another. The state is in the business of taking money from Peter to pay Paul and themselves. They can take it by income, excise, property and head taxes. But the taxcollector cometh! Whether you like or want it or not.
write
preview
236 sats \ 3 replies \ @Undisciplined OP 11h
It's like we talked about on another post, the tariffs aren't aimed at foreigners. The politicians who implement them couldn't care less who gets hit, as long as the revenue rolls in.
What they know is that the rhetoric of targeting foreigners is more palatable to the voting public.
reply
88 sats \ 0 replies \ @Rothbardian_fanatic 10h
Yes, for sure. The incidence of the taxation is no different in the cases of tariff and income taxes. They both hit the consumer. The only decent thing about the tariff is that you can avoid buying that good if you don’t want to pay the tariff. But, let’s face it, a tariff is a tax, only of a special kind. And, yes, it is always good to say someone else will be suffering the tax, not you! That is the way the politicians and ELites trick you into consenting to it.
reply
9 sats \ 1 reply \ @kepford 10h
Bingo
reply
0 sats \ 0 replies \ @Rothbardian_fanatic 10h
Thank you, is there a prize?
reply