Big business reaps Trump's whirlwind

[Copernicus]

See Paul Krugman's opinion piece: Big business reaps Trump's whirlwind.

Krugman appears to be experiencing a little schadenfreude here, but I agree with his take on the faustian alliance between neocon business executives and racist elements of the US voting demographic. They have managed to walk away with enormous tax giveaways, but they are now stuck with Trump's boneheaded trade policies. The fallout will be in slow motion, but the rest of the world is moving cut off American businesses when it comes to the fomation of global supply chains. Our manufacturing industry will inevitably be forced to cut back on employment.

The imminent prospect of a trade war, it seems, concentrates the mind. Until very recently, big business and the institutions that represent its interests didn’t seem to be taking President Trump’s protectionist rhetoric very seriously. After all, corporations have invested trillions based on the belief that world markets would remain open, that U.S. industry would retain access to both foreign customers and foreign suppliers.

Trump wouldn’t put all those investments at risk, would he?

Yes, he would — and the belated recognition that his tough talk on trade was serious has spurred a flurry of action. Major corporations and trade associations are sending letters to the administration warning that its policies will cost more jobs than they create. Meanwhile, the U.S. Chamber of Commerce has begun an advertising campaign to convince voters of the benefits of free trade.

Pathetic, isn’t it? Who in the Trump administration is going to pay attention to those letters? What, exactly, does the chamber think it will accomplish by running those ads?

The thing is, big business is reaping what it sowed. No single cause brought us to this terrible moment in American history, but decades of cynical politics on the part of corporate America certainly played an important role.

 

[Underseer]

If you look at the arguments about the tariffs being made by the conservative Democrats, it seems to me that the oligarchy sees Trump's trade war as something they can use in the future to discredit all tariffs.

That way, they can go back to making American factory workers compete for jobs with people in other countries earning pennies per day, and drive down American income until Americans can no longer buy all those goods produced by all those corporations. It's a win-win for everyone! (Provided that by "everyone" you mean people who own lots of stock.)

 

[Harry Bosch]

See Paul Krugman's opinion piece: Big business reaps Trump's whirlwind.

Krugman appears to be experiencing a little schadenfreude here, but I agree with his take on the faustian alliance between neocon business executives and racist elements of the US voting demographic. They have managed to walk away with enormous tax giveaways, but they are now stuck with Trump's boneheaded trade policies. The fallout will be in slow motion, but the rest of the world is moving cut off American businesses when it comes to the fomation of global supply chains. Our manufacturing industry will inevitably be forced to cut back on employment.

The imminent prospect of a trade war, it seems, concentrates the mind. Until very recently, big business and the institutions that represent its interests didn’t seem to be taking President Trump’s protectionist rhetoric very seriously. After all, corporations have invested trillions based on the belief that world markets would remain open, that U.S. industry would retain access to both foreign customers and foreign suppliers.

Trump wouldn’t put all those investments at risk, would he?

Yes, he would — and the belated recognition that his tough talk on trade was serious has spurred a flurry of action. Major corporations and trade associations are sending letters to the administration warning that its policies will cost more jobs than they create. Meanwhile, the U.S. Chamber of Commerce has begun an advertising campaign to convince voters of the benefits of free trade.

Pathetic, isn’t it? Who in the Trump administration is going to pay attention to those letters? What, exactly, does the chamber think it will accomplish by running those ads?

The thing is, big business is reaping what it sowed. No single cause brought us to this terrible moment in American history, but decades of cynical politics on the part of corporate America certainly played an important role.

I don't disagree, but Trump's trade war will enact the largest tax increase on American businesses in history. It will be far larger than any tax increase by a democrat.

 

[Jayjay]

See Paul Krugman's opinion piece: Big business reaps Trump's whirlwind.

Krugman appears to be experiencing a little schadenfreude here, but I agree with his take on the faustian alliance between neocon business executives and racist elements of the US voting demographic. They have managed to walk away with enormous tax giveaways, but they are now stuck with Trump's boneheaded trade policies. The fallout will be in slow motion, but the rest of the world is moving cut off American businesses when it comes to the fomation of global supply chains. Our manufacturing industry will inevitably be forced to cut back on employment.

The imminent prospect of a trade war, it seems, concentrates the mind. Until very recently, big business and the institutions that represent its interests didn’t seem to be taking President Trump’s protectionist rhetoric very seriously. After all, corporations have invested trillions based on the belief that world markets would remain open, that U.S. industry would retain access to both foreign customers and foreign suppliers.

Trump wouldn’t put all those investments at risk, would he?

Yes, he would — and the belated recognition that his tough talk on trade was serious has spurred a flurry of action. Major corporations and trade associations are sending letters to the administration warning that its policies will cost more jobs than they create. Meanwhile, the U.S. Chamber of Commerce has begun an advertising campaign to convince voters of the benefits of free trade.

Pathetic, isn’t it? Who in the Trump administration is going to pay attention to those letters? What, exactly, does the chamber think it will accomplish by running those ads?

The thing is, big business is reaping what it sowed. No single cause brought us to this terrible moment in American history, but decades of cynical politics on the part of corporate America certainly played an important role.

I don't disagree, but Trump's trade war will enact the largest tax increase on American businesses in history. It will be far larger than any tax increase by a democrat.

What tax increase? The republicans are going to be in power for quite some time, and their solution to every problem, including problems caused by tax cuts, is to cut taxes.

 

[Harry Bosch]

I don't disagree, but Trump's trade war will enact the largest tax increase on American businesses in history. It will be far larger than any tax increase by a democrat.

What tax increase? The republicans are going to be in power for quite some time, and their solution to every problem, including problems caused by tax cuts, is to cut taxes.

Tarrifs are a tax. I'm a manufacturer. We import a raw plastic that is an exotic that is only supplied by a couple companies in the world. They are located in Asia. The cost of that special plastic is going up by 30%. 40% of our sales are to Europe. We believe that Europe is going to put a tariff on our goods, increasing the price for our customers in Europe. So, we're going to be double dinged. We just made the decision to hold off on planned expansion plans until we are more certain of how this will sort out. But it doesn't bode well for manufacturers.

 

[Underseer]

I don't disagree, but Trump's trade war will enact the largest tax increase on American businesses in history. It will be far larger than any tax increase by a democrat.

What tax increase? The republicans are going to be in power for quite some time, and their solution to every problem, including problems caused by tax cuts, is to cut taxes.

Well, sure. If we make the economic elites even more wealthy, they will use all that extra money to trickle good jobs all over us!

See, if we do something that increases the income of dirty no-good middle class people, they will spend it all on food and shelter and other things that don't create jobs. That's why all the money has to go to the people at the top. Because the well-being of the elites are the only thing that matters. No one cares what does or doesn't happen to those dirty commoners. [/conservolibertarian]