The Bulwark Podcast S2 Ep1041: Justin Wolfers: Trump's Centrally Planned Economy
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May 13, 2025 Justin Wolfers, a Professor of public policy and economics at the University of Michigan and co-host of "Think Like an Economist," joins the discussion. They dive into the economic ramifications of Trump's tariffs, highlighting how these policies paralyze both Wall Street and everyday consumers. Wolfers contrasts Trump's approach with China's newfound stability as a trade partner. They also critique GOP budget proposals that threaten working-class families while increasing the deficit, illuminating the complexities of U.S.-China trade relations and its effects on the American economy.
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Australia Rejects Trumpism
- Australia's recent election was influenced by Trump-style politics, which voters rejected strongly.
- The opposition leader's embrace of MAGA politics backfired and pushed Australia to the left politically.
Tariff Policy Incoherence
- Trump's tariff policy exhibits incoherence, from targeting allies to imposing broad, ineffective tariffs.
- Attempts at reciprocal tariffs used an arbitrary formula, causing market chaos and eventual policy reversal.
Trade Enables Mutual Gains
- Trade benefits all parties by fostering cooperation and mutual benefit, rather than zero-sum competition.
- Reducing tariffs between the US and China benefits both Americans and Chinese consumers and producers.