The Jimmy Dore Show Stocks PLUMMET After Trump’s Tariffs Announced! w/ James K. Galbraith
Apr 7, 2025
Joining the discussion are James K. Galbraith, an esteemed economics professor, and Dennis Kucinich, a former progressive Congressman. They dive into the chaos following Trump's heavy tariffs on imports, contrasting economic data with the struggles of American workers. Galbraith critiques the simplistic tariff calculations while Kucinich laments the declining approval ratings for Democrats. The conversation also touches on rising military tensions with Iran and the urgent need for political change, emphasizing the desire for new options beyond the traditional party lines.
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Economic Shock
- Trump's tariffs represent the largest economic shock since the early 1980s.
- This disruption will have major repercussions, similar to when Paul Volcker raised interest rates.
Trump's Economic Inheritance
- Trump didn't inherit a depressed economy; unemployment was low, and inflation had stabilized.
- His focus is on reversing long-term deindustrialization and foreign dependence.
Stock Market Shock
- The stock market was already at historic highs, and Trump's tariffs are essentially a consumer tax increase.
- The initial shock is evident, but it's not a Great Depression-level scenario yet.
