

‘People Are In for a Really Rude Shock’ on Trump’s Economy
15 snips Nov 12, 2024
In this discussion with Paul Krugman, a renowned New York Times columnist and economist, the conversation dives into the perils of Donald Trump's economic policies. Krugman argues that Trump's plans could prove to be the most inflationary in history, adversely affecting Americans' finances. He highlights the potential rise in food prices due to labor shortages and critiques the proposed tax cuts and spending strategies. Attention is given to how these policies might trigger a public backlash as inflation continues to escalate.
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Inflation Irony
- Voters are frustrated with inflation under President Biden and chose Trump.
- Ironically, Trump's economic plan is predicted to be highly inflationary.
Deficit Inflation
- Trump's massive, unfunded tax cuts will explode the deficit.
- This will further fuel inflation in an already heated economy.
Tariff Impact
- Trump's tariffs, essentially a sales tax, will increase prices for consumers.
- Despite claims that foreigners will pay, the burden falls on American buyers.