The Fifth Column #499 - One of the Dumbest Decisions in American Political History? (w/ Scott Lincicome)
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Apr 4, 2025 Scott Lincicome, an economist specializing in trade policy, joins to debunk MAGA myths surrounding tariffs and trade imbalances. He dives into the complexities of U.S. trade policy and the ineffectiveness of tariffs in revitalizing manufacturing jobs. The conversation touches on the legal implications of using emergency powers for tariffs and critiques the protectionist arguments that often ignore economic realities. With humor and sharp insights, they explore the disconnect between political rhetoric and the consequences for American consumers and global trade.
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Trade Deficits as Scorecards
- Trade deficits are a flawed metric, often used to represent foreign countries "ripping us off".
- They don't account for American-made components in imported goods or macroeconomic factors.
MAGA and Inflation
- Ben Dreyfuss tweeted about MAGA influencers complaining about rising prices.
- They previously complained about raw milk prices, but now dismiss rising costs.
Tariffs and Manufacturing Jobs
- Tariffs won't create a manufacturing job paradise; many manufacturing jobs depend on imports.
- The idea of tariffing your way to more manufacturing jobs is nostalgic nonsense.