Today, Explained
The nostalgia economy
Apr 8, 2025
Oren Kass, founder and chief economist at American Compass, delves into the economic strategies behind President Trump’s tariffs. He argues that these tariffs aim to recreate a manufacturing renaissance rooted in nostalgia for traditional values. Kass discusses the socio-economic shifts impacting manufacturing jobs and critiques the misguided belief that tariffs can easily reverse deindustrialization. He also explores how businesses harness nostalgia to connect with consumers emotionally while advocating for a modern economic model that fosters growth and mobility.
27:52
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Quick takeaways
- The nostalgia-driven tariff policy aims to revive manufacturing jobs in the U.S., but its broad implementation may hinder sustainable economic progress.
- While seeking to address economic decline, the administration's approach overlooks the structural shift towards services, raising doubts about its effectiveness.
Deep dives
Impact of Tariffs on Manufacturing Jobs
Tariffs are proposed as a means to bring manufacturing jobs back to the U.S., creating a sense of urgency around economic recovery. The current administration believes these tariffs will help people who have been economically marginalized, yet the specific implementation lacks focus on high-value industries. Instead, tariffs are being applied broadly across various sectors, including low-value items like clothing and household goods, rather than targeted areas like semiconductors. This approach raises concerns that it will hinder progress rather than drive it, leading to less sustainable job creation.
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