See here and here. Every morning I wake up, think I can’t see anything more crazy than what occurred yesterday, and then I check the news.
Figure 1: Top panel, EPU-trade; Middle panel: Trade Policy Uncertainty; Bottom panel: EPU. Orange shading denotes second Trump administration. Orange dashed line denotes election. Source: policyuncertainty.com, Iacoviello et al.
Addendum: If the Rosie O’Donnell reference was unclear, here’s article from The Hill:
President Trump on Saturday lashed out against comedian Rosie O’Donnell, calling her a “threat to humanity” and noting that he is “seriously considering” revoking her citizenship.
“Because of the fact that Rosie O’Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship,” Trump wrote in a Saturday morning Truth Social post.
Rosie?
James H McClure Jr: See addendum.
We can forgive you if you forget some basics about international tax law, but if you can’t remember B-celebrity Rosie O we’re going to have to get out the bull whip and adjust your behavior. Next you’ll be telling us you don’t know who Kathy Griffin is. Watch it mister.
Article 1, Section 8: “The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises”
Congress has delegated to the president some of its power regarding tariffs under limited circumstances.
Section 201: Market disruption
Section 232: National security
Section 301: Unfair practices
IEEPA: International Economic Emergency
Trump has imposed tariffs on Brazil because they have put Trump’s best friend Bolsonaro on trial for instigating a coup after he lost an election — a case Trump has some sympathy for. It has nothing to do with the items above.,
How is this tariff legal? I guess if Congress does nothing, then the Supreme Court takes it as a tacit okay.
Who has grounds to sue? Presumably the importers who have to pay the tax. But will they, fearing even more draconian government sanctions?
Well, I guess the digital services tax is back on? And the weeks of negotiation were just for practice?
What’s in the news that has the felon-in-chief feeling neglected? That’s the usual pattern – do something extraordinarily harmful to the general welfare whenever the felon isn’t the center of attention. ‘Cause time on weekend new programs is the most important factor in policy making.
We should start a pool on whose citizenship is threatened by the felon. I got Beshear!
“Reich citizenship will not be laid in the cradle of every one born in Germany, but will be ceremoniously conferred on him after he has shown himself worthy of it through special accomplishments, through loyal services to the State.” NY Times, July 6, 1933.
This is where we are today.
And the sub-head is “Jews will be ‘guests’ ” Today it is Hispanics.
Greg Mankiw’s July 10 blog post entitled “The Fiscal Future”, which spells out 5 basic ways the current fiscal imbalance could play out with his preference being an increase in taxation. Mankiw notes something Krugman recently pointed out:
‘the United States is now a low-tax country compared with its peers. In most aspects of life, regression toward the mean is a strong and pervasive force, and this context could be no different. According to OECD data (for 2022), governments at all levels in the United States collect only about 28 percent of GDP in tax revenue, compared with 35 percent in the United Kingdom, 41 percent in Sweden, 43 percent in Italy, and 46 percent in France. The OECD average is 34 percent.’
It is a must read especially coming from a former Republican. Pretend consultants like Koptis should read it given how utterly stupid his comments on the topic have been. But of course Know it All Stevie won’t read it as this clown only reads his own retarded babble.
I agree, Most of your fiscal consolidation will come from taxation. Bring in a VAT for a start. A carbon price would be useful as well. An inheritance tax would prove useful as well. Add in income tax cuts for low income people and some increased welfare benefits and there you have it.
You Yanks have made cutting sp[ending very hard unless you have no heart and cut services which the poor rely on. If you do that you are not following christ or even O/T writings ( see A mos or Micag for example and are following satan.
I would like Rosie to come out and dare him to take away her citizenship. make it a bet, that if she keeps her citizenship then he resigns from office. force his hand to do something he cannot do. she should egg him on with this issue every day. her citizenship cannot be touched. make him carry out the threat, which would be illegal.
It would a sucker bet for Rosie because Trump knows he has six votes on the Supreme Court whose conclusion at every case is “Trump is right.” Roberts has amended the Constitution into an elective absolute monarchy with Congress as just an advisory body.
trump and the Supreme Court can get away with that stuff against a person who has dubious standing in the United States. but a celebrity with untouchable citizenship rights, like Rosie, may be a different story. as long as she does not have other “crimes” that could be exploited against her. which is the tact trump seems to take most often, gripes about one thing but legally attacks through a different door. Rosie needs to keep the conversation focused on her citizenship.
as an example, trump has not directly fought the birthright citizenship issue-nor has the Supreme Court taken it up. that case was all about federal court overreach. but it conveniently helped his battle, and he forced the narrative to be that he won the birthright issue. he did not.