Trump: Tariffs To Help Pay Down our Debt

[Zippyjuan]

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He must be anticipating some seriously massive tariffs. The deficit next year is expected to hit $1 trillion (over $800 billion in the FY ending in October). You have to get rid of that before you can pay down any of the debt. Tariffs currently estimated to bring in $152 billion (and that still leaves $1 trillion short so we need about ten times more). https://www.thebalance.com/u-s-federal-budget-breakdown-3305789

US imports were about $2.4 trillion last year so we would need like 50% tariffs on everything imported to start to pay down any of the debt.

Tariffs are paid for by US consumers and producers.

If you wanted to get rid of our debt, you would need to take in an average of $1 trillion more a year than you spend for the next 25 years. Instead it is expected to grow with the tax cuts and increased spending Congress passed and Trump signed.

[phill4paul]

"Start" paying down debt. Hopefully soon we will raise tariffs times ten to cover the rest.

[juleswin]

"Start" paying down debt. Hopefully soon we will raise tariffs times ten to cover the rest.

Good God Philip, that kool aid u just downed was meant for the whole Trump rally attendees and you just sat there and drank it all. Now you are starting to sound like a crazy person :tears:

This place has changed

Anyone who believes a govt who is busy creating more debt, has to raise the debt ceiling to pay the interest on the debt, continues to increase taxes on his tax base is going to reduce the debt, is a kool aid drinker.

[phill4paul]

Yum. It's lemon lime.

[CaptUSA]

Lol. The only way the debt may go down is because inflation devalues the dollar so fast that 20 trillion seems like a bargain vacation.


Governments love inflation!!

[NorthCarolinaLiberty]

Oh, another Zip trolling thread!

Anyway, speaking of Kool-Aid, did you literally drink Kool Aid as a kid? Is there a direct relationship between the Kool Aid you literally drank as a drink and the Kool Aid you literally drink as an adult? Should this be studied by our fine universities?





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[TheCount]

How will the tariffs pay down the debt if they're just a negotiating tactic and we're going to get rid of them soon?

[oyarde]

At this point it is hard to picture the debt ever decreasing by a significant amount , it was kind of fun though to here him say it .

[CaptUSA]

At this point it is hard to picture the debt ever decreasing by a significant amount , it was kind of fun though to here him say it .

He literally said, “My tax increase was so huge, the government’s gonna be rolling in money!!” If that ain’t the progressive mindset...

Oh what fun!

[kcchiefs6465]

"Start" paying down debt. Hopefully soon we will raise tariffs times ten to cover the rest.
How progressive of you.

[phill4paul]

How progressive of you.

Ya gotta break some eggs to make an omelet. Status Quo wasn't workin'.

[kcchiefs6465]

Ya gotta break some eggs to make an omelet. Status Quo wasn't workin'.
Forgive me... You aren't advocating for the status quo?

[phill4paul]

Forgive me... You aren't advocating for the status quo?

Tariffing the fuck out of foreign competitors so they'll come to the re-negotiation table. No. I wouldn't say that has been status-quo.

[Swordsmyth]

How will the tariffs pay down the debt if they're just a negotiating tactic and we're going to get rid of them soon?

Because when our economy grows from having fair trade deals we will have more tax revenue.

[Swordsmyth]

Spending is most important but shifting taxation to tariffs/growing the economy through tariffs or fair trade will help.

[Zippyjuan]

Spending is most important but shifting taxation to tariffs/growing the economy through tariffs or fair trade will help.

If you have tariffs, you don't have fair trade. If you have fair trade and no tariffs, you have no revenues from tariffs.

But if you are serious about this tariff thing and want to finance our current spending with them, you need a 200% tariff on every item we currently import. And that is a very long ways from "free trade".

Our current tariffs bring in about $150 billion a year. We spend more than twice that just on interest on the debt.

EU tariffs are about the same as our average across all goods of 1.6%. Canada is about half ours. (many items have zero tariffs on them- some will have higher tariffs than others).

https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fniallmccarthy%2Ffiles%2F2018%2 F03%2F20180323_Tariff_Map_Forbes.jpg

[Swordsmyth]

If you have tariffs, you don't have fair trade. If you have fair trade and no tariffs, you have no revenues from tariffs.

But if you are serious about this "don't really worry about spending" thing and want to finance it with tariffs, you need a 200% tariff on every item we currently import. And that is a very long ways from "free trade".
I said spending is most important, that means we need to cut it, shifting taxation to tariffs/growing the economy through tariffs or fair trade are two different options that depend on how our trade opponents act.

I also believe that all countries should have low tariffs for most or all of their taxation needs after cutting spending to the bone but they can negotiate bilateral agreements to have the same low tariff rate in each direction.

[kcchiefs6465]

Because when our economy grows from having fair trade deals we will have more tax revenue.
Genius!!!

[Swordsmyth]

Genius!!!

Very Stable Genius.

[CaptUSA]

Because when our economy grows from having fair trade deals we will have more tax revenue.

Bernie, is that you???

[Swordsmyth]

Bernie, is that you???

Our economy won't grow if other countries lower or eliminate tariffs on our goods?
Where do you go to learn economics? I want to avoid ever going there or sending any children I may have there.

[spudea]

So abolish the income tax and fund the government with tariffs and user fees, just as Ron Paul advocated.

[oyarde]

If you have tariffs, you don't have fair trade. If you have fair trade and no tariffs, you have no revenues from tariffs.

But if you are serious about this tariff thing and want to finance our current spending with them, you need a 200% tariff on every item we currently import. And that is a very long ways from "free trade".

Our current tariffs bring in about $150 billion a year. We spend more than twice that just on interest on the debt.

EU tariffs are about the same as our average across all goods of 1.6%. Canada is about half ours. (many items have zero tariffs on them- some will have higher tariffs than others).

https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fniallmccarthy%2Ffiles%2F2018%2 F03%2F20180323_Tariff_Map_Forbes.jpg

Maybe that is his plan . Enough to cover interest .

[kcchiefs6465]

So abolish the income tax and fund the government with tariffs and user fees, just as Ron Paul advocated.
Has Donald Trump advocated this?

Or does he advocate expanding the size and scope of government and ignorantly think tariffs are going to pay more than a marginal point or two of the respective debt?

[spudea]

Has Donald Trump advocated this?

Or does he advocate expanding the size and scope of government and ignorantly think tariffs are going to pay more than a marginal point or two of the respective debt?

I think he is pushing for what can be realistically accomplished. He knows we can never pay off the debt so the best option is to regain economic and manufacturing superiority so when we default on all of our foreign creditors, we are not totally decimated. Peter Schiff talks the same way, we have to stop spending and consuming, we have to be saving and producing.

[kcchiefs6465]

I think he is pushing for what can be realistically accomplished. He knows we can never pay off the debt so the best option is to regain economic and manufacturing superiority so when we default on all of our foreign creditors, we are not totally decimated. Peter Schiff talks the same way, we have to stop spending and consuming, we have to be saving and producing.
Peter Schiff talks about saving and producing, not about protectionist tariffs supposedly helping to regain American manufacturing superiority.

That which is seen vs. that which is unseen and the created/lost jobs are merely transferred across sectors.

[spudea]

Peter Schiff talks about saving and producing, not about protectionist tariffs supposedly helping to regain American manufacturing superiority.

That which is seen vs. that which is unseen and the created/lost jobs are merely transferred across sectors.

And that's where Schiff falls short IMO. He constantly warns and understands the calamity is coming, but never talks about what comes after.

[juleswin]

Ya gotta break some eggs to make an omelet. Status Quo wasn't workin'.

Sounds like "you've got to abandon the free market in order to preserve it". I wonder who said that?

Oh boy, Philip you are regressive, your old self would be very disappointed with what you have become


https://www.youtube.com/watch?v=Tmi8cJG0BJo

[phill4paul]

Sounds like "you've got to abandon the free market in order to preserve it". I wonder who said that?

Oh boy, Philip you are regressive, your old self would be very disappointed with what you have become


https://www.youtube.com/watch?v=Tmi8cJG0BJo

And we are soooo close to having a Liberty oriented Legislative, Executive and Judiciary that in a mere 2000yrs. we would could cry

FREEEEEEEEEDDDDDDDOOOOOOOOOMMM!!!!!!

Nope. Burn it down.

[Madison320]

Spending is most important but shifting taxation to tariffs/growing the economy through tariffs or fair trade will help.

Playing around with tariffs and tax cuts are just a distraction. The only thing that is going to actually fix the economy is to reduce spending. When we get the next debt induced crash it's going to get blamed on the tariffs and tax cuts.

[TheCount]

And we are soooo close to having a Liberty oriented Legislative, Executive and Judiciary

What... how?

[Swordsmyth]

Playing around with tariffs and tax cuts are just a distraction. The only thing that is going to actually fix the economy is to reduce spending. When we get the next debt induced crash it's going to get blamed on the tariffs and tax cuts.
I agree which is why I said spending is most important but as I said growing the economy will help.

[Swordsmyth]

Sounds like "you've got to abandon the free market in order to preserve it". I wonder who said that?

Oh boy, Philip you are regressive, your old self would be very disappointed with what you have become


https://www.youtube.com/watch?v=Tmi8cJG0BJo
There is no free market in international trade therefore fighting back is not abandoning one, if we fight back we may be able to negotiate one.

Would you call it abandoning the path of peace to fight back if we were invaded?

[juleswin]

There is no free market in international trade therefore fighting back is not abandoning one, if we fight back we may be able to negotiate one.

Would you call it abandoning the path of peace to fight back if we were invaded?

And there are no free markets in international banking either. I am talking to people so principled in their philosophy that they are against calling cops on a clearly drunk driver. Those people ha e subscribe to the notion that taxing payers via tariffs will lead to repayment of the debt

[phill4paul]

What... how?

That was sarcasm and that's my point. The status-quo. Burn it down.