By J.C. Bruce
This week, according to Axios, “is shaping up to be a seismic week for global economic policy.”
That’s because two towns in the United States are hosting summits—one, in Jackson Hole, Wyo., for the world’s central bankers; the other in Asheville, N.C., for the finance ministers of the top 20 industrial nations.
For most of us, however, every week seems seismic lately as we make our way to the gas station or grocery store and experience stunning economic deflation of our wallets.
All of this occurring while President Donald Trump—for reasons known only to him and Natalie Harp—has decided to levy 50 percent tariffs on goods entering the United States from Canada.
And, just to be clear, tariffs are taxes. What this means is that Americans and American businesses that need Canadian goods like cars and trucks, adult beverages, dairy products, clothing and—naturally—hockey sticks will have to pay more for them, driving up inflation.
The Canadians, not to be outdone, are figuring out what American goods they want to tax, which will hurt U.S. business exports.
All while inflation is raging, forcing higher interest rates on things like mortgages and other loans, and the cost of living is THE campaign issue going into the midterm elections.
It’s hard to imagine worse timing if you happened to be a president interested in preserving your party’s control of Congress. (Maybe a little less time with Natalie and her printer and more time actually doing your job, Donald.)
So, while the central bankers and the finance ministers have their confabs, the economy they are supposed to preside over is being thrown into chaos. It’s definitely seismic.
Which is why Democrats, such as U.S. Senate candidate Angie Nixon, are leaning into populist messages focusing on soaring healthcare costs and the price of food, fuel, and housing.
It’s why she also advocates for a $25 minimum wage, Medicare for All, and a wealth tax on billionaires, among other things.
Her Republican opponent, appointed incumbent Sen. Ashley Moody, who Nixon will face off against in November, calls her a communist for those ideas.
I call her smart.
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J.C. Bruce
Speaking of Canadiens, I recently was driving on a long taxi ride from Bradenton to St Pete airport and the taxi driver claimed that many Canadiens are moving out of Florida. Selling their condos or property and heading back to Canada. Mostly they were retirees and snowbirds but had property even for decades living in Florida. They felt snubbed by Florida and Americans and didnt like the atmosphere in the US anymore, so the driver claimed. While this is anecdotal chit chat, I think taxi drivers have special anecdotal evidence about who is moving about, for obvious reasons, and because it was such a long drive we got into the details of the subject. Anyone have any comments on this? This is something I think should be looked into. Any statistics? Meanwhile the increase in Florida population is happening mostly in the southern tip in Dade and Broward moving into the everglades which worries me even more as it is mostly very rich people, even billionaires who will not give one care for saving the everglades.... IMHO.
Hey, don't blame the economists for this one. Any one of them will tell you that tariffs are a terrible idea, especially the way Trump is using them. In truth MAGA's personality cult, belief that professional academic and civic institutions are plotting against them, and insistence on nonsensical attempts at economic central planning bear an uncanny resemblance to Maoism. Republicans' branding as the free market party is long out of date.