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Occam/Hanlon’s razor: it’s stupidity with opportunistic grift.
Project 2025 had pro- & anti-tariff proposals (they were split on the issue of fair vs free trade & argued both). This administration is running wild with the pro-tariff proposal, which ties tariff imbalances to trade deficits (seen this theme before?).
While the fair trade camp argued higher tariffs would somehow create jobs, the free trade camp called for realism & skepticism
countered that no trade policy (fair or free) creates jobs
and argues more inline with textbook economics about trade, comparative advantage, specialization.
Interestingly, the free trade camp gave a brief history lesson about the interconnectedness of the economy from its agrarian beginnings
through the loss of jobs from agriculture to industry increasing the output of both
to argue that jobs in a particular sector are the wrong measure of value
growth increased as service sector surpassed manufacturing
economic decline based on manufacturing is a myth that disregards the big picture
trade leads to specialization that affects the types of jobs, not long-term employment level
declining tariffs in the post-war era made this continued prosperity possible
That position was too nuanced for this administration.
Excellent writeup. Thank you.