this post was submitted on 10 Nov 2024
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politics

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Summary

Americans, frustrated with high prices despite a strong economy, voted for change with Donald Trump’s election. Trump promises to reverse Biden-era policies, vowing steep tariffs, tax cuts, and mass deportations.

Economists warn his plans could worsen inflation, increase the federal deficit, and destabilize growth. The Peterson Institute predicts Trump's tariffs could drive up costs for American consumers, while deportations could shrink GDP by $5.1 trillion.

His proposed tax cuts could add $4.1 trillion to the deficit, while economists question his willingness to address fiscal imbalances through spending cuts.

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[–] captainlezbian@lemmy.world 9 points 5 days ago (1 children)

Good. Bring on the economic pain. The worst case scenario is if he actually improved things while doing the evil he promised

[–] LifeInMultipleChoice@lemmy.dbzer0.com 8 points 5 days ago* (last edited 5 days ago)

Tariffs/wars will show a long term price hike, but there will be some products that decrease in price giving people strawmen. When countries place tariffs back against us, our exports will drop. When they do those products will have a surplus until they slow production to meet new expectations. When they have the surplus the prices will drop to sell the extra product. Once that product line is sold, and they lower their production to get their profit margins back up, that's when prices will increase for those products. Last time soybeans were one of those products I believe.