They had more disposable income and that income went farther.
Paying for more utilities with less money isn't the win you think it is.
that's absurd. 1950s middle class americans lived how we consider poor people live today.
we used to spend almost 20% of our income on food alone. That's down to 10%. that alone has freed up enormous amounts of income for whatever we want.
I have no patience for people who somehow believe we have become poorer over 50-70 years. That's completely crazy. Just look around you. Unless you live in a typical deep red Republican state, then maybe things aren't so great, I'll grant you that.
Eddy is 12 years old. He believes what his demented grandpa Trump tells him. "Eddy, let me tell you when I hit 18 holes in one in one round of golf. Or, do want me to tell you when I pitched 10 perfect games in a row in a single week? Or, when I got your grandfather's bodyguards, he paid to protect me, to beat up kids until they did my homework for me. I never had to throw a single punch in my life because I am the greatest boxer and wrestler of all time.
They had more disposable income and that income went farther.
Paying for more utilities with less money isn't the win you think it is.
that's absurd. 1950s middle class americans lived how we consider poor people live today.
we used to spend almost 20% of our income on food alone. That's down to 10% and would be far less for someone who doesn't eat out much. that alone has freed up enormous amounts of income for whatever we want.
I have no patience for people who somehow believe we have become poorer over 50-70 years. That's completely crazy. Just look around you. Unless you live in a typical deep red Republican state, then maybe things aren't so great, I'll grant you that.
All you need to do is take a drive in your city and look at the homes that were built in the 1950’s, 1960’s 1970s. They are tiny. Everyone had one car. Many had no cars Central Air didn’t exist. Camping meant you went in a tent. A tiny percentage had ever flown on a plane. No computers, gadgets.
If time travel existed, all these people dreaming of the good old days would hit reverse within after one hour of time spent living as middle class in that time.
Explain to me how a 25% tariff on German cars made in Mexico and sold in the United States is not a tax on the German company.
If Audi raises the price of their cars by 25% to get around paying the tariff you are under no obligation to by an Audi. Buy a Toyota built in Tennesse. Why is there a Toyota factory in Tennessee? Because of tariffs.
Tariffs are a negotiating tactic and a means to an end.
German automakers built factories in Mexico for the express purpose of avoiding tariffs. Now they will pay the tariff or they will have to close the factories or build new ones in the US.
If only it worked that way.
We examine conventional approaches to evaluating the economic impact of protectionist trade policies. We illustrate these conventional approaches by applying them to the tariffs introduced by the Trump administration during 2018. In the wake of this increase in trade protection, the United States experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and the complete pass-through of the tariffs into domestic prices of imported goods. Therefore, the full incidence of the tariffs has fallen on domestic consumers and importers so far, and our estimates imply a reduction in aggregate US real income of $1.4 billion per month by the end of 2018.
(Fall 2019) - We examine conventional approaches to evaluating the economic impact of protectionist trade policies. We illustrate these conventional approaches by applying them to the tariffs introduced by the Trump administr...
We use microdata collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff pass-through is much higher than exchange rate pass-through. Chinese exporters did not lower their dollar prices by much, despite the recent appreciation of the dollar. By contrast, US exporters significantly lowered prices affected by foreign retaliatory tariffs. In US stores, the price impact is more limited, suggesting that retail margins have fallen. Our results imply that, so far, the tariffs' incidence has fallen in large part on US firms.
(March 2021) - We use microdata collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff pass-through is much higher...
After decades of supporting free trade, in 2018 the United States raised import tariffs and major trade partners retaliated. We analyze the short-run impact of this return to protectionism on the U.S. economy. Import and retaliatory tariffs caused large declines in imports and exports. Prices of imports targeted by tariffs did not fall, implying complete pass-through of tariffs to duty-inclusive prices. The resulting losses to U.S. consumers and firms that buy imports was $51 billion, or 0.27% of GDP. We embed the estimated trade elasticities in a general-equilibrium model of the U.S. economy. After accounting for tariff revenue and gains to domestic producers, the aggregate real income loss was $7.2 billion, or 0.04% of GDP.
hard to overstate the incompetence, ignorance and ideological blinders of King Trump 1. He is very very terrible at being president. And the GOP is very terrible to give him power to wreck so much single handedly.
GM stock down around 14% in a couple days, because of the tariffs that are supposed to help it. God help us.
Yglesias:
Matthew Yglesias @mattyglesias Incredible level of incompetence to roll out a protectionist set of policies for the auto industry that are so poorly designed that they crush the stock of the companies you are trying to protect.
'We’re keeping our promises to the Muslim community. My administration is engaged in relentless diplomacy to forge lasting peace in the Middle East, building on the historic Abraham Accords... While I’m president, I will be there for you.' pic.twitter.com/ZIf4n2xDfP
DOW JONES NEWSWIRES S&P 500 Earnings Gains Slow as More Companies Lower EPS Outlooks
Earnings expectations for 1Q are lower than they were at the end of 2024 for S&P 500 companies, according to the latest FactSet earnings insight. The index is expected to report 1Q earnings growth of 7.3%, down from an estimate for growth of 11.7% as of Dec. 31. Heading into the final days of the quarter, analysts and companies have lowered their expectations. Furthermore, more S&P 500 companies have provided negative EPS outlooks for the 10 than average. Some 107 companies in the index have issued EPS guidance for 1Q 2025, of which 68 have been negative. The of companies issuing negative EPS guidance is above the 5-year average of 57 and above the 10-year average of 62, according to the report. (
Explain to me how a 25% tariff on German cars made in Mexico and sold in the United States is not a tax on the German company.
If Audi raises the price of their cars by 25% to get around paying the tariff you are under no obligation to by an Audi. Buy a Toyota built in Tennesse. Why is there a Toyota factory in Tennessee? Because of tariffs.
Tariffs are a negotiating tactic and a means to an end.
German automakers built factories in Mexico for the express purpose of avoiding tariffs. Now they will pay the tariff or they will have to close the factories or build new ones in the US.
If only it worked that way.
We examine conventional approaches to evaluating the economic impact of protectionist trade policies. We illustrate these conventional approaches by applying them to the tariffs introduced by the Trump administration during 2018. In the wake of this increase in trade protection, the United States experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and the complete pass-through of the tariffs into domestic prices of imported goods. Therefore, the full incidence of the tariffs has fallen on domestic consumers and importers so far, and our estimates imply a reduction in aggregate US real income of $1.4 billion per month by the end of 2018.
We use microdata collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff pass-through is much higher than exchange rate pass-through. Chinese exporters did not lower their dollar prices by much, despite the recent appreciation of the dollar. By contrast, US exporters significantly lowered prices affected by foreign retaliatory tariffs. In US stores, the price impact is more limited, suggesting that retail margins have fallen. Our results imply that, so far, the tariffs' incidence has fallen in large part on US firms.
After decades of supporting free trade, in 2018 the United States raised import tariffs and major trade partners retaliated. We analyze the short-run impact of this return to protectionism on the U.S. economy. Import and retaliatory tariffs caused large declines in imports and exports. Prices of imports targeted by tariffs did not fall, implying complete pass-through of tariffs to duty-inclusive prices. The resulting losses to U.S. consumers and firms that buy imports was $51 billion, or 0.27% of GDP. We embed the estimated trade elasticities in a general-equilibrium model of the U.S. economy. After accounting for tariff revenue and gains to domestic producers, the aggregate real income loss was $7.2 billion, or 0.04% of GDP.
Is it a coincidence the welfare state coincides with the greatest leap in living standards in history?
The point being "the norm" you are referring to seems to be very time limited.
Advances in technology are responsible for increased living standards not government cheese.
And welfare recipients require proper id, which destroys the lefts excuse for not requiring voter id because poor people dang sure have id’s when they need them. Tricky one huh libs?
When Trump is wronged, he doesn't forgive and he doesn't forget. And with Columbia getting even more woke lately, I'm sure it's even sweeter for Trump.
Donald Trump can’t wait on Columbia University any longer. The developer is now planning to build as many as 5,000 more housing units on his giant Upper West Side development site, with Colum???
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