In a column for the New York Times, Nobel Prize-winning economist Paul Krugman claimed that an unfettered Donald Trump is setting the stage for a second Great Depression — only this one will be much worse.
Noting that Trump’s plan to slam Mexico with tariffs “will reduce the living standards of most Americans, destroy many jobs in U.S. manufacturing, and hurt farmers,” Krugman said that is the least of our problems.
“Trump says that ‘TARIFF is a beautiful word indeed,’ but the actual history of U.S. tariffs isn’t pretty — and not just because tariffs, whatever the tweeter in chief says, are in practice taxes on Americans, not foreigners. In fact, it’s now a good bet that Trump’s tariffs will more than wipe out whatever breaks middle-class Americans got from the 2017 tax cut,” Krugman wrote.
View the complete June 4 article by Tom Boggioni from Raw Story on the AlterNet website here.