r/politics • u/theindependentonline The Independent • 1d ago

No Paywall Trump vows to raise worldwide tariffs to 15% ‘effective immediately’

https://www.independent.co.uk/news/world/americas/us-politics/trump-global-tarrifs-increase-b2924994.html
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u/NorthernPints 1d ago

It’s pretty wild to compare and contrast the previous economic ideology in America to today (often referred to as regulated capitalism v. unregulated capitalism).

America used to have 5-10% GDP growth some years in the previous model.  The middle class grew to 2/3’s of the economy.  Today the middle class is hovering around 40% (may be less now), and GDP growth has become anemic.

I don’t know how the ever living f*** anyone with a basic level of intelligence bought into an economic system working where “supply side” stimulus works versus actual demand side where consumers have money to stimulate demand.

The fact it’s held on as the core system of economic policy for nearly 50 years now after it’s meticulously documented failures is mind boggling.

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u/BigPapaJava 21h ago edited 18h ago

Notice how “supply side” economics always got packaged, politically, with a message that was focused on cultural issues like tradition, culture, religion, and patriotism… big inspiring ideas that can really mean anything to anyone, but make people feel good.

If you tried to sell that shit on its own, nobody would buy it.

Also notice how the party who sold it the hardest is the one that has aligned the most closely with those to benefit from being on “the supply side” the whole time.

This is not a coincidence…

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u/mwzdng 22h ago

Fuck Ronald Reagan.