Actually it's worse! Because the current US secretary of Commerce, Howard Luttnick, and his sons went around to companies most impacted by the illegal tariffs, and said that they'd pay them a small amount of money now, for the rights to the full tariff refund later. Basically betting that the tariffs would be ruled illegal, and that there would be massive refunds issued. So they bought up the rights to millions of refunds, for pennies on the dollar, effectively leveraging their insider knowledge of the issue, in one of less blatant instances of corruption within this administration.
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Wow, that's just evil
This is some street level thuggery. I am not surprised at all.
How do you stop this crap. That money could have paid for universal healthcare many times over.
Rob the poor to pay the rich USA mentality
It starts with g and it rhymes with ruillotines
I PAID THE TARRIFS.
But I did not vote for import fees.
They're all fine with redistribution of wealth, but only in one direction.
This is called wealth transfer, conservatives only like it when it goes from the bottom to the top.
People in USA: so are your import tariffs gone now? Have tariff related price increases gone back down? Or have businesses just decided to keep that free money too?
That's the fun part: the ratchet only goes one way. Another fun part? We're doing more tarrifs!
so glad the empire is destroying itself tho
It's actually even worse than just taxpayers paying businesses: Since the US doesn't have the tax revenue to pay the businesses, it will need to take out more debt to pay them. So the taxpayers will not only pay the businesses, but they will also pay interest. (That is, if you believe that the US will be able to stabilize its debt before defaulting. At the rate we're going, with the looter class taking US government funds, the US will end up defaulting before taxpayers have a chance to pay down the debt. To be clear, a default would be far worse than the austerity and/or tax increases required for taxpayers to pay down the debt.)
To be clear, a default would be far more painful than the austerity required to stabilize the debt.)
Hard disagree. The debt is already unpayable, and austerity cuts the kind of investment that creates economic activity, like schools and infrastructure. And our schools and bridges are already collapsing
And it's not just national debt that has become unpayable... We have levels of debt that can't be repaid at all levels. It's a big part of why everything is becoming unaffordable
This is part of the collapse of an empire. It's happened before. There's three ways out of it. The first is a jubilee, a one time general forgiveness of all debt (unlikely). The second is a revolution and reorganization where we don't acknowledge prior debt
The most likely path forward is hyperinflation, where the majority of debt is shrunk by devaluation of the currency
No amount of austerity will get us out of this hole... The purpose of austerity is to extract wealth through opening outside investment and suppressing economic development. It's purpose is to keep countries on a debt treadmill indefinitely
What you said is true for most countries. But the US dollar is used by countries to pay each other. So most countries have some dollars, and a few - mainly the UK and Japan - have massive stockpiles. They won't like any reduction in the value of the dollar. I read an article that recently, the Japanese shorted US AI companies, driving their valuations down, as punishment for something else Trump did. Such 'trade wars' could escalate if the dollar hyperinflates.
Who paid for the tariffs?
Who pays for the refund?
Isn't this redundant? The tariff is federal income. The refund is federal spending. The amount is (presumably) identical.
Ted Dansons Voice: Woah woah woah, we weren't promised to be Charlie Sheen-Grade winners.
I see a whole bunch of charlie sheen in my trailer park but it usually involves lower grade drugs and lower grade women and shit ton of fox news
Hell yeah... all that "tarrif money" from the first go-arounds is in trump's pocket. You don't think HE'S going to pay for his criminal act, do you?
Get the fuck out of here !!! You crazy person you.
A corporate stimmy!