David Arbeitman: Be careful what you wish for

Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. AP PHOTO/EVAN VUCCI
Published: 12-03-2024 7:26 PM |
One message of Donald Trump’s campaign was “Are you better off now than you were four years ago?” Analysts conclude that in spite of current low inflation, low unemployment, and a booming stock market, voters were upset by a 20% increase in the price of gasoline, eggs, and other commodities during Joe Biden’s presidency.
Trump has promised that he will restore earlier prices through drilling for fossil fuels and import taxes. If Trump follows through on his promise of a 60% tariff on all goods from China, economists forecast big jumps in prices at stores such as Wal-Mart, where about 75% of their products are made in China.
In addition, when Trump follows through with his promise of deporting millions of undocumented immigrants, we can expect an exacerbation of the current labor shortage that will also result in a significant increase in prices. Best estimates are that about 30% of the workforce in construction and 11% of agricultural workers are undocumented immigrants.
When apples don’t get picked, grapes rot on the vine, and construction projects take much longer to complete due to a lack of workers, the price of groceries and homes will go up. While Trump boasts that these tariffs will swell government coffers, when a Republican Congress predictably extends the Trump tax cuts, the billions that are going into the treasury will be doled out to the wealthiest individuals and corporations in the country, whereas the middle class and the poor will be stiffed.
I expect that after two years of Trumpnomics, voters will kick out the Republicans in both the Senate and the House. In the meantime, unless you are one of Trump’s billionaire friends like Elon Musk, the vast majority of Americans will experience economic pain and suffering.
David Arbeitman
Florence
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