President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

AP burying the lede here…

“President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall, according to an analysis released Wednesday by the Congressional Budget Office.”

  • MagicShel@lemmy.zipEnglish
    33·
    9 days ago

    cut deficits by $2.8 trillion over a 10-year period

    by taking that money out of your wallet.

    I mean I guess every deficit reduction implicitly comes out of taxpayers wallets, but this is about consumers paying more for the same stuff while at the same time the government is massively reducing services which also will cost us more. We are being absolutely fleeced.

    We are going to have much lower quality of life for a given income. And then the next Republican administration is just going to run up the deficit further because that’s all they do.

    • Not_mikey@lemmy.dbzer0.com
      11·
      9 days ago

      i guess every deficit reduction implicitly comes out of taxpayers wallets

      Yeah, but it doesn’t have to be yours and my wallet, ideally it would come out of the wallets of all these billionaires but instead we give them tax cuts in the big beautiful bill.

      That’s the problem with tarriffs and sales taxes in general, there regressive. They hit people who spend a majority of there income buying stuff instead of those putting it in a bank and making more money that isn’t taxed as much as money earned working.

    • NoneOfUrBusiness@fedia.io
      2·
      9 days ago

      And then the next Republican administration is just going to run up the deficit further because that’s all they do.

      Yeah… no. The next Republican administration is going to be too busy building concentration camps and putting people in them to bother with boogeymen like the deficit.

      • MagicShel@lemmy.zipEnglish
        3·
        9 days ago

        Maybe. This country has gone through some dark times before. I have to operate on the belief that things will get better because the alternative… the alternative obviates the need to worry about that money in any event. Because I’m too old to go anywhere else and I will not suffer under the boot of a domestic enemy.