Donald Trump Just Proved He’s an Economic Idiot. Again.
newrepublic.com
His MAGA sycophants knew all along that his central economic proposal was a sham, but they repeated his lies. And now the economy is cracking.

Summary

Trump’s economic policies, particularly his tariffs, are proving disastrous after being “sanewashed” by media during the campaign.

After making tariffs central to his campaign, he twice imposed them—only to backtrack amid market turmoil. Despite clear evidence that tariffs are taxes that raise prices, his allies continue pushing economic falsehoods.

Meanwhile, Trump’s pledge to balance the budget contradicts his record, as he added $2.1 trillion to the deficit, while Democratic presidents have historically reduced it.

His proposed $7 trillion tax cuts, paired with $4.5 trillion in spending cuts, would create massive deficits and harm working-class Americans.

    • lemmy_user_838586@lemmy.world
      16·
      17 hours ago

      It bugs me when people cite the casino going bankrupt as an example of his idiocy, I’m sure it was an example of his malice.

      I’m sure if you look Into that casino failing, he probably stole the funds. Why keep a business going making a few million a year and pay taxes on that, when you could take like 20 million right now, and not pay taxes on it.

      • fake_meows@lemm.eeEnglish
        5·
        6 hours ago

        He threw in the towel because the casinos were being investigated for money laundering and the regulations were expected to increase oversight.

        They were always a scam just to launder criminal funds.

          • LillyPip@lemmy.ca
            5·
            5 hours ago

            This is objectively true:

            Trump Taj Mahal paid the largest fine ever levied against a casino for having “willfully violated” anti-money-laundering rules.

            And it’s not just any money laundering, but specifically for the Russian Mafia:

            Throughout the 1990s, untold millions from the former Soviet Union flowed into Trump’s luxury developments and Atlantic City casinos.

            And:

            Over the past three decades, at least 13 people with known or alleged links to Russian mobsters or oligarchs have owned, lived in, and even run criminal activities out of Trump Tower and other Trump properties.

            “They saved his bacon,” says Kenneth McCallion, a former assistant U.S. attorney in the Reagan administration who investigated ties between organized crime and Trump’s developments in the 1980s.

            It’s entirely possible that Trump was never more than a convenient patsy for Russian oligarchs and mobsters, with his casinos and condos providing easy pass-throughs for their illicit riches. At the very least, with his constant need for new infusions of cash and his well-documented troubles with creditors, Trump made an easy “mark” for anyone looking to launder money.

            From Trump’s Russian Laundromat (July 2017)

      • Fingolfinz@lemmy.world
        16·
        17 hours ago

        It can be both things. He’s bad at business because his solution to running everything equates to some type of fraud rather than any talent or skillful thinking. It doesn’t take skill to commit fraud, you just have to be a piece of shit.