So frustrating that the Institute on Taxation and Economic Policy (ITEP) put out this same research back in October when Trump first promoted tariffs and no one seemed to listen then...
This is one of the clearest, most sobering breakdowns of the Tariff Trap I’ve seen — and the kicker? It’s Trump’s own voting base that’s walking straight into it.
📉 1,722 out of 2,010 tariff-impacted counties voted for Trump.
🛠️ These are the same communities that never recovered from the last China trade shock.
💸 Bottom 10% of households? They’ll spend 4% of their income on tariffs. Top 10%? Just 1.6%.
So yes — this is a policy that punches working-class voters in the gut, while telling them it’s a patriotic hug.
There’s tragic symmetry here. The inequality machine is back, only this time, it’s turbocharged. And somehow it’s being sold as “America First” when in reality it’s “Main Street Last.”
Honestly, the level of economic gaslighting would be funny if it weren’t so devastating. It’s like watching someone light their house on fire because they don’t like the curtains — then blaming the fire department when it all burns down. 🔥🚒
Jeremy, this post is essential reading for anyone trying to make sense of what’s coming. Thank you for connecting the dots, bringing the data, and not mincing words. We need more of this before people realize too late that populism at the polls turned into policy that raided their wallets.
So frustrating that the Institute on Taxation and Economic Policy (ITEP) put out this same research back in October when Trump first promoted tariffs and no one seemed to listen then...
https://itep.org/trump-tariffs-tax-increase-impact/
https://itep.org/a-distributional-analysis-of-donald-trumps-tax-plan-2024/
So enlightening....and tragic. Trump voters didn't do their research.
Enlightening indeed!
Because the wealthy buy political favors so they do not have to pay taxes. Look at what they’ve done to the Supreme Court.
Prefer to read than listen to the audio. Excellent brief elaboration of the impact on low income people by the tariffs. Sigh….🙃
Good to know and yes BIG sigh
Curious to hear how people feel about the podcast version of the article. Do people like audio in substack?
This is one of the clearest, most sobering breakdowns of the Tariff Trap I’ve seen — and the kicker? It’s Trump’s own voting base that’s walking straight into it.
📉 1,722 out of 2,010 tariff-impacted counties voted for Trump.
🛠️ These are the same communities that never recovered from the last China trade shock.
💸 Bottom 10% of households? They’ll spend 4% of their income on tariffs. Top 10%? Just 1.6%.
So yes — this is a policy that punches working-class voters in the gut, while telling them it’s a patriotic hug.
There’s tragic symmetry here. The inequality machine is back, only this time, it’s turbocharged. And somehow it’s being sold as “America First” when in reality it’s “Main Street Last.”
Honestly, the level of economic gaslighting would be funny if it weren’t so devastating. It’s like watching someone light their house on fire because they don’t like the curtains — then blaming the fire department when it all burns down. 🔥🚒
Jeremy, this post is essential reading for anyone trying to make sense of what’s coming. Thank you for connecting the dots, bringing the data, and not mincing words. We need more of this before people realize too late that populism at the polls turned into policy that raided their wallets.