I can't resist posting this transcript from last night's The Daily Show beginning at 6:20:
STEWART: Now, in Trump's defense, he did explain today why we're going after Canada.
Video clip of TRUMP: I mean, I look at some of the deals made, I say, who the hell made these deals are so bad?
STEWART: So bad. The trade deals with Canada, they're so bad. He's just looking and saying, who made these? Ladies and gentlemen--
[LAUGHTER]
STEWART: Don't-- don't get ahead of me! Ladies and gentlemen, for your dining and dancing pleasure, come with me into the wayback machine, to 20-odd-18. I give you the culprit of the terrible deal with Canada.
Video clip:
REPORTER: This morning, President Trump signed a new trade deal to replace NAFTA with the leaders of Mexico and Canada.
TRUMP: The best trade deal they say ever made.
STEWART: D'oh!
[LAUGHTER]
STEWART: A deal done by Trump's greatest nemesis--Trump.
You'd be hard pressed to find any serious economist, whether right wing, center, or left wing, who would dispute that on average, free, unrestricted trade benefits both parties. The key phrase is "on average". Just because there's a net benefit, doesn't mean everyone benefits and it doesn't mean nobody gets hurt.
Under free trade, the benefits are widely distributed, but they're not necessarily great. For most of us, they show up as a wider selection of goods, at a lower price than we'd otherwise see. But that's hard for individuals to notice, because we don't often see the "counterfactual" of restricted trade. That's different from buying on sale, where we can see exactly how much we saved.
Then there are people who benefit handsomely from free trade. Examples might be those in the export-import business, those involved in the distribution, sale, etc of those imported goods, and those in the finance industry who arrange the capital, etc.
And finally, there are people who are harmed. In this case, it's the people who worked, predominantly in the Rust Belt, in the factories that were rendered unprofitable and/or obsolete because workers overseas could produce the goods while getting paid a dollar a day.
That said, I don't think economics is all that drives the white working class to Trump and the GQP. A lot of it is that the world has changed a lot in the past 50-65 years. Minorities are no longer in the shadows, no longer just working menial jobs. Women are in the workforce, and they go to college (and graduate) at higher rates than men do. And LGBTQ+ people are demanding not to be discriminated against. Furthermore, the economy has changed. No longer to people get a job out of school and stay with that company for life. We may be better off than in the 50s, but life is a lot less certain.
And that's a lot for them to swallow, especially in conjunction with their economic issues. So they're vulnerable to the first demagogue who comes along.
One major consequence not mentioned here (not within scope of article, I guess) is the rampant destruction of goodwill toward America that these actions have. This won't just lead to disappointed tourists, it will have a real effect on possible future trade, even if that effect is hard to quantify right now.
Who wants to trade with a nation that goes back on their word?
From a Canadian perspective, Trump's tariff threats are just one more assault on the notion of fair trade. The US position has always been "fair" means we win, you lose. This is more destructive and this time it will hurt you.
I can't resist posting this transcript from last night's The Daily Show beginning at 6:20:
STEWART: Now, in Trump's defense, he did explain today why we're going after Canada.
Video clip of TRUMP: I mean, I look at some of the deals made, I say, who the hell made these deals are so bad?
STEWART: So bad. The trade deals with Canada, they're so bad. He's just looking and saying, who made these? Ladies and gentlemen--
[LAUGHTER]
STEWART: Don't-- don't get ahead of me! Ladies and gentlemen, for your dining and dancing pleasure, come with me into the wayback machine, to 20-odd-18. I give you the culprit of the terrible deal with Canada.
Video clip:
REPORTER: This morning, President Trump signed a new trade deal to replace NAFTA with the leaders of Mexico and Canada.
TRUMP: The best trade deal they say ever made.
STEWART: D'oh!
[LAUGHTER]
STEWART: A deal done by Trump's greatest nemesis--Trump.
https://www.youtube.com/watch?v=TLOuiApOnbw
President Convicted Felon Short/Long Term Memory Loss. He doesn't know if it is Tuesday or the 4th of July.
So... if the Loser wanted something from Mexico and Canada, instead of levying taxes first, could he not have ... asked for it?
Diplomacy. Deal making. Get some.
He takes the Wrestlemania approach to everything and nonelected elon eggs him on.
You'd be hard pressed to find any serious economist, whether right wing, center, or left wing, who would dispute that on average, free, unrestricted trade benefits both parties. The key phrase is "on average". Just because there's a net benefit, doesn't mean everyone benefits and it doesn't mean nobody gets hurt.
Under free trade, the benefits are widely distributed, but they're not necessarily great. For most of us, they show up as a wider selection of goods, at a lower price than we'd otherwise see. But that's hard for individuals to notice, because we don't often see the "counterfactual" of restricted trade. That's different from buying on sale, where we can see exactly how much we saved.
Then there are people who benefit handsomely from free trade. Examples might be those in the export-import business, those involved in the distribution, sale, etc of those imported goods, and those in the finance industry who arrange the capital, etc.
And finally, there are people who are harmed. In this case, it's the people who worked, predominantly in the Rust Belt, in the factories that were rendered unprofitable and/or obsolete because workers overseas could produce the goods while getting paid a dollar a day.
That said, I don't think economics is all that drives the white working class to Trump and the GQP. A lot of it is that the world has changed a lot in the past 50-65 years. Minorities are no longer in the shadows, no longer just working menial jobs. Women are in the workforce, and they go to college (and graduate) at higher rates than men do. And LGBTQ+ people are demanding not to be discriminated against. Furthermore, the economy has changed. No longer to people get a job out of school and stay with that company for life. We may be better off than in the 50s, but life is a lot less certain.
And that's a lot for them to swallow, especially in conjunction with their economic issues. So they're vulnerable to the first demagogue who comes along.
Canadians are canceling vacations en mass. Good. Keep it up.
One major consequence not mentioned here (not within scope of article, I guess) is the rampant destruction of goodwill toward America that these actions have. This won't just lead to disappointed tourists, it will have a real effect on possible future trade, even if that effect is hard to quantify right now.
Who wants to trade with a nation that goes back on their word?
Mr Drumpf emulating Mr Magoo. If only it didn't have incredibly serious consequences it would be laughable...
From a Canadian perspective, Trump's tariff threats are just one more assault on the notion of fair trade. The US position has always been "fair" means we win, you lose. This is more destructive and this time it will hurt you.