AMERICA, THE BANKRUPCY CAPITAL OF THE WORLD
If you believe the great middle class bankruptcies of 2008 were a problem, welcome to the new record destined for 2020. The king of bankruptcies has set a new goal…bankrupting the largest number of Americans during one administration. Mr. Trump having set a personal historic record of six bankruptcies, a billion dollar income loss and paying no federal income taxes over a ten year period has set a goal as bankruptor-in-chief to engage this historic challenge. Using a new “back breaking” tax called “tariffs”, Mr. Trump believes he could beat that previous gold standard.
As any leader who wants to share their expertise with the masses, Mr. Trump would like to have tens of millions of average Americans learn about bankruptcy. It is simple, with a blink of the eye and the stroke of the pen he has placed a tax on everyday items we import. These are products we use, eat and use in our workplace everyday. So let’s step up to the carnival stage and listen to the snake oil pitch.
In order to balance trade issues between the U.S. and several countries that sell their products to us, we say that’s not good! Let’s put a tax (tariff) on their products that they send us. And because we do that, they put a tax on the products we provide. They send us electronics, autos, furnishings, major parts, shoes, steel, aluminum, lumber, fresh and processed foods, etc. We send them soy beans, beef, pork, etc. The tariff tax is paid by the user to their government to punish the tariffed countries. That’s so the people won’t buy the products of the tariffed countries. But if there is not an alternative for the tariffed product, the consumer pays the tariff. That’s you and me! Now it’s possible that you can pay more for that item or do without it rather than pay 40% more than you would have paid a year ago.
There is much more to this situation. And therefore we have to look a little deeper. Let’s say your employer buys a necessary critical component for his product and is only available from that other country. Because of his increased cost of the tariff tax his business drops off and he has to lay off 50% of the workers. Some of the sellers of his product can’t make enough sales at higher prices and ends up closing their stores. So you didn’t lose you job, but your hours were cut and you still have to buy your three kids new shoes at 30% more than the last time. And yes, as you went from full time to part time you lost your healthcare. Meanwhile the other country that was buying our soy beans found a cheaper source, signed a multiyear contract and since our farmers were losing their farms, the government stepped in and subsides the farmer with billions in grants. Now the grants came from the budget which means we the taxpayers. So taxes are raised to create a subsidy fund for the farmers to offset their loss of soy bean sales due to tariff taxes and those sales may have been lost forever. Another example is that of Boeing, which has many of it’s major components of their new 777 manufactured in one of those tariff countries. Will cancellations of some of those hundreds of planes on order be made because of late of or no deliveries? And so the cycle of losses, taxes, job loss and higher prices continue until someone concedes to the stupidity of the great American tariff tax scheme and resultant bankruptcies. It is estimated that over 10,000 small businesses will fail and will go out of business due to these tariffs.
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In the tariff war there is a lesser known aspect which is a real “get even” game. Tariffed countries have another arrow in their quiver and that is they can stop using dollars in their international trade and then start selling off the U.S. treasury funds they use in trade. Watch out America! This is dangerous stuff!
The answer is simple, negotiate over a conference table without crippling an economy and before creating economic chaos or is the desire to have a economic shutdown again.
THE FUTURE BEGINS TODAY!
GEISNER DOLLARBILLBRIGADE.COM 6/5/2019
