You know you done fucked up when you rile Nobel-awarded economists enough to write a letter and release it to the press.
I tried to look for something like this happening before and don't see anything. Maybe it's my bad searching skills, but this is definitely not great for Trump's plans. Not certain how convincing it is politically though.
Imo it could hurt him enough that he doesn't win the election, if only because business leaders do pay attention to economists and they definitely do not want another round of inflation to happen so quickly after this last one.
The closest I could think about was Economists speaking out about Reaganomics. I also couldn't find anything exactly like this, however I did find Bush Sr. Calling it voodoo economics and Democrats actually are credited in some cases as calling it Trickle Down economics as a negative. Even Gerald Ford attacked it, which is something coming from the guy who pardoned Nixon.
I found some criticism from Martin Feldstein in 1986 about the strength of supply side economics and some "extremists", though that was after the fact.
As I’ve understood it ; RESERVING the right to be wrong, raising tariffs was ONE of the factors leading to the Great Depression…
So yeah I’m sure that’ll work out fine this time.
You are correct- https://www.investopedia.com/terms/s/smoot-hawley-tariff-act.asp
Also-
Prior to signing the Act, more than 1,000 economists urged President Hoover to veto it.
Economics Teacher: In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the... Anyone? Anyone?... the Great Depression, passed the... Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered?... raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. "Voodoo" economics.
I'm still waiting for the money to trickle down.
You got the wrong idea. The money doesn't trickle down, just the piss.
Lol this was funny AND educational! Although reading it as comment instead of being stuck in that actual class probably helped.
Thank you… I couldn’t remember the name …
Trump and the fed jumped at every last opportunity to juice the economy from 2016-2020 and they'll do it again if he gets elected again. He was really damn lucky he inherited a decent economy to do that with, and was followed up by a responsible administration to keep things in check. I could go on and on about this but in the end I'm really just hoping we come to our senses and elect leaders who are interested in keeping the ship steady instead of this chaotic feast/famine cycle we've been living through these past few decades.
Yeah, but I'll have you know that President Trump finished at the bottom of his class at a prestigious business school!!
What do these guys know with them No-bell prizes and such!
Yes, but "experts" also don't understand that you can change the path of a hurricane with a sharpie, or that magnets don't work in water, so what would these guys know?
Or that batteries are more dangerous than sharks in the ocean
Didn't he suggest they were of equal danger? I mean he was still wrong, but...
16 Nobel prize-winning economists see a Trump inflation bomb
And 30 Helens agree.
It’s a fact.
We still taking daddy's lapdog seriously....
Remember, they say whatever their handlers tell them to shill.
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.