Mark Cuban explains how Trump started the high inflation:
— Republicans against Trump (@RpsAgainstTrump) October 31, 2024
In April 2020, in the early days of Covid, the gas prices were $1.87. Oil companies went to Trump and said: we're getting crushed. You have to talk to your friends MBS and Putin and ask them to reduce production. And he… pic.twitter.com/PoDrVqyDJn
Yes, the pandemic supply chain problems threw the world economy into chaos and there was plenty of price gounging and external events like bird flu that raised the cost of eggs. But guess who put his foot on the gas?
Mark Cuban explains how Trump started the high inflation: In April 2020, in the early days of Covid, the gas prices were $1.87. Oil companies went to Trump and said: we’re getting crushed. You have to talk to your friends MBS and Putin and ask them to reduce production. And he did. That was the day inflation started.
Trump is saying that he’s going to “drill, baby, drill” like a madman to reduce inflation. Yeah. Not gonna happen. American oil production is at an all time high and the energy companies are not looking to raise prodiction to the point that they will not make money. Just looks what happened during the pandemic. I don’t know if he knows this. He’s not exactly a very stable genius.
But I guess he’ll always have his tariffs. Which will raise inflation. So there’s that.
Across the United States, companies that rely on foreign suppliers are preparing to raise prices in response to the massive import tariffs that former president Donald Trump promises if he wins the election Tuesday.
Producers of a range of items, including clothing, footwear, baby products, auto parts and hardware, say they will pass along the cost of the tariffs to their American customers.
The planned price increases next year would come as consumers are beginning to enjoy relief from the highest inflation in four decades, and they directly contradict Trump’s repeated assurances that foreigners will pay the tariff tab.
“We’re set to raise prices,” Timothy Boyle, chief executive of Columbia Sportswear, said in an interview. “We’re buying stuff today for delivery next fall. So we’re just going to deal with it and we’ll just raise the prices. … It’s going to be very, very difficult to keep products affordable for Americans.”
Trump vows to impose the heaviest tariffs since the 1930s, including a 60 percent tax on products from China and a 10 to 20 percent fee on all other foreign goods. Doing so will encourage companies to produce inside the United States using American workers rather than buying from foreign suppliers, he has said.
Trump also has repeatedly claimed that foreign companies — not Americans — pay such import taxes. “The countries will pay,” he insisted this month during an interview with John Micklethwait of Bloomberg News at the Economic Club of Chicago.
In fact, American importers pay all tariffs to the U.S. Customs and Border Protection agency at the time their products enter the country.
It appears that almost half the voters in this country, which includes the man who’s proposing it, are apparently too dim to understand how this works.
Remember all those people t the Economic Club speeches laughed and cheered his incoherent rants? Yeah, they were smart as whips for doing that.