President Donald Trump calls tariffs “the most beautiful word in the dictionary.”
This rebuttals the orthodoxy of a one-sided free trade champion for hundreds of years, starting with Adam Smith, the author of 1776’s “Abundant Nation,” widely known as the father of modern economics. I will. (Related: David Blackmon: Trump’s Energy Secretary gives a disastrous warning to globalists about the insanity of green energy)
However, Donald J. Boudreau, an economist at the US Institute of Economics, writes Smith, the chairman of the former dean of the economics at George Mason University. Four exceptionsOn the other hand, to the principles of free trade:
“These exceptions are, in the order in which Smith picked them up, (1) are protective tariffs for national security purposes; (2) are not inferior to taxes on domestically produced goods and services where imports compete with imports. , ensuring that imports are taxed. (3) Pressure foreign governments to reduce tariffs. (4) Workers in protected industries suddenly unexpectedly due to the need to find new jobs. I guarantee you won’t be hit by the
Trump correctly points out that tariffs once served as a major source of federal revenue. From the establishment of the country to the civil war, tariffs generated 90% of federal revenue.
From the civil war until 1913, even when the Constitution was amended to provide income taxes, tariffs generated 50% of federal revenue. In 1900, governments at all three levels (federal, state and local governments) had less than 9% taxes and fees from Americans.
It costs about 32% today. And, when we estimate the costs of unsubstantiated missions, which are clearly subjective movements, the government gets almost half of the people’s income. And that will probably get worse. (Related: Congressman Buddy Carter: It’s America’s new day. Let’s tax it like that.)
Adam N. Michel, Director of Tax Policy Research at Cato Institute; I’m writing: “Americans facing a $2 trillion annual federal deficit in 2024 are short on stays due to the government they are currently receiving.”
If the government is reduced to the size intended by the father of the establishment, tariffs can once again replace income taxes as the main source of federal revenue. This is a big “if” that requires radical downsizing, which I proposed in my 2010 column.
Sell or lease the land. The federal government owns more than a quarter of all US land in 2007, and the government valued land holdings at around $1 trillion, with a valuation of most of the land planted area of zero dollars. Included. Because it was not “buyed”. National debt is around $14 trillion. Revenues from sales/mortgages/leases may fund our current and short-term liabilities and, together with other changes, eliminate our liabilities.
social security. Workers under the age of 55 shall have the option of placing their retirement contributions in a private savings account.
Medicare. Medical needs of people under the age of 55 shall be addressed in individuals’ tax-free health savings accounts. From these accounts, people can purchase a policy with a higher deductible, just like car insurance. Non-emergency is paid for the out-of-pocket payments from your account.
Medicaid. Anyone currently using Medicaid must be a grandfather, but by date all federal welfare payments will be suspended. The needs of the poor are handled by the state through the unparalleled generosity of Americans.
Eliminate, privatize, outsource, sell/lease many federal activities. These include, but are not limited to, Amtrak. Tennessee Valley Authority. Government-run dams and nuclear power plants. Federal Student Aid Grants and Loans. Public Housing; Food and Drug Administration. Occupational Safety and Health Bureau. Energy, Education, Housing and Urban Development sectors. Environmental Protection Agency; Freddie Mac; Fanny May; National Institutes of Health; Federal Housing Administration.
Repeal laws that violate federalist principles, such as wages and hour laws. Federal Minimum Wage; Clean Air Act; Disabled Persons Act. Equal Pay Act; Davis-Bacon Act (which requires general union wages to those working under federal contracts); and all federal anti-discrimination laws that apply to the private sector.
tax. Eliminate income, corporations, capital gains, dividends and real estate taxes. Given the reduction in government size, the federal obligations listed in Article 1 I are limited, so as the father of establishment imagined, Section 8 of the Constitution, which involves duties and duties, is Funded.
This will recharge the economy. Do you have a taker?
Larry Elder is the bestselling author and host of nationally syndicated radio talk shows. To learn more about Larry Elder, visit www.larryelder.com to become “Elderado.” x Follow Larry at @larryelder.
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