“Remember tariffs are a tax, and they’re primarily a consumer tax,” Scaramucci added. It’s “a consumption tax, sort of like a VAT [value-added tax]. And that’s a regressive tax. So what ends up happening is the poor people — it eats up more of their disposable income than any other income group.”
“Tariffs are actually — we’ve had a lot of experience with them. They’re an act of war, to some degree,” Berkshire Hathaway (BRK-B) CEO Warren Buffett said in a new CBS News interview on Sunday.
More like a depression because our unreliability is likely to kill the US dollar status as the world reserve currency.
It’ll be the greatest depression
Unironically that might wind up its historical name which would be really funny. The thing people often brush off is that history is written by the historians, so don’t piss them off too much if you care about legacy
These dipshits are gonna hire their own lackeys to write it. If they don’t care what we think now, they aren’t going to worry about what historians will think later.
They use recession because they’re afraid of using the big D and admitting that we’ve had several since, like in 2008, which was only not a depression on what is effectively a technicality, IIRC.
We have a winner!!