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Tag Archives: Trumponomics

The three caballeros: on populism and the economy

  Cartoonish figures... and Disney toons too With the incoming inauguration of Jair Bolsonaro in Brazil, the United States and the two largest countries in the Latin American region will have what the press has more or less universally and uncritically referred to as populist leaders in power. It has been very common in the press to compare Trump and Andrés Manuel López Obrador (AMLO) as right and left-wing populists. And although the term has not been applied as often to Bolsonaro,...

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Trumponomics and the next recession

Progressives for balanced budgets and free trade It was the best of times; it was the worst of times. Or that is what you would think if you follow the economics press lately. Sebastian Mallaby has a column on Trumponomics a while ago, suggesting Trumponomics is not working. I wouldn't disagree with the verdict, but the explanation is far from correct, and that is a common feature of discussions of Trumponomics in the media, and frankly by many progressive (not just liberal, in the US...

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Marshall Auerback — There are better ways than simply slapping tariffs on imported goods.

MMT without specifically mentioning MMT. Seems to be the new tactic? Why Trump Is So Clumsy About Fighting 'Free Trade'There are better ways than simply slapping tariffs on imported goods. Marshall Auerback / AlterNetSee also at AlterNetBlowing Up Some of the Biggest Myths About the Economy and the Deficit Paul Sliker, Michael Palmieri and Dante Dallavalle / Democracy at WorkalsoBeat the PressWashington Post Says Stronger Patent and Copyright Protections Are "Free-Trade" Dean Baker |...

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The left and the return of protectionism

So if you believe a simplified version of conservative views on the economy, Trumponomics is pretty contradictory (and yes they are contradictory, even if one may doubts about why). Tax cuts should lead to growth, via supply side economics, and the recently proposed tariffs on steel and aluminum do exactly the opposite. Protectionism (not a very good name, I prefer managed trade, as I discussed here before) has made a come back, but while many heterodox economists have suggested that 'free...

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Trump-Style Policies Will Deepen the “American Carnage”

By Lance TaylorPresident Trump, in his inaugural address and elsewhere, rightly says that over the decades since 1980 American household distributions of income and wealth became strikingly unequal. But if recent budget and legislative proposals from Trump and the House of Representatives come into effect, today’s distributional mess would become visibly worse.First, I will sketch how the mess happened, then I will propose some ideas about how it might be cleaned up. I will show that...

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Trump and the Neocons: Doing the Unilateralist Waltz

By Thomas I. PalleyDonald Trump’s first one hundred days have revealed his inclination for unilateralism in international relations. That inclination reflects his opportunistic and bullying disposition, and it also fits well with his anti-globalization pose.Trump’s unilateralism has also spawned a dangerous waltz with Washington’s neocon establishment. The opportunistic Trump looks to gain establishment support, while the neocon establishment looks to the opportunist-in-chief to implement...

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Trumponomics looks more and more like Voodoo Economics

Posting has been slow. Last weeks of classes and too many things to do. At any rate, this is the tax plan (below Trump's, above Laffer's infamous napkin plan; no big difference though). Nothing much to say. It's vague, as his campaign promises. The only certain thing is lower taxes for the wealthy. As I noted before, there is no big stimulus in his budget (the big infrastructure spending he promised), and most of the stimulus comes from tax cuts for corporations and the wealthy (which...

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Trumponomics: Neocon-Neoliberalism Camouflaged with Anti-Globalization Circus

By Thomas Palley A key element of Trump’s political success has been his masquerade of being pro-worker, which includes posturing as anti-globalization. However, his true economic interest is the exact opposite. That creates conflict between Trump’s political and economic interests. Understanding the calculus of that conflict is critical for understanding and predicting Trump’s economic policy, especially his international economic policyAs part of maintaining his pro-worker masquerade,...

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Trump’s budget

The figure from the New York Times shows the changes in spending by category. More defense and less social spending. Not a surprise there. Schumpeter long ago (in his The Crisis of the Tax State) suggested that it is the fiscal history of a society that explains the spirit of the people and the character of the government, since it is there plain to see by those that can read it what they are trying to achieve. The surprise to me, at least so far, is that the increase in defense seems to...

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