American voters' most consistent anxiety is expressed quadrennially. Throughout the long hauls of presidential campaigns the electorate tells pollsters the economy is their chief concern, coupled with unease and insecurity.
The paradox of these worries lies in the same electoral anxieties when the economy is faring quite well, as is most voters' personal standard-of-living contentment. All three phenomena are present in 2024, hence the Oval Office incumbent's accompanying anxiety and his challenger's "populist" appeal.
Trump's appeal leads to another paradox. Voters attracted to his economic proposals would be more than a little mortified and immensely impoverished should he retake the White House. For Trump would guarantee both with one stroke of a pen by executing either version of his tariff "ideas."

As an American historian I'm captivated by our 235 years of tariffs, initially justifiable in establishing home industries. Most Americans find the politico-economic subject the least interesting. But they wouldn't when they discover just how catastrophic Trump's proposals would be in action. His tariffs would swiftly become the center of all family discussions, which reportedly take place only at the kitchen table.
Let's imagine the reality of Trumpian economics. One tariff proposed is the replacement of income taxes with 100% tariffs. Sound inviting? If enacted, Americans sit helplessly as their livings costs soar consequent to the vastly increased cost of all imports; also the U.S. segment of those businesses involved in importing face ruin and workers' are plunged into unemployment.
Another consequence of the tariff's ravaging of the economy is a deep reduction in federal revenue, thus detonating even more mammoth deficits. Determined to win the global trade war Trump also detonated, federal spending is slashed across the board. Only defense outlays being spared, Social Security, Medicare and other entitlement programs now lie on Thanksgiving turkeys' chopping block.
Yet another consequence is what some Americans may recall reading about in a Charlie Sykes' Atlantic column of June 2024. Trump's all-tariff-no-income tax is the government's most extravagant gift ever to the superrich. Aside from the added desolation of America's lower class, Sykes noted, way back then, the Center for American Progress estimated that the 100% tax on imports will cost 20% of middle-class households $8,300 a year.
Sykes further cited a now-prehistoric Twitter post from "conservative budget expert" Brian Riedl. "If a 20yo interviewing for a House internship suggested replacing the income tax with a massive tariff, they’d be laughed out of the interview," he wrote. And those "friendly CEOs" candidate Trump confabbed with — again, before the coming of America's economic Stone Age — afterward observed that he left unexplained his tariff's "implementation."
Shockingly, some executives then present seemed shocked "by the realization that [his policy was] nonsense," added Sykes. Or, straight to the point, said one CEO, "Trump doesn’t know what he’s talking about." Ah but now he reigns supreme in an authoritarian White House, which takes great care in silencing any such profoundly conspicuous truths.
Let us also imagine Trump's economic landscape under proposal No. Two: a 10% tariff on all imports and 60% on China's — yes that'll show 'em, said his supporters before the fall. Some remaining income taxes are reduced as the new income tax (that being the tariff) culminates in the suddenly birthed burden of a $2,500 hit on the average family. The Center for American Progress' antediluvian estimated the risen cost on items such as a $260 tax on the typical family's electronics," a $160 tax on clothing and a $120 tax on pharmacy drugs.
To that, in our 2024 days, Republican National Committee spokeswoman Anna Kelly says "the notion that tariffs are a tax on U.S. consumers is a lie pushed by outsourcers and the Chinese Communist Party." It's also pushed by every still-breathing economist, we gather.
I'll close with only one modification of Sykes' closing. "Despite Trump’s insistence that he is the tribune of the forgotten common man, the former president’s economic incoherence could prove devastating to the very voters he claims to champion." There is no "could."
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