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Tariffs, Saving, and Investment

I haven’t written much about tariffs, because so many other economists are doing such a great job.

They are hoping to finance their retirement from the US federal government’s willingness to tax its citizens in excess of spending, some day in the far future, in order to reverse the whole process and put stuff back on boats to send to China. Trade deficits today means you will have to live mercantilist nirvana in the future — work hard, put things on boats and get paper in return. Our Keynesian policy establishment spent twenty years pushing extra consumption, via fiscal “stimulus,” fears of “secular stagnation,” and under multiple banners that government debt never has to be repaid.

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