Economist Justin Wolfers pushed back against President Donald Trump’s recent tariff claims, criticizing them for being misleading.
Argument Built On ‘Lies’ And ‘Exaggerations’
On Thursday, in a post on X, Wolfers slammed Trump’s claims, noting that the entire argument was built on lies and exaggerations.
Wolfers said, “When the strongest argument for your policy is a list of lies (I count 7) and exaggerations (another 5),” the outcome is a lot more revealing than a “wonky list of truths.”
See Also: Trump’s Recent Tariff Rollbacks Erase Nearly $800 Billion In Expected Debt Reduction: CBO
His post comes in response to a Truth Social post by Trump earlier this month, where he championed his trade and tariff policies as the backbone of U.S. economic strength. “People that are against Tariffs are fools,” Trump said, adding that the U.S. was now “the richest, most respected country in the world.”
He also added that the country had “almost no inflation,” amid a “record stock market,” while pointing to the strong performance of retirement savings, saying that 401K’s were at their “highest ever.”
Trump said that the country was “taking in Trillions of Dollars” via tariffs, which he said would be used to pay down the “enormous” $37 trillion national debt. He further pointed to the strong investment momentum, highlighting plants and factories that were “going up all over the place.”
Additionally, he once again promised tariff dividend checks for American citizens, to the tune of $2,000, which will be paid to everyone, excluding “high-income people.”
Without addressing each claim individually, Wolfers dismissed Trump’s post as offering little substance to justify the administration’s trade and tariff agenda.
Other Experts Criticize Trump’s Claims
Trump’s $2,000 tariff dividend plan has received pushback from across quarters, with several prominent experts weighing in on its impracticality.
Economist Erica York at the Tax Foundation’s Center for Federal Tax Policy said, “All tariff dividend designs would cost more than the revenue that the president’s new tariffs will generate in 2025, and many designs would use all the revenue they will generate in 2026 too.”
Investor Kevin O’Leary termed it a “quick band-aid” in a tough economy, while warning that such policies would risk pushing inflation even higher. “Inflation is the silent tax that punishes every American, especially the ones who can least afford it,” he said.
However, in a surprise move, former Democratic Presidential nominee Andrew Yang came out in support of Trump’s tariff dividend plans, saying that it would provide direct financial assistance for Americans.
Yang, who has been a proponent of universal basic income programs, said, “Democrats in theory should be all for anything that helps the working class of this country,” while calling Trump’s proposal a “huge win” for average Americans.
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