Trump's Path to Victory
"Donald Trump on Thursday brought up the idea of imposing an “all tariff policy” that would ultimately enable the U.S. to get rid of the income tax, sources in a private meeting with the Republican presidential candidate told CNBC." And the result If Trump or anyone around him has the slightest contact with reality, they will know that this single position is the key to a landslide victory for him in November. There are two parts to this idiotic proposal: to do away with the income tax, and replacing lost Federal revenue with a massive increase on tariffs on all imported goods and materials. For a moment, let's deal with the second. A quick, back-of-the-envelope calculation by Robert Reich indicates that a tariff increase necessary to raise that much revenue would increase the prices of all goods sold in the United States by 60%- an almost immediate 60% raise in inflation. Anyone who is familiar with the result of the Smoot- Hawley act will be well aware that a fa...