A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services
- Merriam Webster
Plastic straws are being touted as an environmentally friendly alternative to plastic straws. As a result, plastic straws are being banned in various areas of the United States and several other countries. However, while eliminating the use of plastic straws may be good for the environment, it may not be good for small businesses, the disabled, or your pocketbook.
Before Trump started the trade war with China, there were several clues that showed that America can't win a trade war against China. These clues include the amount of goods the US imports from China and the structure of the Chinese government. If only Trump observed these clues, then he would have seen that this trade war is unsustainable.
Instead of cutting taxes, America should be increasing taxes. Right now America is in a phase of the business cycle where the economy is on the rise. Since the economy is on the rise all policies that could increase demand for goods and services should not be considered. Instead, the government should take advantage of being in this phase of the business cycle by increasing taxes.
The US' most infamous trade war is with China. Last week President Trump's administration placed a tariff of 25% on Chinese goods, affecting hundreds of Chinese products worth up to $34 billion. The products include medical devices, industrial machinery, and auto parts. However, the US can't sustain this back forth game of placing tariffs on China simply due to the fact that the US is running out of Chinese goods to tax.
According to the US Census Bureau, the United States' trade deficit in goods and services decreased by approximately 6.5% from April to May ($46.1 billion to $43.1 billion). However, this growing trend in exports may disappear as President Trump begins to institute more tariffs on foreign countries.
If you took a look at Trump's policies and the way he conducts himself then you would never guess that Trump graduated from the University of Pennsylvania with a bachelor degree in economics. For the most part, Trump's enacted policies and proposed policies are bad for the economy.
The federal government’s balance sheet is not like that of a private citizen’s, it shouldn’t always be balanced. There are certain times when running a deficit may be the best course of action. As a matter of fact, running a deficit is often a part of fiscal policy.
Although Trump is adamant that building a wall along the US-Mexico border would benefit the US, many political analysts believe that building a large border wall would be an ineffective use of money. I actually think that building a huge border wall would be such a large waste of money that it would be a better idea to just dig a huge meaningless hole in a deserted area in the Midwest.
Many people may be surprised to learn that unauthorized immigration benefits the US economy. In fact, Economist Gordon H. Hanson, has explained that stopping unauthorized immigration may cause a net drain on the US economy. Unauthorized immigration benefits the US economy by providing employers with low wage labor.
It seems to be common knowledge that war is good for the economy. After all, following World War II the US was no longer in a recession. However, this view is false. War is actually bad for the economy. The reasons that destruction is bad for the economy is explained in Economist Claude Frédéric Bastiat’s broken window fallacy.