Stories
Slash Boxes
Comments

SoylentNews is people

posted by janrinok on Thursday January 16 2020, @01:35PM   Printer-friendly
from the do-you-want-to-play-a-game? dept.

CNN

300,000 jobs lost A report from Moody's Analytics [PDF] says that the trade war with China, which started in early 2018, cost 300,000 jobs through September, based on an economic simulation. While it's hard to know exactly how many jobs losses can be attributed to trade tensions, the Moody's report isn't the only one that suggests the duties are having an effect on US workers. A survey of businesses by staffing firm Challenger, Gray & Christmas found that trade difficulties were cited as the reason for more than 10,000 job cuts in August alone. And an analysis by the Tax Foundation also suggests the trade war will result to job losses in the long-run.

American importers paid an extra $46 billion in tariffs Trump is wrong when he claims that China is paying the tariffs. The cost of the tariff comes directly out of the bank account of an American importer when the good arrives at the port. US companies have paid $46 billion more in tariffs than they would have without Trump's tariffs, according to an analysis of government data by the free-trade coalition called Tariffs Hurt the Heartland...

Tariffs cost US consumers Several studies show that tariffs end up costing US families. JPMorgan Chase said that the tariffs imposed in 2018 cost the average household $600 a year.
A separate report, from researchers at the NY Fed, Princeton, and Columbia University, estimated that those tariffs would cost households even more: $831 annually. Their research also considered the cost of shifting supply chains to avoid paying the tariffs

....

Manufacturing takes a beating Trump has often argued that his tariffs are boosting the American manufacturing sector, but the industry is in a slump. In December, a measure of manufacturing activity weakened to its lowest point in more than a decade. Data from the Bureau of Labor Statistics show that just 46,000 net manufacturing jobs were added in 2019, an increase of less than 0.5%. While there are likely a lot of factors at play, a recent paper from economists at the Federal Reserve showed that the tariffs are certainly dragging down the sector.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 0) by Anonymous Coward on Thursday January 16 2020, @06:03PM (6 children)

    by Anonymous Coward on Thursday January 16 2020, @06:03PM (#944134)

    Why is it considered a good thing to have a boss? People would be better off "unemployed" and growing their own food and building their own habitats, etc.

  • (Score: 1, Insightful) by Anonymous Coward on Thursday January 16 2020, @06:39PM (1 child)

    by Anonymous Coward on Thursday January 16 2020, @06:39PM (#944148)

    The "funny" thing about working for a company is, no matter how incompetent the business, its management, and its employees seem to be, they are machines that make money, some of which you get to keep.

    If you wanted to start your own business, you would have to surmount that HUGE hump to get to the point where others are willing to reliably pay for your services. If your customers and line of work are "irregular" in any manner, you may even have to defend your business against violence.

    If you want to be a "free man on the land", how are you going to make money to buy a plot? If you try to grow stuff, how will you protect your crops against inclement weather, weeds and pests? How will you pay for the taxes your government will levy against you for nominal protection against your neighbors? Will the government let you build your own shack, or will they attach conditions that you need cash money to satisfy?

    What happens when you get old and cannot keep up with growing your own food anymore? A job lets you save for old age and whatever else life brings. I wouldn't blame anyone for choosing to stay under a boss.

    • (Score: 0) by Anonymous Coward on Thursday January 16 2020, @07:04PM

      by Anonymous Coward on Thursday January 16 2020, @07:04PM (#944160)

      The solution to all your problems is: Buy bitcoin now and trade it for fiat later when you need it.

  • (Score: 3, Insightful) by Anonymous Coward on Thursday January 16 2020, @07:43PM (3 children)

    by Anonymous Coward on Thursday January 16 2020, @07:43PM (#944184)

    My grandparents did that 75 years ago in West Virginia.
    It's called subsistence farming, and it leads to a life of poverty. So poor, in fact, that you jump at getting a job at the coal mine.

    • (Score: 0) by Anonymous Coward on Thursday January 16 2020, @10:45PM (2 children)

      by Anonymous Coward on Thursday January 16 2020, @10:45PM (#944284)

      It is only subsistence if you cannot produce enough to sell for profit.

      • (Score: 0) by Anonymous Coward on Friday January 17 2020, @04:14AM

        by Anonymous Coward on Friday January 17 2020, @04:14AM (#944413)

        Well that would be almost all of us, so...

      • (Score: 0) by Anonymous Coward on Friday January 17 2020, @05:53PM

        by Anonymous Coward on Friday January 17 2020, @05:53PM (#944622)

        Since professional small business farmers with all the latest equipment still can't compete with the mega-corporate farms your point is instantly refuted. The capital required to get a modern and profitable small farm running is rather significant.