Trump’s War On Working Class Americans

I’ve blogged previously about Donald Trump’s asinine views on trade. This isn’t the only policy proposal of Trump’s that would harm working class voters. Cato’s Michael Tanner explains what his plan to pay bondholders less than full value:

Oh, and those bondholders who would get screwed under Trump’s proposal? That would be you and me. Roughly 55 percent of government debt is owned by Americans, mostly through their 401(k) or company pension funds. If Trump reduces the value of those bonds, we can say goodbye to our retirement plans.

Trump is also toying with the idea of paying the debt by just printing money. What does that mean?

Massive inflation would mean that the savings and investments of millions of Americans would be wiped out. The cost of living would skyrocket, and low- and middle-income Americans would find it more difficult to afford even the basic necessities of life. Those on fixed incomes, like senior citizens, would be among the biggest losers. Businesses would be forced to offset rising costs by slashing payrolls, throwing millions of Americans out of work. The cost of imports would rise dramatically, which would be a disaster for consumers, but, on the bright side, it would save Trump the trouble of imposing all those tariff hikes.



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