Meanwhile, corporate media is just as clueless back at home. The economic apocalypse they and Democrats swore was
imminent is frustratingly not showing up on schedule, having been trapped in Manhattan traffic during a climate change protest. Yesterday, Reuters ran the first prediction-defying story headlined, “
US manufacturing output accelerates in February.”
According to government and industry sources, manufacturing surged more than three times the projected levels, which already had anticipated growth. Apparently, Trump’s tariffs are not “wrecking the economy” after all. Four days ago, the far-left American Prospect ran this quite unfortunate headline:
Womp, womp. Not only that! In yet more tariff news, the Pittsburgh Post-Gazette ran an even more encouraging opinion piece yesterday headlined, “Philip K. Bell: Trump's tariffs are saving the American steel industry.”
Philip K. Bell should know. He is the president of the Washington, D.C.-based Steel Manufacturers Association (SMA), which represents over 70% of domestic steel production.
Mr. Bell reported that, under Biden, “the American steel industry was cutting production, laying off workers, and idling facilities because of unfair trade.” The steel industry considered the situation to be unfair because a whole bunch of countries were selling steel in the U.S. either below their cost or subsidized by their governments.
When I say “a bunch of countries,” it was a lot: China, Korea, Taiwan, Australia, Brazil, Mexico, Canada, India, Vietnam, Germany, the Netherlands, Russia, Japan, Belgium, and France.
But, said Bell, on March 12th, President Trump “reinvigorated” America’s steel industry “by closing the exemptions and loopholes that had weakened” his Trump 1.0 tariffs.
Last week, in response to Trump’s March 12th reinvigorated steel tariffs, CNN Business sourly, ran a story whose headline wrongly predicted, “It’ll be tough for Trump to dig his way out of this one.” Trump, the story grimly explained, “placed tariffs on all steel and aluminum imported from every country around the world, a policy that could drive up prices on a broad range of consumer and industrial goods for Americans.”
“If the president keeps going in this direction, prices will rise and the economy will slow even further,” pessimistically predicted MIT economics professor Simon Johnson. But Professor Johnson is now crying in his soy latte after yesterday’s manufacturing report.
Here’s another one. A week ago, overpaid CATO Institute think-tanker Scott Lincicome gloomily mused, “For anyone who voted for Donald Trump on his promise to lower prices, it’s going to be a shock and potentially infuriating that prices haven’t gone down – and instead, they’ve gone up.”
Or have they? Yesterday, just five days following Lincicome’s inopportune forecast, the Hill ran this auspicious expert op-ed:
Whoops! Which is it? Will we be infuriated for voting for President Trump or not? The op-ed’s author, Georgia College professor Nicholas Creel, is no Trump fan. In fact, he sneered that the inflation-fighting effects of Trump’s tariffs were “ironic,” “nuanced,” just an “economic placebo effect,” and “an entirely accidental artifact of his frenetic style of governance.”
Well, they have to say something. After all, they promised tariffs would lead straight to higher prices. “Basic economics tells us that increasing the cost of imported goods feeds directly into higher prices across the economy,” Professor Creel explained, before immediately explaining how much more nuanced “basic economics” really are, which is why experts like him weren’t wrong, per se.
After all, they
are experts. They
can’t be wrong. It’s just that dummies like us don’t understand all the implicit
nuance hidden inside their inaccurate forecasts.
JFK files drop as hot takes fly; Trump and Putin talk war; Middle East erupts; Trump vs. Houthis; economy defies doomers; tariffs hold firm; judge impeachment fight heats up; NYT wakes up; more.
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