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Catherine Schmidt @lillyfinch@mstdn.social

#politics #alt #tariffs #trump #economy #gloalization #oligarchs #recession
Heather Cox Richardson Oligarchs Globalization Hardship 4/2/2025

There is also Trump's apparent fascination with President Williaom McKinley, who held office from 1897 to 1901, at a time when high tariffs concentrated wealth in the hands of industrialists while workers and farmers, as well as their families, faced injury, hunger, and homelessness from dangerous working conditions, low wages and commodity prices, and seasonal factory closings.

Trump has frequently claimed those yeadrs were the nation’s weadalthiest, and today he helped to explain his focus on that era when he referred to the 1913 Revenue Act, a law that has angered the right wing for decades. That act began the process of replacing the high tariffs of the late nineteenth and early twentieth centuries with an income tax, thus shifting the burden of funding the treasury from ordinary Americans through tariffs to wealthier Americans through the income tax. At least some of Trump's tariff plans seem tied to his enthusiasm for tax cuts on wealthy individuals and corporations. But in trying to reestablish the financial patterns of the late nineteenth century—patterns that led to profound economic instability in the U.S., including economic crashes—Trump is undermining the system of global trade that has fostered international cooperation since World War Il. CNN global economic analyst Rana Foroohar told CNN's John Vause: “This is Trump saying...| am going to overturn globalization as we've known it.” She added: “I'm hoping it doesn’t push the U.S. and the world into recession.”

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