U.S. consumers bearing more than half the cost of tariffs so far, Goldman Sachs says
The findings suggest U.S. consumers will continue to struggle with high prices — something Trump had promised to address in the run-up to his re-election.
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How is it that people don't know how a tariff works???
Are there a bunch of "other" tariffs that I don't know about???
The GOP has spent decades and billions of dollars making sure most Americans have grown up not knowing how any of this works.
There's a shocking lack of financial literacy from a lot of people, and not just Americans.
Tax brackets, tariffs, you name it. People somehow expect either the importer or the manufacturer to wear the cost.
I have zero respect for anyone who says they rejected a raise (or bitches a raise they accepted) because theyd pay more in taxes because itd put them in a new tax bracket.
I've never met one myself, but I can certainly believe they exist.
I've met one! He's from a rich family, and we had this exact discussion, where he told me that he knew way more wealthy people than me who told him so, so how can they be wrong when they're so rich? 🤦
...and perhaps most importantly: compound interest
This applies not only to growth, but to debt.
In people's defense, unless you are taking uni economics classes, you probably aren't getting taught macro/micro + general economics, though it is interesting as hell imo.
Technically, our representatives should, in theory, be learning this stuff and protecting the average person so that civilians can focus on foresty/rocket science/ R&D/public health/business/infrastructure/etc.
That's why representatives technically are supposed to exist. Nobody has time to learn the one and outs of everything needed to run an entire country smoothly. Especially complicated stuff, like public health, economics and trade, sewage systems, transit systems, and centralized grid planning. That shit is complicated AF.
I learned all of that stuff the person you replied to listed in a small rural Texas high school. Most people just don't care enough to retain the information.
