Comment by prisenco
16 days ago
There are those in the States who want to devalue the dollar as a pathway to greater industrialization and domestic productive capacity. The idea is to make the US labor force competitive with the rest of the world.
Problem is, reigning in wages for labor after decades of encouraging rampant consumerism and being in the middle of a cost-of-living crisis especially for housing seems like a political earthquake in the making.
Like many of Trump's ideas, maybe they could work if carefully managed over a long period of time so as to give the economy time to readjust but these are not careful managers and patience is not their virtue.
> There are those in the States who want to devalue the dollar as a pathway to greater industrialization and domestic productive capacity. The idea is to make the US labor force competitive with the rest of the world.
> Problem is, reigning in wages for labor after decades of encouraging rampant consumerism and being in the middle of a cost-of-living crisis especially for housing seems like a political earthquake in the making.
My guess those people are fine with basically converting most of the American labor force into indentured servants but normally politicians wouldn't go for it. Trump probably assumes he is immune to any reaction, let's see.
I’ve mentioned this on HN before and I agree. Going backwards will not result in the US going upwards, doing the things that made the US successful until are not the same things that will make the US successful in the future.
Many factory blue collar jobs left the US two decades ago and most of those aren’t coming back yet somehow Trump is infatuated with this idea too.