Comment by jollyllama
7 days ago
> However, by imposing tariffs it is not the privileged who are going to be affected the most. The pain is felt most by the low-skill workers you mentioned earlier.
I don't think this is necessarily true. 1 day into tariffs and things are probably the same for the low-skill workers. So far, the stockholders are the ones taking a beating. Sure, that includes some low income retirees, but for the working poor, I would bet that proportionally they consume fewer foreign made goods. They're not drinking imported booze.
Everything at Walmart is about to be 34% more expensive but you think the rich are hurt more than the poor?
Stock market went down a lot. And no, not everything at Walmart goes up 34%, food is not imported from China etc, most of the stuff poor people spend money on like home and food and used cars and services wont go up that much.
> food is not imported from China
No, but components used everywhere from agriculture to transportation to producing food products from raw agricultural output are imported from China.
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Stock market is down 10%. Unless you’re gambling with leverage you’re fine. Much of our food is imported.
Yes, in as much as it can be true for anything, because they make their money from poor people spending.
Edit: as a follow up, you can basically think of this as the "Monkeys Reject Unequal Pay" experiment as implemented by those who are averse to socialism. If you're already poor, tanking the economy hurts you less than it hurts those who are benefitting.