CNN skewers Trump for telling Walmart to “eat the tariffs”. Congrats on passing Econ 101. You just torpedoed your own solution to the national debt

Photo above - "On the Beach". Sub commander Gregory Peck ponders what might happen if he was hit by his own torpedo.

Okay – the post title is clickbait. Are the anti-Trump readers tuned in? Let’s proceed: Yes, Trump is a moron if he thought Walmart was going to eat those 25% to 145% tariffs, rather than pass them along to shoppers (see CNN link below).

Mr. President - this isn’t the way development of Trump Enterprises hotels and casinos worked either. You didn’t simply absorb any tax increases and construction cost overruns. If people weren’t willing to pay for the finished product, that project went under. This is why six of your real estate deals went bankrupt, including the Trump Taj Mahal and Plaza hotel.

Similarly, when the government imposes higher taxes, Walmart will inevitably pass those taxes along to shoppers. President Trump couldn’t possibly be ignorant of this. His Walmart tantrum (see link below) is pure PR bluster. Under tariffs, prices WILL go up, and a bunch of merchandise will stop being offered. Econ 101.

Okay CNN so now let’s revisit your plan to solve the national debt by “raising corporate taxes”. You keep telling us that the $37 Trillion (soon be $40 trillion, by year's end) can be solved painlessly by jacking up corporate taxes. That busiensses will NOT raise prices, on products, nor pass those costs on to consumers. That's your theory, right?

There is $400,000 in national debt owed by each American family. And that sure has hell is NOT going to be fixed by raising personal income taxes on those families. Half of all households pay zero in income taxes already.

Higher taxes will simply jack up the cost of gasoline, iPhones, Amazon Prime memberships, Chevy Equinoxes, bread, milk, and eggs. Expecting GM not to raise prices is just as moronic as Trump ranting at Walmart. Doubling or tripling corporate taxes would be an economic catastrophe, just like the tariffs are turning out to be. The fast lane to inflation AND recession.

In another column last week a few people went bat-sh!t crazy because they felt "Walmart destroyed main street”. (But they give Amazon a pass because deliveries direct to our door are saving the planet). Hey guys, I remember growing up in a small town with a quaint main street. The local appliance store and pharmacy were price gouging like crazy, due to lack of competition. This was NOT the golden age of high American living standards.

Like it or not the rest of the world has already built factories to churn out the refrigerators, smart phones, and Kombucha tea we demand at affordable prices. To provide jobs, and feed their own citizens. The media is already going berserk because KFC and McDonalds are no longer “affordable”. Don't try to make Walmart the bad guy in this.

I’m just sayin’ . . .

Trump tells Walmart to ‘eat the tariffs’ as retailer expects prices to increase

Fact Check: Has Trump declared bankruptcy four or six times? - The Washington Post