As a seasoned economist with years of experience under my belt, I find myself intrigued yet skeptical by former President Trump’s recent proposals. His ideas to abolish the federal income tax and replace it with tariffs on imports harken back to the policies of William McKinley in the 1890s, a time I was not around to observe.
In a recent installment of the Joe Rogan Experience, the ex-President Trump expressed his sincerity regarding the abolition of the federal income tax within the U.S., suggesting that he would substitute the lost income by imposing tariffs on imported goods instead.
The 2024 Presidential contender pointed out that the tariff strategies of past U.S. President William McKinley in the 1890s brought great wealth to the nation, suggesting their reimplementation today could help finance the government. Trump shared with Rogan that these tariffs generated such an abundance of income that government officials were left puzzled about how best to allocate the resources.
“We were so rich. We had so much money. We didn’t know what to do, so they set up a blue ribbon commission on tariffs. And the sole purpose was what to do with all the money we had.”
Critics suggest that applying tariffs to imported goods is equivalent to secretly raising prices, as it leads to higher costs overall. Contrarily, Trump contends that tariffs could boost the appeal of the dollar, thereby securing jobs for local workers and enhancing the competitiveness of American exports.
Trump proposes adopting Bitcoin to alleviate national debt
As a researcher, I’ve found it intriguing to note that proposing revolutionary ideas for our current financial structure is not uncharted territory for the former President. In fact, he has previously advocated that Bitcoin (BTC) could potentially be employed to mitigate the staggering $35 trillion national debt we face.
During an interview with Maria Bartiromo on Fox News, Trump subtly suggested a novel approach to paying off U.S. debt: “Perhaps we could send our creditors some Bitcoin,” he mentioned, implying that this action might “Eliminate or significantly reduce our $35 trillion debt.
According to asset manager Bryan Courchesne, while it might be challenging, it’s not entirely out of reach for the U.S. government to set up a strategic Bitcoin reserve.
In simpler terms, Courchesne stated that the Department of Justice might move around 200,000 Bitcoin seized in different law enforcement operations into the U.S. Treasury, with plans to hold on to this digital currency as a strategic reserve asset.
Yet, the asset manager pointed out that cutting through bureaucratic obstacles is likely to be a challenge when setting up the strategic reserve.
In addition to Trump, another presidential contender, Robert F. Kennedy Jr., had previously proposed the concept of a strategic Bitcoin reserve. This suggestion was made by Kennedy Jr. in early 2024, prior to his withdrawal from the election race, as a means to protect the strength of the U.S. dollar.
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2024-10-27 01:20