Trump, the Financial Wiz?

Both candidates, Kamala Harris and Donald Trump, have announced plans or ideas that would increase the national deficit.

That is unless tax increases or spending cuts are made to offset the increased spending.

Count on Harris not cutting spending. Corporations and billionaires and millionaires can count on tax increases.

For Trump, it’s not so simple. He won’t increase taxes, at least not on the rich. And most of the available spending cuts won’t come close to covering the tax cuts he will seek. Does he really expect to cut Social Security and Medicare without incurring a massive backlash from one of the GOP’s major support groups, senior citizens?

The last time he was in office, his tax cuts added more than $8 trillion to the national debt and benefited most corporations and the rich.

And you have to wonder how Trump, who is proud of being a graduate of the prestigious Wharton School of Finance, has such a weak grasp on business.

He claimed his tax cuts made during his administration would pay for themselves with increased revenue from all the new wealth they would generate. They didn’t even come close. They did make the gap between the ultra-rich and everyone else larger.

He claimed Mexico would pay for his border wall. We’re still waiting for that check to arrive.

Now he wants to increase tariffs on imports, claiming the cost will be borne by other countries.

This guy knows finance? Tariffs increase the cost of goods to American consumers.

Yes, they can reduce imports that become more expensive. In fact, that is how they have been used in the past—to protect American industries from foreign competition.

Most recently, tariffs have been imposed on Chinese products that have been heavily subsidized by that government to the detriment of American companies and workers.

But that cost is borne by the American consumer. Not by any foreign country.

This self-proclaimed genius and financial wizard doesn’t understand that?

Give me a break.

And let’s not forget Trump’s six bankruptcy filings. If he is such a great businessman, how come he has so much trouble staying in business? How come many banks don’t want to do business with him?

You have to wonder whether a person who is not worried about bankruptcy for his companies will worry about bankrupting the country.