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Trump Proved ‘Experts’ Wrong About Tariffs

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Posted By: gaboy, 10/13/2025 3:35:02 AM

Last April, Paul Krugman wrote the following about the reciprocal tariffs President Trump had just announced: “This is a much bigger shock to the economy than the infamous Smoot-Hawley tariff of 1930.” Krugman trotted out that trite analogy not because he really believed Trump’s tariffs were comparable to Smoot-Hawley, but because he knew his Substack subscribers would vaguely recall reading about the latter in high school and feel intelligent. Six months later it’s blindingly obvious that Trump was right about the tariffs and Krugman’s portentous predictions were utterly moronic.

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Reply 1 - Posted by: Petronius 10/13/2025 5:33:43 AM (No. 2015926)
I have never considered Krugman an "Expert" on anything. I'm suprised he didn't trot out the 1925 trope on buggy whip maker's endangered jobs as well. You can take anything Krugman predicts and there's a better than 80% chance that the exact opposite will happen.
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Reply 2 - Posted by: jeffkinnh 10/13/2025 7:05:46 AM (No. 2015971)
"Krugman’s portentous predictions were utterly moronic" Krugman has become more frenzied since Trump was reelected. Most of his screed has spittle all over it. This is also a condemnation of the Nobel group for giving this dope a participation trophy.
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Reply 3 - Posted by: skacmar 10/13/2025 7:55:37 AM (No. 2015985)
The "experts" have been wrong most of the time. We need new experts. Academics like Krugman who have no real world experience can spew their theories and award each other prizes for their theories (that only work in the controlled world of academia); but they will still be wrong.
5 people like this.

Reply 4 - Posted by: bpl40 10/13/2025 8:16:59 AM (No. 2016005)
1. Prices will skyrocket - Didn't happen 2. Maufacturing supply chains will be disrupted - Didn't happen 3. Tariff wars will break out - Didn't happen. There is NO basis in economics for these prediction. Especially in case of a global giant of the size of the US. All these forecasts were politically motivated. And they bit the dust. This is not just luck or chance. It was bound to happen.
3 people like this.

Reply 5 - Posted by: petrichor 10/13/2025 8:36:52 AM (No. 2016026)
The objective of the tariffs was to protect American manufacturing, not to raise money off of the tariffs. At the outset it was understood that tariffs would cause some increase to inflation. The fact that the increase has been minimal was definitely a nice outcome.
1 person likes this.

Reply 6 - Posted by: Rumblehog 10/13/2025 8:55:47 AM (No. 2016036)
This is when media misfits, such as MSNBC, should be required to bring back "experts," such as "Nobel Economist," Paul Krugman (also of Enron fame), to have his nose rubbed in his error for 30 minutes on air. The worst thing ever to happen to Washington DC was the rise of the "expert class."
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Posted by gaboy 10/13/2025 3:35:02 AM Post Reply
Last April, Paul Krugman wrote the following about the reciprocal tariffs President Trump had just announced: “This is a much bigger shock to the economy than the infamous Smoot-Hawley tariff of 1930.” Krugman trotted out that trite analogy not because he really believed Trump’s tariffs were comparable to Smoot-Hawley, but because he knew his Substack subscribers would vaguely recall reading about the latter in high school and feel intelligent. Six months later it’s blindingly obvious that Trump was right about the tariffs and Krugman’s portentous predictions were utterly moronic.
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