Smoot–Hawley Tariff Act - Wikipedia
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  • kokolowlander@lemm.eeEnglish
    2·
    16 hours ago

    Tariff is a consumption tax. The poorest spends most of their income on consumption like groceries, clothing, car parts, etc. The price of all of that is going up.

    Next stockmarket wipeout reduces wealth of middle class the most, who in turn reduces spending on services that employee working class people.

    Poorest always gets hit the hardest in any negative economic event because they are poor.

    • Whats_your_reasoning@lemmy.worldEnglish
      1·
      9 hours ago

      Yep. I know. I think a lot of us know. It doesn’t make my burnt-out, cortisol-drenched brain any more capable of reacting.

      Just add it to the pile of my stressors over there. I think there’s some space between “potential homelessness” and “loss of medical coverage,” but you might have to squeeze it in there.