Trade, Tariffs, and Soybeans
Trump has consistently claimed that exporters, those countries who are “ripping us off,” are paying the tariffs. However, the actual data tell a different story.
In recent interviews, James Galbraith has been pointing to an odd twist in New Deal revisionism. Apparently, those economists who argue that the New Deal did little to address the Depression because unemployment remained high right up until the U.S. entered the war are using unemployment measures that don't count the workers in the New Deal jobs programs as employed. Of course, those workers likely considered themselves employed; their wives (or husbands) and kids probably did too...
Galbraith has highlighted a paper by financial analyst Marshall Auerback, worth quoting at length:
Read the whole Auerback piece here.