It's Trump's Economy Now

Plus: A listener asks the editors to discuss the pros and cons of homeownership.

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It's Trump's Economy Now

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In this week's The Reason Roundtable, editors Peter Suderman, Katherine Mangu-Ward, Nick Gillespie, and Matt Welch discuss the frantic uncertainty in the economy due to President Donald Trump's various tariff policies and trade war antics.

 

03:22—Trump's tariff uncertainty

26:15—Department of Government Efficiency (DOGE) check-in

38:35—Weekly listener question

49:01—Five years since COVID-19

56:12—This week's cultural recommendations

 

Mentioned in this podcast:

"Trump's Trade War With America's Neighbors Is All Cost and No Benefit," by Eric Boehm

"In Speech to Congress, Trump Promises More Tariff Madness," by Eric Boehm

"Trump Loves Tariffs. Fentanyl Is Just an Excuse." by Joe Lancaster

"Tariffs Are In Effect. Expect Everything To Become More Expensive." by Jeff Luse

"How the Looming 'Fiscal Cliff' Is Killing the Economy," Nick Gillespie

"How Would Milton Friedman Do DOGE?" by Veronique de Rugy

"Yes, Cutting Government Waste Is Important," by Veronique de Rugy

"No, HHS Didn't Spend $8 Million 'Making Mice Transgender,'" by Joe Lancaster

"Contrary to What Trump Said, Even DOGE Does Not Claim To Have Identified 'Hundreds of Billions' in Fraud," by Jacob Sullum

"Dead People Aren't Bankrupting Us," by Liz Wolfe

"DOGE and Congress Should Take a Chainsaw to Corporate Welfare," by J.D. Tuccille

"Hey DOGE: If You Want To Make Yourself Useful, Kill the Federal Energy Loan Program," by Jeff Luse

"The Myth of Homeownership Wealth Creation," by Anthony Randazzo

"Jay Bhattacharya's Confirmation Hearing Proves the Lockdown Skeptics Won," by Christian Britschgi

"The Great COVID Rupture," by Matt Welch

"Two Years To Slow the Spread," by Matt Welch

"I Can't Quit New York," by Matt Welch

"We Will Regret Not Taking the Economic Effects of Mass Quarantine More Seriously," Nick Gillespie

"How the Coronavirus Might Kickstart the 21st Century," Nick Gillespie

"Chaos: Charles Manson, the CIA, and the Secret History of the Sixties," Tom O'Neill with Dan Piepenbring

"Shipwrecks, Treasure and Cannon Fire-The True Story of an American Privateer," by Nick Gillespie and Meredith Bragg

 

Reason Speakeasy: Is Satire Still Possible? March 20, New York City

 

Send your questions to [e-mail]. Be sure to include your social media handle and the correct pronunciation of your name.

 

Today's sponsors:

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Audio production by Ian Keyser

Assistant production by Hunt Beaty

Music: "Angeline," by The Brothers Steve

• Video Editor: Ian Keyser
• Producer: Hunt Beaty

What are we consuming this week?

Katherine Mangu-Ward

• Same Bed Different Dreams: A Novel by Ed Park

Matt Welch

• Rebels at Sea: Privateering in the American Revolution by Eric Jay Dolin

Peter Suderman

• Mickey 17

Nick Gillespie

• Chaos: The Manson Murders, directed by Errol Morris

---

Comments

[SQRLSY]

Trump is Our Master now, and He will lead us to Hell in a tariff-basket! Just LOOK at the S&P today!!! The USA is a Hell-bound tariff-basket-case!!!

[Thought about __ all my life]

Still being a Biden cheerleader. We were headed to hell, what is the use of dragging such a horrible journey out. That is what you want.

[SQRLSY]

My tinfoil hate-hat says that YOU lust after making mad passionate Jewish-babies-blood-smeared LOVE to Shitler in the Uber-Hell below Hell! And MY tinfoil mind-reading hate-hat is FAR better calibrated than YOUR tinfoil mind-reading hate-hat!

WHY are you STILL being a Shitler-lover? Was your heart still-born that way?

[damikesc]

WHY HASN'T TRUMP FIXED THE ECONOMY FROM BIDEN? He's had SEVEN WEEKS to do so!

[See Double You]

The major stock indices have erased all gains since Trump's election due to Trump's tariffs.

We'd see a huge boost if he withdraws the tariffs and if Congress actually gets its fucking act together and makes the TCJA tax cuts permanent this year.

[damikesc]

HE'S HAD SEVEN WEEKS!! WE SHOULD HAVE A BALANCED BUDGET NOW, TOO!

[Fire up the Woodchippers! (Trump Ascendant!! )]

And conquered Russia.

[Thought about __ all my life]

As I read the economists a lot of the absorption of that tarriff (but not all) will be middle-men. And so what. This is more of HIllary Cllinton analysis. This has got to be wrong because it is not perfect.

[Quicktown Brix]

Who and what are middle-men? Why are their concerns so easily dismissed?

They are Americans.
They contribute to the economy. Middle-men are often manufacturers or retailers.

[Beezard]

The crash was always coming. It’s going to get worse before it gets better. Even something like Bitcoin *will* go back down to 20K or lower during the bear market. It’s actually baked into the cake. It’s how it works.

[SQRLSY]

Why hasn't Trump kept His Royal Grabby Paws OFF of the economy?!?! All He had to do was to SNOT be a tariff-taxing ASSHOLE... Butt NOOOOO... He HAD to be a meddling self-righteous blow-hard, and fuck shit all up!!!

[JesseAz (mean girl ambassador)]

Old rule of thumb is the ex president holds for the first year. But this time it is (D)ifferent.

[Fire up the Woodchippers! (Trump Ascendant!! )]

Oh, and here’s something Reason should actually report on…

https://www.thegatewaypundit.com/2025/03/teacher-union-chief-randi-weingarten-admits-real-reason/

[Quicktown Brix]

Your head is so deep in the sand, you're effectively blind.

[VULGAR MADMAN]

Well egg prices are going down, so I guess that won’t be talked about much longer.

[Michael Ejercito]

Whose economy was it on March 10, 2009?

[Rick James]

Trump's.

[MollyGodiva]

Obama was not openly trying to tank the economy.

[JesseAz (mean girl ambassador)]

Cite?

[Mickey Rat]

Obama did a great job of retarding the recovery for not openly trying.

[Rev Arthur L kuckland (5-30-24 banana republic day)]

Yes he was

[Fire up the Woodchippers! (Trump Ascendant!! )]

Oh Tony, your stupidity is amusing at times.

[sarcasmic]

Remember folks, all good comes from Trump and all bad comes from Democrats.

That means when tariffs raise prices it will be Bidenflation. In a few years when the international economy has gone to shit thanks to trade wars, it will be all because of Democrats. And Trump will be praised for protecting union jobs. Welcome to Trumpworld where conservatives hate free trade and love unions.

[Mother's Lament - Buttplug = Neocons (same motive)]

"Remember folks, all good comes from Trump and all bad comes from Democrats"

Even a retarded drunken stopped clock is right twice a day. At least on the latter point.

Congratulations Sarckles. You were able to be honest today even if unintentionally.

[Uilleam]

The tariffs are reciprocal, actually legal for him to implement, and are working. Your posts are meaningless. Where was your criticism of the horrible overreach of the last administration? Or any other administration? Stop being a tool.

[Mother's Lament - Buttplug = Neocons (same motive)]

He wants to be a tool. It wasn't an involuntary choice.

[Quicktown Brix]

The tariffs are...working

They sure the fuck are! Dow sinks 900 points, Nasdaq plunges 4%.

[Fire up the Woodchippers! (Trump Ascendant!! )]

So?

[Don’t get eliminated]

Poor sarc.

[Thought about __ all my life]

IF that is describing me you are way off.
Plus it's stupid !!! Many Democrats (incl my insanely lliberal relative in Oregon) switched to Trump.
You are even wrong about bidenflation.
"A study by 3 Ph.D. economists at the San Francisco Fed has found that “price markups for goods and services” — aka, price gouging — has “not been a main driver” of recent inflation. Instead, the root causes are “large” federal government “fiscal transfers and increased unemployment benefits” (aka, social spending) and Federal Reserve policies like lowering “the federal funds rate target to essentially zero.”"

and you are out of your mind to say union members are Republican !!!!
YOu are ---as we said in highschool -- blowing shit 🙂

[Rick James]

Um, it's been Trump's economy since 1980.

[Fire up the Woodchippers! (Trump Ascendant!! )]

1880.

[Don’t get eliminated]

Damn Trump for requiring all eggs to be cage free and going all in on energy price increasing green policies here in Michigan.

Anyone else find it interesting that several blue states passed similar egg laws at the same time?

[MollyGodiva]

The economy is fragile. It takes a lot of work to build up, but not that much to tank it. Trump came into office with inflation low, unemployment low, and stock markets up. Tariffs, cutting government spending so quickly, and ending GSA leases, along with Trump's unpredictability will hurt the economy. Trump does not have to do those, but he is.

[JesseAz (mean girl ambassador)]

Lol.

If anyone wanted to know you're a fucking moron while not yet knowing, this post is good evidence.

[Fire up the Woodchippers! (Trump Ascendant!! )]

Tony, your serious comment ts like this one should be accompanied by a laugh track.

[shadydave]

Can we revisit this at a period of time beyond 7 weeks?

[JesseAz (mean girl ambassador)]

If economy booms it will be due to the seeds of growth Biden planted. Or something.

[DesigNate]

That’ll be Molly and shrike’s narrative at least.

[Fire up the Woodchippers! (Trump Ascendant!! )]

Trump could receive the Power Cosmic and transform earth into a true utopia, and those faggots would never give him a tiny crumb of credit.

They’re liars.

[MollyGodiva]

We will never know. I do give Trump credit for two things. The first is being willing to meet Kim of DPRK.
The second was the covid vaccine, but ironically his own supporters hate the vaccine.

[SRG2]

7 weeks is usually too soon, because incoming presidents are working with their predecesrors' budget and they tend not to engage in radical economic moves immediately.

However, Krasnov has acted swiftly both with the DogeCon and the tariff bullshit. So yes, he now owns it.

Hey, if at the end of four years we've seen real GDP at 2.5% to 3% per annum, a declining annual deficit, low inflation and low unemployment, then yes, I'll give Krasnov credit.

[Uomo Del Ghiaccio]

I've never heard anything more idiotic than the claim that an economy is a presidents economy and coming from a supposed libertarian is even worse. Centralized planning does not work because the economy is too complex to have a small group making all the decisions. Additionally being too myopic will get you into trouble with reality.

Even with tariffs, you are over simplifying to the point that it becomes dishonest. If and when tariffs work depends on the market and items the tariff is on. You complain that Trump is threatening tariffs, but fail to recognize that the majority of countries being threatened already tariff goods from the USA.

Even Canada has high tariffs such a 200-300% tariff on dairy products such as Eggs, Milk and Cheese, etc.. Nick's golden boy, Biden raised the 8% tariff on lumber to 14.5%, but Nick is so consumed with hatred for Trump, that he fails to mention it.

You are so concerned with the short term prices, but not concerned the least bit with killing the capacity to fulfill the needs internally. Short term gains with long term consequences. I have grandchildren that I want to leave a better future to more than selfishly seeking cheap goods and the expense of their future.

This is one reason that I have some problems with a portion of libertarians who lack the capacity to look beyond their self interests. Most of these types of libertarians are actually are leftists who are not 100% emotional reactionists, but still have a a large percentage of emotional thinking versus logical thought patterns.

If the USA is subject to tariffs, then equal tariffs should be applied to level the field. Economy's are larger than any president and while a president can have an effect, other government entities and other forces also have an effect also.

[MWAocdoc]

The point here is that tariffs imposed by other countries on the US are bad for the people in those other countries, and that responding to them by imposing tariffs on them by the US is bad for OUR people. It does NOT "level the playing field" in any way! It only makes things bad for us in the US in addition. An eye for an eye makes everybody blind eventually or something like that. It may be true that imposing tariffs can lead to meaningful reductions in the tariffs imposed on the US by other countries, so the question is: is some additional temporary economic distress for us worth the possibility of a longer-term reduction in trade barriers everywhere on balance.

[Luxie]

Well it's nice to see the KEF LS50 show up in piano black with gold cone. I have the same as my center CH on my home theater. (Side speakers are the same but in flat black)Suderman's alright by me. Wonder what He's using to power these very Power hungry (Some say inefficient) speakers that need lots and lots of power.

[SRG2]

I always lusted after KEFs - though less so once I owned a pair of IMFs, years ago.. Ineficiency is the way to go, IMO

[Luxie]

Agreed, once you get them properly tuned in. Took a while as I had no idea what I was getting into when I got the core system and (as usual) the speakers and Amp both got Upgrades a few months after I purchased them. Making me want to "Upgrade" is always the itch in the back of the neck that can cause problems... For a while my old system from the 90's in the guest room made of old Infinity's and a Marantz tuner with Polk sub sounded "Better" and that pissed me off to no end.

[Luxie]

Bravo to Matt, I (Being 57 years old this year) also have never had a Credit card (Or its idiot cousin the Debit card, Yes please let me spend my own money as if its a CC without any of the protections etc.. that come with just using the CC) Asa CA resident when I go on Unemployment (I work in Entertainment, we do that between gigs and several years ago switched from checks to debit)) and of course those windfalls of cash during Covid the USA Government made me get a debit card (So I use it for Groceries, think I finally used up all my Covid rations just a few months ago). I pay cash (Pissed off many car dealers) and I have Amex cards to use and pay off monthly. Several years ago I noticed my Credit Rating had fallen from 820 to 690 because I never had a CC or debt. I then went to a Credit Union and got a very low interest loan on 1/ 2 the price of an Auto and got it back up after a few years to 810. Never got in over my head (No kids, no mortgage) and now that the industry I am in is basically gone from southern CA I am doing better than a lot financially because I never owned anyone money. Reminds me of the Comedian Doc where Seinfeld asks Leno what He does with all his money, he relied "I live off of what I make on the road, the tonight show I put away incase something happens, I might lose my job and need to find work" To Jerry's disbelief. Working class North Easterners and their fear of money we all grew up with.

[jonnysage]

Im just glad its no longer the Bush tax cuts economy.

But seriously, its not entirely Trumps economy yet. He was saddled with 35 trillion in debt (part of which he added to!), Bidens spending, the feds actions, and a massive cradle to grave govt with its fingers in all parts of the economy, put there by law from many Presidents and congresses before him. He can stir the pot a bit, but its really everyones or no ones economy.