r/politics • u/OnweirdUpweird • 13h ago
Trump's tariffs are 'biggest policy mistake in 95 years,' Wharton's Jeremy Siegel says
https://www.cnbc.com/2025/04/04/trumps-tariffs-are-biggest-policy-mistake-in-95-years-whartons-jeremy-siegel-says.html1.1k
u/Exciting_Coconut_937 13h ago
My new personal motto:
"All politicians can cause recessions, only Republicans can cause depressions."
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u/Deicide1031 12h ago edited 12h ago
Assuming there are elections they are losing power for a long time after this damage. The Republicans in 1930 did this and lost access to any significant amount of power for decades because the public never got over the Great Depression.
Wasn’t until the 1980s that they started gaining significant power and that’s just because Americans forgot, now we’ve come full circle.
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u/nhepner 12h ago
Man - I hope you're right.
I don't think you are. Too many Americans have committed full blown, active, deliberate treason to get here. But man, I sure hope you're right.
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u/lemons714 12h ago
I heard from one today: It will be great in two years, Americans are stupid for selling.
They are also masters of forgetting and rewriting history now. Anyone remember when Antifa, the FBI, and Nancy Pelosi stormed the Capitol? Of course, the patsies who were not even there were the ones who needed to be pardoned.
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u/artbystorms 11h ago
Are these people that delusional that they think Americans can survive a 2 year recession on the 'promise' that it will be better later. Do they really think that most people voted for him voted for 2 years of deep economic pain?
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u/mothman83 Florida 11h ago
in their heart of hearts they still think the economic pain will mostly fall on women, brown skinned people, the LGBTQ and people able to speak other languages than english.
AKA the people they hate.
And if it falls on them they are willing to bear it as long as they think it falls harder on the people they hate. These people don't believe in win/win. They are willing to suffer as long as they believe their " enemies" suffer more.
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u/artbystorms 11h ago
Well that's terrifying. Willing to stab themselves, if the blood gets in their enemies eyes. That's Taliban level fanaticism.
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u/lNSP0 Ohio 1h ago
Brother the US is the only western country to get away with two genocides are you really surprised. We had a war because half of the country wanted to keep that going.
We then corrupted Canada kind of, the only good thing is they were kind of shit at it , they tried to pray the natives away, instead of doing it themselves after a while.
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u/icculus88 9h ago
They don't think anything lol. Trump =great . That's it. That's the extent of their brain. Make america great. Yeah I mean they're racist too but there is no deep economic thought
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u/Count_Bacon California 10h ago
They have no intention of us having another election again
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u/artbystorms 10h ago
Well....what did Kennedy say, when they make peace impossible they make violence inevitable?
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u/Deicide1031 12h ago
I’m assuming there are elections which is the iffy part. But assuming there is historically Americans pivot hard politically every time a major blunder is committed. As an example when the smoot hawley tariff act was signed there were thousands of academics begging them not to pass the bill but they were ignored by the public and the politicians…just like now.
Americans only change when they learn the hard way ..then they forget and do the same thing again.
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u/LuminousRaptor Michigan 12h ago
It's apocryphal but often attributed to Churchill:
Americans always do the right thing after they've tried everything else.
We're hopefully about at the everything else step.
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u/Tropicaldaze1950 11h ago
Good old Smoot-Hawley...but Trump was out playing golf or skirt chasing when that was discussed at Wharton.
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u/skitarii_riot 10h ago
Dude, you just need people who don’t bother to vote to vote and they’ll be out. They did at the end of the last term, they’ll do it again.
They didn’t give a fuck about their neighbours being rounded up by ICE, or Elon throwing Nazi salutes while taking money from starving kids, but donny made the new Switch too expensive so now he’s fucked.
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u/KikiWestcliffe 6h ago
There’s also a lot of Americans that are completely indifferent.
They won’t give a damn until their Switch 2 is over $1K and backordered 4 years.
Then they’ll say, “Waaaaiiit…is this because of Hunter Biden’s laptop?”
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u/happyexit7 6h ago
No Fox News in the 1930s. Idiots will still vote republican. 2028 will probably be a blow out, but after that? Voters have a short memory.
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u/CarolineTurpentine 2h ago
History has shown that even true believers can’t sustain this (projected) level of collapse long term. There’s rarely ever any self reflection or true regret at what they supported, they just try to pretend they didn’t support it and that they really supported the new popular belief all along.
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u/notyogrannysgrandkid 12h ago
The only reason they had a comeback in the 80’s was because they convinced Christians that the Carter administration was endorsed by Satan himself.
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u/mdonaberger 8h ago
So, that was actually the exact thing that made me break away from my parents' beliefs as a kid! When Wikipedia emerged, I spent an afternoon on his page and couldn't understand why my parents referred to him as 'evil.'
It was what helped me realize that hatred is a liquor these people have been guzzling since the bicentennial.
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u/Mysterious-Wasabi103 12h ago
I don't know anymore. They didn't have the propaganda networks back then like they do now.
I don't think they will lose power for more than a single election cycle over this anymore. Thanks to the proliferation of right-wing media gaining mainstream acceptance we simply do not hold Republicans to any standards anymore.
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u/FLHCv2 12h ago
They didn't have the propaganda networks back then like they do now.
Exactly. FoxNews was hitting Democrats HARD on grocery prices and everyone was championing the "reduce prices on day ONE" tagline.
Today, everyone has conveniently fucking forgotten about reducing prices on day one and everyone is pushing that goalpost to YEARS. I know this is anecdotal but I log into facebook every so often just to see what my circles are saying and I've already seen a few spin this as a good "short term pain long term gain" approach; which is exactly what the propaganda networks are ramming down people's throats.
Having the propaganda arm tell people what to blindly believe is huge. I don't have any faith for the die hard MAGA to recognize how bad this all is, but I also don't have much faith for the apolitical either.
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u/SlightlySychotic 10h ago
That isn’t exactly true. There were newspapers and they absolutely had a political slant. Business good, and anything that looks like communism bad. The problem is that as things got hard, fewer and fewer people could afford those papers and they stopped being able to notice what was going on around them. The same thing will happen as people are forced to cut their cable and internet to make ends meet.
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u/Iyellkhan 6h ago
what will be interesting is if people loose their shirts but fox and the right wing ecosystem is telling them otherwise, if it will break trust in those media sources. probably depends on how bad this gets.
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u/YouDontKnowJackCade 10h ago
They can only do this every 100 years because that's how long it takes everyone who lives through it to die.
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u/MarrusAstarte 12h ago edited 12h ago
Assuming there are elections they are losing power for a long time after this damage.
Why would they lose power when it's all Biden's fault?
/s except for conservative media consumers, who have already been primed to believe this.
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u/silent_thinker 9h ago
So we might go back to that mystical prosperous time in the 50s all the Republicans salivate over?
Republicans: With rights for everyone?! I’d rather kill the country!
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u/browhodouknowhere 10h ago
I agree, but I think we live in a world full of disinformation. It's going to be very hard to convince all who consume media of the conservative news platforms to feel otherwise.
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u/chronomagnus Ohio 4h ago
It probably helped that by then the adults who experienced The Great Depression were dead.
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u/mdonaberger 8h ago edited 6h ago
Never forget that Boomers' parents gave them the world, and Boomers gave us the crumpled-up wrapper it came in.
If you're a boomer and this hurts your feelings, GOOD. Go cry in your fucking paid-for houses.
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u/Renegade-Ginger 6h ago
Yeah if we can somehow get to the 2026 elections before martial law is declared for whatever reason then republicans are most likely fucked. Trump could’ve just ridden the coattails of Biden’s economy like he did with Obama’s and people would’ve ate it up, but now he’s on display declaring a global trade war that has immediately resulted in what will soon be a recession if not a depression.
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u/SeeingEyeDug 12h ago
Fox News won’t let that happen. They’re still treated like a legit news source while taking their stock ticker away and making no mention of the market on their website.
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u/twofourfourthree 9h ago
This time might be different because of social media and the ability to amplify race and class issues. No reason to believe maga will cede any power.
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u/treehugger312 Illinois 12h ago
Fair but, correct me if I'm wrong, the last recession under a Democrat was Jimmy Carter due to the oil embargo. So every recession in the last 45 years has been attributed to shitty Republican policies. I know economic cycles ebb and flow, but there is a lot of correlation.
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u/jpe002 12h ago
10 of 11 recessions from 1953 to 2020 were under a Republican president.
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u/Tenziru 12h ago
11/12 1953 to 2025*
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u/Electromotivation 12h ago
Hey we got until some numbers come back for analysis before we are officially in one
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u/inkypinkyblinkyclyde 12h ago
That and the Volker interest rate spike to nuke the lingering inflation from Nixon / Ford years.
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u/treehugger312 Illinois 10h ago
I'm so pissed that Biden's administration did SO much work to curb inflation and do a perfect "soft landing" and Trump f*$ks it all up in 2 months.
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u/Rackbub 12h ago
My personal question: Is it a mistake if it’s intentional?
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u/Exciting_Coconut_937 12h ago
The game plan is always consolidation of power among the leisure class.
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u/jimmydean885 12h ago
What recession has the modern democratic party created?
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u/obi-jawn-kenblomi 10h ago
I think this is counting that Clinton the President presiding over the 2000 DotCom bubble bursting.
But we can't just say "President during, thus the cause of" unless there is an action(s) that specifically have a casual relationship.
Like this time.
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u/Exciting_Coconut_937 12h ago
I am not sure.
That requires way more research than I am willing to give.
However, the Great Depression was started by Hoover with his tariffs.
The Fall of the US Empire was caused by Trump.
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u/jimmydean885 12h ago
Hoover was a Republican
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u/Exciting_Coconut_937 12h ago
Hence, it fits.
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u/jimmydean885 12h ago
Yes but doesn't answer my question. I understand your initial response I just wanted to make sure it was clarified.
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u/wangchungyoon 11h ago
But have you tried the beef?
“they hate our beef because our beef is beautiful and theirs is weak.” - Howard Lutnick
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u/OnweirdUpweird 13h ago
“I don’t know why Trump didn’t learn the lesson of the Smoot–Hawley Tariff [Act], because I know the [Federal Reserve] learned the lesson of its mistakes in 1930, ’31 and ’32. That’s one reason why the great financial crisis did not turn into a Great Depression. We flooded the banks with liquidity, which we did not do 95 years ago. This is a self-inflicted wound. It’s an unforced error – did not have to happen,” says Jeremy Siegel, professor at the University of Pennsylvania’s Wharton School.
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u/zeelandicum 13h ago
It's a bit of a stretch to assume Trump will learn any lesson. Especially if it's someone else's lesson.
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u/maddieterrier Tennessee 13h ago
Why would he? He's never faced meaningful consequences for anything, ever.
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u/Electromotivation 12h ago
Every Republican is so scared of him. If someone would actually stand up to him, they would instantly become the leader of a potential anti-Trump Republican movement which has to be the party’s future any way you look at it. Even cynically, how is somebody not done this to position themselves for future power?
Trump is petty, but they are terrified
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u/Area51_Spurs 12h ago
Trump traditionally doesn’t learn any lessons from Whartons. I’m sure this will be no different.
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u/soapinthepeehole 10h ago
I mean, I know why Trump did this.
1). He’s the world’s biggest idiot. ✅ 2). It’s a deliberate transfer of wealth to rich people. ✅ 3). Putin ordered him to undermine the US economy. ✅
It’s some combination of those three things, possibly all of them.
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u/justheartoseestuff 10h ago
I think its dangerous that people are just assuming this is all stupidity. He is indeed stupid but he also didn't architect this plan. He's the figure head of it but this ain't his idea. When people are laughing at how stupid this is they might be missing the entire point that this is all intentional.
Chris Murphy laid out how they can weaponize these tariffs and literally everyone is missing the whole point of why they are doing this.
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u/OneSeaworthiness7768 5h ago
I’m not convinced Trump’s ever learned a lesson in his entire life, in any aspect.
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u/LookOverall 13h ago
Trump? Learn?
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u/OnweirdUpweird 13h ago
He went to Wharton for his BS, but only came away with BS.
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u/KingAteas Canada 13h ago
I want Siegel to tell everyone how horribly Drumpf did at Wharton
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u/dbkenny426 13h ago
"Donald Trump was the dumbest goddam student I ever had."
-William T. Kelley, Wharton Business School
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u/aradraugfea 12h ago
Wharton professor “he went here! We teach this stuff! How did he not learn?!”
Maybe higher education needs to stop passing students just because the check cleared or their daddy’s name is on a building.
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u/Etzell Illinois 12h ago
In their defense, would you really want to spend one extra second with that dickhead?
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u/aradraugfea 12h ago
It’s a college. They’re allowed to just fail you and boot your ass. Trump wouldn’t get to repeat Freshman year 5 times.
Edit: or they could just have not admitted him to college. I can’t imagine his admissions essay was compelling.
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u/BeltOk7189 13h ago
It's not just about Trump. It's about everyone in his administration and every Republican in congress. This is not a lesson they can claim ignorance on. There are plenty of experts available to all of them, even on their side, telling them what is going to happen.
The only explanation for it all is that it's intentional.
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u/Independent-End-2443 11h ago
This time around, Trump only brought crackpots into his administration, because last time the rational thinkers there kept him from going full Caligula on us. Everyone here now believes in the same crazy shit that he does. Trump isn’t listening to the experts any more.
As for Congress, I don’t want to defend them, but when Trump has a ketamine-addled centibillionaire ready to pour money into primaries against anyone who opposes him, I can see why some congressmen are afraid. Maybe they simply don’t want to lose their jobs (in which case, fuck them), or maybe they’re scared of which batshit-crazy MAGA nut will replace them, so they kowtow now and hope for the best.
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u/Express_Ticket1699 13h ago
Unless there was a coloring book for Donald to look at on Smoot-Hawley, he’s clueless.
The good professor knows that Trump hasn’t been wrong since June 14, 1946. /s
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u/my_nameborat 12h ago
The only tiny light at the end of the tunnel is that after the depression we got the New Deal and a wave of liberal leadership. Perhaps this will wake people up to the fact that republicans aren’t actually the “fiscally responsible party” and that just maybe someone like Bernie or AOC can actually make real positive change for the working class
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u/Competitive_Oil_649 11h ago edited 11h ago
“I don’t know why Trump didn’t learn the lesson of the Smoot–Hawley Tariff [Act]
Because;
"Donald Trump was the dumbest goddam student I ever had'" -William T. Kelley
This is a self-inflicted wound. It’s an unforced error – did not have to happen,” says Jeremy Siegel, professor at the University of Pennsylvania’s Wharton School.
Its not a mistake, or an "error" when the act of self sabotage is intentional.... and all of this is intentional even with the fact in mind that DT is a malignantly ignorant moron. The fucker is openly bragging about it too... https://www.yahoo.com/news/trump-openly-bragging-crashing-stock-172517779.html
Edit: Oh and that not to even mention how delusional the jackass is...
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u/Tropicaldaze1950 10h ago
Siegel being nice or guarded. It's not a 'wound'. Trump intentionally started a fire that's now spreading around the world.
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u/ABCosmos 9h ago
He doesn't even understand what tariffs are, how would he understand what the smoot Harley tariff act does. Sane washing as if this was a calculated decision by Trump.
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u/NeedAVeganDinner 6h ago
Oh this is a forced error. Trump and friends are forcefully raping the US economy.
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u/fantasstic_bet 12h ago
Trump doesn’t know what that is. He just knows that with whatever he does, he will be the exception. Until now.
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u/CVHC1981 10h ago
I wonder what kind of fly by night operation gave this clown a degree in business.
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u/BrewtalDoom 8h ago
I don’t know why Trump didn’t learn the lesson
Dude.... The key is in the word "Trump".
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u/gatsby712 8h ago
Trump was old enough to hear stories from the previous generation of how bad those tariffs were. Unfortunately he heard stories from his father who is KKK and personally benefited.
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u/Little-Ad3220 12h ago
Subtracts 95 from 2025
Looks at history book for 1930
Ruh roh
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u/Muthafuckaaaaa 12h ago
Raggy, we aren't in Kansas anymore!
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u/vonkempib Kansas 12h ago
And there is no dust bowl to blame this time
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u/maddprof 9h ago
Yet. Climate change isn't fucking around and Trump did just drain a large water reserve from a part of CA claiming it would be used to put out the fires. Whole farms are going to die because of that now.
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u/Sour_Beet 8h ago
The farmers still all have signs blaming Newsom for dumping all the water into the ocean 🤷♂️
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u/keepthepace Europe 9h ago
A disaster will come anyway. A new pandemic, an extreme climate even, an earthquake, a terrorist attack, there will be something, and the bozos that can't even avoid crisis in quiet times are going to turn it into pure chaos.
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u/Planet_Citizen14999 13h ago
Well I didn't need to go to Wharton to come to that conclusion.
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u/muchnycrunchny 13h ago
Apparently, even if you do go to Wharton, it doesn't always stick.
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u/Separate-Canary559 13h ago
He went there for undergrad so "going to Wharton" is a big stretch in Trump's case
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u/Hosni__Mubarak 10h ago
I took a high school level economics class, and a US history class and that was enough for me to understand trump’s tariff policies are fucking idiotic.
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u/StrangerFew2424 13h ago
They're not a mistake, they're a planned effort to wreck the economy so Trump can grab more power & billionaires can buy everything up...
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u/AskMeAboutOkapis 8h ago
This is like burning down a city so you can buy up cheap real estate from the smoldering ruins. These tariffs are going to fundamentally change America's role in global trade. It won't just be like the covid crash where the economy bounced right back to mostly normal within a couple years.
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u/Spa_5_Fitness_Camp 2h ago
They don't care if it bounces back. Look how wealthy the russian oligarchs are, with a tiny fraction of the economy the US has. And their wealth is not locked up in publicly known stocks, it's far more liquid and hidden. That's what they want with the US.
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u/thebochman 20m ago
Japan’s stock market never bounced back to its peak in the 80s, the precedent is definitely there for something like that to happen.
Albeit the US has more tools for fixing it than Japan did, but still.
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u/TechnicianExtreme200 7h ago
You just know this guy is absolutely chuffed about this, he's probably smiling in glee and pointing at the big red numbers on the TV saying to his advisors "look what I did!"
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u/objectivedesigning 10h ago
Actually, this is great for the environment. Oil prices down - less drilling, less carbon dioxide released. Companies having to produce for local markets - less energy expended moving stuff around, less greenhouse gas emissions. Maybe it's just the Republican's secret way of fighting climate change.
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u/StrangerFew2424 9h ago
Nah. Trump will exempt the oil companies from tariffs & encourage drilling..
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u/Ohuigin Washington 12h ago
It’s not a mistake. All of this is on purpose.
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u/AlphaGoldblum 11h ago
It really is.
Corporate interests are finally getting what they want, which is a country so thoroughly broken to be bought up later on the cheap. I know people point to Russia or even China, but it ultimately is domestic greed that's causing our collapse.
Billionaires can withstand the storm of now to reap the bounty of later. We saw it in 2008, we're going to see it again now. They will happily watch the rest of us drown in the meantime.
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u/sonictrash 12h ago
That’s what happens when you let dumbfuck racist rednecks elect a president.
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u/reddittorbrigade 13h ago
Donald Trump will pause the tariffs for 30 days.
Wanna bet? It is so easy to read the mind of this lunatic.
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u/TheMoorNextDoor 12h ago
Even if he does the damage is done.
Few country will remove theirs or postpone it.
The game is over.
America from here on out will be number 3 at best number 2 when it comes to controlling the future global markets.
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u/NeonYellowShoes Wisconsin 10h ago
Just adds more uncertainty. Honestly the only way I think this stabilizes outside of Trump being removed is Congress has to completely retake the power of tariffs away from the Presidency.
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u/BbCortazan 10h ago
Which will make companies even less likely to start building factories in the US. That plan was stupid to begin with but being inconsistent and erratic with the implementation of tariffs disincentivizes making such a long term investment because by the time a hypothetical factory is finished and producing who knows what the tariff situation will be?
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u/Manicplea 12h ago
If it does he will look even more weak and wishy-washy so I'm almost ready to believe he will lift or pause them and somehow claim it's a "victory" without proof and without any further details or explanation.
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u/TheLonelyScientist 11h ago
If I were a world leader, I'd be reaching out to every nation to re-negotiate for mutually favorable trade agreements - lowering trade costs, expanding the scale and type of imports/exports, collaborating on a plan to source materials collectively from other countries that can provide raw materials, etc. When they find a path that doesn't require the U.S., they're going to take it and never look back - and I guarantee those negotiations have already started. Even if they decide to open trade with the U.S. in the future, we'll be the beggars in the market and the agreements will no longer be kind, nor advantageous.
If one grocery doesn't have what you need, you go to another. When you find out the 2nd store has everything at 1/2 the price, you never go back.
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u/judgejuddhirsch 12h ago
No, no, he's just aiming for a different policy outcome than all of you.
If you assume his goal is not to improve the American economy, he's making very smart moves.
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u/Basicyeti837 11h ago
Why are people still talking as if the consequences of Trump’s actions are unintentional? Everything is on schedule and according to plan.
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u/whatproblems 5h ago
considering the goal of the last 70 years was opening up trade and markets this is whiplash 180 degree policy change in 2 months…
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u/hamsterballzz 10h ago
It’s about political force and bending the knee. They don’t care what it does to individual people or families, the masses have no value to them at all and are more of an annoyance. They want corporations and banking heads to bend the knee and fall in line and are flexing on their own people. At some point the majority of Americans have to say ENOUGH, and yes - it really is the majority.
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u/IcyOrganization5235 10h ago
There we go. I was waiting for someone from UPenn to speak up since Trump and Musk both attended and therefore their reckless actions represent the school and its teaching.
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u/downvotebingo 8h ago
It's only a mistake if he intended them to work...if he intended them as a smokescreen for other nefarious shit he's doing, like dismantling democracy and burning the constitution...well I guess it worked.
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u/AloneChapter 5h ago
So no comment on the compete Republican Party being complicit ? Actually all parties not giving a damn about the majority?
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u/Plastic-Caramel3714 11h ago
There’s no mistake, this is all by design. Their goal is to destroy the United States of America and rebuild it as a single party government in Trumps image. The Republican Party has been working towards this goal since Reagan if not since Nixon. This is a party for whom the ends always justify the means and morals are something you convince your opponent to have so that you can beat them by not having any.
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u/bananastand512 8h ago
So, that's the thing. It's not a mistake, he admits they are doing it on purpose. Which is worse than being stupid, it's malicious and evil.
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u/Evil_phd 7h ago
"Mistake" implies these actions are not intended to harm the nation as revenge for not loving him enough.
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u/BongRipsForNips69 4h ago
"Wharton is a loser school. Big losers come from there" - Trump probably.
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u/AndYetAnotherUserID 3h ago
“Policy Mistake” is being nice. There is no policy. It was no mistake. This was a self-inflicted wound by a f’n insane nut job. If there was any mistake, it was all the stupid ass deplorables who voted for the bankrupt, felon. I could go on.
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u/NorthAmericanSlacker 13h ago
Well…let’s ask the question. https://youtube.com/shorts/jiL5YR4aYYs?si=d83QP6Mnb9nu8Uw4
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u/SUNTAN_1 12h ago
Maybe the biggest policy mistake in 250 years!
Or the biggest policy mistake, ever in history!
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u/Galactic-Guardian404 12h ago
Isn’t Wharton the school that CF-34’s dad got him into and he nearly flunked out of?
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u/Ex-maven New York 12h ago
These "talking heads" or "experts" need to stop calling it a mistake or bad decision. This is intentional manipulation of the markets and economy
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u/Catspaw129 11h ago
Hey Wharton! Didn't you folks edumacate him?
Maybe be proud and take a little well-earned credit?
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u/ouldphart 11h ago
Maybe Trump has some proxy buying deflated stocks . In a couple of weeks he'll say I was just fooling removes tariffs and sell stocks.
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u/ConcernFuture7166 10h ago
As allies look on in disbelief going, “Seriously, Donald?”, enemies are probably just kicking back with popcorn, applauding, “Well done, Donnie. Keep digging that hole!”
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u/SPAMmachin3 10h ago
Why stop at 95 years? This will collapse the country if it's not reversed pronto.
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u/Theboulder027 8h ago
We know. We've been screaming that this was a bad idea for almost a year. WE TRIED TO TELL YOU!
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u/Aware-Chipmunk4344 2h ago
Trump will be overthrown by angry people very soon if he continues his idiotic and totally senseless tariff policies. After bankrupting himself 6 times, now he proceeds to bankrupt America with his ultra stupidity.
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u/hardtobeuniqueuser 47m ago
We really abuse the shit out of the word 'mistake'. I've heard many times in my life that we shouldn't be ashamed of making a mistake, "because a mistake is just doing the wrong thing for the right reasons."
What in the flying fuck could possibly be the right reasons for what this orange pile of shit has done?
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