Trump Commerce Secty and Trade Council head are super stupid
Billionaire Wilbur Ross and Economist Peter Navarro published an article on trade Trump loved and they are in his administration. But their article was so stupid it almost defies belief. Profit equals receipts minus costs. You sell apples and take in $5000 per month. You pay an employee $2000 and pay farmers $2000 for the apples you sell. The equation profit equal receipts minus costs means, with the logic of Wilbur and Navarro, that you can increase profit to $5000 per month by firing your employee and stopping the purchase of apples from farmers. That is literally the logic of their article on trade. Gross Domestic Profit equals government purchases plus consumer purchases plus business investments plus exports minus imports. They argue from that accounting equation that reducing imports with big tariffs will increase GDP because the import part of the equation declines. As Matt Yglesias pointed out in Vox dot com their logic says if we outlaw imported oil, then oil imports will decline $180 billion so GDP will rise $180 Billion, increasing jobs by a ton. These Trump bozos don't understand that the price of oil will skyrocket causing the economy to decline. I AM NOT MAKING THIS UP! They really are this stupid! Trump really is this stupid! They stupidly think an accounting equation true by mere definition is A CAUSAL LAW! And these two brain dead idiots will head the Commerce Department and a new Trade Council.
We are so fucked.
