“Remember tariffs are a tax, and they’re primarily a consumer tax,” Scaramucci added. It’s “a consumption tax, sort of like a VAT [value-added tax]. And that’s a regressive tax. So what ends up happening is the poor people — it eats up more of their disposable income than any other income group.”
“Tariffs are actually — we’ve had a lot of experience with them. They’re an act of war, to some degree,” Berkshire Hathaway (BRK-B) CEO Warren Buffett said in a new CBS News interview on Sunday.
His base doesn’t care. Maybe average people in US are having such a good life that they can ignore this and continue to get food on the table for their kids.
On the other end of world in rural Russia, people send young man to battle, so their death benefit payment can bring economic boom for the whole village.
America sends young men to war all the time. You routinely hear from Americans joining the military because it’s their only chance in life to escape extreme poverty.
And in Russia they don’t reward a whole town, you’re lucky if they send you a box of groceries.