Anonymous
Anonymous asked in Social ScienceEconomics · 7 months ago

Did you know that tariffs caused the Great Depression, and now they’re about to make your iPhone more expensive?

11 Answers

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  • Anonymous
    7 months ago
    Favorite Answer

    Tariffs are a federal sales tax, it is a regressive tax, it is paid by the consumer. They harm the poor and middle class the most.

  • Anonymous
    7 months ago

    Are you saying my iPhone is going to increase in value so I can sell it at a profit? That sounds good. Obviously what I actually paid for it isn’t going to change.

  • 7 months ago

    Tariffs did not cause the Great Depression. Some have argued that somehow they played a role, but these claims have been criticized, and were a minimal contributor at best. Extreme over production, when there was not such a high demand, i.e., people bought tons of farming equipment they couldn't afford, to mass produce food, that they couldn't sell, and then the federal reserve tightened things up and raised interest rates, which caused people to be unable to get loans to pay back other debts, and supposedly this was because they were relying too much on the gold standard. This was then compounded by multiple banking panics with people rushing the banks and taking their money out with no FDIC insurance for those who had money in these banks, and the banks going under, with no protections for having money in these failed banks, and extreme stock market expansion with over-inflated stock prices (stocks lost on average 90% of their value in the 1929 crash), and lack of collateral, and unemployment rates were climbing across all industries, in most over 20%, in the years leading up to the 1929 stock market crash, and the Great Depression that resulted in the direct aftermath of that.

    In my opinion, having tariffs may have actually helped to reduce what could have even been more catastrophic, since it made it so there was some money still in our national treasury from foreign countries having to pay the tax on their imports, since they didn't have JP Morgan to come bail them out like they did in the early 1900s and late 1800's where they almost had serious stock market crashes and depressions like the 1929 one. Pretty ironic if you think about it, because he bailed out the government, instead of the other way around.

    The only reason some people claim it contributed is because back then, was because some countries took retaliatory measures, which could have been weathered, but when they did so, it was at the worst possible time.

    And there has never been consensus on what specifically caused the Great Depression. In fact, most economists agree, it was a ton of different things that all came together at once like a perfect storm, but all agree, one of the biggest ones was the overinflated stock prices leading to the 1929 stock market crash.

    And I could give a crap less about the cost of an Iphone. Get a different phone then. Stop being so addicted to such fancy stuff, unless you can afford it. We've got to get China under control, and we've got to do this, and now is the time, since we can weather it, and our unemployment is lower than its ever been, and we're stable and strong right now. So take some hits for the team, our future generations are depending on us.

  • 7 months ago

    Wild speculation and buying equities on margin caused it to a great extent.

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  • Dze
    Lv 7
    7 months ago

    not really .. the banks retracted the supply of money is what happened more or less, and it was done on purpose to move wealth around and collect up gold .. your little trump hate fetish had nothing to do with it lol ..

  • Anonymous
    7 months ago

    It's this type of thinking that has caused the US to become so reliant on China's manufacturing. Who cares about the IPhone and Apple? Let them increase the price. Recent IPhone sales have hit a new low. Increasing prices will not help that.

    People are getting tired of our jobs being sent overseas. Trump is finally standing up for the US and we love him for that!

  • Anonymous
    7 months ago

    I would pay more for a phone MADE IN AMERICA .

    and tariffs where not a cause of the great depression .

  • Anonymous
    7 months ago

    I don't have an iPhone. There's no justification in buying an $800 toy, unless it has a practical use, like a boat or fishing tackle, which you can use to feed your family. iPhones aren't any more practical than phones that cost 1/10 their price.

  • Anonymous
    7 months ago

    Sure, kid.

  • 7 months ago

    All China has to do to avoid the tariffs is stop committing trade violations like intellectual property theft, "dumping", and currency manipulations.

    • Lv 5
      7 months agoReport

      All we have to do to stop their fvckery is move production to Bangladesh, Taiwan, or Germany.

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