Well-regarded economist Jeffrey Sachs recently spoke a warning about the tariffs instituted by President Trump. He stated that the President had no understanding of balance of trades or how tariffs worked. As he put it in simple terms, the President thinks that if someone spends money at the shoe store but does not sell an equal or greater amount of goods or services to the store, then the store is cheating and taking advantage of that person and should be penalized by an extra tariff, or tax, on shoes.
This, according to Sachs, is astounding ignorance on the part of anyone who took the first course in economics, is downright frightening when it is the President of the U.S., and is resulting in the irreversible destruction of world trade that has worked for many decades.
The President often says he is a stable genius but refuses to release his transcripts from high school and college. It is likely he hides them because he is afraid they would show he was a failure and a loser, and not smart or well educated at all, let alone a genius.
