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According to award-winning economist and columnist Paul Krugman, Donald Trump is creating a massive economic disaster for himself that he has no idea how to handle. Specifically, Krugman is warning about the looming economic crisis from Trump’s mass deportations which will likely send inflation and consumer prices back up. On top of that, we’re already seeing labor shortages spring up from the moves, so the economic impacts are already upon us. Ring of Fire’s Farron Cousins explains what’s happening.
Link – https://www.huffpost.com/entry/paul-krugman-donald-trump-policies_n_679779d0e4b01edab1f947c2
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Award-winning economist and columnist. Paul Krugman posted an article on his substack on Monday of this week explaining that Donald Trump is already creating a massive crisis here in the United States. And as per usual, it is a crisis that Donald Trump doesn’t know how to solve once it really kicks into high gear. And that crisis, of course, is the economic crisis that has already begun due to Donald Trump’s mass deportations. But it of course, as Krugman says, is going to get much worse and will have impacts across the entire economy. What we’re already seeing happen right now is across the country, people who are in this country illegally, to borrow the term of the administration, are refusing to show up to work, right? They’re not gonna go to the place where a lot of undocumented people are because those are the places that are going to be first targeted by this administration, as we have seen in the last week alone.
So we’re already seeing areas of the country, Florida and California in particular, where migrants are not going into work, which of course is now causing fruits and vegetables to not be harvested. That has already happened within the last five days, five days, and we’re already starting to feel the little bitty ripple effects just from these people not showing up to work. Now, imagine how bad it’ll be. Krugman points out when these people are kicked out of the country for good and denied reentry, because that’s what’s going to happen to a lot of them. And I think, by the way, that is also a point of Donald Trump’s mass deportation plan that a lot of people have not thought about. It’s not just that he’s rounding these people up and he’s gonna throw ’em out of the country, and then of course our economy suffers. It’s that most of them will be permanently denied reentry into this country.
So that’s labor, and I hate to put it in those terms, but economically speaking, that’s labor that will not be replaced anytime soon. So we are talking about years worth of damage, and Donald Trump doesn’t care. He said in an interview, uh, this past weekend, inflation’s not a priority. He’s not worried about it. He said, the economy’s doing great. Which, you know, a month ago, two months ago, three months ago, he was telling us how horrible the economy is, worse on the planet, right? But now, today it’s doing great. Let me read you some of what Krugman wrote. Um, the mass deportations are likely to do a great deal of economic damage. Um, it’s going to spiral
Out of control, and we will have major consequences with workers staying home or if they can, going back to their home. Countries with businesses laying off valuable employees for fear that they may be rated. Uh, losing a large fraction of these workers would be a serious blow to the economy, especially because immigrants legal and not play a much bigger role in some industries and occupations than they do in the economy as a whole. He also pointed out the fact that they build your houses, they pick your food, they harvest it, they work on the ranches where your meat is produced. These people build your roads, they build your buildings, your schools, everything. There is not an industry that will not be affected by this at some point.
