U.S. economists are pushing back against claims that raising tariffs will magically shrink America’s $37 trillion debt mountain. 🏔️ According to a Fortune report, experts say the math just doesn’t add up—no matter how much political spin is applied.
President Trump has touted tariffs as a golden ticket to slash debt and even fund a public 'dividend' for Americans. But Wharton School economist Joao Gomes called the idea a 'band-aid on a bullet wound,' arguing tariff revenue might offset some costs but won’t make a dent in the trillion-dollar debt surge projected by 2030. 💸
Desmond Lachman of the American Enterprise Institute was blunter: Trump’s proposed $300 billion tariff haul is 'a drop in the ocean' compared to rising interest payments. 'Markets aren’t dumb,' he added. 'They’ll see through this.' 📉
Here’s the kicker: July’s tariff revenues ($29.6B) didn’t even cover the $61B in monthly debt interest. Yikes. 🔍
Bottom line? Economists agree: Tariffs might slow debt growth, but calling them a fix is like using a water pistol to fight a wildfire. 🔥
