Why is Trump rewriting US economic history? Anyone? | CNN Politics

Trump's Revisionist History of US Economics

The article critiques President Trump's distorted portrayal of US economic history, specifically his claims about tariffs and their impact on national wealth. Trump asserts that a tariff-based economy from 1789 to 1913 resulted in unparalleled prosperity, a claim disputed by various economic indicators and the current state of the US economy.

Challenging Trump's Claims

The article highlights the following points:

• Trump's assertion that the US was "proportionately the wealthiest" during the tariff-backed era is unsubstantiated. The US's current economic strength, including its position as the world's largest economy, contradicts this claim.
• His mention of an 1880s commission recommending tariff policies is misleading; the commission actually recommended lowering tariffs. Furthermore, the article points out the much smaller size and scope of government during that period compared to today.
• Trump's idealization of the McKinley Tariff is also challenged; while the tariff initially raised revenue, it led to a significant political backlash and voter rejection of the policy.
• Trump's claim that the Great Depression wouldn't have happened with different tariff policies is debated by historians. The Smoot-Hawley Tariff Act, passed soon after the stock market crash, is still a subject of debate concerning its role in the Depression.
• Trump's assertion that foreign countries pay tariffs is false. US importers pay tariffs, ultimately shifting the burden onto consumers and businesses.

Expert Commentary

The article includes expert opinions from economists and historians who provide a counter-narrative to Trump's claims, highlighting the complexities and nuances of economic history. They emphasize the vast differences between the 19th-century economy and the current globalized economy, making direct comparisons problematic.