URGENT UPDATE: President Donald Trump has just proposed sending out checks for $2,000 to American citizens, claiming the funds would come from revenues generated by tariff payments. This announcement comes amid a surge in Trump’s disapproval ratings, which now stand at a staggering 63%, according to a recent CNN poll.
In a post on his Truth Social platform on October 29, 2023, Trump stated, “A dividend of at least $2,000 a person (not including high-income people!) will be paid to everyone.” He further criticized opponents of tariffs, calling them “FOOLS,” as he pushes for public support during a politically tumultuous time.
The notion of distributing checks to Americans based on tariff revenue is not new. Trump has previously floated similar ideas during his presidency, although none have resulted in actual payments. Earlier this year, Republican Senator Josh Hawley introduced a bill suggesting a $600 payment funded by tariff rebates, which Treasury Secretary Scott Bessent suggested would instead be directed toward reducing the federal deficit.
Current data from the Yale Budget Lab indicates that American consumers are facing an effective tariff rate of nearly 18%, the highest in almost a century. Since Trump began implementing sweeping tariffs on global trading partners, American consumers have paid approximately $200 billion in customs duties during his administration, as reported by the Treasury Department.
Experts are raising concerns about the feasibility of Trump’s proposal. Erica York, vice president of federal tax policy at the Tax Foundation, pointed out on social media that providing a $2,000 payment to the majority of Americans could cost close to $300 billion. “If kids qualify, that grows,” she warned, highlighting the potential financial strain on the budget.
In his announcement, Trump insisted that the United States is “the Richest, Most Respected Country In the World” with “almost no inflation” and a record stock market. However, critics note that the national deficit has ballooned to $37 trillion, raising questions about how the proposed payments could be funded without further exacerbating the fiscal situation.
As this controversial proposal develops, all eyes will be on Congress, which must approve any plan to distribute checks to Americans. The mounting pressure for economic relief amid rising costs and discontent may shape the political landscape in the coming weeks.
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