Listen: Donald Trump, President And Benjamin Harrison discussed on Marketplace
"Have the press check it out. They'll say Donald Trump said eighteen eighty eight Donald Trump said eighteen eighty eight. So here you go we called economic historian John Steele, Gordon for some nineteenth century context on this one first things first he said, we'd run up an unorthodox national debt in the civil war went from sixty five million to two point seven billion second revenue back, then the federal treasury got most if not all really of its money from Tara. Chiefs. We ran a positive on budget for like thirty years between eighteen sixty six and the early eighteen ninety s and we cut the debt by half. But also back then as now tariffs were not without controversy. Industrialized part of the country. Basically, the northeast was all in favor of great big taros because that protected them. They could charge higher prices the south and the west much less developed and much poorer were against Harris because tariffs are consumption tax. And it just raises the price of everything against us to what the president might actually have been talking about. Because remember last night was technically a twenty twenty campaign rally for him. So maybe the president was talking about the presidential election of eighteen eighty eight Grover Cleveland was the incumbent president, and he actually won the popular vote, but he lost the electoral vote. Benjamin Harrison became president a very pro tariff Benjamin Harrison, we ought to point out. But there and the comparisons because economies change a whole lot in one hundred and fifty years tariffs are not a primary source of revenue for the federal government. We have moved to much more sophisticated sources of revenue the one that will be on. Everybody's mind right now is the income tax because we're all getting ready to file or we already have filed Mary lovely is professor of economics at Syracuse. The economy has changed a lot since eighteen eighty eight and in particular when we think about who bears the burden of tariffs. We have to recognize the development of very complex supply chains for American companies and simply looking at the tariff in saying, well, the tariffs, for example, on China will be passed back to Chinese producers is simply not true. A lot of trade that we have with China is actually"