The Trump farmer bailout is now twice as big as the Obama auto bailout and the same Republicans who criticized Obama are saying nothing to Trump.
China hawks in Trump’s administration want Beijing to quit subsidizing strategic industries, yet that hasn’t deterred the White House from doling out billions in aid to American farmers, who have become more dependent on government money than they’ve been in years. At $28 billion so far, the farm rescue is more than twice as expensive as the 2009 bailout of Detroit’s Big Three automakers, which cost taxpayers $12 billion. And farmers expect the money to keep flowing: In an August survey by Purdue University and the CME Group, 58% said they anticipate another round of trade aid next year.
Republicans howled that the auto bailout was a government takeover of the auto industry and socialism, but the auto bailout turned a profit, created an additional 341,000 jobs on top of the jobs saved during the Great Recession, and led to a boom in auto sales that lasted until Trump.
Obama’s auto bailout saved an industry during the Great Recession, while Trump’s farmer bailout is causing a farming depression.
Trump’s bailout has been caused by a self-inflicted wound related to bad policy. Free-market conservatives should be in the streets in protest over both Trump’s tariffs, and the socialism of his bribe farmers. Make no mistake, Trump is trying to bribe farmers with aid. His reelection prospects hinge on rural America showing up to vote for him.
Donald Trump’s trade war is a violation of conservative free-market principles, but the very hypocrites who howled socialist at Obama haven’t said a peep about Trump.
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