The jobs protected by tariffs? Many get automated. Meanwhile, wages stay flat or decline.
Extending tax cuts while revenues fall creates a deeper fiscal hole. That gap—nearly $5 trillion—will force future spending cuts. Historically, those cuts land on public programs: education, infrastructure, healthcare. So on top of higher prices and stagnant wages, households face declining services.
Some in the administration suggest tariff revenue could cover the cost. In theory, the government could raise over $1.3 trillion in a decade. But even the rosiest estimates fall short of covering both the tax cuts and any proposed tax relief for middle-income earners. The math doesn’t work.
Together, these policies amount to a tax code rewrite without legislation. Tariffs function as stealth taxes. Tax cuts benefit the wealthy. The result is a less progressive system that takes more from those with less—and gives more to those with plenty.
The framing may be about protecting American workers and fueling growth. But the reality is clear: this economic strategy leaves most Americans paying more and getting less, while the top walks away with the real gains.