The British rock group Ace recorded “How Long Has This Been Going On,” which reached #3 on the US charts in 1975. I defy you to name another Ace hit, but the aformentioned single had impact.
How long has this been going on?
How long has this been going on?
Well, if friends with their fancy persuasion
Don’t admit that it’s part of a scheme
But I can’t help but have my suspicions
’Cause I ain’t quite as dumb as I seem
I’m writing this on day Two of the global stock market crash, which is in response to Donald Trump's tariffs on nations large and small, some uninhabited. Most economists not dependent on Donald Trump for their continued employment are predicting global chaos and uncertainty, keeping corporations from making moves that might blunt the impacts of the tariffs. J.P. Morgan puts the chances of a world recession at 60%, up from 40% before Trump’s tariffs.
On Fox News, however, analysts keep telling their listeners that Trump has a history of success (without regard to six corporate bankruptcies) and that we should give his tariffs a minimum of six months before judging him. The New York Post, usually a Trump-loving outlet, did note that Stellantis has laid off 900 workers at five US facilities in response to the tariffs.
More bad news is on the horizon. China has announced 34% retaliatory tariffs against the United States and the European Union, and several other nations are preparing to follow suit. America will likely respond with even greater tariffs, and the stock market will continue to fall.
My question is, at what point will the faithful MAGA acolyte begin to question the wisdom of following the most petty man on the planet? He decides public policy based on his dislikes, personal whims, and the last person to whisper in his ear. Trump recently fired several National Security Council staff members because Laura Loomer told him they were disloyal.
He criticized four Republican Senators who voted with Democrats and passed a bill preventing Trump from imposing tariffs on Canada and elsewhere without Congressional notification and eventual approval. Trump called them “unbelievably disloyal.” What we need from Republicans is not blind loyalty but common sense. Are you willing to wait the Fox-recommended six months before beginning to wonder if Trump made a huge blunder that is destroying the economy?
Historians are reminded of the Smoot-Hawley Act, which is blamed for deepening and prolonging the worst chapter in U.S. economic history. Trump has always wanted to be the greatest in history at something. He may accomplish his goal by single-handedly destroying the greatest economy in the world. How long will it take his followers to notice, and will it come in time to prevent the inevitable?
This post originally appeared on Medium and is edited and republished with author's permission. Read more of Jeremy Heligar's work on Medium.