UPDATE: President Donald Trump has just announced a bold proposal to send Americans a check for $2,000, claiming it would be funded by revenues generated from tariff payments. This surprising announcement comes amid Trump’s climbing disapproval rating of 63%, according to a recent CNN/SSRS poll.
In a post on his Truth Social account 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 declared, “People who are against tariffs are FOOLS!” This declaration appears to be an attempt to rally support as his approval ratings reach alarming lows.
Trump has floated similar ideas in the past, previously linking stimulus checks to tariff revenues. However, those proposals never materialized. Since imposing sweeping tariffs on global trading partners in April, Trump has garnered nearly $200 billion in customs duties, with American consumers bearing the brunt of these costs. The effective tariff rate for American consumers is currently around 18%, the highest in nearly a century.
For Trump’s proposed checks to become a reality, he would need Congress to approve the distribution. Earlier this year, Republican Senator Josh Hawley proposed a bill for $600 checks funded by tariff rebates, but Treasury Secretary Scott Bessent stated those funds would instead be applied to reducing the federal deficit.
“We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price,” Trump claimed in his recent announcement.
Despite Trump’s optimistic portrayal of the economy, experts are raising concerns about the feasibility of his $2,000 proposal. Erica York, Vice President of Federal Tax Policy at the Tax Foundation, highlighted that if the income cutoff is set at $100,000, approximately 150 million adults would qualify for the checks, costing nearly $300 billion. “The math gets worse accounting for the full budgetary impact of tariffs,” she noted.
Trump’s latest proposal comes as he seeks to regain favor with the American public, amid a backdrop of economic challenges and rising discontent. The announcement has sparked discussions on social media, with many questioning the logistics and implications of such a massive financial undertaking.
As the situation develops, observers will be watching closely to see if Trump’s proposal gains traction in Congress or if it faces significant opposition. With numerous economic factors at play, the impact of this potential payment on the national deficit and consumer spending remains a hot topic.
Stay tuned as we continue to bring you the latest updates regarding Trump’s proposal and its implications for American consumers. Follow the Mirror US on Google News for up-to-the-minute coverage on this developing story.
