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It is sinking.
Also consider finding this movie that covers(through comedy) the entire issue but from a different angle:
"Downsizing"
https://www.youtube.com/watch?v=UCrBICYM0yM
You haven't learned to stop spreading misery whenever possible.
Second, let us not kid ourselves. If the major corporations could have gotten away with hiring one person to do the work of two people, they would have done it already, tariffs or not. In fact, if one person can manage to replace two, that suggests the two did not have a good work ethic in the first place and needed to be fired as such.
Will they try? Maybe, but it is an endeavor that is doomed to failure. Plus, from my perspective, what I am seeing is that unemployment rates are relatively steady and possibly starting on a downward trend[www.bls.gov].
I'm still waiting on the price hikes that had everybody so worried by the way. The current round that went into effect hasn't budged general end customer pricing much if any[www.newsnationnow.com]. I guess we'll have to see what's happening after the August tariffs go into effect.
No. The great depression was already underway when Smoot Hawley went into effect. Smoot Hawley exacerbated the problem, but it didn't go into effect until 1930 and it was a stock market crash in 1929 that kicked off the great depression. Bank runs also didn't help, but we have F.D.I.C. now, so people with less than $250,000 in their bank accounts aren't motivated to withdraw on a moment's notice.
"Let them eat cake."