“Remember tariffs are a tax, and they’re primarily a consumer tax,” Scaramucci added. It’s “a consumption tax, sort of like a VAT [value-added tax]. And that’s a regressive tax. So what ends up happening is the poor people — it eats up more of their disposable income than any other income group.”
“Tariffs are actually — we’ve had a lot of experience with them. They’re an act of war, to some degree,” Berkshire Hathaway (BRK-B) CEO Warren Buffett said in a new CBS News interview on Sunday.
When rich capitalists tells you it’s bad for the economy and for the poor, you know shit’s in over the deep end.
Warren Buffett is a rich capitalist, but he’s been around long enough to know he needs an economy to leverage, long-term. He’s not first in The Purge, but he knows it’s gonna ruin his comfy routine and I bet he’ll work to preserve that.