I saw an opinion piece which stated that schools today don’t teach enough economics.
Fair enough. I don’t think that’s the biggest problem – I will argue, probably in future posts, that the lack of humanities education is at least partly responsible for the loss of empathy which is at least partly responsible for the rise of Trump – but it’s certainly true that schools don’t teach a whole lot of economics.
But you know what? Even though I didn’t learn economics in school – not one jot, not one tittle; I knew nothing whatsoever about macro or microeconomics by the time I finished my compulsory education – I did learn how to learn: and I have learned some of the basics of economics on my own.
I have learned enough now to correct the mistaken argument I accepted from my students in Oregon over a decade ago, which was part of the impetus for me to learn some economics, because I hate losing arguments, and I hate feeling stupid, and I thought, back then, that my students had won an argument and made me look stupid in the process. They were saying that immigration caused inflation, which I thought (without any strong factual basis, just vibes) was false; they said, “But immigration means more people buying things, which raises demand.”
“Right,” I said, waiting for them to get to the point.
“Raising demand raises prices,” they said.
“Right,” I said, still waiting for them to get to the point.
“…That’s inflation!” they said, and then chortled when I turned red and flapped my open mouth uselessly, unable to reply. I felt dumb. They won that argument.
Well, kids, it’s not that simple, and I know it now. Now I would say, “Increases in demand only raise prices when there is a restriction in supply; once the supply increases to match demand, that should level out prices unless there is some other upward pressure on the prices. So if immigration is slow over time, and spread out over an area as large as the US, it probably wouldn’t change prices at all: it might lead to a temporary spike in any given location, but once the supply chain adjusted, then all that would happen is a greater volume of sales, spurred by more customers, who also enter the supply side of the chain by getting jobs and adding to the aggregate productivity – and we call that growth. Not inflation.”
What’s that? You say the actual information, the specific content, which I gained during my primary education wasn’t nearly as useful as the skills I gained??
BUT ANYWAY.
(I don’t doubt, by the way, that I have made some errors in the above long-awaited rebuttal to students who couldn’t possibly remember the original argument; none of them will even see this post, I’m sure. My economics understanding is far from complete. But it still feels good to say that, so I’m going to leave it there.)
Here’s something I do understand, and would like to discuss now that we have some better idea of what the numbers are: the costs, and the benefits. We’re looking for a balance: and preferably greater benefits than costs. Right?
So what has Trump cost us? Compared to how we have benefitted from his election?
When Trump got into office, and I learned from at least one friend on Facebook that their vote had gone to Trump in hopes that he would bring down grocery prices and restore the (apparently) wonderful economy that we had in his first term, I decided I would keep track of the prices people wanted to elect this man for. Because I understand: I have spent most of my adult life not making quite enough to be comfortable, not enough to have it easy; things like price hikes and tax increases and wage freezes, furlough days and interest rates and insurance – I have been pinched by all of them, and slammed by some – have all caused pain and worry. Not to mention what I’ve had to go through with student debt, house debt, deferred maintenance costs, and medical bills – including medical bills for my pets. I get it, I really do, I understand why kitchen table concerns override most ideals, no matter how important those ideals may be. I understand that people are hurting: believe me, my family is too. We have debt. We have a mortgage. We have family medical costs, now. My mother, who will turn 81 this summer, is working, full time, to pay off her mortgage and her back tax bills. (I will mitigate that last one slightly by saying that my mom is a nurse, absolutely loves being a nurse, and the work she is doing now is in-home hospice care, mostly things like keeping an eye on someone overnight or while family caretakers are away. It is not heavy work, and she likes doing it. But she’s fucking 81, and she is still working. Full time.)
But now that we are two months in, almost two-thirds of the way through that “First 100 Days” marker that we like to make so much of, I think it is time to look at different prices. To be specific, I think it’s time we looked at the price we are paying for Trump: what it is costing us to have Donald J. Trump as our president, this second time around.
Ready?
First, gas and eggs:


As you can see, they have not gone down. Egg prices shot up because there has been an outbreak of avian flu, and millions of chickens have died or been put down to prevent further infection; eggs are in comparatively short supply right now. They will remain in relatively short supply until the chickens can be replaced: which means that even more of the eggs that might go to market will instead have to be used to hatch new egg layers (Not directly, of course, because the eggs we eat aren’t fertilized: but some clutches, some hens, some broods, however the egg farmers arrange and measure this, will need to lay fertilized eggs instead of unfertilized eggs, and that means fewer eggs produced for sale. And we are talking a LOT of chickens, and thus a LOT of eggs.), and then we’ll have to wait until those new chicks get big enough to lay eggs themselves. So it will be a while. And all of that assumes the bird flu which caused the problem gets resolved, the chances of which don’t look great right now. But while we are waiting on our egg prices to drop, it is also true that grocery prices in general have not dropped. Grocery price tracker: Inflation trends for eggs, bread and more during the Trump administration
It is to be expected that, assuming that some (or all) of the tariffs remain in place, prices will go up, which will include grocery prices. Trump Tariffs: The Economic Impact of the Trump Trade War
It is to be noted that Trump’s constant promises to lower grocery prices starting on day one appear to have been lies: this has not been his focus since taking office.
Gas prices have also not gone down, because again Trump has done nothing to lower them. “Drill baby drill” means nothing if you are looking to drill within the continental US; our oil is the wrong kind to make gas. And Trump has proposed a 10% tariff on Canadian energy – which is where we get most of the crude oil we turn into gasoline.
Why Trump’s fix for gas prices won’t work | CNN
“Why don’t we just start using American crude oil? Champagne oil sounds so nice!” Because oil refineries are set up to handle certain products, and changing them to other products is either too expensive, too slow, or just impossible. I mean, in theory the federal government could step in and use tax dollars to make the changes or subsidize private refineries so they could make the changes…
But that would require actual reliance on, and responsible management from, the federal government.
So: gas prices are not going down, probably will go up. Egg prices are not coming down for a long time, months if not years before all of the supply chains are back to where they were before the avian flu (and that also assumes there won’t be any other price shocks in the egg industry, or the grocery industry, or anything else – like changes in interstate commerce, or retaliatory tariffs, or hell I don’t know, a nuclear war with Russia).
How else are we paying for Mr. Trump’s return to power?
Well there’s the stock market.
United States Stock Market Index – Quote – Chart – Historical Data – News
You can go look at the graph. The stock market jumped up right when Trump was inaugurated, and climbed slowly upward to a new high a month in, on February 19th – and then, tariffs. And the Dow Jones took a dive. It’s coming back up, the last couple of days, because the Fed announced they still plan to lower interest rates this year, because the overall economy is still strong and improving; but the temporary stays and exemptions Trump put on his own tariffs expire in two weeks.
So we’ll see.
The stock market is not the economy, and the market is volatile, so I don’t intend to use this as the only or even the main measurement of the cost of Trump; but it’s surely been a jolt to people with retirement savings in mutual funds.
I wonder how many of them voted for Trump?
So what else is there?
Well, there are all the people who have lost their jobs. And while I’m sure that hardcore Trump supporters will argue that these are actually benefits to the American people, because we are saving money by cutting these people off the government payroll, I’m going to look at the other side: we are losing their services.
DOGE Cuts Update Today: Social Security Changes, Pentagon Slashes Jobs – Newsweek
Let’s see: the Pentagon is cutting 60,000 jobs, which is actually fine with me in terms of our military budget and activities; I would like both to be curtailed. But that sure is a lot of people to put out of work. I’d really rather see those people still working, and maybe a couple fewer aircraft carriers and whatnot.
The EPA is cutting 1,000 scientists. The Department of Education is laying off 1,300 employees – and now Trump has issued an illegal order to shut down the department entirely. 24,000 probationary employees were fired; several of them will go back to work because the administration lied about having fired them for cause – but also, by the time the cases work through the courts and these people are allowed to go back to their jobs, many of them will have found other jobs, because who wants to wait several weeks or months to go back to work for somebody who fired you with a goddamn email from Elon fucking Musk?
The IRS is cutting 20% of its workforce, 18,000 jobs – which is great if we don’t want to find waste, fraud, and abuse among billionaire tax cheats and corporations contorting through loopholes and government contracts – and the USPS is cutting 10,000 people, which is great if we don’t want to, you know, communicate and stuff. But that’s fine: nobody even wants to know what’s happening now. We don’t want to watch this shit show.
The Veterans’ Administration is cutting 80,000 workers. I have no jokes at all to make about that. I have spent the last year and a half, with my wife, trying to work a claim for her mother, who is the widow of a veteran, through the VA’s system. I tried to do it myself. I couldn’t do it: after thirteen months of trying to make it work on my own, I finally got help from a VA counselor whose expertise is in helping people finish their claims. He got it done for us in two months. Now my mother-in-law is receiving the widow’s benefit she deserves, and needs.
Was that guy cut?
He is a veteran himself, and now he helps fellow veterans and their family members get into and through the system. He is kind, and professional, and very easy to work with and to talk to. He helped us.
So you tell me: if he was cut (and I honestly don’t know if he was, but 80,000 is a big fucking number, and I have no idea how many of these counselors and account managers are going to be cut in the future even if they weren’t thrown out in this first round), was that a benefit to our country? Or a cost?
How about the Social Security Administration? There are cuts coming: they are closing regional offices, and they are reducing workforce – firing people, that is. Oh, and also they are making it impossible to verify your identity over the phone, which means people who need to talk to the SSA will have to actually go into an office and talk to someone to get help with their account.
Right when they close offices and cut the number of workers available to help people.
How about that one? Cost, or benefit?
How are those eggs looking now?
My problem with all of this, of course, is that I don’t see any benefits: I only see costs. I see our economy getting battered, and people being callously thrown out of work, and services that I know directly are incredibly important to the point of life an death being cut. I guess people who hate the government are happy, but as I understand it, people hate the government mainly because it doesn’t help people: and while I’m sure that is the experience some people have, it is not the experience that others have; and surely, we can see that ripping the whole system into tatters is not going to help people more. Trump claims that there will be benefits in the future, but Trump is a known liar; and to my knowledge, he has never explained clearly what benefits will come from all of this, or exactly how they are supposed to arrive. Are we really supposed to believe the same old trickle down economics lies? That if we cut taxes for the richest 1% then the rest of us will be better off? It didn’t work the first time Trump did it, or when George W. Bush did it, or – EVER. So I’m not going to accept it now.
So if anyone actually knows what benefits there are to all of this to offset these costs, please, write me and let me know. I would really like to know what the upside is.
I would love to learn.







the tweets are “much-criticized” not because we’re all biased against the President, but because the man should not Tweet as he does – and nearly every interview I hear with a supporter of the President says the same. You think there’s broad bipartisan support for DACA? Run a poll on whether or not Twitter should close the President’s account. So I think that Professor Guelzo is already discounting things that should not be discounted, in any assessment of the President’s first year in office.