During a Cabinet meeting, President Trump minimized the importance of potentially empty store shelves due to the trade war with China, suggesting that fewer toys may not be an issue. He noted kids could have fewer dolls but emphasized that the increased cost is manageable. This perspective overlooks the significance of abundance in American life and its correlation to living standards. Studies reveal a significant drop in the 'time price' of toys, illustrating that consumers can now buy more with less effort, conflicting with Trump's policy implications of less choice at higher costs.
Trump's remarks suggest that children might receive fewer toys, like two dolls instead of 30, during a trade dispute, marking a historical perspective on his policies.
Abundance, a hallmark of American prosperity, is diminished under tariffs, leading to fewer goods at potentially higher prices, ultimately affecting living standards.
Cato Institute's Human Progress project shows that the 'time price' of toys has drastically reduced, allowing families to spend that time on other purchases.
Mark Perry illustrates that basic household goods have become significantly easier to buy over years, reflecting improvements in living standards versus challenges posed by tariffs.
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