Last week, I shared insights from my review of Norbert J. Michel’s enlightening book, Crushing Capitalism: How Populist Policies Are Threatening the American Dream.
In my review, I asserted:
While it is true that low-income individuals have made some progress, one ineffective method of aiding them is through the imposition of steep tariffs. Michel points out that prior to President Donald Trump’s tenure, “tariffs on imported clothing were nine times as high as the average tariff for all imported goods.” Furthermore, tariffs on various food items remain elevated. Such tariffs disproportionately impact those with lower incomes. As Michel highlights, in 2019, households in the lowest income quintile allocated 36 percent of their after-tax income to food and 7 percent to clothing, whereas those in the highest quintile spent only 8 percent on food and a mere 2 percent on clothing.
I quoted Michel accurately, but he has since reached out to clarify a crucial detail: the statistics I referenced are from 2015, not 2019.
I have submitted a request to my editor to correct this error.
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