How will Donald Trump's flagship bill impact the US economy?

I am always amazed when the British are pontificating on the US economy. Those are the people after all who voted in in 1945 the socialist government of the socialist prime minister Clement Attlee who wasted no time and started the wholesale nationalization of the British economy that ruined it. In 1950, the British had enough socialism and voted in the "warmonger" Winston Churchill again.

We, living in the communist countries, in the Stalin's orbit had no such option so the moribud socialist economy under the leadeship of the communist party lasted for 41 years.

The BBC somewhat left oriented reporting contains an number of errors and misleading numbers. First, it repeats the "estimate" that Trump's tax bill would add $3.4 trillion to the national debt over the next 10 years. Only some on the left dare to mention here and there that this "estimate" does not factor in the expected increase in the US economy that was booming under Trump 1.0.

Slowly there are fewer and fewer of those devoid of any knowledge of economic with their "wait for the next week, month, decade to see the negative effect of tariffs" or those desperados who believe point blank that "Trump does not understand that it is common sense who will be paying for tariffs" previously called "idiot Trump wants to destroy the US economy with tariffs."

Yet, in the meatime, we have reduced the negative balance of payments in trade by whopping 55%, the new laws reducing or eliminating income taxes for many Americans are in place paid for by income from tarrifs, and something called "price elasticity" in economics works as always.

When BMW was imported into the US with a tariff of 2.5% and retail sales tax was max of 8% whereas Chevrolet faced in Germany the tariff of 10% plus 20% VAT to be allowed into the country, there was something wrong while we were championing the free trade but other countries not so much. What was wrong was that we were giving advantage to foreign manufacturers, foreign labor and foreign national economies at the expense of American manufacturers, American labor and American national economy. Trum changed all that for the better.

"Trump still does not understand who will pay for the tariffs?" Insinuation being that it will be the American consumer. Such a dilettante view of economics, which may just be a political bias, presupposes that tariffs are added staright to the price so it is the American consumer who will be paying for tariffs. But it is not so at all. "Take a course in economics to see how this works and what the factors, such as keeping the share of the vast US market and others, are that come into play here" I say.