Latest news with #Magness
Yahoo
18-04-2025
- Business
- Yahoo
150 Economists Sign Letter Opposing Trump's Protectionist Agenda
President Donald Trump issued his executive order on regulating imports via "reciprocal tariffs" on April 2, which has been paused, substantially amended, or walked back in the two weeks since, wreaking havoc on the global economy. Economist Don Boudreaux, economic historian Phil Magness, and an unnamed group of economists authored the "Trade and Tariffs Declaration: A Statement on the Principles of American Prosperity" to warn Americans about the dire consequences of these protectionist policies. The authors characterize the president's actions as inverting "the principles of liberty that ushered in an American-led age of human freedom and prosperity." They object to the president's recent executive actions for "misdiagnos[ing] the nature of our nation's economic ills [and] repudiat[ing] long-standing and widely held economic first principles," which are peace, commerce, and honest friendship with all nations, as Thomas Jefferson stated in his first inaugural address. Over one hundred other economic scholars signed the statement before its publication, including Nobel laureates James Heckman, director of the Center for the Economics of Human Development at the University of Chicago, and Vernon Smith, professor of economics and law at Chapman University. The authors begin by stating that free trade is associated with greater economic growth and higher per-capita income, while erecting tariffs will hamstring domestic production and impoverish American workers. They clarify that the president's tariffs are "reciprocal" in name only, and deny that trade deficits used in their calculation are economically deleterious. The authors enjoin the president not to "repeat the catastrophic errors of the Smoot-Hawley Tariff of 1930," which led to a retaliatory trade war that froze international trade. Finally, they emphasize that the tariffs unilaterally imposed by the president usurp Congress's Article I powers to "lay and collect Taxes, Duties, Imposts and Excises." Magness tells Reason he was inspired to co-author the statement by his past scholarship on the 19th century tariff system that culminated in the Smoot-Hawley disaster of 1930. Magness says he "watched the 'Liberation Day' announcement in shock, seeing the same fallacies and errors from a century ago being repeated today." Boudreaux says the letter's goal is "to counter the unfathomable economic ignorance that is fueling support for Trump's protectionism." Magness says the nonpartisan, evidence-based letter is an attempt "to correct the myths and falsehoods that have been promoted by tariff supporters in their misguided cause" that "will impose extraordinary costs on Americans from all walks of life." Boudreaux hopes the letter will move "opinion makers and voters to reconsider their support for these policies that destroy not only our material wealth but also–and more importantly–our liberties." Only time will tell if Americans heed the economists' clarion call. The post 150 Economists Sign Letter Opposing Trump's Protectionist Agenda appeared first on
Yahoo
21-02-2025
- Yahoo
‘An apology would certainly be in order': American recounts being stuck in dirty clothes for days on stranded flight
A disgruntled United Airlines passenger who was forced to spend days on a freezing Canadian island after an emergency flight diversion said the airline 'completely dropped the ball' and those affected should receive compensation. Phillip Magness, 43, who lives just outside Washington, D.C., was one of 259 passengers and 12 crew left stranded in the Canadian province of Newfoundland and Labrador after a traveler suffered a medical emergency halfway through the flight. The flight took off from New York's Newark Liberty International Airport just after 8 p.m. last Thursday and was headed to Dublin before it was diverted. Magness, an economic historian, was supposed to catch a connecting flight from Dublin to London, where he was due to speak about President Donald Trump's tariffs at a conference. Instead, Magness and the hundreds of others on board United Flight 23, landed at St. John's International Airport at about 2:30 a.m. last Friday and spent the entire weekend in frigid temperatures in Newfoundland. Magness, who takes up to 70 flights a year, said that the airline had left passengers completely in the dark. 'An apology would certainly be in order, just for the lack of customer service,' he told The Independent. 'I think it would be fair to ask them to compensate passengers that had to go to Walmart to get clothing and toiletries, and also the things that we lacked for almost 72 hours when we were stuck there.' The economist stressed that the flight's crew were right to take whatever steps necessary to get the ill passenger medical attention. 'It was after that just United completely dropped the ball,' he said. After landing in Newfoundland, passengers were stuck on the plane for about four hours before eventually being let off at about 6:30 a.m., Magness said. They sat on the tarmac for the first 90 minutes with no announcement from the pilot and 'the crew was basically silent,' he said. The passenger requiring medical assistance, however, was tended to within 15 minutes. United Airlines told The Independent that they were taken to a local hospital for treatment. Passengers were greeted by two airport staff, Magness said. Despite being alerted by text that a United customer service representative would meet them upon arrival, no one from the airline was in sight, he added. St. John's is a small airport that doesn't typically handle large commercial flights. At about 7:30 a.m., they were bused to a local Marriot hotel — without their luggage. Magness said passengers were receiving inaccurate information from United about their flight, and when he spoke with a customer service employee, who was seemingly unaware of the diversion, he was allegedly told: 'Aren't you supposed to be landing in Dublin?' 'I'm a very experienced flyer, and I've never seen anything so atrocious in terms of customer service as this one… It's my worst disruption by far,' he said. 'It's just a complete breakdown in communication.' Passengers were shuttled from the Marriot to the airport at 4 a.m. on Saturday as temperatures plummeted to 21 degrees for a rescheduled flight to Dublin, which was once again canceled due to an incoming blizzard. Passengers asked for their luggage but were denied because of the weather, Magness said. At that point, it was '48 hours, at least, with no new clothes, toiletry or anything in the middle of the blizzard,' he said. Magness said he couldn't get to vital blood pressure and allergy medication that he had packed in his luggage and was forced to head to a local Walmart to pick up some supplies. 'I got medication, got a jacket, a pair of shoes that were more suitable for walking in snow, basic toiletries, like tooth, toothbrush, toothpaste, all of that stuff,' Magness said. Morale amongst the group became 'extremely low,' he said. There were elderly passengers in their 80s and 90s who required wheelchairs and a dozen young students from an Oklahoma school who were due to go on a class trip to Dublin. 'We're now getting very visibly frustrated because we had the same clothes we were wearing on Thursday when we departed,' he added. After weather conditions finally improved last Sunday morning, the flight was able to take off — after one final 45-minute delay — and arrived in Dublin at 4:21 p.m. Magness made it to the conference on Monday, and landed back on U.S. soil on Thursday — this time without a hitch. 'It was just a very standard flight was refreshing to be able to just take off and land on time,' he said with a chuckle. When asked about Magness' experience, United gave a statement outlining the trip. 'United flight 23... diverted to St John's International Airport to address a medical issue with a passenger onboard,' the airline said. 'Medical personnel met the aircraft on arrival at St John's and transported one passenger to a local hospital. While high winds kept the aircraft grounded, we provided hotel accommodation and meal vouchers for our customers. With the weather improved, the flight departed Sunday morning from St John's to Dublin and arrived at 4:18 p.m.'
The Independent
21-02-2025
- The Independent
‘An apology would certainly be in order': American recounts being stuck in dirty clothes for days on stranded flight
A disgruntled United Airlines passenger who was forced to spend days on a freezing Canadian island after an emergency flight diversion said the airline 'completely dropped the ball' and those affected should receive compensation. Phillip Magness, 43, who lives just outside Washington, D.C., was one of 259 passengers and 12 crew left stranded in the Canadian province of Newfoundland and Labrador after a traveler suffered a medical emergency halfway through the flight. The flight took off from New York 's Newark Liberty International Airport just after 8 p.m. last Thursday and was headed to Dublin before it was diverted. Magness, an economic historian, was supposed to catch a connecting flight from Dublin to London, where he was due to speak about President Donald Trump's tariffs at a conference. Instead, Magness and the hundreds of others on board United Flight 23, landed at St. John's International Airport at about 2:30 a.m. last Friday and spent the entire weekend in frigid temperatures in Newfoundland. Magness, who takes up to 70 flights a year, said that the airline had left passengers completely in the dark. 'An apology would certainly be in order, just for the lack of customer service,' he told The Independent. 'I think it would be fair to ask them to compensate passengers that had to go to Walmart to get clothing and toiletries, and also the things that we lacked for almost 72 hours when we were stuck there.' The economist stressed that the flight's crew were right to take whatever steps necessary to get the ill passenger medical attention. 'It was after that just United completely dropped the ball,' he said. After landing in Newfoundland, passengers were stuck on the plane for about four hours before eventually being let off about 6:30 a.m., Magness said. They sat on the tarmac for the first 90 minutes with no announcement from the pilot and 'the crew was basically silent,' he said. The passenger requiring medical assistance, however, was tended to within 15 minutes. United Airlines told The Independent that they were taken to a local hospital for treatment. Passengers were greeted by two airport staff, Magness said. Despite being alerted by text that a United customer service representative would meet them upon arrival, no one from the airline was in sight, he added. St. John's is a small airport that doesn't typically handle large commercial flights. At about 7:30 a.m., they were bused to a local Marriot hotel — without their luggage. Magness said passengers were receiving inaccurate information from United about their flight, and when he spoke with a customer service employee, who was seemingly unaware of the diversion, he was allegedly told: 'Aren't you supposed to be landing in Dublin?' 'I'm a very experienced flyer, and I've never seen anything so atrocious in terms of customer service as this one… It's my worst disruption by far,' he said. 'It's just a complete breakdown in communication.' Passengers were shuttled from the Marriot to the airport at 4 a.m. on Saturday as temperatures plummeted to 21 degrees for a rescheduled flight to Dublin, which was once again canceled due to an incoming blizzard. Passengers asked for their luggage but were denied because of the weather, Magness said. At that point, it was '48 hours, at least, with no new clothes, toiletry or anything in the middle of the blizzard,' he said. Magness said he couldn't get to vital blood pressure and allergy medication that he had packed in his luggage and was forced to head to a local Walmart to pick up some supplies. 'I got medication, got a jacket, a pair of shoes that were more suitable for walking in snow, basic toiletries, like tooth, toothbrush, toothpaste, all of that stuff,' Magness said. Morale amongst the group became 'extremely low,' he said. There were elderly passengers in their 80s and 90s who required wheelchairs and a dozen young students from an Oklahoma school who were due to go on a class trip to Dublin. 'We're now getting very visibly frustrated because we had the same clothes we were wearing on Thursday when we departed,' he added. After weather conditions finally improved last Sunday morning, the flight was able to take off — after one final 45-minute delay — and arrived in Dublin at 4:21 p.m. Magness made it to the conference on Monday, and landed back on U.S. soil on Thursday — this time without a hitch. 'It was just a very standard flight was refreshing to be able to just take off and land on time,' he said with a chuckle. When asked about Magness' experience, United gave a statement outlining the trip. 'St John's International Airport to address a medical issue with a passenger onboard,' the airline said. 'Medical personnel met the aircraft on arrival at St John's and transported one passenger to a local hospital. While high winds kept the aircraft grounded, we provided hotel accommodation and meal vouchers for our customers. With the weather improved, the flight departed Sunday morning from St John's to Dublin and arrived at 4:18 p.m.'
Yahoo
17-02-2025
- Business
- Yahoo
I'm an Economist: 2 Ways I Believe Trump's Tariffs Could Hit Your Finances Hard in 2025
President Donald Trump has announced plans to enact a number of tariffs, including reciprocal tariffs on countries across the globe. Dr. Phillip Magness, an economic historian and senior research fellow at the Independent Institute, believes that these tariffs are a 'terrible move' for the country. Learn More: Find Out: 4 Low-Risk Ways To Build Your Savings in 2025 'Trump's tariff policies do not appear to have a coherent objective in mind,' he told GOBankingRates. 'He simultaneously claims they are for revenue, for protecting strategic industries and a negotiating bluff, but each of these goals is at odds with the other two. 'In practice, Trump has now given us tariffs that do not accomplish any of these objectives, although they have initiated an unprovoked trade war with Canada and Mexico — two closely allied trading partners of the United States,' Magness continued. 'Such policies can only be described as reckless.' Here's why Magness believes Trump's tariffs could negatively impact your wallet and the wider economy. Many of the products you purchase are likely to get more expensive as a result of Trump's tariffs, Magness said. 'The new steel and aluminum tariffs will pass through onto consumers in the form of higher prices on almost any product that uses either steel or aluminum as an input,' he said. 'Since tariffs are taxes, they raise prices through either the revenue assessed against the import or by diverting purchases to higher-priced domestic producers. 'In either scenario, this higher price on inputs gets passed through as higher prices on the finished product,' Magness continued. 'That means automobiles, appliances and hundreds of other everyday consumer goods will now cost more due to tariffs.' Be Aware: Tariffs have caused rapid market swings, which could negatively impact investors. 'In addition to the deadweight economic losses caused by higher prices, Trump's tariff policies have already provoked retaliation from abroad against American-produced goods. The erratic nature of his implementation has also wreaked havoc on the stock market by creating uncertainty over threats that American firms will soon be facing higher prices on key inputs such as steel and aluminum, or uncertainty about supply chains with key trading partners like Canada and Mexico,' Magness said. 'Every time Trump tweets about a new tariff, the markets nosedive in response.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 5 Subtly Genius Moves All Wealthy People Make With Their Money 4 Unusual Ways To Make Extra Money That Actually Work 3 Ways a Balance Transfer Helps You Manage Debt (And How Much it Could Save You)This article originally appeared on I'm an Economist: 2 Ways I Believe Trump's Tariffs Could Hit Your Finances Hard in 2025 Sign in to access your portfolio
