I just read this on Paul Krugman's Substack and I thought it might be of interest to those of you who don't follow Paul Krugman's Substack..
…the big news on U.S. foreign policy was that Trump announced that he was buying 300,000 tons of Russian diesel. He's not allowed to do this: Sanctions preventing purchase of Russian oil are law, not a choice on Trump's part. But under Trump, laws are suggestions at most, so it might happen anyway. In any case, the main lesson here, as Phillips O'Brien explains, is that Trump isn't even hiding the fact that he is supporting Putin's war of aggression against Ukraine.
But being a nerdy economist, my first printable reaction to the announcement was, 300,000 tons??? That's a bit over 2 million barrels. America consumes approximately 4 million barrels of distillates — diesel (mostly) and heating oil — every day.
So Trump is betraying an embattled democracy, demonstrating our faithlessness to the whole world, seriously damaging whatever is left of America's leadership in the world, for the sake of maybe 12 hours' worth of diesel. Really?
Of course, Trump and those around him don't care about the national interest. But I would strongly guess that they didn't do the math, that 300,000 tons sounded like a lot to them and that they had no idea that it was trivial for an economy the size of America's. I might add that this is general issue with Trump: he often touts trivial policies as major achievement, and it often seems obvious that he has no idea how big America and the world are.
Arithmetic, I guess, suffers from Trump derangement syndrome.
If I were making commercials for the Democratic Party, I think I'd do one quoting these numbers to sell a simple concept: Trump is always pretending he's solving problems when he really isn't. He's probably made most of his supporters think he repealed and replaced Obamacare, too. And no, I have no idea what I'm doing up at this hour. I'm going to bed…