Importance Score: 65 / 100 🔴
The Trump administration minimized the possible impact of bare supermarket aisles at Wednesday’s Cabinet assembly.
The president remarked on Chinese merchandise that could vanish in the trade conflict, declaring, “much of it we can do without.”
He then expanded on the idea: “Perhaps the kids will have two dolls instead of 30 dolls, you know? And maybe those two dolls will cost a couple of dollars more than usual.”
The 45th U.S. President may have created a precedent in political history; he is likely the first chief executive to openly acknowledge that his strategies could lead to a toy shortage for youth in the United States.
The American Girl Cinderella Doll from the Disney Princess line could suffer unintended consequences in a dispute intended to minimize U.S. reliance on China.
The Significance of Abundance
Trump was essentially dismissing abundance, which is one of the benefits of our economic system.
Fewer selections at increased costs—whether for dolls or other items—signifies a diminished standard of living.
Doll Prices Over Time
The Cato Institute’s Human Progress initiative computed the “time price” of various goods. The “time price” refers to the duration of labor required to purchase them from 2000 to 2024.
The time price of toys decreased by over 88% in this period
In other words, the amount of work needed to buy one toy a quarter-century ago could now be exchanged for approximately nine toys.
This development highlights improved consumer choice—such as clothes, sports equipment, or art supplies—or the freedom to work less.
Household Goods Prices
This same trend is evident across various industries. Mark Perry from the American Enterprise Institute analyzed the time price of ten basic household appliances from the 1950s to 2013.
“The typical factory worker in 1959,” he writes, “would have had to work from January 1 until mid-June to earn enough pre-tax income to purchase those ten appliances. In contrast, a worker in 1973 would have had to work until mid-April, and today’s factory worker would only have to work until the end of January to earn enough for those ten appliances.”
This showcases a society becoming more affluent.
Understanding Our Needs
The president spoke of what Americans truly “require.”
The essentials for survival are food and shelter.
With the exception of these two, living with fewer luxuries than more should not be acceptable.
For instance, the US boasts a higher standard of living than Greece. According to CIA statistics, the US had a $74,000 per capita GDP in 2023, whereas Greece had a $36,900 per capita GDP.
Greece’s lower economic standing does not imply scarcity but rather a lesser quantity and quality of goods.
Until recently, consensus existed that downgrading our quality of life was unfavorable, and steps to reverse economic growth should be avoided.
The Value of Consumer Choice
The extensive array of options available to consumers is a distinguishing feature of modern life.
The Apple Paradox
No one enters a grocery store, surveys the produce section, and wishes for fewer apple varieties.
The Doll Dilemma
Different consumer doll preferences are well-catered to by brands like:
- Barbie
- American Girl
- LOL Surprise!
- Bratz
- Cabbage Patch Kids
- Rainbow High
These brands offer diverse dolls for various interests and budgets.
Rather than allowing state intervention to determine which dolls are preferable, the market regulates this.
The Trump Administration’s Shift in Tone
The president, known for his affiliation with commerce and abundance, now advocates for scarcity. This departure from his typical boastful rhetoric is puzzling.
The president would benefit from ceasing to rationalize imminent shortages and rising costs.