Barack Obama appears to be becoming the first protectionist president since Herbert Hoover. That is a distinction he should not be proud to achieve, but his actions so far put him in line for the designation and distinction.
It was the Smoot-Hawley protectionist import duties that set off the world-wide trade craze that created the atmosphere, whereby industry was stifled and the Great Depression became global. That, along with Franklin Roosevelt’s high U. S. taxation policy and reckless government spending, and a mindless Keynesian philosophy.
A pump-priming stimulus theory that the Obama Administration is so keen about today.
Remember: We are an export country, with about $20 Billion at stake each year. Playing games with protectionism can be deadly for our economy.
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