It was the Smoot-Hawley protectionist import duties that set off the world-wide trade protectionism whereby industry was stifled and the Great Depression became global. That mistake, along with Franklin Roosevelt’s high U. S. taxation policy, reckless government spending, and a mindless Keynesian philosophy.
It was a similar pump-priming stimulus theory that the Obama Administration is keen about today.
Remember: We are primarily an export country. Playing games with protectionism to save a relatively small number of jobs, compared to the whole jobs picture, can be deadly for our economy.
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