Smoot-Hawley protectionist import duties in the U.S. 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 taxation policy and government spending, induced by pump-priming Keynesian philosophy. It was a similar stimulus theory that the Obama Administration is advocating.
Never forget: 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. ( See the Earl J Weinreb NewsHole® comments.)
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