Yes you are right.. but at that time.. this was actually a fairly small tax on the economy vs. the real impact of ObamaCare. ObamaCare hits us right between the eyes. For families making more than 59,000 this is the conversion of a benefit to a tax.
Worse, this crap is funded by the twin frauds of cutting Medicare (Not happening) and taxing mega-health plans which will disappear immediately after the tax is passed. So none of this funding will occur. But, the law doesn't go away just because the funding doesn't materialize. So a general tax will have to be imposed then to pay for the cost of the Program. The Democrats are betting this will be someone elses problem as the COSTS start in 2014. So, instead, any taxes collected by this monstrosity will actually go to fund more spending between now and 2014.
Our exports crashed after Smoot. We were the China of the era.
We lost ten jobs for every job Smoot saved. Typical.
However, some jobs, politically connected jobs, and business with political friends are more equal than others.
Smoot really pulled the free market, can’t we all just trade legitimacy from the US. Germany, Japan all learned that they need to have political and economic spheres, and that the US was just one way as far as trade.
“Yes you are right.. but at that time.. this was actually a fairly small tax on the economy vs. the real impact of ObamaCare. ObamaCare hits us right between the eyes. For families making more than 59,000 this is the conversion of a benefit to a tax.”
Exactly, the connection to Smoot is strained at best, at the time it merely raised already high tariffs, the Depression had already kicked off at that point in time, Smoot excerbated the problems.
This is going to end badly for America, of that I’m certain of, we will become a Banana Republic with a ruined currency and high opportunity costs and no capital or credit available for small businesses the real driver of the economy.