Strange I kind of thought that the tarrifs currently placed against American goods helped cause this current depression... Wait I’m not supposed to say that right?
Sounds fine.
Watch out. Batten down the hatches. The Buchananites and Perotistas are coming for you.
Our trade deficit is going to change. How that change occurs will depend on how quickly we start buying stuff we may not actually need.
One could argue that we should “stimulate” the economy with spending, however, the last round of checks may have held off this reality a little longer, but it did not stop it.
The answer: some chips are going to fall on difficult ground. Yet, if we act responsibly by first submitting ourselves back to our Creator and then live in a way that is appropriate, then maybe we could see a return to true prosperity. The last 15 years has been built on a false sense of prosperity in the form of credit. Now, when people are spending, hopefully they are spending what they have actually earned. This is what counts.
I think we will see a little improvement over the next few months as people get their tax refunds. The question is what will they be buying? Needs vs. Wants-—this is what Wal-Mart and other retailers need to focus on. What is real?
Funny, foreign trade was about 7 percent of the economy back then. Smoot cut it in half. So the unemployment spike, etc,,was all because of the three percent of the economy affected by smoot?
The Smoot mythology is part of the Roosevelt “campaign to get elected” propaganda, and not much more. Sorry. The new dealers had an OBVIOUS reason to blame the depression on Smoot.
Back then we imported/exported very little. Mostly the things that just couldnt be made here or there. Foreign trade was a negligible pary of our economy.
We imported no oil, no cars, no airplanes, no electronics, almost no steel, very few machine tools, and only agricultural products that made no sense to try to grow here,,such as bananas,,,
Smoot caused depression is new-dealer mythology.
And as an aside,,I bet Mr Hawley sure was happy his name didnt come first on that bill! lol
An international trade war will only hurt the American in name only multinational corporations who get their poison products in foreign countries.
Tariffs are constitutional and can help lower income tax on
American wages. If the rest of the world doesn’t like it, great! We can restore American independence from the globalists.
Smoot Hawley did not cause the Great Depression, you’re a victim of globalist propaganda if you believe this tripe. Ben Bernanke who runs the Fed, says the Fed did it, just as they are doing it now.
Ping!
For your refutation.
There is an equally valid argument that the recent tsunami of “Buying Foreign” got us into this mess in the first place.
Do you think that a trade deficit of TRILLIONS of dollars and export of most of our manufacturing capacity and millions of jobs overseas had no effect on our economic environment?
Conservatives have to be a little more open-minded on this before they shout out the standard dogma without facts to back it up.