Well after an initial flurry, the economy now seems to be turning down. Higher prices will do that. Let's hope the domestic tax cuts can offset the damage the loss of foreign trade is causing.
Still clings to the myth that Smoot-Hawley caused the depression.
Smoot-Hawley caused an immediate sixty percent drop in US foreign trade. That meant no dollars in foreign hands with which to buy US goods. That caused a collapse in US farm prices, which caused a collapse in the rural banking sector. That in turn caused multiple collapses in regional banks, which in turn caused a collapse on Wall Street. Combined that with a decade of easy credit policy from the Fed and Smoot-Hawley caused perfect storm.
Of course, it was just a deep recession until Hoover started meddling.
He's disgracing himself with his globalist neo-con ideologies thinly veiled as conservative.
Whatever he is, TS is not a neocon. The neocons are basically just socialists with aircraft carriers.
By slowing down you mean not growing at 4%?
There was a lot wrong going into the depression. Globalists love to pin it on tarrifs. Could not have possibly been 6% Fed Fund rates.
The Fed causes every recession.
Sowell doesn’t account for rising wages in his diatribe on tarrifs. Doesn’t take into account the hundreds of billions of $ in IP theft.
It’s a complicated issue and for him and us to call it a success or failure in a couple of sentences, when the effects are barely visible is disingenuous at best.
He devalues his argument based on his hatred of Trump. It’s also not 1929. They didn’t have 10 years of 0% interest rates. We are in uncharted waters.
Anybody who thinks differently is wrong.