Such an action would cause far more problems than just "somewhat higher prices and a lower standard of living" here. If it was instituted, it would cause a depression, the likes of which would make the one we suffered through, from 1929 through WW II, pale by comparison.
Should we cut off all imports, all of our exports would be stopped.
We no longer make a large variety of things. For us to get these various commodities, we would have to not only hope the American firms would spring up to make ( those, of course, that could be made, grown, and mined here; that is ) and sell them here. That would take a great deal of time and in the case of some minerals/ores, needed for our armaments, impossible, since none of them exist here.
Your second paragraph is right out of MARX. We're "TOO RICH FOR OUR OWN GOOD." ? You're no conservative.
Well, it was the success of capitalism that lead to Marx.
There was so much money in 19th century England, guys like Karl M could live without working. So he could spend all his time spinning crackpot theories.
The same effect is now present in the US on every college faculty, multiplied a thousand times.
Well, it was the success of capitalism that lead to Marx.
There was so much money in 19th century England, guys like Karl M could live without working. So he could spend all his time spinning crackpot theories.
The same effect is now present in the US on every college faculty, multiplied a thousand times.