Does the name Smoot-Hawley ring a bell??
Is it not good policy to take this into account and strike a balance in policy between the employers and the employees?
Right now, the balance leans to the employer. The employer can threaten to move overseas or hire illegal immigrants, and even union shops can’t do much about it. (witness the meat packing industry.) This is probably one of the biggest things that hurt the GOP in the midwest, where it hurt the most.
I’ll even grant we need to take a look at our regulatory and taxation system.
That being said, this is actually good news! Our exports were up meaning our factories were producing more. Therefore I shall add the obligatory, Bush’s fault.