I agree. I just looked on a site that had the records from the U.S. Bureau of Economic Analysis.
” Exports were $5.9 billion in 1929, and had declined to $2.9 billion in 1933. This $3 billion decline was roughly 3.8% of our 1929 GDP, which had declined by a 46% over the same period of time. Thus, of the -46% GDP decline, only -3.8% of it was due to a fall in exports. But the gain from import reduction must also be included. (A decline in imports increases GDP). If the import decline is added back to the GDP total (to measure the net trade balance), the “loss” was only $0.2 billion from our GDP — or less than ½ of 1% of the total GDP decline.
Also, notice that the drop Smoot is blamed for, *started* AFTER the crash of 1929. So unless you argue that Smoot caused the crash,,, the argument on Smoot, seems moot!
(sorry, i couldnt resist)
In other words, the document-able “loss” from the Smoot-Hawley Tariff — the “net export” loss — was less than ½ of 1% of our our GDP decline. “
It was a huge part of Roosevelt’s campaign. Somehow, this became a pop culture thing along with “Roosevelt saved us”, with fireside chats,, and “Fear Itself”,,etc.
You mean that you probably looked at some lefty blog post. Why don't you share it with us?
Don’t confuse them with facts. They think exporting all our jobs overseas is a GOOD thing!