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Showing posts with the label Ostfront

Day 72: Liberation Day from your Wallet

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  In the late 1920s, two Republicans, Senator Reed Smoot of Utah and Representative Willis C. Hawley of Oregon decided that they had the solution to America's worsening economic situation due to what would become known as The Great Depression. Their answer was simple: tariffs. America would tax its way to prosperity - a tariff being nothing more than a tax on imported goods paid by the consumer.  Anyone with a high school education in either history or politics knows the results: an economic disaster that only worsened the depression. As  Wikipedia relates: Some countries protested and others also retaliated with trade restrictions and tariffs. American exports to the protesters fell 18% and exports to those who retaliated fell 31%.[18] Threats of retaliation by other countries began long before the bill was enacted into law in June 1930. As the House of Representatives passed it in May 1929, boycotts broke out, and foreign governments moved to increase rates against Amer...