If you think Congress is worse than ever, you weren’t around in 1930. It was then Congress passed the Smooth-Hawley Tariff—a piece of protectionist folly that raised the levies on nearly nine hundred categories of imports. Britain, Canada, and various nations in Europe retaliated—that is, they erected barriers to American goods and foreign goods in general. World trade collapsed, and the ongoing economic slump turned into the Great Depression.This is the version of Smoot-Hawley that has passed into collective memory. Vice President Al Gore,...
Source: http://www.realclearpolitics.com/2011/06/07/the_economic_illiteracy_of_politicians_256845.html
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