I think it is time for the government, in the following way:
I support an across-the-board 10% tariff.
Now don’t get me wrong. I’m not saying the government should pick and choose. Far from it.
I am saying EVERYTHING brought into America to sell, is assessed a 10% tariff.
I mean everything. Oil. (just imported, no tariff on American oil)
Food. (just imported, no tariff on American food)
And everything manufactured. Everything.
10%.
That is not a lot, but I believe that getting all products lumped into “produced in America” vs. imported, points out an ever more important difference.
America needs to produce/grow/drill out of the ground right here in America, what we use.
Not import it.
For an entire generation we have been selling off America.
Bring it back. Now.
What if the state you lived in imposed that same requirement, that everything you used had to be made locally? Would you be better off?
Let me suggest you listen to these two podcasts:
http://www.econtalk.org/archives/2013/11/joel_mokyr_on_g.html
and
http://www.econtalk.org/archives/2013/11/edmund_phelps_o.html
They both make good, logical arguments. I lean toward Joel Mokyr’s interpretation, although micro-innovations are occurring all the time. We just don’t notice them.
Remember that nobody in 1900 thought you could eliminate 90% of farm labor and still make food. After you’ve listened to them, ping me and tell me what you think.