Posted on 12/28/2010 6:46:27 AM PST by Cringing Negativism Network
“Two words: Smoot–Hawley.”
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Back then, America was the world’s leading exporter and manufacturing powerhouse. “Made in America” supplied the world. That was a good thing, but it also meant we had zero negotiating position, in a trade war.
We already owned the manufacturing export markets around the globe - why in the world would we be willing to initiate a trade war?
Now, the (exact) opposite is the case. We make virtually nothing. We buy so many imports, the monetary value of our imports in 2009 was as large as our nation’s entire tax collections.
Which leaves an interesting possibility: At current import levels, America could scrap our entire income tax structure; eliminate cap gains taxation, end corporate taxation - and replace ALL of that revenue, with one simple across-the-board 100% import tariff on everything imported into America.
No government picking winners and losers. No government punishing success. No class warfare, or graduated taxation of any sort.
One tax: a tariff. That’s it. It’s how America did things, back when we were a young nation, leading the world in innovation.
We should do it again.
Only if more than any other nation adds up to virtually nothing in your book.
and replace ALL of that revenue, with one simple across-the-board 100% import tariff on everything imported into America.
Because behavior isn't changed when taxes rise. Right.
We don’t buy them back, they mature.
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Actually we put a lot of them in the Social Security “Lock Box” but you already knew that, they are actually just, IOUs good luck collecting on those.
Running away.......no, Toddsternotsopatriot, I don’t waste my time with you.
You’re just argumentative. If I want an argument, I’ll find a liberal.....or, maybe I have.
Hmmmmm
Toddsterpatriot posted some charts that I didn't understand. But they were WRONG!
I didn’t know my facts would make him cry, but I’m not surprised.
Do you remember the bozos who seemed like they were cheering for a recession to hit? It was amusing at the time, but I never imagined that things would become even more amusing when the recession finally came.
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