The economic engine of the United States of America was built on protective tariffs which were put in place by our founding fathers, and specifically Alexander Hamilton our first Secretary of the Treasury. His idea, and our historic policy was to put protective tariffs on foreign manufactured goods while allowing the import of raw commodities. He knew then what is still true today, a strong manufacturing base was key to prosperity and national power. His and our founding fathers policies led directly to creating the greatest economic power in the world. We began to dismantle that policy just recently in historical terms, 170 years after our founding, just after WWII and then much more completely in the Reagan administration and subsequent administrations, Republican and Democratic alike. The result has been probably the greatest economic crumbling in the history of the world. A once mighty economic power now lays in shambles, a mere shadow of itself, with an economy that according to a Noble Prize Economist more resembles a banana republic than a it does a modern advanced economy.
And to think that it was all self-inflicted and wonder how we allowed it to happen, but then again you read some of the above comments denigrating protective trade policies, and it makes you think, what a nation of fools.
Regards,