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Politics : Politics for Pros- moderated

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From: LindyBill	6/16/2005 7:20:07 PM
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"Smoot-Hawley R.I.P. Many thanks to Tom Sowell for reminding us that tomorrow, June 17, marks the 75th anniversary of the Smoot-Hawley Tariff that helped trigger the 1930's depression. Barriers to trade, coupled with retaliatory measures around the world, raised the unemployment rate from 9 percent in 1930 to 16 percent in 1931 and 25 percent in 1932. Farmers who supported the tariff saw their exports cut by two-thirds. Today Senators Smoot-Schumer and Hawley-Graham, who have proposed a 27.5 percent tariff on Chinese imports, may be celebrating this anniversary. But if I were they, I'd keep the cork in the champagne bottle. Economic history shows clearly that rising world trade promotes economic freedom and prosperity and job creation. Our current 5.1 percent unemployment rate follows 25 years of free trade agreements under Ronald Reagan, George Bush senior, Bill Clinton, and George W. Bush. Low tax rates, stable money and free trade will create long lasting prosperity. May Smoot-Hawley rest in peace, never to be resurrrected again." lkmp.blogspot.com

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