Why the U.S. Must reinstate Tariffs
OPS_admin | Dec 25, 2009 | Comments 0
If the United States simply placed a tariff – or even a quota – on Chinese imports it would be able to counteract the imbalance and make homegrown alternatives seem more reasonable.
The year 1913 was perhaps one of the most important in United States economic history. We were not attacked or embroiled in a foreign war and we did not suffer some economic hardship (just the opposite in fact). We had yet to grant women’s suffrage and our society was still racially segregated. Without major social, military or economic upheaval how could 1913 be such a landmark in our history?
The Sixteenth Amendment to the United States Constitution was ratified on February 3, 1913. It granted Congress permanent authority to levy taxes against the income of citizens and remains in place today. In concert with this amendment a law was passed by Congress – the Revenue Act of 1913 – on October 13 which simultaneously re-imposed the fleeting income tax and lowered basic tariffs (from 40 percent to 25 percent).
By switching from tariffs to taxes the government was able to greatly increase the money it brought in and expand itself (the expansion has never stopped to this day). The side-effect however was that it kicked off a century of foolhardy trade policies which have been the death of our modern manufacturing and industrial base. During the throes of the Great Depression the United States – and most other nations around the world – put up major barriers to trade which are said to have worsened the economic climate.
Full Story Why the U.S. Must reinstate Tariffs | Economy In Crisis.
Filed Under: Featured • Foreign Policy
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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