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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