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originally posted by: glend
When I first heard US is increasing tariffs it reminded me of the great depression....
As the global economy entered the first stages of the Great Depression in late 1929, the US's main goal emerged to protect American jobs and farmers from foreign competition. Reed Smoot championed another tariff increase within the United States in 1929, which became the Smoot–Hawley Tariff Bill.
The great depression was a recession magnified by unsustainable debt ...
“The share of publicly held debt we have now relative to GDP has only happened once before in U.S. history. What our debt levels are — we often talk about this number, $19 trillion of debt. That’s not the real number because all of your entitlement spending is kept off book on a different ledger. The real number is more like 70 to 75 trillion dollars — and so when you set that up against U.S. GDP, the only time we ever had a debt-to-GDP ratio like this was on the eve of the Great Depression.”
— Sen. Ben Sasse (R-Neb.), town hall meeting in Elkhorn, Neb., March 17, 2017
So what triggered the first great depression ...
Great Depression started in the United States after a major fall in stock prices.
originally posted by: Sillyolme
a reply to: StallionDuck
Americans dont want those jobs.
They got the above statement wrong, the people that will feel the greatest impact are the consumers, most likely the middle class. We always are.
I actually agree with the solution in the article, bring manufacturing back home. The problem is that it takes a while, like 10-20 years. Can Americans endure that kind of timeline?
The other big issue is that Americans want to be environmentally friendly, at least here.
The other problem is that Americans became addicted to low cost items.
originally posted by: surfer_soul
It wasn’t really about people wanting cheap goods, but corporations wanting greater profits. That’s why all the jobs went abroad.
originally posted by: Dfairlite
We were told this about the first round of tarriff's too. Yet, where's the pain? Inflation is low, wages are rising, job growth is continuing, GDP growth is higher than it's been in almost two decades, we finally had a budget surplus last quarter. It seems tariff's are win-win-win situations. Well, except for china. Their economy went from "15-20%" growth to "6%" growth.
originally posted by: JAGStorm
a reply to: strongfp
Why did those jobs leave in the first place?
EXACTLY.. Those jobs left for two reasons, cheap labor to produce cheap junk..
originally posted by: Grimpachi
a reply to: infolurker
I haven't argued that there aren't more jobs in manufacturing. My question was what manufacturing jobs have been brought back.
The manufacturing that was already here in some cases have expanded but the processes that were outsourced are still outsourced as far as I know.