Repeating the Mistakes of the Great Depression
This is simply terrible economic policy. If Summers, Romer, Goolsbee and other various Obama braintrusters aren't strongly advising the President against this, they are professionally negligent. If they are and Obama isn't listening, he is negligent.
UPDATE: In the name of fairness I must note that George W. Bush, just as stupidly, imposed tariffs on imported steel. The only thing that makes the two tariff impositions different, and the Obama version slightly more damaging, is the timing. A trade war right now, the given the global economic environment, would be much more damaging than in 2004.
UPDATE: In the name of fairness I must note that George W. Bush, just as stupidly, imposed tariffs on imported steel. The only thing that makes the two tariff impositions different, and the Obama version slightly more damaging, is the timing. A trade war right now, the given the global economic environment, would be much more damaging than in 2004.
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