The WSJ‘s Real Time Economics blog surveyed a few economist reactions to the President’s imposition of dramatically higher tariffs on imported tires. My favorite, and perhaps most appropriate to our times:
In 1930, the Republican controlled House of Rep, in an effort to alleviate the effects of the… Anyone? Anyone?… the Great Depression, passed the…Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act which, anyone? anyone? Raised or lowered?… Raised tariffs, in an effort to collect more revenue for the federal gov’t. Did it work? Anyone? Anyone know the effects? It did not work, and the US sank deeper into the Great Depression.
I’m pretty sure that was the best work Ben Stein ever did.