Some politicians propose moves that could plunge us into another Great Depression.

If you think I exaggerate, take some time to read about the last one.

One of the biggest mistakes that pushed us into it was when we stifled free trade with other countries. In 1930 Congress passed the Smoot-Hawley Tariff Act. President Hoover signed it.

The act was meant to protect us from foreign competition. Tariffs would protect American workers and industries. They would keep us from shipping American jobs abroad. They would protect us from the ravages of globalization.

As soon as we erected tariffs, other countries retaliated. Our tariffs kept their products out. Theirs kept ours out. World trade shrunk like a prune overnight. The act was a disaster.

Next, Hoover did away with the tax cuts of the Coolidge administration. These tax cuts put a lot of the roar in the Roarin’ Twenties. The economy surged. Unemployment fell in half. Well, we couldn’t have so many folks getting rich. Idiots called for higher taxes on the them. Hoover caved and raised the tax rates.

Disaster.

These two moves pushed the country into depression. We pulled a lot of the world in with us.

Does any of this sound familiar? It should. Politicians today call for the same sorts of measures.

They want to smother Nafta. Curtailing Nafta is, pure and simple, curtailing international trade. They are also going out of their way to keep us from signing a trade pact with Colombia. 

Nafta has boosted North American trade phenomenally. If you don’t believe me, Google “Nafta success” and read some of the data.

Does not matter. Trade unions hate it and want it dismantled or trimmed. They make arguments identical to the arguments against free trade in the 30’s. And some politicians react the same way pols did back then.

Meanwhile pressures build everywhere to throttle globalization on various fronts.