{"id":1419,"date":"2009-01-29T18:42:45","date_gmt":"2009-01-29T23:42:45","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=1419"},"modified":"2009-01-29T18:42:45","modified_gmt":"2009-01-29T23:42:45","slug":"smoot-hawley-rides-again","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/01\/29\/smoot-hawley-rides-again\/","title":{"rendered":"Smoot-Hawley Rides Again???"},"content":{"rendered":"

The Washington Post has a detailed report<\/a> on protectionist language in the Democrat’s pork laden stimulus bill that could trigger a trade war:<\/p>\n

The stimulus bill passed by the House last night contains a controversial provision that would mostly bar foreign steel and iron from the infrastructure projects laid out by the $819 billion economic package.<\/p>\n

A Senate version, yet to be acted upon, goes further, requiring, with few exceptions, that all stimulus-funded projects use only American-made equipment and goods.<\/p>\n

Proponents of expanding the “Buy American” provisions enacted during the Great Depression, including steel and iron manufacturers and labor unions, argue that it is the only way to ensure that the stimulus creates jobs at home and not overseas.<\/p>\n

Opponents, including some of the biggest blue-chip names in American industry, say it amounts to a declaration of war against free trade. That, they say, could spark retaliation from abroad against U.S. companies and exacerbate the global financial crisis.<\/p>\n

The provisions also confront President Obama with his first test on trade policy. He must weigh the potential consequences of U.S. protectionism against the appealing slogan of “Buy American” and the jobs argument.<\/p>\n

The administration has not addressed the issue publicly, and sources close to the issue said it appears that a response is still being formulated.<\/p><\/blockquote>\n

Sweet Jesus, these idiots are dangerous… Never mind the long-term damage that this pork laden train wreck of a spending bill could do to the American economy, the protectionist language in this thing could trigger trade war that would bring the global economy crashing down too.<\/p>\n

By loading the stimulus bill with \u201cBuy American\u201d clauses that will shut out foreign producers of steel and iron Democratic protectionists\u00a0 have esscentially recreated the Smoot-Hawley Tariff Act<\/a> that helped set the stage for the Great Depression.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Washington Post has a detailed report on protectionist language in the Democrat’s pork laden stimulus bill that could trigger a trade war: The stimulus bill passed by the House last night contains a controversial provision that would mostly bar foreign steel and iron from the infrastructure projects laid out by the $819 billion economic […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,73,7],"tags":[59,453,168],"class_list":{"0":"post-1419","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-international-affairs","8":"category-politics","9":"tag-democrats","10":"tag-smoot-hawley","11":"tag-stimulus","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-mT","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1406,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/01\/28\/wsj-you-wont-believe-whats-in-that-stimulus-bill\/","url_meta":{"origin":1419,"position":0},"title":"WSJ: You Won’t Believe What’s in That Stimulus Bill","author":"Jeff","date":"January 28, 2009","format":false,"excerpt":"Stimulus plan my ass: In selling the plan, President Obama has said this bill will make \"dramatic investments to revive our flagging economy.\" Well, you be the judge. Some $30 billion, or less than 5% of the spending in the bill, is for fixing bridges or other highway projects. There's\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1474,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/10\/the-biggest-idiot-on-capitol-hill\/","url_meta":{"origin":1419,"position":1},"title":"The Biggest Idiot On Capitol Hill","author":"Jeff","date":"February 10, 2009","format":false,"excerpt":"I was all set to name Chuck Schumer the biggest idiot on Capitol Hill for his remarks on the stimulus bill this morning. Via Michelle Malkin: The Senate is about to pass the Turbaconducken stimulus package. Sen. Schumer took to the floor about 20 minutes ago to fear-monger. He referred\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":498,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/26\/crash-burn-harry-reid%e2%80%99s-56-billion-stimulusoil-shale-ban-bill-augers-in\/","url_meta":{"origin":1419,"position":2},"title":"Crash & Burn: Harry Reid\u2019s $56 Billion Stimulus\/Oil Shale Ban Bill Augers In.","author":"Jeff","date":"September 26, 2008","format":false,"excerpt":"Reuters is reporting that Harry Reid's $56.2 Billion economic stimulus\/oil shale ban bill has failed in the Senate: WASHINGTON (Reuters) - The Senate on Friday blocked a $56.2 billion economic stimulus package that would have extended unemployment benefits, increased food aid and funded new construction projects to create jobs. The\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1554,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/21\/michelle-muccio-the-peoples-stimulus\/","url_meta":{"origin":1419,"position":3},"title":"Michelle Muccio: The People’s Stimulus","author":"Jeff","date":"February 21, 2009","format":false,"excerpt":"The world's hottest economist,\u00a0 Michelle Muccio, has created a bit of a stir with her simple commonsense stimulus plan, a one-year payroll tax holiday. Here she is discussing the plan with Bill Schieffer of CBS News. Watch CBS Videos Online I like it, a payroll tax holiday would put more\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1388,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/01\/27\/house-republicans-ready-to-walk-away-from-stimulus-negotiations\/","url_meta":{"origin":1419,"position":4},"title":"House Republicans Ready to Walk Away From Stimulus Negotiations?","author":"Jeff","date":"January 27, 2009","format":false,"excerpt":"The Politico is reporting that House Republicans Leader John Boehner and Whip Eric Cantor are urging caucus members to oppose the Democrats pork laden economic stimulus bill when it comes to the floor on Wednesday. President Barack Obama is coming to the Capitol this afternoon to curry favor with congressional\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1513,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/13\/senate-passes-pork-laden-stimulus-bill\/","url_meta":{"origin":1419,"position":5},"title":"Senate Passes Pork Laden Stimulus Bill","author":"Jeff","date":"February 13, 2009","format":false,"excerpt":"The final vote tally is in... The Senate approved the measure 60-38 with three erstwhile Republicans, Alren Specter, Olympia Snowe and Susan Collins providing\u00a0 the votes needed for passage. No surprise really we all knew Specter, Collins and Snowe would vote with the Democrats... While I'm not happy about it\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=1419"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1419\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=1419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=1419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=1419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}