President Barack Smoot-Hawley

September 16, 2009

I’ve said it before and I’ll say it again: raising tariffs and starting a trade war during a recession is stupid: it is the exact opposite of what you want to do, for it chokes off the very commerce needed to foster renewed growth.

Of course, when we have a president so ignorant of basic economics that he thinks of profits as part of a business’ overhead:

But by avoiding some of the overhead that gets eaten up at private companies by profits and excessive administrative costs and executive salaries…

…It’s perhaps a bit much to expect him to understand the importance of free trade to prosperity.  Doh

LINKS: Hot Air.