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Buying American Policy Essay

494 Words2 Pages

The Buying American policy will protect few at the expense of many. Economic effects of such measures are well documented in American history. In 1930, the Smoot-Hawley Tariff Act raised United States tariffs on more than 20,000 imported goods to record levels (Markheim, 1). The Smoot-Hawley Tariff Act was introduced in order to reduce imports and protect American jobs and businesses. While it cut the amount of important in half, exports dramatically declined. Unemployment in 1929 was at 3.2 percent and peaked at 24.9 percent in 1933 (the middle of the Great Depression). Economists agree that Smoot-Harley played a large role in worsening the Great Depression (Whalpes, 142). Taking a look at this time in history is important in determining whether the buying American policy will be effective because the expansion of the policy represents a step toward the same type of destructive measures instituted …show more content…

To buy “all American” is a luxury motion. This is something that is not feasible to the lower and most of the middle class. “People are fearful that trade is harmful and they only see that it is costing us jobs,” said Jason Taylor, an economic historian at Central Michigan University. “But these lower prices keep the cost of living down for every American, but it is especially relevant for the lower and middle-class” (Stebbins, 1). Many lower income households will be able to buy the same imported goods for half, or even a third, of the same domestic product. Even for the wealthy that could afford this luxury, many products are not made domestically. For example, the ever-popular technology company, Apple, manufactures in China, allowing Americans to obtain high returns on their investment. The cost of labor large companies like Apple would have to invest to American workers makes this idea illogical from a business

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