Seventy-seven years ago, members of Congress erected a tariff wall aimed at protecting American business concerns. The result was a stock market crash followed by drastic retaliatory tariffs and a shutdown of the global trading system.
Tariffs passed in 1930 caused the 1929 stock market crash? But the real point of Darda’s latest National Review rant is to argue that there is never a good time to raise tax rates. After all, the 2001 and 2003 tax cuts have led to the greatest economy ever:
In fact, low-end (non-supervisory) real wages have grown at about twice the pace for this cycle compared to the first 23 quarters of the last expansion.
Huh? This real wage was the same level as of June 2007 as it was in December 2002. Yes – zero growth is amazing growth. But hey – what else would you expect from the National Review? Of course, I can only suggest candidates for this contest as Brad DeLong owns the trademark.