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Buchanan: Economic Patriotism Put America First, and Made America First

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Writing at The American Conservative, Pat Buchanan extols the virtues of tariffs and their history as a cornerstone of American economic policy. He writes:

William McKinley, the veteran of Antietam who gave his name to the McKinley Tariff, declared four years before being elected president: “Free trade results in our giving our money…our manufactures and our markets to other nations. …It will bring widespread discontent. It will revolutionize our values.”

Campaigning in 1892, McKinley said, “Open competition between high-paid American labor and poorly paid European labor will either drive out of existence American industry or lower American wages.”

Substitute “Asian labor” for “European labor,” and is this not a fair description of what free trade did to U.S. manufacturing these last 25 years? The results have been some $12 trillion in trade deficits, arrested wages for our workers, six million manufacturing jobs lost, 55,000 factories, and plants shut down.

McKinley’s future vice president Teddy Roosevelt agreed with him: “Thank God I am not a free trader.”

What did the Protectionists produce?

From 1869 to 1900, GDP quadrupled. Budget surpluses ran for 27 straight years. The U.S. debt was cut two-thirds to 7 percent of GDP. Commodity prices fell 58 percent. America’s population doubled, but real wages rose 53 percent. Economic growth averaged 4 percent a year.

And the United States, which began this era with half of Britain’s production, ended it with twice Britain’s production.

Under Warren Harding, Cal Coolidge, and the Fordney-McCumber Tariff, GDP growth between 1922 and 1927 hit 7 percent, an all-time record.

Economic patriotism put America first, and made America first.

Of GOP free traders, the steel magnate Joseph Wharton, whose name graces the college Trump attended, said it well: “Republicans who are shaky on protection are shaky all over.”

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com