#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(2/n)

...👉 those in this [1987] #Congress, just as there were back in the thirties, who want to go for the quick political advantage, who will risk #America's prosperity for the sake of a short-term appeal to some special interest group, who forget that more than 5 million #American jobs are directly tied to the foreign export business and additional...

#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(3/n)

...millions are tied to imports👈 .

Well, I've never forgotten those jobs. And on trade issues, by and large, we've done well. 👉 In certain select cases👈 , like the Japanese semiconductors, we've taken steps to stop unfair practices against American products, but we've still maintained 👉 our basic, long-term commitment to free trade and economic growth."👈 ..

#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(4/n)

...Here is his #Reagan's sound rationale for his #FreeTradePolicy:

" today many #economic analysts and #historians argue that high #tariff legislation passed back in that period called the #SmootHawleyTariff greatly deepened the [Great] depression and prevented economic recovery.

You see, at first, when someone says,...

#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(5/n)

...``Let's impose tariffs on foreign imports,'' it looks like they're doing the patriotic thing by protecting #American products and jobs. 👉 And sometimes for a short while it works -- but only for a short time👈 .

What eventually occurs is: First, homegrown industries start relying on government protection in the form of high tariffs. 👉 They stop...

#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(6/n)

...competing and stop making the innovative management and technological changes they need to succeed in world markets.👈

And then, while all this is going on, something even worse occurs. 👉 High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more #tariffs,

#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(7/n)

...and higher #TradeBarriers, and less and less competition. 👈 So, soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying.

👉 Then the worst happens: Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs.👈 ..."

Contrast...

#USpol

👉 #MAGA is the economic perversion of #Reagonomics👈

*#Reagan's 1987 Radio Address to the Nation on Free and Fair Trade*

(8/10)

...#RonaldReagan's trade policy with #DonaldTrump's stance on #Tariffs:

"I love tariffs. Most beautiful word, but I'm not allowed to say that anymore. Tariff is my favourite word. I love the word tariff. We're becoming rich as hell..."

speaking at the Marine Corps Base in #Quantico.

https://www.ndtv.com/world-news/us-tariff-news-donald-trump-defends-his-trade-policy-says-its-making-us-rich-i-love-tariffs-9375445

//
Source:

https://www.reaganlibrary.gov/archives/speech/radio-address-nation-free-and-fair-trade-4