In the State of the Union address, Obama said he’d saved over 1,000 jobs by putting a tarriff on tires made in China. Except in 2009, the tire industry had over 55,000 jobs and in 2011 it dropped to 51,700. Is he saying those job losses would have been worse?
Forbes does a good analysis of the claim. Tire imports from China did drop… and imports from other countries such as Korea, Canada, and Indonesia increased to make up for it. You know what else has gone up? The price of tires!
Hoover tried tariffs and tax increases to get us out of the Great Depression. It didn’t work then and there’s no reason it should work now.