WALLY HERGER: “today marks the 78th anniversary of perhaps the most disastrous economic legislation in our Nation's history, the…”

“today marks the 78th anniversary of perhaps the most disastrous economic legislation in our Nation's history, the Smoot-Hawley Tariff Act of 1928. It set off a chain reaction of retaliatory tariffs that caused a sharp decline in global trade. Modern economists largely agree that it deepened the Great Depression. Unfortunately, today this lesson seems to have gone largely unnoticed, judging by the isolationist course the Democrat House leadership is currently embracing. Expanded trade is critical to job creation and economic growth, it levels the playing field for U.S. workers, and is crucial to keeping our Nation as the world's number one economic trading powerhouse. Mr. Speaker, the United States must reject the rising tide of economic isolationism and lead the world toward open markets.”