Source: The Daily Economy
by Jane Shaw Stroup
“I regret it, but George Santayana’s famous statement, ‘Those who cannot remember the past are condemned to repeat it,’ is misleading at best. The statement implies that if we do remember the past, we will not repeat it. But, based on the history I’ve learned, that’s not true. We see a regrettable repetition right now: In 1930, more than a thousand economists signed a statement opposing the Smoot-Hawley Tariff bill, warning it would lead to a destructive trade war. Congress passed high tariffs anyway, and they contributed to the Great Depression. This year, nearly two thousand experts, also led by economists, warned against raising tariffs. Yet our president is slapping on tariffs right and left, and Congress is silent. There are three major reasons why historical remembrance does not bring enlightenment.” (08/29/25)