Our Generation's Smoot-Hawley (Cap and Trade Legislation)

House Chamber, Washington, D.C.  June 26, 2009.  Madam Speaker:  When we discuss Herbert Hoover’s mishandling of the recession of 1929, the first thing that economists point to is the Smoot-Hawley Tariff Act that imposed new taxes on over 20,000 imported products.  The Waxman-Markey Bill is our generation’s Smoot-Hawley.  It imposes new taxes on an infinitely larger number of domestic products on a scale that utterly dwarfs Smoot-Hawley. 
 

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