Letter to the Editor: History tells us tariffs hurt poor and middle class the most

Dear editor?

Did you know there was a Great Depression before the Depression?  

In 1890, the McKinley tariff became law, leading to higher consumer prices. Hit especially hard were farmers and consumers, which contributed to the economic distress leading up to the Panic of 1893. 

The logic was simple: If foreign goods were more expensive, Americans would buy domestic products, fueling economic expansion.  Instead of strengthening America’s trade position, it triggered higher prices especially for poor and middle-class citizens.  

Oh, they also wanted to annex Canada. Sound familiar?

We all know the history of the Great Depression, the Smoot-Hawley Tarriff Act of 1930, the act provoked widespread retaliation from other nations.  This tit-for-tat with countries imposing their own tariffs on U.S. goods caused a sharp decline in international trade, shrinking global commerce by about 66%.  

So here we are again.  

President Trump has announced new tariffs on pharmaceuticals {100%} and heavy trucks (25%).  Great. Now not only are food, electricity, rent and cars going up, but also our medicines.  

I must ask, when is all this price reduction going to happen that he keeps claiming is happening? I haven’t seen it. In fact every time I go to the grocery store, I have a heart attack. 

Here in Wyoming, because the state lost money because of property taxes, their bright idea is to raise state taxes, maybe a 5 to 10 cent state tax on gas, or — and this is one everyone will just love — start taxing our food again.  Got to make up that revenue. Of course, it will only hurt the working poor, middle class, elderly, disabled and veterans.  

I was glad to see that LIEAP is funded for this winter; I bet a lot of families are relieved.  On Jan 1, 46,643 Wyoming citizens on the ACA plan could potentially lose health coverage.  I don’t know too many people that can afford a 200% markup, but then again, I’m hearing in the private sector, an increase of three times for their premiums.  

Are you aware that the no tax on tips and overtime expires in 2028? No tax on Social Security is a tax break when you file; it also expires in 2028. 

 So maybe the question we should ask is, why do the above mentioned expire in two years but the rich, corporations, multi-national corporations get a permanent tax break on their jets, while we give up health coverage?   

Respectfully, 

Lynn Meier

Basin