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The establishment of a protective tariff, a 20%–25% tax on imported goods, would protect a nation's business from foreign competition. Congress passed a tariff in 1816 which made European goods more expensive and encouraged consumers to buy relatively cheap American-made goods.
Alexander Hamilton, a portrait by William J. Weaver now housed in the U.S. Department of State. In United States history, the Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first term.
Railroads also needed to communicate over a vast network in order to keep track of freight and equipment. [80] Consequently, railroads installed telegraphs lines on their existing right-of-ways. By 1852 there were 22,000 miles of telegraph lines in the U.S., compared to 10,000 miles of track. [7]: 469
Tax resistance is used in smaller-scale struggles as well. When 23 county officials in Luzerne County, Pennsylvania were charged with corruption, and the county nonetheless decided to raise taxes by 10%, residents rebelled. One, Fred Heller, recorded a song in 2010—"Take This Tax and Shove It"—to try to rally people to refuse to pay. [86]
Tariffs have historically served a key role in the trade policy of the United States.Their purpose was to generate revenue for the federal government and to allow for import substitution industrialization (industrialization of a nation by replacing imports with domestic production) by acting as a protective barrier around infant industries. [1]
There have also been times in history when voter perceptions ended up not aligning with the economy all the way through Election Day. Fair cites the 1992 election as a historical example.
The purpose of these two 1980s-era programs was "so that there was no way you could 'double dip' into both a federal pension and Social Security," explains Jill Schlesinger, CBS News business analyst.
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon on 15th August 1971 in response to increasing inflation.