When the Smoot-Hawley bill landed on President Herbert Hoover's desk, more than 1,000 economists urged him to veto it. Tragically, the president ignored their pleas.
European-style interventions to which the Obama administration is inclined will not make America more competitive in the world-wide economy. Such policies will not increase growth, will not decrease unemployment, and will not increase wages for workers.
As I looked up at the Statue of Liberty, I thought at that time, 'What a wonderful country.'
When my mother, sisters and I arrived on the shores of America when I was 8 years old, the boat on which we came, a freighter, passed the Statue of Liberty.
Even when America's economy has been by all measures healthy and the unemployment rate low, some businesses suffer or fail and lay off workers. But nearly always, a simultaneous and even greater burst of new jobs has been created to offset the jobs lost - millions of new jobs every year.
401k savings accounts have become so important in the landscape of retirement planning that their security and expansion became a top priority in formulating and implementing the Pension Protection Act of 2006 that was enacted during my tenure as the U.S. Secretary of Labor.