Jones Act, Dead Weight
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Jones Act, Dead Weight
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The Jones Act has been quietly taxing Americans for over a century, and it's finally getting some attention now that it's been suspended since March. Lou and Phil trace this WWI-era shipping law from its origins as a favor to a handful of politically connected shipbuilders to its very costly present-day legacy in Puerto Rico, Hawaii, and beyond. From there they turn to tariffs, where Phil makes his case that tariffs are little more than government-sanctioned favoritism, quietly shifting costs onto consumers to protect a narrow set of special interests, complete with a Supreme Court showdown and a "trade deficit emergency" that raises more questions than answers. Grab a drink and settle in for an economic history lesson with Lou and Phil on this episode of Happy Hour Econ.