"In the 1890s, our country was probably the wealthiest it ever was because it was a system of tariffs," Trump, the GOP's presidential nominee, said. "We had a president, you know McKinley? Remember Mount McKinley? He was a very good businessman, and he took in billions of dollars at the time. We were a very wealthy country at the time." Mount McKinley, now officially known as Denali, was named after the 25th president. <...> T.J. Stiles, a Pulitzer Prize-winning author and historian, disputed Trump's claims on X, writing on Friday, "Trump is no better as a historian of the 1890s than he is of the Civil War. No, it wasn't America's wealthiest time. No, McKinley wasn't a businessman." Stiles pointed out that McKinley's first major tariff bill, which he authored while in Congress, "in part cost Republicans the House & White House." The historian referenced the McKinley Tariff Act of 1890, which raised duties on imported goods by about 50 percent and contributed to significant political losses for the Republican Party in subsequent elections. Contrary to Trump's portrayal of the 1890s as an era of unprecedented wealth, the United States experienced a severe economic depression from 1893 to 1897. Journalist Paul Farhi noted on X on Friday that during this period, "Banks failed; the unemployment rate was more than 10 percent for five years." The Depression of 1893 was one of the most severe economic downturns in American history. According to the Economic History Association, unemployment rates exceeded 10 percent for half a decade, a level of sustained high unemployment only seen again during the Great Depression of the 1930s. The economic contraction began in January 1893 and lasted until June 1894, followed by a brief period of growth. However, a second recession hit from December 1895 to June 1897. Real gross national product (GNP) fell approximately 4 percent from 1892 to 1893 and another 6 percent from 1893 to 1894. Despite a recovery in 1895, the economy contracted again by about 2.5 percent from 1895 to 1896. The impact on the average American was significant. Due to population growth of about 2 percent per year, real GNP per person didn't surpass its 1892 level until 1899. Immigration, which had averaged over 500,000 people per year in the 1880s, dropped to an average of only 270,000 from 1894 to 1898. This period was marked by violent strikes, political upheavals, and far-reaching social and intellectual developments, making the Depression of 1893 a watershed event in American history. https://www.newsweek.com/donald-trump-mckinley-tariffs-1890s-ignorant-thinking-michael-steele-1960800
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"In the 1890s, our country was probably the wealthiest it ever was because it was a system of tariffs," Trump, the GOP's presidential nominee, said. "We had a president, you know McKinley? Remember Mount McKinley? He was a very good businessman, and he took in billions of dollars at the time. We were a very wealthy country at the time." Mount McKinley, now officially known as Denali, was named after the 25th president. <...>
T.J. Stiles, a Pulitzer Prize-winning author and historian, disputed Trump's claims on X, writing on Friday, "Trump is no better as a historian of the 1890s than he is of the Civil War. No, it wasn't America's wealthiest time. No, McKinley wasn't a businessman."
Stiles pointed out that McKinley's first major tariff bill, which he authored while in Congress, "in part cost Republicans the House & White House." The historian referenced the McKinley Tariff Act of 1890, which raised duties on imported goods by about 50 percent and contributed to significant political losses for the Republican Party in subsequent elections.
Contrary to Trump's portrayal of the 1890s as an era of unprecedented wealth, the United States experienced a severe economic depression from 1893 to 1897. Journalist Paul Farhi noted on X on Friday that during this period, "Banks failed; the unemployment rate was more than 10 percent for five years."
The Depression of 1893 was one of the most severe economic downturns in American history. According to the Economic History Association, unemployment rates exceeded 10 percent for half a decade, a level of sustained high unemployment only seen again during the Great Depression of the 1930s.
The economic contraction began in January 1893 and lasted until June 1894, followed by a brief period of growth. However, a second recession hit from December 1895 to June 1897. Real gross national product (GNP) fell approximately 4 percent from 1892 to 1893 and another 6 percent from 1893 to 1894. Despite a recovery in 1895, the economy contracted again by about 2.5 percent from 1895 to 1896.
The impact on the average American was significant. Due to population growth of about 2 percent per year, real GNP per person didn't surpass its 1892 level until 1899. Immigration, which had averaged over 500,000 people per year in the 1880s, dropped to an average of only 270,000 from 1894 to 1898.
This period was marked by violent strikes, political upheavals, and far-reaching social and intellectual developments, making the Depression of 1893 a watershed event in American history.
https://www.newsweek.com/donald-trump-mckinley-tariffs-1890s-ignorant-thinking-michael-steele-1960800