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Smoot and Hawley ginned up The Tariff Act of 1930 to get America back to work after the Stock Market Crash of '29. Instead, it destroyed trade so effectively that by 1932, American exports to Europe were just a third of what they had been in 1929. World trade fell two-thirds as other nations retaliated. Jobs evaporated.
It has long been said the only things in life that are certain are death and taxes. Automatic enrollment for insurance of 401k loans would add an additional certainty. Fewer Americans would suffer the unnecessary loss of retirement savings due to unanticipated and untimely misfortune in an already stressful time of need.
Never far from my thoughts are memories of being a little girl in Queens, N.Y., our family of five crowded in a small one-bedroom apartment, struggling to learn English and survive a new life in a new country, America. We humbly and gratefully still recall the kindnesses shown by strangers and neighbors who became new friends.