I would say it is a little extreme (Comparing America and losing its industry to Great Britain during the two world wars), but it certainly makes a solid point.
I love the ending where everyone was all up in arms about the tariffs and then the results were never widely publicized. I do remeber hearing about this, but never the outcome!!!!!
Then again, we can't go sticking our heads in the sand aka the 1920's and 1930's when the world was falling apart around us.