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Politics : PRESIDENT GEORGE W. BUSH
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To: Lazarus_Long who wrote (266951)6/25/2002 8:52:33 PM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
Re: "If Bush really cared about the steel JOBS, he could have offered $100,000 annual retirement payments to all the affected workers and it STILL would have cost the US far less."

A.>>> This calculation was widely published during the time steel tariffs were under consideration, and comes from numerous sources I believe. Official CBO estimates were one source, but The Economist and Wall Street Journal published others.

A.>>> It was based upon estimates (because the US steel industry has already shrunken employment so much over the past 30 years) that the affected number of steel workers was limited in size (below 100,000 itself I believe... and of such an average age that the expected life-span was an actuarially smallish part of the calculation) -- that measured against the multi-billion dollar ongoing hit to the economy that the tariffs would impose each year by keeping costs to consumers higher than they otherwise would be.

A.>>> The taxpayers and consumers of America would have saved $billions annually by simply choosing the lesser expense of offering each worker 'negatively impacted' by the foreign competition the option of accepting permanent retirement with an annual $100,000 pension... And allowed the US Steel industry to continue the inevitable process of consolidation and upgrading of their physical plants (now that they are freed of the pension burden they were bitching about anyway) that's been delayed by the tariffs and continued operation of old plant stocks.
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