Hi bob,
Re: that's not to say that protection is a good thing. it's not and if we swing too far that way it will hurt all of us.
I'm beginning to think it is time for all of us to revisit our Adam Smith, Ricardo and Schumpeterian neo-liberalism and begin to deal with reality. And I think that Herb Stein, Richard Nixon's Secretary of the Treasury, very neatly anticipated today's trade imbalances when he said "things that can't go on forever, don't."
Here's something that ought to be engraved on Treasury Secretary John Snow's forehead (and on the CEA's Mankiw's, as well):
U.S. Trade Deficit:
1990 -111,033
1991 -76,937
1992 -96,898
1993 -132,451
1994 -165,830
1995 -174,170
1996 -191,000
1997 -198,120
1998 -246,696
1999 -346,023
2000 -452,423
2001 -427,215
2002 -482,872
2003 -549,156
Source: Message 19969055
I think it's time for us to reconsider "free trade" and globalization. Unless the normal progression from unsustainable debt leading to bankruptcy doesn't apply to the U.S.
***
Re: i agree with lizzie on this. the wsj has become a house organ for the republican party.
Or have both the WSJ and the Republican Party become wholly owned subsidiaries of the largest corporations? |
