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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: grusum who wrote (209166)	5/3/2018 2:11:40 PM
From: tonto	1 Recommendation Recommended By isopatch Read Replies (1) \| Respond to of 224729

Trade deficits cause loss of manufacturing jobs and can create financial bubbles. This is taught in econ classes across America when I was in College and it still holds true today.

To: grusum who wrote (209166)	5/3/2018 2:38:52 PM
From: Joe Btfsplk	Read Replies (1) \| Respond to of 224729

sowell and walter williams, both with PHDs in economics, have gotten it wrong about trade deficits Those, among other. Cafe Hayek has been running arguments against protectionism distilled from some of the brightest minds of some centuries. There is a very valid argument that our working class has been severely wounded. It's easy to accept the idea their problems come from foreigners selling us stuff cheaper than we can make it. A lot of bright minds, here on SI and elsewhere, accept that. I think it a facile explanation and wrong. Paying more for similar stuff will reduce demand and drain vigor from our commercial activities. If other countries can't earn enough of our currency to buy soybeans and airliners and other the immediate, subsequent, and other consequences will reverberate quickly. Still, a huge sector of our population is hurting -- bad. Existing problems have been and will be exacerbated by an expanding capacity to produce more with less labor. Had we free markets evidence suggests these problems would have tended to shake themselves out. Same going forward. Wouldn't be Nirvana, just the best that could be accomplished with ongoing improvement discovered over time. Thing ain't going my way. If the anti-tariff position proves correct, it'll come through hard times and the problem origins will be little recognized. And I won't be here to witness. Damn! One way or another it'll be interesting.