I agree with Bush. We cannot wall off our economy any longer. It's a new world. Compete or fall by the wayside. It's harsh but it's the reality.
The US had a great run, because of two things. First, WWII left most of the industrialized world in shambles, and the US had it's infrastructure intact. It took years for Europe and Asia to recover. Also, most of the rest of the world was engaged in that failed experiment called "socialism" and other centrally-planned economies. We ate their lunch.
Fast forward to the end of the Cold War. Now the world starts to wake up and get that capitalism is indeed the way to go. So, now the gap between the US and the rest of the world has finally started to close a bit.
But here is the good news. The US still has the freest economy in the world, and as long as it does, we will remain dominant. It doesn't mean it's not going to be painful at times, I myself have experienced some of that pain. But Americans never backed down from competition, and they won't back down now. And we know that messing with the invisible hand always leads to disastrous results.
When you're competing with slave labor, or slave labor wages, it's not really competition. Free trade really isn't free when only one side is practicing it. We add in one-sided "free trade" and we get screwed.
One sided free trading is really nothing more than a wealth redistribution plan on an international scale. Wealth redistribution normally has (R)epublicans frothing at the mouth at the thought of another American getting their money. Too many of them whole-heartedly support it going international.
If the President and Congress were really serious about America being competitive, they would work to reduce or eliminate regulations, enviromental concerns and get rid of our current tax system, while doing all they can to pressure other countries to open up their markets.
Too much power to be lost if they gave it back to the people though.
Why? What was wrong with tariffs? Why the import, dividends and capital gains are to be exempt from taxation but wages/incomes will not?
BS. How can we compete with our hands tied behind our backs by high taxes and regulations. Don't get me wrong I'm in favor of open and fair trade (not free trade agreements which usurps our Constitution) but with corporations paying out the behinds for BS corporate taxes that they only shrug and pass onto the consumer. Our policies are so screwed up.