Replies

"a generous amount of immigration"? I guess they dont get out to Kalifornia much.

What pathetic bunk. Among the half truths etc that this clown spews are:

But it remains the case that free trade creates losers as well as winners. And we should not assume that the losers are always less worthy of our consideration than the winners, especially if we can develop policies based on distinguishing the deserving losers from the undeserving losers.

Sorry but it is not a matter of WORTH but numbers. There are more winners. The winners win more than the losers. We already tax the winners to compensate those who lose jobs due to trade.

How has the administration responded? In two rather perverse ways. First, it has asked Congress to extend tax cuts for corporations and upper income families,

Since income taxes are only paid by upper income people, then income taxes can only go to upper income.

That was about as far as I could in this bilge. Yeah based on do data we should give up the free trade policies that have led to the great expansion since the end of WWII. At least this guy admits the past success, but for no reasons he says we should change policy?

The author needs to take Ammodium AD.

So Smith called for care in applying his principles. Yes, he wanted import duties repealed. But he also added:
Were those high duties and prohibitions taken away all at once, cheaper foreign goods of the same kind might be poured so fast into the home market, as to deprive all at once many thousands of people of their ordinary employment and means of subsistence. The disorder which this would occasion might no doubt be very considerable.

Actually, Smith had much more to say than that.

Excerpted and condensed from:

Adam Smith: The Wealth of Nations, Book 4, Chapter 2

Of Restraints upon the Importation from Foreign Countries
of such Goods as can be produced at Home

"There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry...

The first is, when some particular sort of industry is necessary for the defence of the country....

The second case, in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry is, when some tax is imposed at home upon the produce of the latter. In this case, it seems reasonable that an equal tax should be imposed upon the like produce of the former....

As there are two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry, so there are two others in which it may sometimes be a matter of deliberation; in the one, how far it is proper to continue the free importation of certain foreign goods; and in the other, how far, or in what manner, it may be proper to restore that free importation after it has been for some time interrupted....

The case in which it may sometimes be a matter of deliberation how far it is proper to continue the free importation of certain foreign goods is, when some foreign nation restrains by high duties or prohibitions the importation of some of our manufactures into their country. Revenge in this case naturally dictates retaliation, and that we should impose the like duties and prohibitions upon the importation of some or all of their manufactures into ours....

The case in which it may sometimes be a matter of deliberation, how far, or in what manner, it is proper to restore the free importation of foreign goods, after it has been for some time interrupted, is, when particular manufactures, by means of high duties or prohibitions upon all foreign goods which can come into competition with them, have been so far extended as to employ a great multitude of hands. Humanity may in this case require that the freedom of trade should be restored only by slow gradations, and with a good deal of reserve and circumspection. Were those high duties and prohibitions taken away all at once, cheaper foreign goods of the same kind might be poured so fast into the home market as to deprive all at once many thousands of our people of their ordinary employment and means of subsistence. The disorder which this would occasion might no doubt be very considerable....

So while Smith DID warn of social disorder if tariffs were lifted too quickly, he ALSO cited instances where import duties were in our best interests. Instances that are also being ignored by the Bush Administration.

I see it is the Economic Incompetent day here on Free Republic.

Isn't it amazing how fast so called "Conservatives" turn into big Government Liberals when they want the Government to do something for them on Trade or Immigration. Guess all that "limited Government" talk was all just a bunch of lies hmmm Buchannanites????

I guess all that ranting about Government Spending we have heard from these clowns for the last 2 years is just them blowing smoke out their butts.