Posted on 05/08/2016 5:49:19 AM PDT by TigerLikesRooster
Why a conservative economist says Trump could make America the North Korea of economics
By Jim Tankersley May 6
In his run for the White House, Donald Trump has threatened to slap tariffs on imports from China, in almost-certain violation of international rules. He has threatened to confiscate money that immigrants from Mexico wire home to their families, in order to force the Mexican government to pay for a border wall. This week, he suggested that, in an economic crisis, the government might repay only some of the money it owes to certain holders of its debt.
Those threats reflect an economic philosophy that is at odds with the traditional economic belief that markets cannot function well outside the rule of law. America has built 200 years of prosperity on a foundation of people agreeing to rules in business transactions, and then sticking to them. Trump appears willing to break those rules in the name of cutting better "deals" for American workers.
Trump's pledge to take extraordinary steps to help left-behind American workers has powered his campaign and made him the presumptive Republican nominee. But he has worried many economists, on the right and the left, who warn that breaking laws and commitments could undermine America's credibility with trading partners, raise its borrowing costs and potentially spark global financial panic.
(Excerpt) Read more at washingtonpost.com ...
America will never be destroyed when guided by its spirit of personal responsibility and independence. This is precisely why these pundits insist we follow rules and regulations intended to destroy us. Playing by rules designed to force one side to lose is a loser’s game.
Economists and weathermen are a couple of folks that get paid to be wrong most of the time!
Fixed it. No charge buck wheat.
Totally agree.
Or at least giving some that impression. Watch and learn grasshopper how it all plays out. This is all pert of his strategy, and it attacks several different fronts at the same time. Talk is always cheap as my dad used to say, and actions always speak louder.
Wow!!! O. K. I will go out and vote for Hillary. A-hole!!
I agree, for the most part.
Don’t worry, I’m voting for Donald, not Mitt (haha).
"Don't expect much sympathy for that view here on FR."
I don't. Many here like the protectionist approach, which sounds good but, unfortunately, history shows it does not result in "America first" in the long run.
But Trump is making political hay out of this issue. I hope he'll reconsider his tactics when he gets in office.
Regardless - go Trump!
In this case, the naysayers are right. If Trump tried to pull off half of what he threatens to do, such as repudiating national debt (which is unconstitutional until five economic illiterates and legal ciphers on the SCOTUS say it isn’t) or unilaterally abrogating treaty obligations, it will be an economic, diplomatic, humanitarian, and security catastrophe. The only reason I’d ever vote for Trump is because I believe he cannot fulfill his promises, while Hillary Clinton will do worse than she has promised, with full connivance from Congress and Scotus.
You’d better figure out that jobs in America produces money in the pockets of Americans that is spent in America putting more money in the pockets of Americans that they can spend on American goods which causes more Americans to be working instead of on the public dole and our economy takes an upswing as a result. A rising tide floats all boats. Problem is America’s big lake has been drained by foreigners. Time to fill up our own Lake instead of China’s. When competition comes back into play when we are manufacturing our needs instead of paying for things ten times over because they are five cents cheaper, we’ll start to recognize the money saved by quality production. Americans have been sold a bill of goods to buy cheap instead of to buy wisely. Free Trade is free for everyone but us. I don’t like rules that cripple the US Economy which is NO LONGER the number one in the World. WISE UP!
LOL. You may be right about that.
But I'm sticking with Rothbard, von Mises and Friedman for my economic advice. George was a good guy but somehow I don't recall that he was an expert on international trade.
And I take it that you don't disagree with me on the Trump/Bernie alignment on trade and tariffs. If not you might point out the key differences.
There is no such thing as “free trade”.
It’s managed trade through rigged treaties. .
The United States from 1945 to 1996 was a world Super Power. That’s not even debated. We led the world in a lot of categories took. At the time we did not have NAFTA, GATT, etc.... How do you explain that?
The current rigged trade deals have been put in by the Globalsit to weaken the Unites States and THAT is what it has done. The United States was a stronger country from 1945 to 1996 than it is from NAFTA going forward.
The current trade agreements are RIGGED AGAINST THE UNITED STATES.
1) WE PAY TARRIFFS 20 to 40% and they (China and Mexico) pay nothing. THow is that fair and not rigged???
2). When aour exports increase, then China is allowed to manipulate their currency. So that it’s even harder for us to export. How is that fair?
3). Our industry has massive regulations, but China does not have to follow the same regulations. Hence, it encourages good jobs to leave the United States and open up in China with dirty coal plants, factories, etc... Plus they can export for free version having a factory in the U.S. where they have to pay TARRIFFS to China and Mexico.
4). Many of theses jobs in China are paid at slave labor wages. Ten cents an hour like at Foxcon for Apple. There is no way a U.S worker can work for 10 cents an hour over here. That’s not enough to pay your electric bill.
5). The only jobs tag at are coming in are minimum wage jobs that used to be called summer jobs when I was a kid. We are watching the United States being de-industrialized and weakened.
If you goal is to weaken the United States then you should be all for the RIGED TRADE DEALS. However, if you are for a strong United States, then let’s get the United State back to when we were a Super Power before NAFTA from 1945 to 1996.
Why doesn’t Scotland make wine from domestically grown grapes, then? Why not only drink American grown coffee? And only buy American made clothing, because so many young American girls have had their dreams of growing up to be seamstresses toiling in a sweatshop dashed by unfair foreign competition?
Agreed. That is why the Nanny State is pushed so hard so people will lose personal independence and responsibility. “It takes a village” mentality has been sold to the younger generations for far too long. Time to rejuvenate our “Frontier Spirit” here in the U.S.A.
Stopped reading at the stupid “Immigrants from Mexico” crap.
More like invaders.
LOL. We should all follow that advice.
You give the classic argument in favor of tariffs. History does not support that argument. The rising tide benefits those companies and industries that become more competitive when tariffs are introduced. The Federal Government benefits due to the new source of tax revenue.
Everyone else is a loser in both the short run and the long run. You can argue otherwise but you can't prove it by any means that I'm aware of. If you can then do so. Simply restating the Sanders/Trump view is not good enough for me.
Free Traitors
Free trade is great for attaining Marxist internationalist goals, but not much else.
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