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Fred's son

Registered: 10/19/00
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The cost of US protectionism
    #1946421 - 09/24/03 01:05 AM (14 years, 4 months ago)

Excerpted from: http://www.opinionjournal.com/editorial/feature.html?id=110004051 --

Steeling Our Wealth
Bush's tariffs deal the economy a $680 million hit.
Tuesday, September 23, 2003 12:01 a.m. EDT

Long ago we characterized President Bush's imposition of steel tariffs in 2002 as the single worst decision of his Presidency. Now someone's finally put a price tag on it. According to a just-released report from the International Trade Commission, in their first year U.S. steel tariffs inflicted a $680 million hit on an already struggling U.S. economy.

Now, if there has been one persistent weakness in this Administration, it's been in the area of international economics. At a time when our Treasury Secretary is blaming the Chinese for U.S. manufacturing losses (see above), the ITC report would make instructive reading for the White House political staff. Even as simple political calculus, the losers outweigh the winners from the tariff decision.

The ITC report's executive summary is a PG-rated version of the overall study, leaving out the gory details of the damage to U.S. manufacturing under the tariff protection. But the damage is real enough. While American steel makers have benefited from the tariffs, those paying the price were steel users--everyone from auto and tool makers to appliance manufacturers. Not to mention the American consumer.

It's the classic protectionist result, with the benefits enjoyed by a concentrated and politically powerful few while the costs are diffused. According to the ITC, a quarter of the U.S. companies surveyed reported losing business to foreign competitors since the tariffs were imposed. That's a pretty significant burden for an economy struggling to come out of recession and already losing manufacturing jobs. And it's not the only cost the tariffs have imposed.


Lots more at the link.



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It's the psychedelic movement!
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Re: The cost of US protectionism [Re: Phred]
    #1946626 - 09/24/03 02:22 AM (14 years, 3 months ago)

Until we stop electing people who are being bought by corporations, profit will always take precedence over everything else.


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Registered: 10/13/02
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Re: The cost of US protectionism [Re: Learyfan]
    #1946661 - 09/24/03 02:43 AM (14 years, 3 months ago)

For once I agree with you. Protectionism is bad for us and everyone else.

"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." - C.S. Lewis

"I would rather be exposed to the inconveniencies attending too much liberty than to those attending too small a degree of it." - Thomas Jefferson

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Re: The cost of US protectionism [Re: Phred]
    #1946680 - 09/24/03 02:56 AM (14 years, 3 months ago)

Yes, we should just pay steelworkers to not work like we do farmers.


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Registered: 04/18/02
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Re: The cost of US protectionism [Re: Baby_Hitler]
    #1946764 - 09/24/03 03:30 AM (14 years, 3 months ago)

no. just pay them what they're worth. nothing more. nothing less.

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