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BROOKS/LIPINSKI INTRODUCE BIPARTISAN RESOLUTION SEEKING BALANCED TRADE

December 05, 2016
FOR IMMEDIATE RELEASE
Annalyse Keller
(202) 225-4801
12/1/2016
Washington, D.C. – Today in a bipartisan effort, Congressman Mo Brooks (R-AL-05) and Congressman Dan Lipinski (D-IL-03) filed House resolution H.Con.Res.175, calling for a national goal of balanced trade, with a special emphasis on manufacturing and goods.

Joint statement from Congressman Lipinski and Congressman Brooks:
“We have long believed that the goals of our nation’s trade policy have been misaligned and put America at a disadvantage, thereby failing American workers.

“We introduced this resolution as a marker for what America’s trade policy should be, and to help build congressional support for trade policies that improve rather than worsen America’s trade balance.  Current American trade deficits annually export hundreds of billions of dollars’ worth of jobs and capital needed to expand American industry and improve employment opportunities for struggling American families. 

“As President-elect Trump finalizes his Cabinet and formulates and implements his trade priorities, we reinforce our show of support for policies that reverse America’s persistent trade deficits.  It is our aim to coalesce members of Congress around the goal of balanced trade and to work with the incoming Administration to fix current trade agreements.”

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  • Here is a link to an article published in Fortune in 2003 by Warren Buffett, in which he recommends that our government impose “Balanced Trade,” with China. It is a simple concept, and avoids using tariffs to restore balance.
    http://archive.fortune.com/magazines/fortune/fortune_archive/2003/11/10/352872/index.htm

    You can Google “Balanced Trade” for the whole story.

    The Richmans, three economists who have written extensively about “Balanced Trade,” advocate “scaled tariffs,” as a way of balancing trade. There are strong arguments for their approach, as well as for that suggested by Buffett. President-elect Trump is talking tariffs along the lines recommended by the Richmans. I would support either approach, as long as we are doing something to bring back manufacturing. Manufacturing creates wealth. Services and retail do not create wealth. Unless we are creating wealth, will continue to decline as a nation and our middle class will continue to shrink. Here is a link to the Richman’s website. http://www.idealtaxes.com/
  • Here is an article that explains how Bill Clinton sent our manufacturing jobs to China. http://www.americanthinker.com/articles/2016/09/how_bill_clinton_sent_manufacturing_jobs_to_china.html
  • Alexander Hamilton convinced George Washington that, if we were to become an independent nation, we must protect our industries with tariffs. That became known as the American System. It was mercantilism, and it made us the wealthiest, most powerful nation on earth. In fact our government was totally financed by those tariffs, and no income tax was necessary until early in the twentieth century.

    Over the recent decades, our government has politicked those tariffs away, and we are practicing one-sided “free trade,” which China is repaying with mercantilism. For the past 30 years, China has been stealing our technology, which has enabled them to drain away our jobs and our wealth. It wouldn’t be so bad if the Chinese people were enjoying a higher standard of living, but the fact is, that wealth is being used to build up the Chinese military (Why?!), and to enrich the honchos of the Chinese Communist Party.
  • Thank You Santa for bringing us all our early Christmas wish this year. They should had done this 20 years ago but it is never too late to do the right thing and what is the right thing to do. We now must become a nation of makers rather than a nation of takers once again. Once great always great and special thanks to all at CPA for making this happen.