mark pettitt commented on CPA Briefing Paper: Why Economic Forecasts of the Effects of Trade Action Are Consistently Wrong 2019-06-06 12:44:50 -0400President Obama celebrated “jobs saved” by his policies. Pseudo data for propaganda. I appreciate CPA’s efforts to highlight the weaknesses of past economic modeling. I agree with Dr. Ferry, actual forecasts that are proven correct are the only way to build model credibility sufficient to influence opinions of the open minded. Of course, nothing will sway the thinking of those seeking global minimum labor costs.
“Free and fair” are vague concepts that cannot be used to shape policy for trade between nations. Political and economic conditions are too different for such value laden terms to drive policy. Let’s demand “reciprocal”, not in the sense of some economic conditions, but results. Unilaterally adjust US dollar exchange rates until we are trading goods for goods. All else will fall into place as the world realizes America is not for sale.
Give a man a hoe and he may scrape out a subsistence living, but give him a harvester and he can create enough to live in comfort. The world is tool poor and flush with labor. Multitudes still harvest wheat with a knife for lack of better tools. It is beyond naïve to believe that America, with almost 20% of the world GDP, can prosper as a whole by exporting to the poor world. The world needs and will demand their own machines. Rather, American workers will get richer over time by creating more per hour worked in an environment where businesses must compete for their labor. Free enterprise works best when there is a persistent labor shortage where wages increase along with productivity in the competition for workers. Rising labor costs naturally drive increased investments in automation making us all richer over the long run. The excessive use of cheaper foreign labor short circuits this process of industrialization which created the greatest middle class in on earth.
mark pettitt donated 2018-12-04 16:11:33 -0500
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mark pettitt commented on Free-Trade Economists Begin To See the Light on Trade and Globalization 2018-05-10 10:43:10 -0400Respectfully, notice how the previous commenter felt obliged to embrace the term “free trade”. This is testament to the success of the import lobby in shaping thought. Others try to “justify” protection of American productive capacity by using the term “fair trade”. The import lobby happily uses “fair trade” mantra then engages in endless litigation with little change. CPA has started using the term STRATEGIC TRADE. This term abandons the implied unobtainable, undefinable goal of fair and equitable global economic homogenization—-which in fact would harm most Americans. This rebranding is, I think, important in helping turn the tide against the import lobby who brandish the “products will cost more” club to good effect with short-sighted interests. It helps refocus public attention on our primary obligation to promote the general welfare of Americans.