by Michael Stumo
This guy, Tim Worstall, is really off the rails. Forbes will print any swill, it seems.
But the entire point of trade, of trade deals, as far as America is concerned is the imports which America can buy from the rest of the world. For it is the imports which make us richer, is the imports which are our goal in trade in the first place.
He is with the Adam Smith Institute.
There are, indeed, quite a few wacko economists that believe we should send a “thank you” card to other countries who subsidize their exports to us at predatory prices. Because we can buy things cheaper for a time. Never mind that our industries, jobs and innovation are decimated… because there is no value to those things.
Under that logic, early American leaders in the 1800’s should not have spent a bunch of money and effort to foster a diverse US industry because we could have bought stuff cheaper from Europe.