More on Lou Dobbs Democrats
From today's WSJ, an article titled "Democratic Gains Raise Roadblocks To Free-Trade Push," about the anti-free trade movement ahead in Congress:
The Democrats' sweep of Congress is set to deliver a blow to President Bush's free-trade ambitions and could hamper impending trade deals both big and small.
Democrats' stances against free trade helped build the party's success at the polls and could tip the balance on trade matters. The new dynamic could put a definitive end to the already troubled effort to reach a global agreement to reduce tariffs and open markets, known as the Doha round. It also could put in jeopardy smaller deals such as those the U.S. has crafted with Peru and Colombia, intended to boost two-way trade by lowering tariffs and increasing intellectual-property protections.
All told, 16 incoming "trade skeptics" are set to replace "trade friendly" Republicans in the House, according to a study by the Swiss Institute for International Economics.
Democrats also could push tough measures of their own. They have floated various bills to squeeze imports from China or to try to manage the country's trade imbalance. Others seek to impose various restrictions or punishments for intellectual-property violations or its failure to allow its currency, the yuan, to strengthen further. Those have been shelved until now, partly because of a lack of support from the Republican leadership and the White House.
Congressional Democrats have long been moving away from free-trade support. In the 1990s, dozens of House Democrats regularly supported free-trade initiatives like the North American Free Trade Agreement backed by then-President Clinton, which won 102 Democratic votes. But only 15 Democrats backed the Central American Free Trade Agreement negotiated by the Bush administration in 2005.
Remember: Trade is Win-Win, and it doesn't matter at all if the buyer and seller are the same side of an imaginary line we call a national border, or on different sides of an imaginary line we call a national border. Just like it doesn't matter if both the buyer and seller are on the same side or different sides, of imaginary lines we call state borders. Or imaginary lines called county borders, or imaginary lines we call city limits, etc.
See Greg Mankiw's post titled "David Ricardo Rolls Over in His Grave."
Remember a few years ago when Mankiw, when he served as chairman of Bush's Council of Economic Advisors, was harshly criticized by political leaders in both parties for his statement that "Outsourcing is just a new way of doing international trade. More things are tradeable than were tradeable in the past. And that's a good thing." House Speaker Dennis Hastert, R-Ill., called for his head, and Mankiw was forced to "apologize."
Apologize for what? Understanding the significant benefits of free trade?
Labels: International Trade