Sunday, January 28, 2018

Trump repeats the folly of protectionism

Steve Chapman: Trump repeats the folly of protectionism
Excerpt: The president, whose ignorance of economics is bottomless, has the idea that punishment of foreign producers is the key to our prosperity. His conviction is that when you protect an industry, you cause it to grow, reaping a bounty that will enrich the entire economy. It’s an old superstition that has been debunked in the real world over and over. A nation does not make itself richer by shutting out goods its people want. High tariffs fleece the broad public to benefit a small class of favored people. (Free Trade has been a conservative and Republican principle for decades. Read Thomas Sowell's "Basic Economics." `Bob)

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