Just want to draw your attention to an outstanding article (link provided above) by Alan Tonelson, author of The Race to the Bottom: Why a Worldwide Worker Surplus and Uncontrolled Free Trade are Sinking American Living Standards. It’s a great indictment of the Obama administration’s two-faced approach to trade – espousing the need to reduce our trade deficit while relentlessly championing the very policies that have gotten us into this mess. The whole article is a good read. Tonelson closes with the following:
So if the administration is indeed leveling with Americans on trade policy, here’s what it’s bringing to the Trans-Pacific Partnership table: confidence as unbounded as it is unwarranted, a dearth of relevant experience, and utter ignorance about the economics of U.S. trade flows. Team Obama also appears to be handicapped by an equally complete ignorance about the gap in economic structures and priorities impeding mutually beneficial trade between the United States and its chief foreign competitors (especially in Asia), and by a naively legalistic view on tackling foreign trade barriers and enforcing agreements. Can you imagine a better formula for policy disaster?
Couldn’t have said it better myself.