President Bush's recent visit to Central Illinois has sparked a lot of talk about trade and what is best for the American economy.
Some have called for the United States to adopt more protectionists trade policies, but this would not be in the best interest of the public.
Protectionist trade policies benefit a small, select portion of society at the expense of everyone else - by restricting economic freedom and consumer choice, lowering quality, raising prices, lowering the growth of productivity and reducing economic growth.
Tariffs would just be another tax imposed on the public, and a regressive tax at that, while import quotas restrict customer choice and lead to higher prices.
The cost that protectionist policy imposes on the public, in the form of higher prices, lost revenue for most sectors of the economy and lower economic growth, would far outweigh the value of any jobs that might be protected.
Instead of lapsing into a protectionist mindset, the United States should put pressure on other nations to open up their markets and pursue an agenda that promotes global free trade.
What we and the rest of the world need is more economic freedom and trade, not less.
Robert MW Stanford
Rural Mackinaw
Posted in Mailbag on Friday, February 9, 2007 12:00 am Updated: 3:01 pm.
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