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Why a conservative economist says Trump could make America ‘the North Korea of economics’
https://www.washingtonpost.com/news/wonk/wp/2016/05/06/how-trump-could-make-america-the-north-korea-of-economics/ ^ | May 6 , 2016 | Jim Tankersley

Posted on 05/08/2016 5:49:19 AM PDT by TigerLikesRooster

Why a conservative economist says Trump could make America ‘the North Korea of economics’

By Jim Tankersley May 6

In his run for the White House, Donald Trump has threatened to slap tariffs on imports from China, in almost-certain violation of international rules. He has threatened to confiscate money that immigrants from Mexico wire home to their families, in order to force the Mexican government to pay for a border wall. This week, he suggested that, in an economic crisis, the government might repay only some of the money it owes to certain holders of its debt.

Those threats reflect an economic philosophy that is at odds with the traditional economic belief that markets cannot function well outside the rule of law. America has built 200 years of prosperity on a foundation of people agreeing to rules in business transactions, and then sticking to them. Trump appears willing to break those rules in the name of cutting better "deals" for American workers.

Trump's pledge to take extraordinary steps to help left-behind American workers has powered his campaign and made him the presumptive Republican nominee. But he has worried many economists, on the right and the left, who warn that breaking laws and commitments could undermine America's credibility with trading partners, raise its borrowing costs and potentially spark global financial panic.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; Mexico; News/Current Events; US: California; US: New York
KEYWORDS: 2016election; economy; election2016; gruberspeaks; jimtankersley; mexico; nancypelosi; newyork; nkorea; tariff; trump; trump4america; uscalifornia; vicentefox
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To: central_va; Jim Robinson
Why Jim Robinson allows you and others to push a Marxist free trade agenda is beyond my pay grade.

I'm pushing Austrian Economics. I can't control the nonsense that flowed from Marx and Engels. And if Jim Robinson thinks that I'm out of line quoting Milton Friedman, Murray Rothbard and Ludwig von Mises then he can kick me off this forum anytime he likes.

What you are saying is that only one opinion is allowed here on what is supposed to be a DISCUSSION FORUM.

Trump and Bernie Sander are wrong about Tariffs and Trade. That needs to be communicated to Freepers. People who disagree should stop yelling and present their rational arguments in favor of adding a new tax on the American people as both Trump and Sanders want to do.

61 posted on 05/08/2016 7:10:33 AM PDT by InterceptPoint (Still a Cruz Fan but voting for Trump)
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To: Lonesome in Massachussets

Then why are you a Free Traitor™?


62 posted on 05/08/2016 7:11:24 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: TigerLikesRooster

Don’t you just love the oracles of the internet that offer to share their wisdom with the rest of little people.


63 posted on 05/08/2016 7:12:03 AM PDT by JayAr36 (At 80 I thought I had seen it all. America is swirling in the toilet now. And daily getting worse.)
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To: impimp

“[Trump] terrible when it comes to free trade”

So I guess that means you get a warm, glowing feeling when you go to the large box stores, and see everything manufactured overseas.

As an old economist once said, when you buy something foreign made, the money and the job goes overseas (and now Mexico).


64 posted on 05/08/2016 7:12:13 AM PDT by odawg
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To: InterceptPoint
The benefits of protectionism:
  1. repatriation of industry
  2. general increase in economic activity
  3. decreasing or no trade deficits
  4. balanced Federal budgets
  5. higher levels of baseline employment
  6. less social stress
  7. less political will for socialism
  8. increased national security
  9. raising interest rate will not crater the economy.

Here are 9 benefits of protectionism, refute them one at a time.

65 posted on 05/08/2016 7:14:21 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: ConservativeMind
"Obviously he will follow law. Nothing he did otherwise would stand."

" He is saying he will push for changes to allow his policies. Really. "

Agreed. I didn't mean to imply he will do anything illegal.

I like Trump. And I hope he understands more about this issue than he's letting on when he tries to change the law.

66 posted on 05/08/2016 7:16:51 AM PDT by MV=PY (The Magic Question: Who's paying for it?)
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To: ConservativeMind

I could care less about quid pro quo. I could care less if there are asymetrical trade details that are ostensibly stacked against us. I could care less about fair trade.

I want free trade. And I don’t care how many Americans lose their jobs as a result.

Why do I say such things? Because I know that the jobs won’t be lost but they will be shifted to finance and technology. Because I know our GDP per capita will go up and we will have a stronger military.

The nationalist quest for “fair trade” ultimately leads to a weaker military.


67 posted on 05/08/2016 7:17:59 AM PDT by impimp
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To: InterceptPoint
Trump and Bernie Sander are wrong about Tariffs and Trade. That needs to be communicated to Freepers.

Make sure while you are "educating" freepers about the 'evils' of protectionism you make sure to tell them all the founding fathers, including George Washington, were 'evil' protectionist too.

68 posted on 05/08/2016 7:18:15 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: central_va
Here are 9 benefits of protectionism, refute them one at a time.

Nice list. So why not apply this philosophy in spades by simply banning all imports. That would seem to maximize all the benefits you list except for the elimination of the Federal Balanced Budget item.

8 out of 9 is not bad.

You need to explain why this wouldn't work.

69 posted on 05/08/2016 7:20:13 AM PDT by InterceptPoint (Still a Cruz Fan but voting for Trump)
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To: central_va

Read Adam Smith. Or Bastait. Different countries have different relative advantages. Columbia can produce better coffee cheaper than America can. China produces a wide range of consumer goods cheaper than America.

There are national security implications of losing all industrial capacity and becoming a service economy, with our only exports software and Hollywood and real estate, and we should address them *honestly* and *unemotionally*.

I think, on balance, Wal*Mart is good for the majority of consumers and Chinese apparel is a good deal. Where we are giving away the store is admitting third world freeloaders, who put enormous strain on public services and welfare programs, which depressing domestic wages and supporting public officials who advance these idiotic policies.


70 posted on 05/08/2016 7:21:44 AM PDT by Lonesome in Massachussets (The Democratic Party strongly supports full Civil Rights for Necro-Americans!)
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To: central_va
Make sure while you are "educating" freepers about the 'evils' of protectionism you make sure to tell them all the founding fathers, including George Washington, were 'evil' protectionist too.

You've brought that up. Tariffs funded the early U.S. Government. Now we do that with Income Taxes. Tariffs were not favored due to their benefits but simply as a revenue source.

71 posted on 05/08/2016 7:23:21 AM PDT by InterceptPoint (Still a Cruz Fan but voting for Trump)
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To: Lonesome in Massachussets
I've read Adam Smith. Nowhere does he discuss moving a factory form country A to Country B and re-importing the same product back to country A duty free. That is not in his writings.

China produces a wide range of consumer goods cheaper than America.

And who benefits? the corporate bottom line benefits. For instance Carrier Corp moved production to Mexico. Do you think they will reduce the retail price or pocket the difference in reduced production costs? Hmmm?

72 posted on 05/08/2016 7:26:43 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: InterceptPoint
Tariffs were not favored due to their benefits but simply as a revenue source.

That is bull crap. In the preamble to the Tariff act of 1789 it states it's propose quite clearly.

"Whereas it is necessary for that support of government, for the discharge of the debts of the United States, and the encouragement and protection of manufactures, that duties be laid on goods, wares and merchandise:"

More tariffs and less income taxes.

73 posted on 05/08/2016 7:30:50 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: InterceptPoint

Face it you are supporting 2 Marxist agenda items the income taxes and free trade. Two red check marks against you comrade.


74 posted on 05/08/2016 7:32:50 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: impimp
>> 5. terrible when it comes to free-fall trade
75 posted on 05/08/2016 7:33:25 AM PDT by ROCKLOBSTER (Trump: A Bull in a RINO closet.)
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To: TigerLikesRooster

Because what we’ve been doing has worked so well?

What do the conservative economists say about Reagans use of tariffs?


76 posted on 05/08/2016 7:38:05 AM PDT by bigbob
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To: TigerLikesRooster

Suddenly lots of faux “conservatives” are coming out of the woodwork. It reminds me of all the times leftist radical Democrats would speak before a camera and start by saying, “As a lifelong Republican, I...”

Truthfully, I don’t think they really cared that a day or two later, someone would identify them as Democrat precinct chairmen or something. Because they knew the media would tout their soundbite, and ignore the truth later.

But in the long run, it needs to be noted that both the leftists and the RINOs realize that conservatives really are the majority, which is why that have to pretend to be one of them.

They knew that if they started out their speech by saying, “I am an internationalist socialist”, or “I am an internationalist corporatist”, that nobody would want to hear anything they said, because most of the public know that both groups are anti-American scum.


77 posted on 05/08/2016 7:41:38 AM PDT by yefragetuwrabrumuy ("Don't compare me to the almighty, compare me to the alternative." -Obama, 09-24-11)
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To: TigerLikesRooster
Anytime the Washington Post quotes a "conservative," I immediately dismiss the credibility of that so-called conservative.
78 posted on 05/08/2016 7:41:46 AM PDT by Arm_Bears (Rope. Tree. Politician/Journalist. Some assembly required.)
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To: ROCKLOBSTER

What does your post mean? “free-fall trade”


79 posted on 05/08/2016 7:43:48 AM PDT by impimp
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To: central_va
Face it you are supporting 2 Marxist agenda items the income taxes and free trade. Two red check marks against you comrade.

Bye bye.

80 posted on 05/08/2016 7:44:40 AM PDT by InterceptPoint (Still a Cruz Fan but voting for Trump)
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