Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
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Dick Morris calls for a redefinition of what is conservative trade policy
In his October 28 commentary, Dick Morris called for a redefinition of the word "conservative" as far as trade policy is concerned. He wrote (Redefining the Right):
Income inequality and the trade deficit
As shown in the chart below, which I just put together, there is a pretty good correlation between household income inequality and the U.S. trade deficits from 1954 to 2012:
The trade deficits began to grow in 1977 and so did household income inequality in the United States. The correlation looks pretty close, except that the trade deficits are much more volatile than income inequality. Due to trade deficits, the jobs lost to imports were not replaced by jobs producing exports. They were simply lost. This graph supports our contention in our 1988 book Trading Away the Future, that the growing trade deficits worsened the income distribution. We explained:...
Rep. Lynn Westmoreland, R-Ga, one of the candidates for House Speaker, opposed ObamaTrade
With the resignation of House Speaker Boehner and the decision of Rep. Kevin McCarthy not to seek the speakership, the race for House Speaker is wide open. Only one of the candidates currently being mentioned, Rep. Lynn Westmoreland of Georgia, voted against Obamatrade. Here is a selection from an local newspaper article about why he opposed it:
TPP Pressure Cooker is On
A deal has been struck -- The Trans Pacific Partnership is now awaiting Congressional legislation to enact its provisions (ratification is an inappropriate word as the Constitution's 2/3 majority to ratify a treaty is once again being bypassed). Now the time line for consideration kicks in. The Washington Post's Kelsey Snell lays out the steps that will lead up to a vote. Advocates may well try to push for a vote as quickly as possible in order to minimize electoral risks. Members of Congress, and their leaders, know that a TPP vote is a dangerous vote. Hence, the effort will be to get such a vote taken as soon as possible in order to give memories as much time as possible to fade before the election, or supporters may try to target the electoral sweet spot between primary and general elections.
It will be a month before members of the general public are able to view the TPP agreement. Hence, for some time yet we will all still have to work from leaks rather than final text. But given what is already known, it is hard to see how this deal can be a good one. Clyde Prestowitz makes a compelling case in the most recent issue of American Prospect that the deal is not only bad economics but bad politics...
The Last Time Europe Committed Suicide by Refugee -- Ray and I are published in today's American Thinker
Journal of Economic Literature:
Atlantic Economic Journal: