Who sold Congress on Free Trade and why did they agree?
In my previous post I stated I would explore how Congress was sold on the benefits of free trade. I believe influential economists presented their idealistic , but now proven by reality as failed economic theories.
Falsifieed scales are loathed by Yahweh, but a weight which is standard meets his approval. (Proverb 11-1)
The antithesis is between falsified balances and an accurate weight – accurate in the sense that it actually weighs what it ought to weigh without the least deficiency. Both prophecy and law were concerned with honesty and ‘righteousness’ in the particular area of commercial practice. (Proverbs Mc Kane)
Free Trade Economic Theories
If you want to spend a lot of time reading a host of economic theories, may I caution you by giving you this King Solomon advice.
says the Teacher.
Everything is meaningless.” (Ecclesiastes 1)
Why I say that is because of these two basic failed economic theories.
- Every US dollar that is paid to purchase an import, will someday be returned to the US in the form of a return purchase. (Instead of China buying US products, they buy US Debt, are paid tax free interest. If a US citizen buys US Debt, they must pay tax on the interest earned.)
- Business will police itself. There is no need for government regulations. (Anyone remember 2009?)
However, the economists who said this about free trade were right in this first part of their theory.
” Free trade will result in winners and losers,
“in time free trade will benefit everyone.”
Reality of Losers
US dollars are being manipulated by trade partners (horse traders) to boost their exports. Donald Trump is telling you the truth about unbalanced scales. I recommend you read this brief article for an overview. HERE
Just a Few Examples of The Losers Scorecards
1.US Trade Deficit = Minus (-) One half trillion dollars a year is not being circulated in the US..
2.The setback of wages for middle class worker back to 1970.
3.The highest insurance costs for health insurance and the highest amount of deductibles for medical care formerly provided by employers of US workers.
4.The largest number of Americans ever receiving food stamps, rent subsidies, emergency room medical care. The direct result of Obamacare and decrease in livable wage and full time 40 hour livable wage jobs.
5.The highest number of US workers no longer paying income taxes because they do not make enough money, are unemployed, are collecting disability payments from Social Security, etc. etc.
In My Next Post
I will explore what happened to explain why many American Corporations decided to outsource their products to foreign suppliers because of inept free trade agreements negotiated and approved by Congress.
Regards and goodwill blogging.
Post One HERE
Post Two HERE
Post Three HERE
( Original Post Date 2/17/16. Re-post Reason HERE)