Will Steve Chapman explain why our one half trillion dollar trade deficit is wise or foolish?
I read with great interest Steve Chapmans lecture in the Chicago Tribune Perspective today, Trump repeats the folly of Protectionism. He ended with a statement, “We have accumulated a mountain of evidence that protectionism doesn’t work. But it’s never too late to get schooled in lessons we should already know.
However, he made no mention of the $300 billion dollar present trade deficit with China. Will he follow up with another article to explain the effects on jobs in the USA? I seem to remember that this issue was one of the main reason Trump was elected last year as the reason why millions of US workers have not had either a job or a wage increase in a decade.
Also, why 50 million people in the USA are on food stamps, many because they are working for minimum wages and cannot afford to compete with foreign laborers who are paid $200 a month, while at the same time, rent in the USA averages $800 a month.
We seem to have also accumulated a mountain of evidence that deficit trade balances in 2016 totaled 502 billion. Is that perhaps folly? When will he lecture to explain the other side of the story, either the wisdom for protectionism, or the folly of continued trade deficits to help decrease wages in the USA?
Do you see someone skilled in their work? They will serve before kings; they will not serve before officials of low rank.(Proverb 22:29)
In My Opinion
Steve Chapman appears to be a expert believer of globalism instead of free and fair trade. We have evidence how unbalanced trade is harmful to a country who is on the losing end of trade balances in a statement of the World Trade Association.
I wonder if Steve is as skilled in economics as he portends in his article
Do you agree that globalism and huge deficit trade balances benefited the USA?
If interested, I wrote a previous post which questions where the Delta Point of the benefits of free trade vs. joblessness and the subsidizing people with food stamps and social benefits.
If after reading the Sources, how would you rank Steve Chapman as being skilled enough to stand before King Solomon on his views of the wisdom or folly of continued deficit trade balances?
King Solomon, Delta Point
King Solomon Wampum
Wonky Trade Imbalances?