Is Chapman’s trade economic theory a wise or foolish opinion compared to Warren Buffett’s Fortune Magazine Trade Balance opinion? (USA 2021 Trade Deficits Highest in History.)
The Chicago Tribune Op-ed titled: The Damaging protectives of Trump – and Biden, contained the following opinion statement:“Nor did his strategy reduce our trade deficits. The overall U.S. trade deficit last year was the biggest since 2008. China has not given up the practices Trump was trying to stop.”
The Purpose of This Post
Is to relate an ancient proverb, an idiom, and my opinion of the folly of the Chapman vs the wisdom of Warren Buffet’s opinions.
To know wisdom and instruction, to understand words of insight, 3 to receive instruction in wise dealing, in righteousness, justice, and equity; (Proverbs 1-2,3)
Idiom – Fool me once, shame on you; fool me twice, shame on me’
If someone were to pull a trick on you it would be shameful on them for being a nuisance. But if you were to fall for the same trick a second time that would be a failure of critical thinking on your part.
What’s My Point?
The economic theory Chapman opinion is based on has not only failed American workers once, they have destroyed USA independence, manufacturing capabilities, livable wage jobs, and even resulted in actual deaths for Covid.
If we discern the Chapman above statement which was used as example of the large trade imbalances in the past year, we will understand that not only was his choice unfair to compare because of Covid and the fact that because the USA had offshored manufacturing of 90 percent of PPE medical equipment to sources 8000 miles away and had to pay premium prices and inflated the costs in the USA.
Add that manufacturing jobs paid more livable wages than retail jobs to stock shelves with offshored products.
Add to the fact that most products President Biden has mandated to change from fossil fuels solar and wind power must be imported or it will take years for the USA to build plants, obtain machinery and raw materials to be made in America is other example of loss of independence of USA when most wanted or needed such as during the Covid pandemic and now for environmental dreams.
Add that manufacturing skills obtained be experience and USA original engineer and tax breaks given to manufacturers who offshored has been lost and stolen by China and will now take years to catch up to the lead given to offshore sources.
Add the Balance of Payments is allowing every offshore source to accumulate wealth and invest in modern unfractured and plants and equipment.
Add to the fact that the main reason for USA trade imbalances is American workers wages are higher than other Nations because it cost more to live and work in America compared to other Nations living standards or even slave or imprisoned workers in China.
In My Opinion,
Please do not believe my opinions on this issue until after you read, compare, and discern the opinions of Warren Buffett, which was brought before Congress in 2003.
Sadly, Congress voted not to take Buffett’s advice, so he went and invested huge sums of USA dollars in offshore manufacturing plants instead and added to his billions by making use of his wisdom and experience. Of how most billionaire investors strive to benefit their investors and themselves based on Congress trade decisions which in this case was a huge folly for American manufacturing and workers to perhaps benefit an enemy more so than a competitor?
Which economic opinion would we believe by the experience we learned in the pandemic, and our present loss of independence and ability to better serve American inte⅞rests would you consider to have fooled us once and if we are wise, will have learned from a deadly pandemic experience, and shame on us if, shame on you and me if we choose a second time to believe Chapman?s opinions on trade balances.
Should Chapman try another way of balancing, as depicted in the feature image, instead of his second attempt to explain how great his trade opinions have turned our for American manufacturing based on his opinion s vs Buffett’s?
Read the Source Linked below
Regards and goodwill blogging.]
Here’s How I Would Solve the Trade Problem – Warren Buffett
Biden’s Honey Lemon for Manufacturing Jobs
Citizen Tom – China is an Enemy, Not Just a Competitor
Previous Posts – Trade
Since the time I originally posted in 2017, Fortune Magazine appears to only allow readers to read his opinion if they are paid subscribers. Perhaps the Chicago Tribune editors should arrange to publish Buffet’s opinion to compare to Chapman’s in the interest of their readers and editorial policy to present two sides to their editorial opinion articles.