12 October 2011
Ms. Lori Wallach, Director
Public Citizen’s Global Trade Watch
Dear Ms. Wallach:
Apparently because of some bizarre sense you have that American corporations deserve special government privileges purchased at the expense of American consumers – namely, protection from competition – you are distressed that Pres. Obama pledges to sign pending free(r)-trade pacts. Indeed, you’re so angered that your office blasted an e-mail this evening featuring this headline:
Obama Shifts Away From Jobs Message to Promote Bush-Signed Trade Pacts Projected by Official Government Studies to Increase Trade Deficit.
Permit me to re-word your headline in a way that changes its factual meaning not one whit:
Obama – in a Step that Will have No Long-Run Effect on the Number of Jobs – to Promote Bush-Signed Trade Pacts Projected by Official Government Studies to Increase the Amount of Capital that Foreigners Invest in America.
Can you give me one good reason why we Americans should be distraught over legislation that makes our economy a more attractive place to invest?
Donald J. Boudreaux
Professor of Economics
George Mason University
Fairfax, VA 22030
Note that exactly 519 years ago today the trade deficit of the Americas began to rise.