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Free-Trade Kool-Aid Drinking Gets a Pass in "Here's the Deal"

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opednews.com


At www.washingtonpost.com


Here's The Deal Book Cover
(image by David Leonhardt)

This book takes on the partisan issues of tax-cuts versus spending, and admirably examines the proximate causes of our fiscal dilemma but overlooks several root-causes. No mention is made of the free-trade induced cumulative U.S. trade deficit, since the late 1960s, of over $10 Trillion, how it has structurally weakened our economy and its quadruple effect on our fiscal deficit. Also ignored is how virtually all our major trading partners have replaced tariffs with value-added taxes (VAT) as highly effective consumption tax to minimize tax avoidance, enhance global competitiveness and increase savings/investment. The quadruple effect on the trade deficit, include: higher safety --net spending, reduced general tax and employment tax revenue, and lower interest rates, which have artificially ballooned the present-value of off-balanced sheet liabilities like Social Security and Medicare.

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At www.washingtonpost.com


 

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Our "service sector" economy produces very little ... by Matthew Peters on Monday, Feb 18, 2013 at 12:11:58 PM
For certain the campaign contributors of both po... by Hugh Campbell on Monday, Feb 18, 2013 at 6:05:56 PM