Don't Call Me a Protectionist

[Algorem]

http://online.wsj.com/article/SB120891223498936727.html?mod=googlenews_wsj
By SHERROD BROWN
April 23, 2008
...


When Barack Obama and Hillary Clinton came out against the North American Free Trade Agreement (Nafta) in the run up to Ohio's presidential primary last month, they also spoke about U.S. trade policy generally. They mentioned problems with China's currency, toxic toys and contaminated food, and communities wrecked by plant shutdowns and lost jobs...


The supporters of our trade policy rarely mention our exploding trade deficits. In just 15 years, our annual trade deficit has mushroomed to over $800 billion from $38 billion in 1993. With Mexico, our trade surplus evolved into a $90.7 billion trade deficit. With China, our trade deficit jumped to $250 billion today from about $22 billion. President George H.W. Bush once estimated that a $1 billion trade deficit represents 13,000 lost jobs. Do the math.

One country's deficit is another country's surplus. Our annual trade deficit helps fuel the growth of government-owned investment funds overseas. Free traders rarely mention these funds even as they proliferate.

Nonetheless, today, five governments control more than $2 trillion that they use to buy stocks and other assets in America and other countries. So far, the funds controlled by the People's Republic of China and the United Arab Emirates have been passive investors. So far...




Sherrod Brown: 'Don't call me a protectionist'

http://blog.cleveland.com/openers/2008/04/sherrod_brown_dont_call_me_a_p.html

Posted by Stephen Koff April 23, 2008 10:32AM
Categories: Congress, Democratic Party

The Wall Street Journal is still figuring out what kind of paper it will ultimately be under Rupert Murdoch, the new owner. There's no sign that its editorial board will suddenly become protectionist.

But one of its op-ed writers today -- Democratic U.S. Sen. Sherrod Brown of Ohio -- says labels like "protectionist," bandied about freely in the politics and punditry, miss the story...


COMMENTS (8)Post a comment
Posted by greghelms01 on 04/23/08 at 11:48AM

Hey, Sherrod, if the shoe fits...
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Posted by rommel on 04/23/08 at 11:50AM

More spin and word play from the liberals who don't like to be called liberals...