Categorized | Trade

DiMicco on Buy America provisions in stimulus

Dan DiMicco, CEO of Nucor, wrote this comment in response to the blog post criticizing the WSJ editorial board for their anti-Buy American garbage.  I am elevating it to a full post.

All those newly energized young voters need to wake up to their future debt obligation to China thanks to their protectionism and mercantilism in trade. But be careful not to blame the Chinese too much, because the last 20 years of distorted trade that has been allowed (caused) by our Congress, our Presidents, and the Free Trade drum beaters that have really sold us out! We will go to war and put the lives of our young Americans at risk to protect our way of life, but then we allow the same way of life to be destroyed from within by committing economic suicide through a trade policy that never showed up for the fight.

The battlefield statistics: 4.1 million lost high pay/high benefit Manufacturing jobs and millions more, indirectly,
who depended on those jobs to provide consumers of their services. Seven Trillion Dollars, yes Trillion, in foreign debt solely due to our
huge trade deficits.  An economy that will be years repairing the
damage created by the same "Free Trade" thinkers who have given us
today’s financial crisis–a crisis of epic size. There are solutions. 
But we must not listen to those who got us here.  We must instead
listen to those who have been warning of this current disaster for the
last 10 years. Young America, wake-up while there is still an
opportunity to make a difference… before you become indentured
servants to the world instead of Leaders in the world.

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