Author Archives | stumo

Outsourcing our Democracy: Japan Buying US Think Tanks

A blockbuster article appeared yesterday showing how foreign governments are buying influence in our nation’s capital through our “impartial” think tanks. The Japanese government has basically purchased the trade policy section of the Center for Strategic and International Studies. In return, CSIS testifies before Congress that the TPP is a great…

Posted in Sovereignty, Trade5 Comments

Three Reasons Why Putin Laughs At Impotent America

Eamonn Fingleton rightly points out that America’s impotence in world affairs is a result of our unilaterally conceding economic and productive might in trade deals.  The full article is here, and an important read.  Excerpts below. Deliberations at the current NATO summit in Wales may or may not produce a reduction…

Posted in Economy, National Security, TradeComments Off

Trade deficit with China sets new record

This from Bob Hall.  Today’s media trade balance headlines conceal the depressing trend of deindustrialization of America. **** “U.S. International Trade in Goods and Services — July 2014″ www.census.gov/foreign-trade/dataJuly’s headline, seasonally adjusted: “The Nation’s international trade deficit in goods and services decreased to $40.5 billion in July from $40.8 billion in…

Posted in China, TradeComments Off

Brookings Institution Snake Oil penned by former USTR staffer

The Brookings Institution just released breathtakingly wrong and destructive Policy Paper.  It is a word salad of rhetorical redundancy promoting every trade agreement that the Obama Administration is negotiating.  It’s snake oil that will cure all our ills. Thus, Brookings participates in the War on American Prosperity by selling trade and…

Posted in Trade1 Comment

Dear President Clinton: How’s that China free market thing working out?

Granting PNTR to China will “increase U.S. jobs and reduce our trade deficit.” That’s what former President Clinton told us in 2000 when advocating for permanent normalized trade relations status with China, a condition precedent to China joining the WTO. As Richard McCormack wrote in 2010, when dredging up all the false…

Posted in China, TradeComments Off

Dems hit McConnell on trade deals

  This is the second campaign ad I’ve seen mentioning trade. The Senate Majority PAC, a Dem group, released an ad this week called “Old Kentucky Home.”  It criticizes Senator Mitch McConnell (R-KY) for supporting trade deals that ship Kentucky jobs overseas. Senate Minority Leader McConnell is a cheerleader for trade and…

Posted in PoliticsComments Off

Dethrone ‘King Dollar’

Stumo note: Well… this will be controversial. Interesting though.) By JARED BERNSTEIN  |  AUG. 27, 2014 | NY Times WASHINGTON — THERE are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of…

Posted in Currency8 Comments

Chinese Mercantilism Caused up to 2.4M Jobs Lost

The respected National Bureau of Economic Research released a report this week establishing that the flood of Chinese imports displaced U.S. manufacturing industries and jobs. Note to the Beltway crowd and misguided economists: The cause was NOT automation or productivity gains.  And the losses were NOT offset by cheap consumer prices….

Posted in China, Economy1 Comment

US Manufacturing Falls Behind in Trade – Again

In Froman-world, the US is the worlds production platform of choice. He really said that.  Just last week. But, back here in the real world, where we actually live and try to make a living, Michael Froman’s (and his predecessors) trade policy is a de facto offshoring and deindustrialization juggernaut. The Wall…

Posted in TradeComments Off

Cutting the Corporate Tax Would Make Other Problems Grow

The corporate tax rate is in the news today primarily because of inversions. Yesterday, Greg Mankiw’s article proposed the abolition of the corporate tax and adding a consumption tax. Jared Bernstein, below, argues that the corporate tax should be kept.  Though he does not prescribe the tax rate or comment…

Posted in Tax3 Comments

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