Senator Hutchison gets it right on trade
December 13th, 2007 by Brendan SteinhauserTexas Senator Kay Bailey Hutchison has a good piece on National Review Online about the importance of free trade. As she notes, free trade is good for the producers and consumers involved. With upcoming trade agreements in Congress, the timing is good for a refresher on the benefits of free trade. Thanks to Senator Hutchison for talking about this issue in an intelligent and thoughtful way. Here is an excerpt,
In just over a decade, major developments in U.S. trade policy have allowed the United States to wield trade, not only as an instrument of freedom, but one of productivity and prosperity for the benefit of our citizens. In the fourteen years since the passage of NAFTA, we have continued to tap international trade opportunities between the U.S., Mexico, and Canada that have bolstered our nation’s economy. Markets have opened and are leading to economic success in many of our major industries. From prosperous agricultural and technological industries, all the way down to consumer savings — free trade has been good for all Americans.
Many critics on the right and left claim that protections are needed on our products. But it is just this protectionist fervor that has prevented American consumers from buying cheaper goods from abroad, and paying more than they would if there were a free market. Why not utilize the economic reality of comparative advantage and produce what we can do efficiently, while importing what we cannot produce as efficiently as other producers? Free trade is good for producers, consumers, taxpayers, businesses and individuals. It is sound public policy–Americans should realize this and support efforts to make trade more free.
