I agree with Jim3912 that this is a very good analysis.
I've read most of Buchanan's work and I wonder why he never brought up tarrifs?
Buchanan has written tons about trade and he certainly knows that the estimates are that the U.S.could be bringing in up to $280 billion a year or more in tarrifs.
Not to mention that many U.S. companies would have to consider coming back to America to do business.
When the numbers are in later this year the 2012 US trade deficit will be another $600 bilion dollars disaster this