tgwWhale Wrote:
Dec 14, 2012 6:09 PM
Pat, if free trade is so bad, why do I -- with a much lower-paying job -- have a much higher standard of living than my parents? The answer, in terms anyone but Buchanan would understand: When I was young, say 1978, cheap polyester pants cost me 30 bucks. Today, cheap polyester pants (stitched in the Dominican Republic) cost about the same: 30 bucks. But with inflation, those pants would be 100 bucks or more, if they were still made the way they were made here in the US in 1978. Paying 30 instead of 100 leaves me 70 to buy other things and have more real wealth (goods and services). Pat is wealthy and so loves economic stability -- thus his support for protectionism. But stability means those of us who were poor have to stay poor.