Trade Issues | |
Golden Opportunity Missed for Free Trade |
Economists agree the failure to pass "fast track" legislation
this week will hurt the U.S. economy and consumers. Meant to speed trade
liberalization with other countries, fast track authority would allow the
president to negotiate trade agreements which would be presented to Congress
without amendment. Observers say protectionist-minded, labor union-beholden Democrats in
Congress -- in large part responsible for failure of the legislation --
should learn from the past mistakes of Republicans:
This week's failure to pass fast track happened at an unusual time of
prosperity in the U.S., an opportunity unlikely to be present again for
some time.
Economists know fast track is essential to U.S. prosperity and economic
improvement. The purpose of trade, they say, is to buy higher quality products
for a lower price. For example, the U.S. provides better computers, chickens,
movies and power generators to the people of Japan, Germany and China.
In return, these countries provide U.S. consumers better value for shirts,
stereos and cars. Economists agree that free trade benefits all sides.
James K. Glassman (American Enterprise Institute), "A Victory for
the Flat-Earth Caucus," Washington Post, November 11, 1997. |