Saturday, January 28, 2023

G W Bush's Biggest Error?

G W Bush is justifiably reviled for his inane invasion of Iraq, which gave Iraq back to Moslem extremists and utterly failed to "spread democracy" all over the Middle East.

Was that his biggest error as President?

How about "Permanent Normal Trade Relations" with Red China?

...Granting PNTR to China will signal to the world that the United States has, in effect, abandoned the cause of putting worker rights and environmental standards on the agenda of international trade and financial institutions....

 ... The U.S. trade deficit with China continued to rise throughout 1999, reaching almost $70 billion by year’s end. A $70 billion trade deficit translates into a loss of almost 900,000 jobs in industries producing “tradable” goods.1 On its current trajectory the trade deficit will double over the next 10 years.   The largest contributors to the trade deficit with China have been industries that produce apparel, toys, and footwear, with imports in these areas having grown by 60% in the last five years. The next largest contributor to the trade deficit has been the machinery and transportation equipment industry, where imports in the same period have grown almost 140% (Scott 1999).   The new China-U.S. trade pact – even if fully and faithfully implemented by both sides – would aggravate this trend....

 ...At some point, the United States will have to force a reduction in its trade deficit. Already the trade deficit has been cited by Federal Reserve Chairman Alan Greenspan as one of the growing economic “imbalances” that has prompted him to slow down the economy with higher interest rates (Reuters 2000). Reducing the trade deficit will involve some combination of a substantial depreciation in the dollar, a forced increase in the domestic savings rate, a prolonged period of domestic austerity, and a restructuring of U.S. trade policies to reduce imports and stimulate exports.   Trade with China now represents one-fifth of the United State’s total trade deficit, and it is certain to keep growing whether or not the U.S. Congress approves the China trade deal.  [It is currently about FORTY percent.]...

Bush, whose family has been very friendly with Red China interests for a few decades, can't take ALL the blame for this; Clinton's regime was pushing hard for PNTR/WTO-Love for Red China, too.

Come to think of it, that makes the case that the Deep State and very large money are most likely the root causes for the US giving up its industrial base, its pharmaceutical manufacturing, tens of thousands of family-supporting jobs, and its leadership on real civil rights.

Other than that, pal, how's your day going?

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