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The Stupidity of Buy American, by John Stossel

Discussion in 'Politics, Elections & Legislation' started by mrskeet410, Nov 2, 2011.

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  1. mrskeet410

    mrskeet410 TS Member

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    John Stossel is a Libertarian. John Galt is a libertarian icon.

    Stossel writes in part:

    'One sign of economic ignorance is the faith that "Buy American" is the path to prosperity. My former employer, ABC News, did a week's worth of stories claiming that "buying American" would put Americans back to work.

    I'm glad I don't work there anymore.

    "Buy American" is a dumb idea. It would not only not create prosperity, it would cost jobs and make us all poorer. David R. Henderson, an economist at the Hoover Institution, explained why.

    "Almost all economists say it's nonsense," he said. "And the reason is: We should buy things where they're cheapest. That frees up more of our resources to buy other things, and other Americans get jobs producing those things."...'
     
  2. APrice

    APrice Active Member

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    How is "buy chinese" working out for us?

    Folks who write this kind of gibberish have never had a real job and certainly haven't run a successful business.
     
  3. birdogs

    birdogs TS Member

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    Stossel has had real jobs. He is a libertarion who worked for years at very liberal ABC. Talk about being in the belly of the beast! He went to Princeton where he was a typical liberal student until he saw the light. That takes courage.

    Many of the best economists agree with Stossel just as many agree that the "minimum wage" is barrier to job creation and counter-productive. Macro economics is very complex and oftentimes counter-intuitive. That's why different economists can look at the same data and come to very different conclusion. For example Keynes supported "spend your way tp prosperity" and, although it has rarely (if ever) worked, many people continue to agree with it.

    Look at the Japanese (and now Korean) cars manufacturers. They have completely changed that important industry. Without their innovations what kind of jalopies would Detroit still be turning out? They forced Detroit to change to be competitive and that was good for everybody. Now their cars are made in America employing thousands of American workers.
     
  4. kgun_shooter

    kgun_shooter Member

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    I'm going to go against my better judgement and respond to this thread. How is minimum wage a barrier to job creation? What would these jobs pay if there wasn't a federal minimum wage? How much profit is enough? If you make 2 billion dollars one year do you try to make 4 billion the next, and at what expense to the people that are working for you? Will it someday be ok to own slaves just so someone can make more profit? Because it sure looks like it might be coming down to that.
     
  5. carv

    carv Member

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    "Almost all economists say it's nonsense," he said. "And the reason is: We should buy things where they're cheapest. That frees up more of our resources to buy other things, and other Americans get jobs producing those things."...'

    David R. Henderson, an economist at the Hoover Institution is an idiot. Read above, his own words, contradicting don’t you think.
     
  6. mrskeet410

    mrskeet410 TS Member

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    Kgun_Shooter - Kgun? Kolar or Krieghoff? USA or Germany?
     
  7. kgun_shooter

    kgun_shooter Member

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    mrskeet410,

    I shoot a Kolar max.
     
  8. likes-to-shoot

    likes-to-shoot Well-Known Member

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    I agree with your post. The less you pay someone the less they have to spend on other things besides the basic things needed to survive.

    I still can't understand how importing everything is going to create more jobs here in the USA. It will benefit very few but the majority of the population will suffer and when our government realizes whats going on it will be too late.

    I can't help but think some high paid lobbyist have done their job very well and the congressmen have the let me get mine at the expense of the country's citizens attitude.
     
  9. kgun_shooter

    kgun_shooter Member

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    I very strongly believe that are at a breaking point in this country and something will need to be done if it's not too late. People can't survive at the current pace.
     
  10. 90Tshooter

    90Tshooter Member

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    I would like to buy American but it's getting near impossible to do it. Go to any big box store to buy common household products, ie. pots and pans, microwaves, utensils. Then buy towels or rugs. Then look at clothes. Looking for binoculars or a spotting scope? How about a TV, camera, or any other electronic device. You'll be hard pressed to find any of these things with a "Made in USA" label on them.

    Joe
     
  11. pyrdek

    pyrdek Well-Known Member

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    "Buy where they are cheapest" would work IF there was bilateral equality in trade, or even through a third party forming a loop where the goods are produced the cheapest (for our example China), sent to the country that buys them (U.S.) and the U.S. money spent that goes to China comes back to the U.S. by way of China purchasing U.S. products or services. It even works if it goes to a three party system where U.S. buys from China (paying U.S. dollars) China takes these U.S. dollars and buys something (resources for their manufacturers) from a third country and then that third country buys a roughly equivalent amount of goods (say mining or transportation units) from the U.S.

    Doing that keeps the money in circulation both into and out of the U.S. At present, with the U.S. buying a bunch of stuff from China but China (or the third partner) NOT buying anything from the U.S only results in a one way flow of U.S. capital exiting the U.S. This will become even more evident when China quits artificially propping up the U.S. buy using these dollars to purchase U.S. government bonds and T-bills etc. When that happens is when the real heavy SH** hits the Fan in the U.S. Those bonds do not create any demand for additional products that the U.S. could manufacture the cheapest. They only prolong and deepen the death spiral we can not seem to break out of.
     
  12. gun fitter

    gun fitter TS Member

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    This is the problem with separating economics in to two fields macro and micro. Local economies need local participation. Local jobs stimulate the economy.

    How does a job in China stimulate the economy here where I live. It doesn't! The Idea of local production is that the money churns or turns over several times thus having a multiplier a greater factor over the Dollar that is spent on a foreign product and leaves the economy to never return.

    MR Skeet seems to be from the Troll tribe or the Progressive loss of common sense tribe.
    J9oe
     
  13. Pull & Mark

    Pull & Mark Well-Known Member

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    All Right!!! Kolar has a new gun out now called the Kolar AAC. Its the lastest and greatest. Buy-em now and support America!!! break em all. Jeff
     
  14. Martinpicker

    Martinpicker Active Member

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    Responding to this is against my better judgement, but I can't remain silent. I taught American History, Political Science and Economics for many years.
    Buying American is not a stupid campaign. It is very important! And in response to those who think the Japanese car manufacturers have given us better vehicles, you should know that almost all of the improvements were made with American research and development. Follow the money!!! If you buy a Toyota, where does the profit wind up...no matter where it was built? So, are you willing for America to become to Japan what Mexico is to America?
    A bigger problem is the taxing of major corporations. For years I have heard candidates campaign on the promise that they would shift the tax burden from poor little private citizens to the big businesses who don't pay their fair share! Bull! If you tax General Motors, who do you think pays that tax??? We do, every time we buy a Chevy with a higher price tag!!!
    If you want to correct the American economy, elect someone who will reduce taxes on big business, create laws insisting on quality control, restructure capital gains taxes, and promote a "Buy American" campaign. Martinpicker
     
  15. sliverbulletexpress

    sliverbulletexpress TS Member

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    Lord knows I'm no economist otherwise I wouldn't have to work until the day I die. But, I have some common sense and it makes me wonder what kind of trade balance the countries that are doing well economically right now have? Does anyone on here know the answer?
     
  16. billyboy07208

    billyboy07208 Member

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    Most Americans cannot afford most things made here,so it becomes "buy chinese or buy nothing".
    Real estate prices and property taxes make the biggest sucking sound.
     
  17. Rooksd1

    Rooksd1 Member

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    The people who used to work in manufacturing where they had insuance, retirement, etc are now workng at Walmart, Kmart or the mini mart.
     
  18. Brian in Oregon

    Brian in Oregon Well-Known Member

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    I'm curious what Mrs. Keet 410 does for a living.
     
  19. over the hill

    over the hill Active Member

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    Martin...has it correct, but is it too late???

    We have priced ourselves out of business, and manufacturing as we knew it may never return, or at least not as it once was.



    Regards....Gerald
     
  20. birdogs

    birdogs TS Member

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    K-Gun and others,

    I know that the minumum wage argument is counter-intuitive but I refer you to 2 noted economists, Dr, Thomas Sowell and Dr. Walter Williams (both black, by the way) for an explanation. Their explanation shows that a the minimum wage not only reduces the number of jobs but also does not benefit those who hold these jobs. Look it up. The worst thing that can happen is that you discover these 2 brilliant individuals and benefit from their clear thinking.
     
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