Act Would Harm Consumers, Manufacturers
The editorial “Reliving the Great Depression” (Comment & Analysis, Wednesday) highlights the wrongheaded and misinformed decision of enacting the Chinese currency bill – a beggar-thy-neighbor policy that would artificially shift demand away from imports onto domestic goods. It foretells the disastrous results this policy might have on the economy.
Politicians are using China as a scapegoat. Faced with the results of their incompetent policies, lawmakers look to deflect the blame by finding something misunderstood and unpopular, like the trade deficit with China. However, they forget that the ultimate goal of trade is not to export goods but rather to enable our consumers and manufacturers to buy their preferred products, regardless of origin.