The Truth about Trade | Cato Institute

The Truth about Trade | Cato Institute: "Our manufacturers continue to set production and export records, and the United States is the world’s second-largest manufacturer (17.2 percent of total global output) and third-largest exporter. America also remains the world’s top destination for foreign direct investment ($384 billion in 2015 alone) — more than double second-place Hong Kong and almost triple third-place China. "



" For example, a recent Ball State study attributed almost 90 percent of all U.S. manufacturing-job losses since 2000 to productivity gains. “Had we kept 2000-levels of productivity and applied them to 2010-levels of production,” the authors write, “we would have required 20.9 million manufacturing workers. Instead, we employed only 12.1 million.” "



"The consumer gains from trade disproportionally accrue to America’s poor and middle class. A 2015 study by Pablo Fajgelbaum and Amit Khandelwal finds that these groups, because they concentrate spending in more-traded sectors such as food and clothing, enjoy almost 90 percent of the consumer benefits of trade."



"More than half of all imports (including those from China) are inputs and capital goods consumed by other American manufacturers to make globally competitive products."



"When the Steelworkers convinced President Obama to impose 35 percent tariffs on Chinese tires in 2009, the result was, even under the best assumptions, a few unionized jobs saved at a cost to U.S. consumers of $900,000 per job — precisely the type of crony-capitalist boondoggle that, in any form other than that of a hidden tax targeting a foreign “adversary,” would engender hostile political opposition from the right."



"the American “Big Three” automakers produce only five of the top 20 most “domestic” cars (defined by their total share of U.S. and Canadian auto parts) sold in the United States in 2016"



"government policy actively discourages Americans from finding work in burgeoning fields. Perhaps the most brazen example of such policies is the federal tax code’s business deduction for work-related education, which permits a worker to deduct education and training expenses from his taxable income, but only if they relate to his current job. Thus, a textilefactory worker can get a tax benefit for new training on the latest garment machine, but he cannot get the same benefit for night classes to become a certified IT specialist. Such a system discourages workers in dying fields from preparing themselves for a new career."



"multiple studies commissioned by the Labor Department have found that TAA participants are worse off, as measured by future wages and benefits, than similarly situated jobless individuals outside the program"

What the Panama Papers Actually Show | Cato Institute

What the Panama Papers Actually Show | Cato Institute: "First, it should be noted how few Americans were included in the Panama Papers. Out of the data released so far, the consortium of journalists studying the papers has identified only 211 people with U.S. addresses, and not all of these people are American citizens. There are no Americans among the so-called “Power Players,” a list that includes 140 politicians from more than 50 countries. In fact, according to University of California–Berkeley economist Gabriel Zucman, even if you cast a wider net, looking at offshore financial assets worldwide, U.S. citizens and companies keep only about 4 percent of their wealth offshore, tying us with Asia for the lowest percentage. By comparison, Europeans stash 10 percent of their wealth offshore, Latin Americans move 22 percent out of their countries, and Russians keep an overwhelming 52 percent in overseas accounts. Even Canadians hold more than twice as much of their financial assets offshore as Americans."



"What is surprising, though, is the number of government officials and aides — and their relatives — who have apparently accumulated vast fortunes, and often in countries that self-consciously preach equality, even socialism."



"One needs to ask how government officials — who, unlike businessmen and entrepreneurs, create nothing and generate no wealth for society — are among the richest people in their supposedly egalitarian countries."

Merle Haggard Could Easily Have Died in San Quentin | Cato Institute

Merle Haggard Could Easily Have Died in San Quentin | Cato Institute: "In 1997, Norman Williams was sentenced to life in prison for his third strike, stealing a floor jack from a tow truck. His previous two strikes? Burglarizing an apartment that was being fumigated (the stolen goods were then robbed from him at gunpoint) and stealing two hand drills and other tools from an art studio (he was confronted by the owner and dropped everything and ran).

Williams was a hapless criminal, but he hardly deserved life in prison. Thanks to an enterprising district attorney, he was released from prison early. Yet half of those still serving life sentences under the California law were convicted of a third felony that was not violent or serious."

You and Donald Trump Might Not Like Free Trade, but It's Been Good to You Both | Cato Institute

You and Donald Trump Might Not Like Free Trade, but It's Been Good to You Both | Cato Institute: "Study after study has shown that countries more open to the global economy grow faster and achieve higher incomes than those that are relatively closed. By enlarging markets to span national borders, free trade permits greater specialization and economies of scale, both essential ingredients of economic growth.

But free trade agreements are not free trade. They are managed trade. They are premised on mercantilist assumptions that exports are good and imports are bad."



"Trade restrictions penalize consumers, import-using industries and taxpayers.



Yet, holding firm to those domestic barriers, while insisting that foreign markets open wider, is the standard strategy for negotiating free trade agreements."

On ObamaCare, Is There One Set of Rules for Congress and Another for Citizens? | Cato Institute

On ObamaCare, Is There One Set of Rules for Congress and Another for Citizens? | Cato Institute: "The ACA bars businesses with more than 100 employees from participating in SHOP Exchanges. Until this year, D.C. barred businesses with more than 50 employees. When those officials falsely claimed the House and Senate fit under those limits, they did so because they wanted to draw money from the federal Treasury—i.e., a subsidy of up to $12,000 for each member and staffer."