News Story of the Day: is there something seriously wrong with former Secretary of State Hillary Clinton’s health? Perhaps it is more than just a bruised ego after losing the 2016 election to Donald Trump. According to the New York Post, Clinton suffered a minor injury at her hotel and sprained her wrist. From the […]
Austrian Economics
Hey, Trump, manufacturing jobs are overrated
By: Ryan McMaken One of the reasons that Donald Trump gives for slapping new protectionist tariffs on steel and aluminum is that it will create manufacturing jobs, and by extension, greatly enhance income growth and standards of living in the United States. Trump is capitalizing on an enduring myth of American economic history in which […]
Ron Paul: Are tariffs the answer to U.S. trade woes?
By: Ron Paul President Trump’s planned 25 percent tariff on steel imports and 10 percent tariff on aluminum imports may provide a temporary boost for those industries, but the tariffs will do tremendous long-term damage to the American and global economies. Tariffs raise the price of, and reduce demand for, imported goods. Tariffs ensure the […]
WATCH: Milton Friedman destroys tariffs, steel industry – 40 years ago
The more things change, the more they stay the same. No matter how many times an idea has been debunked, politicians and protectionists keep advocating for those same concepts. It’s ridiculous. Forty years ago, legendary economist Milton Friedman discussed tariffs, the steel industry, and overall free trade. If he were around today, he would likely […]
If tariffs create U.S. jobs, why not introduce taxes on all imports?
When President Donald Trump announced his latest tariffs on steel and aluminum, Republicans, conservative activists, and free market organizations were quick to denounce the move, arguing (rightfully so) that it will backfire and hurt Americans more than the exporting countries. The president and many of his supporters espouse the 18th century mercantilist dogma that the […]