Economic Nationalism Forestalls Our Economic Greatness – By Alex Muresianu (National Review) / Aug 26 2020
This economic nationalism is advocated by Trump and Biden, and it would weaken the U.S. economy.
Trump and Biden are finding some common ground. Recently the president again justified his moniker of “Tariff Man“ by reinstating taxes on Canadian aluminum. Meanwhile, former vice president Joe Biden has released his Made in America plan, a set of policies intended to strengthen domestic manufacturing. Both candidates are claiming to be the real champion of the American workers — advocating government action to protect them from foreign competition.
Yet, this economic nationalism advocated by both men will really just weaken the U.S. economy.
From an economic perspective, perhaps Trump’s biggest faux pas has been his intense focus on reducing immigration. According to the National Foundation for American Policy, immigration will have fallen by half since 2016 by fiscal year 2021 — and while COVID-19 has certainly worsened this trend, the fact remains that the Trump administration had reduced legal immigration well before the current crisis.
Broadly, reducing immigration slows down economic growth. In fact, certain policy measures (such as suspending H1-B and other work visas until the end of the year) will directly interfere with specific economic nationalist goals of the Trump administration — such as creating jobs for Americans, bringing jobs back from China, and ensuring that high-tech and manufacturing firms headquarter in the United States.
Continue to article: https://www.nationalreview.com/2020/08/economic-nationalism-would-weaken-american-economy/
