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Obama Is Right on the Trans-Pacific Partnership
"A well-informed electorate is a prerequisite for democracy."Not who shouts loudest.
Bloomberg Editorial Board
Of course, it’s also worth reiterating the case for this deal in particular -- and free trade in general. The U.S. will be the TPP’s largest economic beneficiary in absolute terms. Its provisions have the potential to advance long-standing progressive goals on labor and the environment, dismantle a thicket of protectionist regulations, and reignite global trade liberalization largely on U.S. terms. The deal will also reinforce U.S. strategic interests in the world’s most dynamic region.
Moreover, the cost of walking away from the TPP will be measured in more than economic terms. As Singapore’s visiting Prime Minister Lee Hsien Loong said this week, the TPP is a test of U.S. “credibility and seriousness of purpose.” In the face of growing Chinese assertiveness, a U.S. failure to approve the pact will undermine not only its regional alliances but its ability to set the terms of global trade.
One of the core tenets of economics is that free trade makes economies more efficient by increasing competition and thus innovation; consumers benefit by gaining access to better goods at lower prices. The impact of any single trade deal on employment is hard to gauge, but in the long run, workers do better in a more productive and competitive economy.
Yet such benefits have been overshadowed by campaign rhetoric that seeks to exploit economic insecurity. While Donald Trump promises to protect workers by building walls and starting trade wars, Hillary Clinton has abjured a trade deal she once supported. Political expedience is a powerful force, and it would be naïve to argue that free trade is a popular issue this year. But at least one of those candidates knows better.
Moreover, the cost of walking away from the TPP will be measured in more than economic terms. As Singapore’s visiting Prime Minister Lee Hsien Loong said this week, the TPP is a test of U.S. “credibility and seriousness of purpose.” In the face of growing Chinese assertiveness, a U.S. failure to approve the pact will undermine not only its regional alliances but its ability to set the terms of global trade.
One of the core tenets of economics is that free trade makes economies more efficient by increasing competition and thus innovation; consumers benefit by gaining access to better goods at lower prices. The impact of any single trade deal on employment is hard to gauge, but in the long run, workers do better in a more productive and competitive economy.
Yet such benefits have been overshadowed by campaign rhetoric that seeks to exploit economic insecurity. While Donald Trump promises to protect workers by building walls and starting trade wars, Hillary Clinton has abjured a trade deal she once supported. Political expedience is a powerful force, and it would be naïve to argue that free trade is a popular issue this year. But at least one of those candidates knows better.
http://www.bloomberg.com/view/articles/2016-08-04/obama-is-right-on-the-trans-pacific-partnership
2 replies
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Brilliant! 
