Barack Obama, What's Wrong with Protectionism?

Obama economic advisor economic advisor Daniel Tarullo has strongly disputed the characterization of Obama as an economic protectionist. He suggests that the Obama wants a trade policy that shifts the benefits of globalization more in favor of labor, and argues that there are both economic and ethical considerations behind renegotiating NAFTA. Doing so, he argues, would help level the playing field by making it easier to eliminate practices like child labor and lax environmental regulation in foreign countries, both of which put American workers at a disadvantage. One has to wonder why Obama’s surrogates would say things like this, if protectionism has such rave reviews, and is so widely supported amongst the general population.

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Former Democratic South Carolina Senator Fritz Hollings has said about protectionism, “We financed the country’s development with tariffs. That’s how we–that’s the Treasurer’s Building is the best building here in Washington. The best building in Charleston is the custom house. The best building in Brooklyn is the custom house.

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