Tuesday, October 18, 2011

Pointless delays for trade deals

I posted the other day that trade deals with Panama, Colombia, and South Korea finally passed, years after they were negotiated.  This was somehow a victory for President Obama, even though he had withheld the pacts from Congress for years. Dana Milbank, who appears to know nothing at all about economics or the Tea Party, argued that it is defeat for the Tea Party and a victory for corporate interests and the Washington elite. 

But, to give credit where credit is due, under election duress and years of failed economic policies, the President was able to will himself to send the trade pacts to Congress once it was ensured that unions would be paid off with an extended and otherwise-pointless trade assistance program.

Dave Nickalus has a nice wrapup of the economic costs of the delay.