Protectionism Hurts Instead of Helps Jobs

Welcome to the fold Al! Fed Chief Greenspan encouraged Americans to not jump on the protectionist bandwagon in prepared remarks to the House of Representatives today. While his comments may have been somewhat helpful of Presiden Bush’s point of view, he is most certainly correct. Protectionism doesn’t create any new jobs. At best, it may temporarily stem the loss of jobs. Greenspan noted, “As history clearly shows, our economy is best served by full and vigorous engagement in the global economy… These alleged cures could make make matters worse rather than better,” he said. “They would do little to create jobs and if foreigners were to retaliate, we would surely lose jobs.” What do you think?

Adam Summers is a senior policy analyst at Reason Foundation, a nonprofit think tank advancing free minds and free markets. He has written extensively on privatization, government reform, law and economics, and various other political and economic topics.