Daniel T. Griswold (Author at The Cato Institute)

Trade Deficits Don't Matter (Daily Podcast)

Fri, 15 Aug 2008 00:00:00 EDT

Cato Scholar Comments on Obama, McCain, and the Trade Deficit (Scholar Comments)

Wed, 13 Aug 2008 00:00:00 EDT

Contrary to the claims of free trade critics, the trade deficit tells us almost nothing about the success or failure of U.S. trade policy. The deficit reflects the continuing inflow of foreign investment to the U.S. economy. Without that investment, millions of homeowners and businesses would be saddled with higher interest payments.

It's ironic to hear Democrats complain about the trade deficit. Under President Clinton in the 1990s, the trade deficit exploded from $70 billion to $380 billion and by all accounts the American economy performed well. The biggest failure of U.S. trade policy is not the trade deficit, but a protectionist and subsidy-laden farm bill, continuing high tariffs on mass consumer goods such as shoes and clothing, unfair and much-abused antidumping laws, and a Congress that refuses to even vote on free trade agreements with key allies.

Expanding Trade Is a Key to Winning Presidency (Commentary)

Wed, 30 Jul 2008 00:00:00 EDT

Republican John McCain's recent free-trade tour to Mexico and Colombia highlights the stark differences on international trade between the two major-party presidential candidates. While expanding trade would be best for America, there is resistance in states like Michigan and from Democratic hopeful...

Cato Scholar Comments on Impact of Colombian Hostage Rescue on Free Trade Agreement (Scholar Comments)

Thu, 03 Jul 2008 00:00:00 EDT

Yesterday's rescue of three American hostages from the clutches of the anti-democratic FARC guerillas should remind us that Colombian President Alvaro Uribe is one of America's best friends. One way the United States can support Colombia is to deepen our commercial ties to that country's 44 million consumers and workers. It is an insult to the people of Colombia and their twice-elected president that congressional leaders refuse to even allow a vote on the U.S.-Colombia Free Trade Agreement.

Cato Scholar Comments on the EU Scrapping Cuba Sanctions (Scholar Comments)

Fri, 20 Jun 2008 00:00:00 EDT

The European Union's decision to repeal certain sanctions against Cuba further isolates the United States. For almost half a century, the U.S. government has enforced a comprehensive embargo in a failed effort to change the Castro regime. The change in leadership in Cuba and the modest reforms underway there provide an opportunity for the United States to allow more commercial contact between the American and Cuban people. Trade and travel, not sanctions, are the best way to encourage change in Cuba.

Cato Scholar Comments on the South Korea-U.S. Beef Crisis (Scholar Comments)

Wed, 11 Jun 2008 00:00:00 EDT

The protests in South Korea have nothing to do with the actual safety of U.S. beef. International health organizations have declared U.S. beef to be perfectly safe for consumers. The real target of the protests is the new government of President Lee Myung-bak. Unfortunately, U.S. ranchers and South Korean consumers are paying a heavy price for the president's domestic political troubles. Continuing the beef ban, combined with high Korean tariffs on imported rice, will only add to the problem of rising food prices for Korean families.

Cato Scholar Comments on States' Approaches to Illegal Immigration (Scholar Comments)

Mon, 09 Jun 2008 00:00:00 EDT

The proliferation of state and local laws against illegal immigration is the latest symptom of the failure of the federal government to reform a broken system. The effort is diverting the resources of states and counties governments that should go to fighting violent crime. The only long-term answer to illegal immigration remains comprehensive immigration reform at a national level, including more opportunities for legal immigration.

Worried About a Recession? Don't Blame Free Trade (Commentary)

Wed, 04 Jun 2008 00:00:00 EDT

Speculation is growing that the U.S. economy may have already slipped into recession. If the past is any guide, politicians on the campaign trail will be tempted to blame trade and globalization for the passing pain of the business cycle. But an analysis of previous recessions and expansions shows t...