I have been reading a lot of "buy American" sentiment of late. My wife forwarded on to me an email outlinging how some American male, without a job, went through his day using foreign made products wondering all the while how he could lose his job. While there is a bit of truth in this, there is also truth in the fact that protectionism will lead us down a dangerous path. This happened big time in the Great Depression and we had, well, a Great Depression. It did not serve us well then, and it will not now. So talk of limiting infrastructure spending to use of American steel suppliers is a bit problematic. And the fact that it is getting some traction in Congress is even more worrying.
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article5587443.ece
The U.S. needs to realize, as an initial matter, that such protectionist measures are smiting our trading partners, like China, who are buying our Treasuries and supporting our recovery. Intenational trade and supply and demand are truly capitalistic notions. Protectionist measures are anti-capitalistic. In either event, capitalistic or not, it is a terrible idea.
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article5587443.ece
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