Saturday, December 23, 2006

Elections have Consequences

Donald Luskin writes about early effects of the 2006 Congressional elections.
The biggest threat from the new Democratic Congress is protectionism — legislation designed to protect American jobs by restricting imports from other countries. Here's a perfect case to see the difference between a Democratic president and a Democratic Congress.
I could not agree more. Free trade means free people and moves towards protectionism will make all of us less wealthy.
I doubt that any really big, bad antibusiness legislation is going to come out the new Democratic Congress. But small, bad things will happen. And some good things that might have happened now won't happen.

We'll survive. But it doesn't help America to have its currency devalued, forcing up the prices we pay for foreign goods. It doesn't help America to take money from oil companies who should be exploring for new sources of energy. It doesn't help America to prevent two companies from merging and creating a more efficient broadband environment.
I don't know. A 27.5% tax on Chinese goods would be pretty bad. I wonder what the Congress has cooked up to save Ford and GM.
We'll see the consequences down the road. Yet another exciting thing to watch develop before your eyes.

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