Saturday, March 06, 2004

Understanding free trade

Two of our biggest businesses are on the hook for 120 billion between them in unfunded liabilities to their pension funds. It makes a fine case for protectionism and labor unions. Or a case for cutting labor costs through automation or -shudder- moving jobs out of the country. The problem with protectionism is that it pits some workers who make high wages from union contracts against workers who depend on exports.

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