Will the “American-Made” Rule Help Stimulate the Economy?
Now that the Obama stimulus plan has passed through the US House, the government is one step closer to spending what could be a trillion dollars to try to revive the economy. Now, U.S. Sen Byron Dorgan, D-N.D., is sponsoring an “American-made” rule that would require goods and equipment bought with the stimulus to be made in America.
The proposal has sparked criticizim from groups such as the US Chamber of Commerce.
“If our goal is to create good-paying jobs at home by selling American-made goods and services overseas — where 95 percent of the world’s consumers live — then “Buy American” requirements don’t make sense. If we refuse to buy foreign-made goods, then our trading partners will refuse to buy from us. And since we are the world’s largest exporter, who will be hurt more?” said U.S. Chamber CEO Thomas Donahue in a statement.
There are good points on both side of the free trade debate, and we should definitely be concerned about making sure the stimulus works. My opinion is that it would send the wrong message to the rest of the world, when the Obama Administration said they want to renew America’s image in the world community. If the global economic crisis has taught us anything, it’s that we are all connected and we need the rest of the world to get through the economic downtown.
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