https://www.frontpagemag.com/can-we-sacrifice-for-the-common-good/\
Recently the portents of a weakening economy have continued. As the Wall Street Journal reported, “tech stocks and the Dow Jones Industrial Average fell sharply again on Monday,” and “Friday’s jobs report . . . showed employers added 151,000 jobs last month . . . half as many as in November and December.” We’re hearing more and more gloomy talk of a looming recession.
Many commentators, the Journal continued, are blaming “Mr. Trump’s willy-nilly tariffs” –– the latest on Canadian aluminum and steel––that “are weighing on business sentiment.” Trump’s measured admission that tariffs may cause “a little disturbance” and require a “period of transition” was not enough for many economists who see the more serious negative effects of raising tariffs as more important than the improvements that others say could follow correcting our negative balance-of-trade with China, Canada, and other countries.
Canada’s surplus, for example, alone was $64.26 billion in 2023. Our total trade deficit is $1trillion. Surely, eliminating such imbalances would be good for our fisc––especially those of our rich Nato partners, who until very recently have defied the 2014 obligation to spend a meager 2% of GDP on their militaries, while freeloading for decades on our military for their defense. And don’t forget Mexico’s $170 billion, and as Victor Hanson reminds us, “Mexico currently siphons off $63 billion in remittances from the U.S. economy, most of it from illegal aliens.”
So, which “experts” should we heed? First, we must acknowledge the problem with the dueling, credentialed economists who counsel government officials and inform us citizens––economics is not a science properly understood. Any discipline that involves individual, unique human beings–– with their unpredictable spontaneity, their “passions and interests,” and their power to serve both no matter how irrational, destructive, and selfish––cannot be the subject of a pure science.
