free markets & free trade
The expansion of the world economy and free trade have been the primary contributors to America’s economic dominance since World War II. However, these policies have not been beneficial to every American so we should look for ways to help more Americans find worthwhile, good-paying jobs.
After the disastrous effects of the tariffs and trade wars that contributed to a Great Depression in the U.S. in the 1930s, the U.S. correctly determined that committing to free trade policies and helping lead a world-wide, free market economy would result in economic gain for Americans as a whole. The U.S.’s gross domestic product (GDP) has grown by over 3% on average from 1947 to 2016, and the U.S. has consolidated its position as the world’s most successful economy. During this time, the U.S. has for the most part wisely avoided trade wars and tariffs that would close its borders to the benefits of free trade.
Businesses (and not a meddling government) are best at determining how they invest their capital. Giving businesses the ability to choose whether to build a new plant or hire workers in the U.S. or a foreign country is at the core of a free market economy and gives business experts the power to determine how to run a business. We should look to celebrate our businesses and provide them with fair free trade deals that allow them to expand to foreign countries and reap more customers and profits. These profits will encourage companies to grow their businesses and expand or retain existing U.S. jobs.
A world-wide, free market economy benefits the U.S. in several ways. A growing world economy creates new customers for American products such as IPhones and Ford automobiles that in turn support these businesses and their employees in the U.S. In addition, free trade opens the U.S. to products from other countries that are more affordable and / or desired by U.S. consumers. These more affordable products that are produced from outside the U.S. allow American consumers to get more for their money and save more money for themselves. Also, successful non-U.S. companies are able to open U.S. branches and hire Americans. Lastly, a free market economy lifts more countries and their citizens out of poverty. This creates more stable countries throughout the world. Having stable and successful countries is incredibly important in combating the possibility of war and in avoiding the creation of terrorists or other extremist groups.
In order to continue to grow the U.S. economy in the future, we should take the following steps:
Support new free trade agreements such as the Trans-Pacific Partnership (between the U.S. and 11 other countries) and the Transatlantic Trade and Investment Partnership (between the U.S. and the European Union).
Support existing free trade agreements that have benefited the majority of Americans, such as the North American Free Trade Agreement.
Add necessary protections to free trade agreements for the following: protect intellectual property rights; promote a basic standard of acceptable working conditions for employees; and promote responsible uses of natural resources and protections for the environment.
Do not institute tariffs or have any unnecessary intervention in the free trade of goods (ie. no corporate welfare through government subsidies for certain industries).
Allow businesses to make their own decisions without unnecessary government intervention.
Federal and state support for jobs training to prepare or re-train American workers so that they can better compete in a global economy and fill the higher-quality, higher-paying jobs created today.
Support initiatives that will improve the business environment and lead to more jobs, such as lower business taxes and infrastructure spending.