http://www.hooverdigest.org/042/sowell.html
****Those who complain loudly about how many jobs have been ³exported² to
other countries (can you say "Heinz"😉 because of international free trade
totally ignore all the jobs that have been imported to the American economy
because of that same free trade. Siemens alone employs tens of thousands of
American workers, and Toyota has already produced its ten millionth car in
the United States. Management guru Peter Drucker has said that this country
imports far more jobs than it exports, and no one has contradicted him.
Indeed, those who are loudest in denouncing the exporting of jobs totally
ignore the importing of jobs.
****International trade has no monopoly on economic illiteracy. One of the
apparently invincible fallacies of our times is the belief that President
Ronald Reagan¹s tax cuts caused the federal budget deficits of the 1980s. In
reality, the federal government collected more tax revenue in every year of
the Reagan administration than had ever been collected in any year of any
previous administration. But there is no amount of money that Congress
cannot outspend. Here again, the confusion is due to a simple failure to
define terms.
What Reagan¹s ³tax cuts for the rich² actually cut were the tax rates per
dollar of income. Out of rising incomes, the country as a whole‹including
the rich‹paid more total taxes than ever before.