A Bailout Bill Getting Worse: Protectionism

Members of Congress are adding ‘Buy American’ provisions to the 900 billion bailout bill. Obama opposes protectionism, for good reason, as it creates massive unemployment both here and abroad, and higher prices for everyone in the global economy. But unfortunately for Obama, some members of  Congress are from steel industry states, and are pushing union special interests. 

Is this a contest to see how fast we can destroy the global economy? Let’s wait and see if China officials can make an even worse bill.

Here’s John Stossel’s take on the ‘Buy American’ provision.

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