The worst trade policy suggestion I have heard in a very long time:
Any company that wants to import goods into the United States would have to get a government certificate, under a plan to eliminate the nation’s trade deficit proposed by two Democratic senators Thursday, The New York Times reported Friday.
“We’re choking on trade debt and it is becoming a bigger and bigger danger to our country by the day,” Senator Byron L. Dorgan of North Dakota was quoted as saying. “We need a new strategy, and that is what we are proposing today.”…
Dorgan and Senator Russell D. Feingold of Wisconsin said the bill would create a market-based system to cut the trade deficit to zero within 10 years.
Under the measure, companies that export goods from the United States would be issued a certificate to import goods. The exporter could use the certificate or sell it to another company, the senators said.
The plan would be phased in over five years, with one dollar in exports earning 1.40 dollars in import certificates the first year, 1.30 dollars the second year, 1.20 dollars the third year and so on.
Wow. Wow. That’s all I can say. I’m floored.
[Hat tip to Sallie James.]