Liska discusses Trans Pacific Partnership
Letter to the Editor:
Both candidates for President are against the Trans Pacific Partnership (TPP). One of the biggest myths in economics is that free trade costs jobs. Actually, free trade benefits both trading partners and creates jobs.
Trade between countries is no different than when we trade with our grocer, plumber, or carpenter both parties benefit. When I buy groceries, I get my food with a lot less effort than if I had to produce them myself. The grocer is pleased to receive my money. We both benefit. Since I have trouble growing tomatoes in my back yard, my income as an economist would greatly exceed my income as a farmer. I spend extra money on clothes, cars, travel, and many other goods or services which in turn creates jobs for other people.
The TPP will do the same for counties as free trade does for individuals. The TPP cuts over 18,000 tariffs on U.S. manufacturing goods and U.S. farm products. This will reduce the price of U.S. goods in foreign countries and increase sales for the U.S. producers. Both trading partners will be better off, and more jobs will be created.
/s/ Terry Liska, Professor Emeritus of Economics UW-Platteville