In response to John Hood?s column today on protectionism:
At Trafalgar, Admiral Nelson, of course, divided his fleet into two columns and crossed the French/Spanish line twice simultaneously, at the 1/3 and 2/3 points.
In addition to the “crossing the T” idea that Hood points out ? the fact that trade restrictions are tax increases on low-income consumers ? a second crossing would be to point out the devastating economic impact that will flow from the inevitable retribution taken by foreign countries. When we stiff their goodies (acting as a tax on consumers for T#1), they turn around and stiff our goodies (reducing demand for US products for T#2).
Whoever points this out needs to watch for sharpshooters in the enemy?s rigging, however, or they?ll be sent home in a rum barrel.
