Ideal Taxes Association

Raymond Richman       -       Jesse Richman       -       Howard Richman

 Richmans' Trade and Taxes Blog

Obama's Freudian Slip: He Wants to Export Jobs -- we're published in today's American Thinker
Howard Richman, 10/4/2012

You can read it here:

Even though we wrote it before the debate, much of what we said tied in directly with what the candidates said last night. Again last night, Romney highlighted his plans to crack down on China's trade cheating. It was in his five point summary of his position. We began our American Thinker piece with that promise.

In this piece we quoted a portion from the last 2008 debate when Obama claimed (falsely, as it turned out) that he would take on China's currency manipulations while McCain said that he would instead send unemployed manufacturing workers to community colleges for non-existent jobs.

Last night Obama, channeled the 2008 McCain. He noted that he was re-educating manufacturing workers at community colleges for existing jobs, while Romney pointed out that half of college graduates can't find employment.

Again in the debate last night and again in his closing statement, Obama rehashed his phony way of dealing with trade from the 2008 campaign, his proposed tax on outsourcers. We explained that issue this morning, when we wrote:

Obama’s Anti-Outsourcing Tax Proposal

During the 2008 campaign, President Obama also highlighted his opposition to “outsourcing.” Such an emphasis is economic nonsense. Imports from abroad only hurt our economy when trade is imbalanced. When trade is balanced, jobs lost to outsourcing are replaced by more efficient jobs in exporting sectors. Each country produces what it can produce most efficiently, and everyone is better off. It is only when net exports are negative that jobs lost to imports are not replaced by more productive jobs producing exports.

In order to highlight this issue during the 2008 presidential campaign, Obama promised that he would end an alleged tax break given to outsourcers. Specifically, he said:

(I)f you’re a business that wants to outsource jobs, you shouldn’t get a tax deduction for doing it.

This was never a serious proposal. Obama probably knew that you can’t force corporations to pay American income tax on profits produced abroad. If you try, international corporations can avoid their American tax liability on foreign profits simply by moving their corporate headquarters abroad. If Obama’s proposal were enacted, it would cause corporate headquarters to leave the United States.

On September 28, 2010, Obama’s anti-outsourcing bill was brought up in the Democrat-controlled U.S. Senate and killed by a unanimous vote of Senate Republicans joined by the responsible members of the Democratic caucus: Senators Joe Lieberman, Max Baucus, Jon Tester, Ben Nelson, and Mark Warner. This has not stopped Obama from recycling this talking point for the 2012 campaign.

To read our piece go to

Your Name:

Post a Comment:

  • Richmans' Blog    RSS
  • Our New Book - Balanced Trade
  • Buy Trading Away Our Future
  • Read Trading Away Our Future
  • Richmans' Commentaries
  • ITA Working Papers
  • ITA on Facebook
  • Contact Us

    Sep 2021
    May 2021
    Apr 2021
    Feb 2021
    Jan 2021
    Dec 2020
    Nov 2020
    Oct 2020
    Jul 2020
    Jun 2020
    May 2020
    Apr 2020
    Mar 2020
    Dec 2019
    Nov 2019
    Oct 2019
    Sep 2019
    Aug 2019
    Jun 2019
    May 2019
    Apr 2019
    Mar 2019
    Feb 2019
    Jan 2019
    Dec 2018
    Nov 2018
    Aug 2018
    Jul 2018
    Jun 2018
    May 2018
    Apr 2018
    Mar 2018
    Feb 2018
    Dec 2017
    Nov 2017
    Oct 2017
    Sep 2017
    Aug 2017
    Jul 2017
    Jun 2017
    May 2017
    Apr 2017
    Mar 2017
    Feb 2017
    Jan 2017
    Dec 2016
    Nov 2016
    Oct 2016
    Sep 2016
    Aug 2016
    Jul 2016
    Jun 2016
    May 2016
    Apr 2016
    Mar 2016
    Feb 2016
    Jan 2016
    Dec 2015
    Nov 2015
    Oct 2015
    Sep 2015
    Aug 2015
    Jul 2015
    Jun 2015
    May 2015
    Apr 2015
    Mar 2015
    Feb 2015
    Jan 2015
    Dec 2014
    Nov 2014
    Oct 2014
    Sep 2014
    Aug 2014
    Jul 2014
    Jun 2014
    May 2014
    Apr 2014
    Mar 2014
    Feb 2014
    Jan 2014
    Dec 2013
    Nov 2013
    Oct 2013
    Sep 2013
    Aug 2013
    Jul 2013
    Jun 2013
    May 2013
    Apr 2013
    Mar 2013
    Feb 2013
    Jan 2013
    Dec 2012
    Nov 2012
    Oct 2012

    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    January 2010

    Book Reviews
    Capital Gains Taxation
    Corporate Income Tax
    Consumption Taxes
    Economy - Long Term

    Economy - Short Term
    Environmental Regulation
    Last 100 Years
    Real Estate Taxation

    Outside Links:

  • American Economic Alert
  • American Jobs Alliance
  • Angry Bear Blog
  • Economy in Crisis
  • Econbrowser
  • Emmanuel Goldstein's Blog
  • Levy Economics Institute
  • McKeever Institute
  • Michael Pettis Blog
  • Naked Capitalism
  • Natural Born Conservative
  • Science & Public Policy Inst.
  • Votersway Blog
  • Watt's Up With That


  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]