Sorry, more steel tariff whining. But there might be some hope. The lead editorial in today's Wall Street Journal advocates repeal. 'Cause it's right and because it serves the naked political interest that the tariffs were supposed to accomplish.
President Bush meets with his economic team at the Crawford ranch today to discuss how to help the economy create more jobs. We have a modest proposal: Repeal his own 30% steel tariffs.Posted by jk at August 13, 2003 08:49 AM
At this stage in his Presidency and the business cycle, there isn't much else Mr. Bush can do. Fiscal and monetary policy are more or less baked in the cake for 2004. The tax cuts are beginning to kick in and the Federal Reserve has the monetary gates wide open; its statement yesterday holding the fed funds rate at 1% suggested a rate hike later rather than sooner.
Any White House heading into an election year is naturally worried about job growth, which has been lousy for about three years. But business hiring is always a lagging indicator and it too should begin to improve if growth accelerates past 3% a year. Nonetheless, if Mr. Bush wants to take out some employment insurance, repealing the steel tariffs would have instant benefits.