What good is an Economic Dream Team, if you either 1) Do not take their good advice, or 2) take their bad advice?
Protectionism (“Buy American Only“), of course, cannot be a part of any sound economic plan: an economist will be the first to tell you international trade is the backbone of the global economy. All of our economies are too much intertwined to extricate one of them, let alone the largest one. Protectionism is the death of your economy: one cannot ween off one’s largest supplier without affecting one’s largest customer if they happen to be the same. In the case of America, Canada is their largest supplier but also their largest customer. We are their biggest supplier for over 300 billion dollars of stuff every year, and we are their biggest customer with over 248 billion dollars a year (2007). For Canada, American protectionism means: less sales means less money to buy. Very simple. Your exports go down and so will your imports. Protectionism only harms your own economy, unless you can produce all your goods domestically.
So, if Obama’s “Dream Team” came up with this doozy it’s a “Lousy Team”, and if he went against his ”Dream Team”, why have a “Dream Team” at all?