Word: hufbauer
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...more jobs than it created, according to a study by the Peterson Institute for International Economics in Washington. Although it focuses on iron and steel provisions, the "buy American" clause would save just 1,000 U.S. jobs because steel is very capital intensive, the study's authors Gary Hufbauer and Jeffrey Schott say. "In the giant U.S. economy, with a labor force of roughly 140 million people, 1,000 jobs or less is a very small number," they wrote. That number, they contend, would be exceeded by the jobs that would then be lost if other countries emulate U.S. policies...
...their unions have used artificially high steel prices as an invitation to pocket more in profits, pay and benefits than their competitors abroad--or their customers at home--have done. "Between 1972 and 1981, when import controls were severe, steel wages rose 179% while productivity declined," Goodrich and Gary Hufbauer, also an economist with the Institute for International Economics, wrote in a policy brief last month...
...problem with this plan, many economists say, is that it vastly overestimates the extent to which non-U.S. companies have been evading taxes. "The $45 billion number is out of sight," observes Gary Hufbauer, an economist at the Institute for International Economics in Washington. "He might get $6 billion in additional revenues." Says economist Rudolph Penner, the former director of the Congressional Budget Office: "The numbers are so far off what is reasonable that it's difficult to know where to begin -- $1 billion seems more likely than $45 billion." Aside from Clinton's proposal, the highest estimate...
...jobs, have little motivation to move their profits elsewhere. Germany's corporate tax rate is 51% and Japan's is 46%, while the rate in the U.S. is only 34%. "There's just not much incentive for these companies to move their profits to higher-tax countries," says Hufbauer...
...both sides calm down and return to the negotiating table, Washington enjoys the upper hand. "On this case the U.S. is right," says Gary Hufbauer, a trade specialist at the Brookings Institution in Washington, voicing a widely held judgment among economists. Still, no one can deny that the U.S. zealously protects its domestic sugar, peanut and tobacco industries, among others. U.S. farmers retain considerable political power themselves: one of their lobbies reportedly twice foiled a GATT deal just as the two sides had come close to an agreement...