Word: mankiw
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...quickly becoming the defining economic issue of the election campaign. The Administration learned that the hard way a few weeks ago, when President Bush's chief economic adviser suddenly found himself on the wrong side of the issue. In a casually imperious tone worthy of Martha Stewart, Gregory Mankiw declared, "Outsourcing is just a new way of doing international trade ... More things are tradable than were tradable in the past, and that's a good thing...
Many economists agree with him. Anything that makes an economy more efficient tends to help in the long run. But in reducing job losses to macroeconomic landfill, Mankiw handed Democrats an issue. His words, accompanied by an ominous drumbeat, are now immortalized on the AFL-CIO's website, just before an image of a beaming John Kerry, who won the union's endorsement last week...
Analysts doubt that any protectionist strategy will slow what appears to be a permanent shift in the way the U.S. does business. As Mankiw tried to explain before he was shouted down by fellow Republicans, structural change like this is inevitable and recurring. It's just that the transition can be ugly. New England was a textile center until that business went south, to the Carolinas, then east, to China. Software supplanted steel in Pittsburgh, Pa. In both places, high-tech companies later occupied some of the old mill buildings. Now some of those companies' programmers have gone...
...force Republicans into unpopular votes. Senator Ted Kennedy plans to introduce a bill next week to raise the minimum wage to $7 an hour, and he plans to attach it to the next measure the Republicans want to push through the Senate. Democrats last week pounced on N. Gregory Mankiw, chairman of Bush's Council of Economic Advisers, who said the outsourcing of U.S. jobs was "a good thing" in the long run; bills were quickly introduced to repudiate him and require firms to give employees three months' notice before they are laid off because of jobs being moved abroad...
After giving Council of Economic Advisers Chair N. Gregory Mankiw a noogie for favoring exporting American jobs, George Bush will add a new disincentive: Next time, it’s Twister with Dick Cheney and Paul Wolfowitz...