In an election year, the rhetoric from politicians on what’s ailing the economy and what to actually do about it generally heats up. At most other times of the political calendar, these questions seem to be largely outsourced to the Fed (who can then take the blame if things don’t go according to plan), allowing the politicians more time to get back to whatever it is they do best. This year is no exception, and given the obvious lackluster performance of the U.S. economy, candidates are quick to put the boot in wherever they can, though they are often unsurprisingly reticent to offer much in the way of specifics as to how they might do a better job. What they can do is blame the current administration (particularly if it’s of the opposing party), blame the central bank, and perhaps the easiest of all, blame foreigners. In this week’s Economics Weekly we examine the latter, the case against foreigners—more specifically, the gripe against trade and the rise in protectionism.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.