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Washington Post’s Bogus “Fact Check” About Economists And Outsourcing

Posted by Phoenix Woman on October 17, 2012

The WaPo’s fact check on last night’s debate claimed that “economists are unanimous that trade, including outsourcing, is hugely beneficial to economic growth at home and abroad”. Not so.

Dean Baker at CEPR has the goods:

First, economists are unanimous in agreeing that trade could have major distributional consequences. And some prominent economists, such as Paul Krugman, have argued that the recent pattern of trade for the United States has had negative distributional consequences for large segment of the U.S. workforce.

The second reason that it is misleading is that economists are unanimous in believing that in the context of below full employment economy, like the one we have seen the last five years, a larger trade deficit implies lower growth and fewer jobs. In this context outsourcing hurts the economy.


One Response to “Washington Post’s Bogus “Fact Check” About Economists And Outsourcing”

  1. Charles II said

    I think the word “fact” should be retired until people re-discover what it means.

    Romney did just great in delivering the false facts, while Obama was pretty good on delivering true facts, and the media can’t tell the difference.

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