Writing in the WSJ the Commerce Secretary Wilbur Ross tells us that “Since 1998, countless steel mills and aluminum smelters have closed. More than 75,000 steel jobs alone have disappeared.”
While we can argue about the prudence of the Trump administration’s proposed tariffs on steel and aluminum imports, Secretary Ross’s comment is simply illogical. If we can’t count the number of closed steel mill, we cant count the number of jobs lost.
The practical and moral analysis of economic policy requires not only facts but logic. Good intentions are never enough.