Statement of U.S. Senator Russ Feingold On Balanced Trade Restoration Act of 2006 (http://feingold.senate.gov/statements/06/09/20060914.htm - broken link)
I realize this is from 2006 but do you think balanced trade is a good idea?
Quote:
The Balanced Trade Restoration Act of 2006
Warren Buffet’s proposal was adapted to legislation and introduced to the Senate on
September 14, 2006 as the “Balanced Trade Restoration Act of 2006” (S.3899). The Act was co-sponsored by Senator Byron L. Dorgan (D- North Dakota) and Senator Russell D. Feingold (D- Wisconsin). S. 3899 was referred to the Committee on Finance but not reported out of Committee.
The legislation has one fundamental purpose: “to create gradual balance between the dollar value of goods imported into the United States and goods exported from the United States.”iii It would do so by requiring importers to buy import certificates from exporters (indirectly or directly) at market value. As explained above, these certificates are allocated to exporters in proportion to the value of each person’s or firm’s exports sold abroad.
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http://www.epi.org/page/-/pdf/wp287.pdf
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