In a 2004 New York Times article entitled "Second Thoughts on Free Trade," Senator Charles ("Chuck") Schumer argues the following: "While some economists and elected officials suggest that all we need is a robust retraining effort for laid-off workers, we do not believe retraining alone is an answer, because almost the entire range of 'knowledge jobs' [software engineers, in the context of the article] can be done overseas." In advocating for more protectionism, Schumer fails to acknowledge which of the following benefits of a decrease in trade barriers (a decrease in protectionism)?

Question

Quizplus · Accepted Answer

Schumer fails to acknowledge that a reduction in trade barriers leads to lower prices for U.S. consumers. This could benefit the U.S. economy as consumers would have more money to invest elsewhere, potentially creating new industries and jobs. Additionally, lower prices will make U.S. goods and services more competitive both domestically and abroad.

In a 2004 New York Times Article Entitled "Second Thoughts