Because free trade is such a powerful growth accelerant, and has near zero cost, the Copenhagen Consensus rated global trade reform as the third highest priority out of 17 proposed global challenges. I.e., trade reform yields a nearly infinite return on investment. Among economists it is a “no brainer”.
The Cato Institute has just launched a remarkable new free trade research resource. The voting record on subsidies and trade barriers has been analyzed for every member of Congress since the 105th [1997-98]. The site visitor can analyze this data in just about any manner you can think of — from individual profiles, to e.g., the profile of the Senate in the 108th Congress. You can examine the particulars of each bill, and all the votes on that bill.
Free trade is a key contributor to the standard of living of all citizens, so Cato has made a real contribution by empowering every voter’s access to the facts. Cato rates members according to a four part matrix:
1) oppose both trade barriers and trade subsidies ” Free Traders”
2) oppose barriers and favor subsidies “Internationalists”
3) favor barriers and oppose subsidies “Isolationists”
4. favor both barriers and subsidies “Interventionists”
which is depicted by the graphic linked at upper left. For example, you will find that Sen. Richard Lugar [Free Trader] has an outstanding record of consistent voting on the side of the angels. And if you explore Sen. Lugar’s record over time you’ll see that his record has improved. E.g., his record in the 109th Congress is 100%, 100%.
Barrier Votes: 96%
Subsidy Votes: 83%
In the 2008 presidential race John McCain [Free Trader] has a very positive free trade record, almost as good as Lugar’s:
Barrier Votes: 88%
Subsidy Votes: 80%
I rate McCain’s record better than Cato’s 88%, 80% score because I disagree with a detail of Cato’s binary scoring on each vote. On the sanctions-related bills that I examined McCain voted twice for sanctions — related to Burma and Cuba. Cato considers a vote for sanctions as a vote for trade barriers. While Cato may be correct that sanctions hurt the U.S. more than they help foreign policy, I believe that McCain’s vote was based on the foreign policy ramifications.
OTOH, if you examine the voting records of the two Democratic candidates, you will find the following:
Hillary Clinton [Interventionist]
Barrier Votes: 31%
Subsidy Votes: 14%
Barack Obama [Interventionist] is even worse — he hasn’t found a subsidy he doesn’t like [yet, granted it’s a very short record].
Barrier Votes: 36%
Subsidy Votes: 0%
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