Deference to WTO hurts U.S.
Tuesday, September 22, 2009
Neither President Obama nor congressional leaders want to hear this, especially just before the Pittsburgh global economic summit, but U.S. economic recovery and renewed global economic health are facing a big new obstacle: the World Trade Organization.
The organization was sold to Americans as an impartial global trade court. But quite naturally, it has usually advanced the top priority of the 150-odd other members - growing by exporting to the U.S. For years, the WTO helped fuel the global imbalances ultimately responsible for the economic crisis. Today, it's blocking the only hope for genuine global recovery - enough sound U.S. growth to slash America's debts and rebalance a still-lopsided world economy.
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