Tuesday, September 27, 2005

The Dean of the Senate Strikes again to the tune of $1 billion

The GAO released a report this morning which suggests that the Byrd amendment, which offers US corporations a payment when they are supposedly undercut by "unfair" foreign trade, is taking a real toll on taxpayers. In the last three years more than $1 billion of your money has been spent on a small number of companies. $205 million to Timken (roller bearings), Torrington ($135 million), Candle Lite ($57 million), MPB ($55) and Zenith ($33 million). The risk of Byrd is twofold. First, the alleged hurt from these "unfair" practices are illusory at best. Second, under the WTO processes this yields us retaliatory tariffs from our trade partners. Is the candle industry so under pressure that they cannot compete with foreign manufacturers? Even if they were, is this so vital an industry that they should be protected from candle makers outside the country?

On Timken's site the chairman talks about "strong leadership, strong vision" - what a crock! If they really believed in that they would compete.

Unfortunately, in the current environment of Congress, the former Klansman's colleagues lack the integrity to simply wipe out this nonsense.

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