The recent massive U.S. government increase in subsidy to its domestic farmers comes in for a deserved and amusing mauling from Daily Telegraph journalist and Tory MP Boris Johnson. He is right to point out that by signing off the vast increase in aid to American farmers, Bush has compounded the damage to international free markets made when he agreed to steel and lumber tariffs earlier in the year.
On a broader point, this makes me wonder whether Bush is headed for going down in history as one of the most protectionist Presidents since the Second World War. On the domestic front his pre-election agenda seems to fallen apart with the exception of the tax cut. Instead, Bush is resorting to pork-barrel politics to shore up support in supposed key states for the Republicans ahead of the Congressional elections this autumn. Of course, we libertarians hold no illusions about politicians as a group, so I suppose Bush’s slide into cynicism should not surprise us. But I never thought I could write the following words – I am beginning to miss Bill Clinton. At least he believed in free trade, if nothing else.
