Assorted Afflatuses

Watching the Republican presidential candidates in their quasi-debate Tuesday was, in a word, painful. CNBC billed it as a debate about economic issues, which remained the case until Chris "Softball" Matthews spontaneously decided, "We're branching out into other topics," about forty-five minutes in.

For all I could tell, none of the candidates had any idea how the economy works. Representative Duncan Hunter, for instance, seemed to think that the United States should revert to mercantilism, an economic theory debunked in Adam Smith's 1776 bestseller, The Wealth of Nations. Hopefully he realizes that most of Europe abandoned the policy a few centuries ago before he becomes the president of the world's largest economy.

Mitt Romney, on the other hand, proved he does not understand the purpose of trade. Asked whether or not he supported trade, Mr. Romney immediately responded with:

Looks like someone should have paid more attention in Economics 101. Imports, not exports, make Americans wealthier. By importing certain goods — like toys, tables and those delicious little Swedish fish candies — the United States benefits from the fact that other nations can produce those goods more efficiently and at a lower cost. That means Americans can purchase the product at a lower price. Anyone who has visited an IKEA store could explain that concept: a table made in China costs far less than the same table with a "Made in USA" sticker affixed to the leg.

But Mr. Romney's incomprehensible economic ignorance does not end there. He also seems to think that imported products should not have an advantage over goods produced domestically. That, of course, would completely defeat the purpose of the trade he so wholeheartedly endorsed. He who proclaimed, "I understand the economy," needs to open a basic economics textbook to the chapter marked "comparative advantage" and read.

Popular CNBC anchor Maria Bartiromo was the debate's one bright spot. Unlike Chris Matthews, she came down hard on the candidates who gave facile or non-responsive answers. At one point, Ms. Bartiromo asked Senator John McCain whether he thought the tax system treated the middle class fairly. Mr. McCain, like any good politician, launched into some tirade about outsourcing and Medicare instead. But Ms. Bartiromo cut him off and, in a very lawyer-esque way, repeated the question:

Like me, Mr. McCain was taken aback by Ms. Bartiromo's forcefulness. He struggled and stammered as he sputtered out a response. It was incredibly refreshing to see someone challenge the candidates from time to time rather than allow them to cleverly dodge the inquiries.

Sadly, I doubt the Democrats will manage a better showing. Everyone from Hilary Clinton to Dennis Kucinich seems to think that free trade will damage, not improve, America's economy, which is absolutely ludicrous.