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Repealing the Jones Act would be great for the US economy. It is an artificial constraint on internal trade, and trade is the single most useful tool for prospe
by thehappypm 4y ago
Repealing the Jones Act would be great for the US economy. It is an artificial constraint on internal trade, and trade is the single most useful tool for prosperity.
It does not achieve its goal. Its goal is to ensure internal trade is not foreign dependent. However, what really happens is domestic trade is replaced by international trade!
A great example is liquid natural gas in Massachusetts. Massachusetts cannot buy LNG from sellers in the US because there are no Jones Act compliant ships that carry LNG.
So we buy from Trinidad instead. Literally billions of dollars flowing out of the country because of this regulation.