James G. Blaine Quotes


It is not our foreign trade that has caused the wonderful growth and expansion of the Republic.


Citations

James G. Blaine, 1830-1893, U. S. Congressman & U. S. Senator (Republican, ME), Republican Nominee for President, U. S. Secretary of State, Quoted in David Seville, James G. Blaine: A Political Idol of Other Days, 1934

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Related Quotes

Foreign trade creates jobs and eliminates jobs. The people who lost jobs as the result of increased foreign trade are readily identified while the job beneficiaries may never know the reason. So it is a hard political sell even though most of the economic studies have showed that more jobs of more value are created by trade than lost. However, the losers are generally blue collar workers while the beneficiaries are generally white collar and knowledge workers. So there is a socioeconomic class differentiation in the trade issue.


Iceland's economy collapsed in the Meltdown of 2008. Their largest banks failed completely as they had engaged in the same kind of risky investments as the American banks had. Their government however did not have the assets to bail their banks out. So they let the banks fail and protected the small depositors with their limited assets. They then devalued their currency drastically, making their fishing and other products a great bargain for other nations of the world and though humiliated the Islanders started getting jobs as demand for Islandic exports grew. Some Icelanders who owned companies were making a great deal of money. Taxes were raised for high income citizens. To prevent the money being taken out of the country and invested so that the jobs would not benefit Icelanders or the earnings were not as taxable in Iceland, the nation imposed Capital Controls—no money was allowed to be taken out of the country except small amounts for business travel expenses. Iceland recovered rapidly and by 2015, at which point the Minister of Finance felt that the country was losing more than it was gaining, so it was time to end the Capital Controls.


James G. Blaine
James G. Blaine
  • Born: January 31, 1830
  • Died: January 27, 1893
  • Nationality:
  • Profession:

James Gillespie Blaine was an American statesman and Republican politician who represented Maine in the U.S. House of Representatives from 1863 to 1876, serving as Speaker of the U.S. House of Representatives from 1869 to 1875, and then in the United States Senate from 1876 to 1881.