Stat of the day

Scott Lincicome on the debacle that is the U.S.-Colombia free trade agreement:

Since [the U.S.-Colombia free trade agreement was signed], American exporters have paid approximately $1.9 million per day in Colombian tariffs that they wouldn't have paid if the Democrat-controlled Congress had just passed the FTA back then and thus allowed it to enter into force.

In case you're wondering, Lincicome goes on to note that the total paid by U.S. exporters in excess tariffs since the FTA's conclusion is nearly $2 billion. The lack of commitment to passing what is basically a tax cut for U.S. exporters at a time of recession is rather mind-boggling.