The preferential free-trade agreement holds out the promise of more vigorous economic growth in these countries by offering African and Caribbean entrepreneurs easier access to the world's largest consumer market. Constructing stronger trade bridges between the U.S. and Africa and the Caribbean would be a more enduring spur to economic growth than the recent call for forgiving the loans owed by the developing world, no matter how worthy the idea. What's more, the idea of turning away from open borders and freer trade at this juncture in our history is bizarre. The U.S. economy is remarkably strong. In a startling break with post-World War II history, economic growth is accelerating even as the expansion ages.
Median incomes are at record levels, and unemployment is at a three-decade low.
Income inequality, which had widened precipitously over the past two decades, appears to be narrowing once again. The number of long-term jobless has plunged from some 2 million in 1993 to some 637,000 currently. Thanks largely to the information revolution, U.S. companies have a formidable competitive edge in the global economy. Foreign direct investment in the U.S. has hit record levels. And overseas portfolio money is pouring into American stocks and bonds.