By Edmund Kozak, LifeZette.com
Secretary of the Treasury Jacob J. Lew admitted Monday that America’s regulatory environment renders it effectively incapable of competing globally with countries like Mexico and China.
The comments came during a discussion at the Council on Foreign Relations titled “The Case for U.S. Leadership,” during which Lew also dismissed the concerns of Americans skeptical about the benefits of free trade and globalization.
Lew addressed the root cause of job losses resulting from free trade and globalization. “If you have high labor standards in the United States and low labor standards in other countries it means the other countries are always going to have lower costs and be able to outcompete you,” he explained.