Quotation: “Our so-called free trade policies have been a disaster for the United States ever since NAFTA was enacted. Before NAFTA went into effect 20 years ago, we never had had a trade deficit of more than $135 billion. Every single year since then, for 20 years in a row, our trade deficit has been over $135 billion. Our last 14 trade deficits have been the 14 largest trade deficits not only in our history, but in the history of the entire world. And the result of that is that we’ve gone from $2 trillion in surplus with our trade to $11 trillion in debt. And we’ve lost five million manufacturing jobs and roughly 15 million other jobs in the last 20 years. So we’ve lost twice: We’ve lost the jobs, and we’ve also gone deeper and deeper into debt.
What’s happening is not that we’re buying goods and services from foreigners and they’re buying an equal amount of goods and services from us-that’s the way free trade is supposed to work. What’s actually happening is that we’re buying our goods and services from foreigners, and they are taking the money that we give to them for that, and buying our assets.
That has all sorts of consequences for our economy. First we lose those jobs. Secondly, it makes American income and wealth more and more unequal. The reason why we have the fourth most unequal distribution of wealth in the world is because of fake trade. The reason why we have a bizarre, and at this point unprecedented, “quantitative easing” [monetary] policy, where the government uses the cash in our pockets to buy up assets and drive those asset prices up further and further, is because of fake trade. The reason why we have a federal deficit is because we have a trade deficit. The TPP, “fast-track,” the Transatlantic version of TPP, these dramatically increase the amount of countries with whom we have this relationship – they quadruple them – and they put us on a fast track to Hell, where America is nothing but cheap labor and debt slavery. . . .” (Representative Alan Grayson, Democrat, Florida)
Editor’s note: Grayson is standing for the US Congress.
