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Was NAFTA Really So Bad For The Economy?


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Batman47
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Was NAFTA Really So Bad For The Economy?
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PostPosted: Mon Oct 03, 2016 2:17 am

Was NAFTA really so bad for the economy?

Quote:
Donald Trump called the trade agreement between Canada, Mexico and the United States “the single worst trade deal ever approved in this country” during the first presidential debate against Hillary Clinton. Earlier this year, Bernie Sanders leveled a similar criticism, calling it disastrous when debating the former secretary of date during the primaries.
Quote:

But whether NAFTA has been good or bad for the U.S. economy depends largely on who you ask. American companies that benefit from lower-wage workers in foreign countries give it a thumbs-up, while the American workers who’ve lost jobs or are earning lower wages decry the agreement.

NAFTA, short for the North American Free Trade Agreement, has been around since 1994 and was the product of both George H.W. Bush’s and Bill Clinton’s administrations. It was designed to reduce barriers to trade and investment by eliminating tariffs between the three North American countries.

NAFTA “means jobs. American jobs, and good-paying American jobs. If I didn't believe that, I wouldn't support this agreement,” then-President Clinton said in 1993.

Related: The Most Important Point Clinton Made in Her Debate Against Trump
Fast forward more than two decades later and NAFTA is rallying cry for those who believe free trade has done more for other countries than for American workers. Trump and Sanders have been at the forefront of this criticism, while Clinton began to back away from her full-throated support of NAFTA when she first ran for president in 2008, and more so as she battled Sanders and now Trump in 2016.

Trump has promised to renegotiate NAFTA’s terms “to get a better deal for our workers,” according to his campaign site. If that doesn’t work, he vows to withdraw from the agreement altogether.

Clinton doesn’t address NAFTA specifically on her campaign site, but promises to “reject trade agreements that don’t meet “her high standard of raising wages, creating good-paying jobs,” while cracking down on companies that move jobs overseas.

According to one widely cited analysis, NAFTA has been a bad deal for tens of thousands of American workers. A study from the left-leaning Economic Policy Institute found that the trade deficit with Mexico and Canada ballooned more than tenfold from $17 billion to $177.2 billion between 1993 and 2013. That trade flow displaced 851,700 American jobs as companies moved production facilities out of the country in pursuit of cheaper labor.

http://www.msn.com/en-us/money/markets/was-nafta-really-so-bad-for-the-economy/a r-BBwKHeX?li=BBnb7Kz&ocid=iehp
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Re: Was NAFTA Really So Bad For The Economy?
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PostPosted: Mon Oct 03, 2016 4:09 pm

It wasn't just NAFTA, but the trade deals with China that has cost us thousands of factories and millions of jobs.

Sure, it's good for the companies. I can't blame them for wanting to increase their profits.

Fine.

But at some point all that fails to benefit us. So...we just support it because we believe in Capitalism? We support these actions due to a moral belief that folks have the right to make money as they (legally) see fit?

It's a hard thing. But Capitalism is leaving us behind. We were taught that we automatically share in the benefits of Capitalism. We should be realizing that is not true...it just happened to work that way for most of our history. Doesn't mean that it will stay that way.

Capitalism isn't about benefiting everyone...only those who can excel within the system due to a variety of factors which enable them to be successful.

The welfare of others is simply not their concern.

The major pitfall of Capitalism is ironically being successful and winning the competition. You buy up your competitors. You fix prices. You lower quality to increase revenue. You lay off workers in favor of increasing the bottom line/stock values. You lay off workers in favor of increased automation. You lay off workers in favor of outsourcing.

You buy off politicians and lobby in order to insure the playing field is in your favor.

It's the nature of the beast.

Eventually, few will have the income to buy your crap. So...you live off of the wealth and hard assets that you've accumulated in the meantime. No biggie.

So it comes down to the big question...what then? What do you have left over?

Socialism, unfortunately, is all that's left (or anarchism of some kind along the lines of self-sufficiency and self reliance or group cooperation).
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