"...NAFTA was passed in 1994.
Our trade imbalance in 1993 was -$70 billion.
One year later, it was nearly $100 billion in the hole,
or more than 40% worse almost overnight.
China's MFN ("Most-favored nation") status was made permanent in 2000.
In 1999 we had a $68.7 billion trade deficit with China.
One year later it was $83 billion and by 2010 it reached a stunning $273 billion,
almost a clean quadruple.
Incidentally that's a 15% increase in the deficit with China annually.
Did the United States benefit from this?
NO...
...you cannot run a trade deficit on a durable basis
without a borrowing ponzi somewhere else in your economy,
as otherwise the capital drain self-corrects the trade balance.
...we now get to add the charge
of intentionally and serially blowing credit bubbles with monetary and fiscal policy
(12% of GDP deficits anyone?)
...They are intentionally running a Ponzi scheme and you're buying it!
It's only when we want to employ slave labor
...allowing our corporations to offshore yet more jobs
to a place where people are paid $5/day
while they pollute the air and water with impunity that we need these "agreements."
A combined $2 trillion of capital was drained from the US to China from 2000 to 2010.
If we work with a simple average ($200 billion a year)
this is sufficient to support 4 million jobs at the median $50,000 a year over
the entire ten year period.
...fully half of the unemployed currently out of work
are directly out of work because of our trade policy with China alone.
There's where your jobs went America.
The "Tea Party" is raping both you and your children's future
just as are the Liberals.
They may be doing it a different way
but when you're blinded by the repeated assaults
it doesn't much matter which particular insult was responsible, does it?"
Karl
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