What Benefits? TPP's Little Brother NAFTA Falls Way Short Of Hype
Twenty years later, the much-touted North American Free Trade Agreement failed to live up to a lot of its hype, according to a recent Public Citizen report. The nation actually lost at least 1 million jobs, as its trade deficit with hit new heights. That's hardly progress. Just imagine what havoc theTrans-Pacific Partnership pact – otherwise known as NAFTA on steroids – will wreak. Let's make sure we won't have to find out.
“NAFTA’s actual outcomes prove how damaging this type of agreement is for most people, that it should be renegotiated and why we cannot have any more such deals that include job-offshoring incentives, requirements we import food that doesn’t meet our safety standards or new rights for firms to get taxpayer compensation before foreign tribunals over laws they don’t like,” said the group's Lori Wallach, director of Public Citizen’s Global Trade Watch.
Main NAFTA impacts include:
1. Increased agriculture trade deficits with Canada and Mexico;
2. Doubled immigration from Mexico;
3. $181 billion trade deficit with NAFTA partners;
4. Rising income inequality, thanks to middle-class pay cuts;
5. America's trade deficit with NAFTA partners up 45% higher than with non-NAFTA partners;
6. U.S. manufacturing and services exports grew at less than half pre-NAFTA pace, among others.
And since NAFTA's implementation, public opinion surrounding it has taken a dive. According to a 2012 Angus Reid poll, more than half of Americans wanted the nation to revisit or chuck NAFTA altogether. Only 15 percent wanted the U.S. to stay in it.
That is why we need to stop the TPP pact. If you think NAFTA screwed things up, just imagine what TPP will do.
“Given NAFTA’s record of damage, it is equal parts disgusting and infuriating that now President Barack Obama has joined the corporate Pinocchios who lied about NAFTA in recycling similar claims to try to sell the Trans-Pacific Partnership (TPP), which is NAFTA-on-steroids,” Wallach added.
That is why we need to stop the TPP pact. If you think NAFTA screwed things up, just imagine what TPP will do. Tell your local congressional members they need to stop TPP before it's too late.
For more about the report, see: http://bit.ly/1d3w89r.