Pete Stark: “As this is the first significant trade agreement in the 21st century, let us look back and see, is our trade policy…”

“As this is the first significant trade agreement in the 21st century, let us look back and see, is our trade policy working? 2001, $358 billion trade deficit; 2002, $436 billion trade deficit; a record first quarter this year, $136 billion headed toward a $550 billion trade deficit; $1.5 billion a day, $1 million a minute. Three million jobs have been lost in the last decade due to trade policies, capital exports; 251,000 manufacturing jobs since January 1; 53,000 in May. NAFTA, WTO, Fast Track, FTAA. Every time here on the floor of the House we hear the same carrying on about exports of goods and services and consumer benefits. Yes, exports will result. I agree. But they forget to tell us that there will be a much greater increase in imports, and they do not talk about the net, which is this deficit headed to more than $.5 trillion. Then, if cornered, they will fall back and say, what about the consumer benefits? Well, the benefits are not really great for American workers when their jobs have been exported, no matter how cheap the goods are.”