Bart Stupak: “I am here tonight to express my concerns about the proposed Mexican bailout. Proponents of NAFTA suggested that its…”

“I am here tonight to express my concerns about the proposed Mexican bailout. Proponents of NAFTA suggested that its passage would create jobs in America, promote free-market economics in Mexico, raise living standards in both countries, and encourage Mexico's move toward democracy. Those who thought that NAFTA would be a magical elixir were wrong. NAFTA has not fulfilled its promises because the current political and economic conditions in Mexico make that fulfillment impossible. The same conditions that existed in Mexico when we debated NAFTA exist today. Necessary changes can only happen one way--through the Mexican Government. But Salinas did not do it, and President Zedillo has given no indication that he will be any different from Salinas. First, this bailout will not save NAFTA. Mexico's problems run far deeper than short-term debt. Second, this bailout will not help restore international confidence in the Mexican economy. Third, this bailout will not help Mexico's or our working and middle class. The direct beneficiaries of this package will be members of the Mexican business and political elite seeking to protect their wealth against further devaluation of the peso. When the taxpayers of the United States are asked continuously to prop up the Mexican economy--and with continued devaluation of the peso, there is no indication that this will be the last time--they deserve some accountability.”