And yet we persist with our historical ignorance, and we continue to enter poorly negotiated agreements that pose great threats to the U.S. economy and the middle class. NAFTA, for example: In 1993, we had a $9.1 billion total trade deficit with Mexico and Canada. Last year we ran a $128.2 billion deficit with our North American neighbors, and we're on pace to break that record again this year.
Our current account deficit -- the broadest measure of international trade -- is on track to approach $1 trillion this year. And our current account deficit is almost 7 percent of our nation's gross domestic product, considerably above the threshold at which Federal Reserve studies have acknowledged our economy must make policy adjustments or face major financial crisis. We're borrowing about $3 billion a day just to pay for our imports, and our trade debt now stands at $5 trillion.
Well lets see..............why so out of whack? OIL, OIL OIL. Canada is the biggest supplier of imported oil to the US. Mexico is number 2. So would you rather your neighbors sold their oil to say the Chinese? Stop blaming NAFTA for the USA's huge oil habit. Canada also is the biggest buyer of US goods and the biggest customer to 39 states.
The real lesson Canada learned with NAFTA is the US does not keep their word. Canada was royaly screwed in the lumber deal. Even The US supreme court saidUS actions were illegal. This was so Bush could pay off the southern lumber barons and US consumers were also screwed.
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ORIGINAL: bawanajim
N.A.F.T.A. hosed us. Thats a real shocker !
But thats just the beginning.
And yet we persist with our historical ignorance, and we continue to enter poorly negotiated agreements that pose great threats to the U.S. economy and the middle class. NAFTA, for example: In 1993, we had a $9.1 billion total trade deficit with Mexico and Canada. Last year we ran a $128.2 billion deficit with our North American neighbors, and we're on pace to break that record again this year.
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