The United States Must Act NOW to Fix the Economy
The United States is at a crossroads where serious consideration must be given as to what economic road we will go down. Will our leaders continue to drag us down this business-as-usual route, abundant with job losses, outsourcing, and sky-rocketing trade deficits? Or will we finally get a change of pace and begin to explore solutions for economic recovery and trade reform?
Since joining NAFTA and the WTO, off-shoring has accelerated at an alarming rate. Similarly, we have had to borrow money from foreign countries and sell off our most valuable assets in order to finance both our federal budget deficit and our national budget deficit. We cannot continue this massive pile-up of debt. We are digging a hole so deep that by the time someone actually does step forward to stop it, we might be too far gone.
With so much at stake, now is the time for drastic action. Now is the time for the United States to take an emergency timeout from our trade pacts. The steps to taking a trade timeout are simple, and would benefit our economy greatly.
For starters, the U.S. Trade Representative would have to inform other nations whom we trade with, via the WTO, detailing the proposed measures of our “timeout.” Afterwards, other countries would be obligated to identify inconsistencies, if any, in our plan of action. If an agreement cannot be made on the “timeout” plan, our representative would be permitted to file a request for review at the WTO. In addition, the U.S. representative would have to submit three background papers for the consultation with other nations. The first of these papers would be a simple plan of action and reasons for our “timeout”. The second article would be prepared by the WTO staff in Geneva evaluating paper number one. The third paper would be prepared by the International Monetary Fund (IMF) and would detail recent economic events.
Normally, the proceedings take no more than 60 days. When all is said and done, the United States can take a break from their trade obligations and impose tariffs and other trade reform measures.
In regards to NAFTA, KORUS, and our other “free trade” agreements, they all need to be renegotiated. They do not operate with the U.S. worker in mind. The disastrous “free trade” agreements that we are shackled too are actually encouraging jobs to leave our country in pursuit of lower-wage rates, no environmental standards, trade without restrictions, and, in some cases, currency manipulation.
As long as our leaders continue their business-as-usual approach when managing our economy and continue to turn a blind eye to the harmful effects the WTO, NAFTA, KORUS, and other trade agreements are having on our businesses, jobs, and trade deficits, the United States economy will continue to decline. Contact your congressperson and insist they take action to prevent another Great Depression. Without action, there can be no recovery.