Economists warn the economy is the biggest loser if the White House and
Congressare unable to pass "fast-track" legislation.
- Fast-track gives the president authority to submit trade negotiation
treaties to Congress on a take-it-or-leave-it basis.
- It is considered an important bargaining tool for the president in
trade negotiations to assure trading partners that treaties forged will
not be altered by Congress.
- Fast-track authority has been given to every president since Nixon.
Fast-track is essential to free trade, which has helped make the U.S.
economy one of the strongest in the world:
- National economic data shows the U.S. economy has produced more than
30 million jobs over the past 17 years -- one-third of which depend on
trade.
- One of the first consequences of the North American Free Trade Agreement
was the immediate relocation of some auto plants from Mexico to the United
States.
- Economists point out that America became the world trade leader at
the dawn of the free-trade era and her economy outshines all others by
embracing open trade competition.
Other counties following protectionist policies have suffered economically:
- Japan's economy is in a nose dive partly due to trade protectionism
that has caused shortages of labor and consumer goods.
- Economists predict Japan will now be forced to open its trade doors
and ship some of its manufacturing jobs to neighboring countries.
- Many European states are suffering from slow growth and high unemployment
due to protectionism -- with Germany, for example, having an unemployment
rate of 11.2 percent.
Analysts point out that Italy and France's protectionist policies in
agriculture have rendered these countries little more than adult amusement
parks -- hilly counties with scenic ruins and good wine.
Source: Tony Snow (Washington Times), "Fearmongering the Fast Track
on Trade," Washington Times, September 15, 1997.
