UNITED STATES-PERU TRADE PROMOTION AGREEMENT -- (House of Representatives - November 07, 2007)
(Mr. DeFAZIO asked and was given permission to address the House for 1 minute.)
Mr. DeFAZIO. The dollar is dropping like a rock. We're borrowing $2 billion a day from overseas to buy things we don't make anymore. We've lost 4 million manufacturing jobs. Millions of middle-class Americans are seeing their pay stagnant or declining.
Our current trade policy is a dismal failure. It's a failed engine for our economy. Now comes the Peru Free Trade Agreement. The advocates tell you the burgeoning middle class of Peru, all three of them, are going to go out and be a huge market for the goods we don't make in America anymore.
They tout the breakthroughs on modest labor and environmental provisions. Well, the destructive multinational-written chapter 11 provisions remain at the center of this trade agreement. If trade is the engine that drives our economy, it needs an overhaul. Instead, with this bill, we are getting a new hood ornament, some side-view mirrors and a misbegotten cousin of NAFTA as a trade policy.