Issues facing the U.S. economy today

NAFTA
NAFTA contains no environmental or labor standards in the main text of the agreement, thus the trade pact has had a devastating effect on the nation’s economy. The only way to solve North America’s trade imbalances would be to create a new trade accord or amend the existing agreement to include tariffs to offset the lack of environmental and labor standards.

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WTO
The same corporate interests that sold the false promises of NAFTA to the American people were just as effective in convincing the powers-that-be to enter into the WTO, a flawed international organization whose agreement with America limits our ability to act in our own best interest. That agenda has taken an exacting toll on the American economy, especially since China’s entry into the organization in 2001. The consequences have been dire.

Through various trade agreements, the previous two administration’s have tied the U.S.’ hands regarding international trade. The unbalanced trade relationships between the U.S. and the WTO and the U.S. and China are the starkest examples. In an ever changing world, we need to be flexible with our economic policies - something that is not allowed under the current trade regime.

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Value Added Tax
The lack of a value-added tax has forced American manufacturers to compete against foreign competitors on a wholly uneven playing field. Currently over 150 nations utilize the VAT, which acts like an import tariff. Governments which utilize the VAT also redirect VAT revenue towards subsidizing exports, placing the U.S. in a comparatively most uncompetitive situation due to the fact that we do not utilize the VAT or any countervailing measures. This has had far-reaching economic implication on the American economy.

The American social safety net is falling apart. Implementing a VAT a could go a long way towards replenishing the dwindling Social Security and Medicare trust funds while also providing much need revenues for health care and educational reforms and infrastructure projects. In addition, the de facto import tariff would begin to level America’s trade imbalances with the rest of the world.

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