Word: naftas
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Lost seats on Election Day aren't the only reason for the gloom in Washington. With voters also complaining about a do-nothing Congress -- a criticism that is not entirely deserved after the adoption of NAFTA and significant deficit-reduction measures -- much of Washington was concerned last week that Rostenkowski's plight would deprive Congress of a rare power broker who helped push through the 1986 tax-reform bill and NAFTA. "No capital ever has a surplus of politicians with those qualities," the columnist David Broder lamented last week in the Washington Post. "Seeing him brought down . . . is a citywide...
...early to gauge the overall effect of the North American Free Trade Agreement, which took effect in January. But seven months after Al Gore and Ross Perot, right, squared off over the treaty, the Administration and Perot are still going at it. The Commerce Department publishes the relentlessly upbeat NAFTA News, while Perot's United We Stand America publishes the pessimistic Afta-NAFTA Update. Some excerpts...
...NAFTA News: "January trade statistics revealed that in the first month of NAFTA implementation the U.S. trade surplus with Mexico nearly doubled from December 1993. U.S. exports increased $400 million...
...Afta-NAFTA Update: "Nintendo of America announced on Jan. 10 that it was moving 136 jobs from its U.S. payrolls to Mexico. Because of a NAFTA provision, these unemployed workers qualify for federal entitlements, including welfare benefits paid for by U.S. tax dollars...
...Hours after NAFTA was signed, General Motors notified Detroit Steel of Indiana, which manufactured springs, that GM was pulling their work out of Indiana and sending it to Mexico. GM will save 40 cents per spring. Before NAFTA the tariff on springs imported from Mexico was 40 cents...