Tapsearch Com EditorEconomic storms were forcasted
January 13th 2009 01:02
From The Capital Times
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Ray Tapajna : Moving factories out of U.S. started this mess.
Ray Tapajna - 1/12/2009 5:39 am
The Capital Times - Madison Wisconsin
Dear Editor:
Who said we had to compete like this in a global economic arena?
Why did the federal government sponsor the moving of factories outside the U.S. starting in 1956? It was supposed to be a temporary program to help out the Mexican and Central American economies while testing the effect of lower prices for U.S. consumers.
The program never ended and it evolved into the maquiladora factory program in Mexico. The number of U.S. factories moved to Mexico numbered 2,000 by 1992 prior to the passing of the NAFTA free-trade agreement. After NAFTA was passed, the number doubled to 4,000 factories being moved to Mexico. Soon after that President Clinton and the "Contract With America" Republican Congress rushed $20 billion to Mexico to bail out the Mexican economy. Clinton said he was also going to funnel more money to Mexico through international money funds.
In return, the U.S. was flooded with imports made by $1-an-hour workers in Mexico and our industries were told to compete with this.
This is something all should know, especially during the present financial crisis.
Ray Tapajna
Cleveland, Ohio
Make captimes.com your all-day, every-day, Madison news home page. Subscribe to get news updates delivered by email.
Ray Tapajna : Moving factories out of U.S. started this mess.
Ray Tapajna - 1/12/2009 5:39 am
The Capital Times - Madison Wisconsin
Dear Editor:
Who said we had to compete like this in a global economic arena?
Why did the federal government sponsor the moving of factories outside the U.S. starting in 1956? It was supposed to be a temporary program to help out the Mexican and Central American economies while testing the effect of lower prices for U.S. consumers.
The program never ended and it evolved into the maquiladora factory program in Mexico. The number of U.S. factories moved to Mexico numbered 2,000 by 1992 prior to the passing of the NAFTA free-trade agreement. After NAFTA was passed, the number doubled to 4,000 factories being moved to Mexico. Soon after that President Clinton and the "Contract With America" Republican Congress rushed $20 billion to Mexico to bail out the Mexican economy. Clinton said he was also going to funnel more money to Mexico through international money funds.
In return, the U.S. was flooded with imports made by $1-an-hour workers in Mexico and our industries were told to compete with this.
This is something all should know, especially during the present financial crisis.
Ray Tapajna
Cleveland, Ohio
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