[Congressional Record Volume 143, Number 140 (Thursday, October 9, 1997)]
[Extensions of Remarks]
[Page E2004]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  A BILL TO END THE U.S. TRADE DEFICIT

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                         HON. PETER A. DeFAZIO

                               of oregon

                    in the house of representatives

                       Thursday, October 9, 1997

  Mr. DeFazio. Mr. Speaker, trade deficits matter. They represent 
millions of lost jobs--mostly in high wage manufacturing industries. 
They help keep U.S. interest rates at abnormally high levels, 
depressing economic growth. And large, persistent trade deficits with 
low wage nations inevitably depress wages in the United States and 
contribute to one of America's most vexing problems: the growing 
disparities in the wealth and incomes of our citizens.
  The United States has not had a positive trade balance since 1975. 
The 1996 total trade deficit--including services--was $111 billion. The 
merchandise-only trade deficit was $192 billion--a new record. It's 
true that exports create jobs. But when imports--especially imports of 
goods that were once produced in U.S. factories--exceed exports by 
nearly $200 billion a year, the result is a net loss of some of the 
best jobs our economy has to offer. That's exactly what this Nation's 
trade policies have delivered to the American people.
  Today I am introducing a bill to establish the emergency commission 
to end the trade deficit. My bill would establish a commission to 
develop a comprehensive trade policy plan by examining the economic 
policies, trade, tax, investment laws, and other legal incentives and 
restrictions that are relevant to reducing the U.S. trade deficit. The 
commission would be composed of members with expertise in economics, 
international trade, manufacturing, labor, environment, and business. 
Senators Dorgan and Byrd have introduced companion legislation in the 
Senate.
  Trade policy developed on a fast track has been disastrous for our 
people and our economy. It is time to slow down and carefully develop a 
trade policy whose principle objective is the generation of decent jobs 
and rising wages for the majority of our people.

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