Unfortunately, I’ve got bad news to pass on. The House of Representatives just voted to give President Obama sweeping new authority to negotiate the same kinds of trade agreements that have shafted America’s middle class and gutted the productive part of our nation’s economy. Since the Senate has already passed a similar measure, the House action would appear to make this ‘fast track’ bill law before too long.
The Congressional politics of this issue remain so complicated – as evinced by fast track’s seeming demise last Friday – that the measure could yet ultimately fail. Also, although its passage today greatly increases the odds of eventual Congressional approval of Mr. Obama’s fatally flawed Pacific Rim trade deal (which is still being negotiated internationally), supporters still can’t take for granted its fate on Capitol Hill. Nonetheless, even given these remaining uncertainties, this was a bad day for America, and the rest of the world, too – especially since, as I’ve written repeatedly, current U. S. TRADE STRATEGY played a key role in triggering the last financial crisis, and threatens to bring about a replay.
This post was published at Wall Street Examiner by Alan Tonelson ‘ June 18, 2015.
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