House Proceeding 02-25-09 on Feb 25th, 2009 :: 0:45:25 to 0:50:00
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0:45:07 to 0:45:28( Edit History Discussion )

Marcy Kaptur: protectionism. my friends, where are the fearsome red herring protectionists? we all believe in free trade so long as it is fair trade and i believe most of all in free trade among free people. . one must recognize that america

0:45:25 to 0:50:00( Edit History Discussion )
Speech By: Marcy Kaptur

0:45:29 to 0:45:51( Edit History Discussion )

Marcy Kaptur: hasn't had a balanced trade account since 1975, yes, 1975. that's 34 years of regregs on the jobs and trade front, 34 years of wondering, 34 years of imports dwarfing our exports, 34

0:45:52 to 0:46:12( Edit History Discussion )

Marcy Kaptur: years of outsourcing our jobs by the millions. thousands of america's best companies have been sacrificed, georgia, pacific, champion spark plugs, the list is endless. now we are watching major

0:46:13 to 0:46:34( Edit History Discussion )

Marcy Kaptur: segments of our banking disintegrate all while our beautiful nation begs china, undemocratic china for money. it's pretty clear we need to focus on our trade deficits as a causal factor. and our other deficits, the

0:46:35 to 0:46:57( Edit History Discussion )

Marcy Kaptur: human tragedies continue to mount. so-called free trade agreements back then, we had a surplus of 12.4 billion in goods with the world. we have now sunk in 2008 to $677

0:46:58 to 0:47:19( Edit History Discussion )

Marcy Kaptur: billion in trade deficits, three-quarters of $1 trillion and the lost jobs that go with it, just disappeared. the evidence is around us. americans are working hard each year and seeing no increased wages and more lost purchasing power. the dollar isn't worth as much. health and pension benefits

0:47:20 to 0:47:41( Edit History Discussion )

Marcy Kaptur: disappearing. this is not a recipe for a healthy economy, strong nation or a middle class. the challenge is trade is not a zero-sum game. other nations don't play by the same rules. other nations manage their maets. other nations manipulate their currency. let's look at the raw facts as

0:47:42 to 0:48:02( Edit History Discussion )

Marcy Kaptur: ignoring our trade deficits won't help our nation crawl out of our deep economic hole. let's stop digging and start crawling out. when you focus over a quarter ceury on more outsourcing of jobs and importing goods than on exporting goods and creating jobs here, our country ends up

0:48:03 to 0:48:23( Edit History Discussion )

Marcy Kaptur: indebted and we are indebted to china, mexico, japan and all the other creditors who will be knocking on our grandchildren's doors. when you conduct two wars and don't pay for them, you make it even worse. but not to recognize those two defits, the trade deficit as we as the budget deficit is to

0:48:24 to 0:48:45( Edit History Discussion )

Marcy Kaptur: live in a world of desion. in 2008, our trade deficit was in oil with the middle east and that trade advantages them, not us. if you looat overall trade between the united states, canada and mexico, that's governed by nafta. we are now at record imports

0:48:46 to 0:49:07( Edit History Discussion )

Marcy Kaptur: from both countries, not exports, record imports, 74.2 billion in the red with canada and $63.5 billion with mexico. the same is true with communist china where we are $266 billion deficit, a record high. japan is no different, $72.6

0:49:08 to 0:49:28( Edit History Discussion )

Marcy Kaptur: billion there. the top trade gap we continue to face is imported oil overall the u.s. imported $3.6 billion of crude oil with $342 billion, our ief strategic vulnerability. unemployment continues to rise,

0:49:29 to 0:49:50( Edit History Discussion )

Marcy Kaptur: nationally, 7.2% and in my district, over 12.5%. a professor from the university of maryland quote "lost growth is cumulative." the deficits accumluated, the u.s. economy is $1.5 trillion smaller, this comes out to

0:49:51 to 0:50:01( Edit History Discussion )

Marcy Kaptur: $10,000 per worker and every middle-class family feels it. how are we going to change this, mr. president? america needs balanced trade accounts, not delution.