NAFTA was a bad deal for U.S. workers. That’s one of the reasons I expect bad things from the TPP.

I’ve made multiple TPP-related posts of the past months – find them as well as older ones here.  (Just click the “TPP” tag over on the right.)  In terms of what we might expect if the TPP is enacted, it’s worth looking back at NAFTA and it’s consequences.   NAFTA was enacted in 1994 under Pres. Clinton.  From my perspective, Ross Perot got it right was accurate with his prediction.  It’s turned out to be an awful deal – an estimated 700,000 U.S. jobs lost.

Economic Policy Institute (EPI) economist Jeff Faux and UC-Berkeley economist Brad DeLong had a public exchange last summer re the merits of NAFTA – Faux taking the position that it’s turned out to be a bad deal and DeLong taking the position that it’s been a net benefit:

And Robert Scott of EPI adds his two cents on Faux vs DeLong:

If you’re an investor I can see why you might view NAFTA favorably.   If you live in the U.S. and work for a living I do not see how you could view it favorably.

(For what it’s worth, I’ve cited DeLong favorably dozens of times.  NAFTA and his inclination to support the TPP are rare – but predictable – instances where I believe he is badly wrong.)