Republican Presidential nominee John McCain admits that "...the issue of economics is not something I’ve understood as well as I should.”
His campaign committee co-chair and chief economic advisor was Phil Gramm who made millions on Enron even as the company went bankrupt and thousands of emploees lost their life savings. Gramm recently claimed that the nation's economic problems are in people's heads as he called Americans a nation of whiners!
So it is not surprising that John McCain continues to defend his support for the North American Free Trade Agreement (NAFTA).
Americans were promised that NAFTA would generate large numbers of net new good jobs. Instead, over a million jobs that would otherwise have been created were lost, and wages were pressured downward for a large number of workers with less than a college education. Wisconsin lost 25,403 job s, 0.9% of total employment. Michigan was even harder hit losing 63,000 jobs.
On the issue of jobs and trade McCain promises more of the same- job loss and declining wages!
Democratic Presidential nominee Barack Obama opposed NATFA from the beginning and has promised to rewrite its rules if elected.
There is a clear difference as this new ad makes clear.