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Speech on Signing of NAFTA (1993)

question 30

Multiple Choice

Speech on Signing of NAFTA (1993)
Bill Clinton
For the last 20 years, in all the wealthy countries of the world-because of changes in the global environment, because of the growth of technology, because of increasing competition-the middle class that was created and enlarged by the wise policies of expanding trade at the end of World War II has been under severe stress. Most Americans are working harder for less. They are vulnerable to the fear tactics and the averseness to change that are behind much of the opposition to NAFTA. But I want to say to my fellow Americans, when you live in a time of change the only way to recover your security and to broaden your horizons is to adapt to the change-to embrace it, to move forward. . . . The only way we can recover the fortunes of the middle class in this country so that people who work harder and smarter can at least prosper more, the only way we can pass on the American dream of the last 40 years to our children and their children for the next 40, is to adapt to the changes which are occurring.
In a fundamental sense, this debate about NAFTA is a debate about whether we will embrace these changes and create the jobs of tomorrow, or try to resist these changes, hoping we can preserve the economic structures of yesterday. . . . I believe that NAFTA will create 1 million jobs in the first 5 years of its impact. . . . NAFTA will generate these jobs by fostering an export boom to Mexico by tearing down tariff walls. . . . There will be no job loss.
-The North American Free Trade Agreement (NAFTA) represents the beginning of a reversal of economic policy based on protective tariffs that had been in place since the

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Definitions:

Labor Hours

The total number of hours worked by employees, used as a measure of labor input in the production of goods and services.

Inventory Holding Cost

The total cost associated with storing and managing inventory over a certain period, including warehousing, insurance, depreciation, and obsolescence costs.

Marginal Subcontracting Cost

The extra expense faced when outsourcing an additional unit of production or service.

Layoff Cost

Expenses associated with terminating employees, which may include severance pay, benefits continuation, and other related costs.