In the wake of the Cold War, the American political class was determined to pursue bold projects that would enhance its economic status.
Prior to the Soviet Union’s collapse, the administration of Republican President George H.W. Bush crafted the Enterprise for the Americas Initiative.
This trade pact’s initial goal was to set up a free-trade zone spanning North and South America. In addition, it sought to expand investment and provide debt relief to Latin American and Caribbean countries.
This program was ultimately shelved when Bush lost his re-election bid in 1991. However, the succeeding administration of Bill Clinton continued efforts to build a trade agreement.
The North American Free Trade Agreement (NAFTA) was the Clinton administration’s main trade project. The agreement’s goal was to liberalize trade between Canada, Mexico, and the US.
The Clinton administration believed that the passage of this agreement would motivate other nations to pursue similar trade deals. Its long-term goal was to create a broader world trade agreement.
The North American Free Trade Agreement (NAFTA) was eventually signed into law by President Bill Clinton on December 8, 1993 and went into effect on January 1, 1994.
NAFTA scrapped nearly all the tariffs and trade regulations that previously existed between the three nations. Tariffs on agricultural products, automobiles, and textiles were phased out over the course of January 1, 1994 to January 1, 2008.
NAFTA’s passage was a big political win for the Clinton administration. This trade agreement increased cross-border trade and investment and forced U.S. industry to become more competitive.
According to figures from the Canadian government, NAFTA boosted trilateral trade by 125.2% from 1993 to 2015. In total, there was $1.0 trillion in trade from that period.
However, there were some downsides to the passage of NAFTA.
In 1992, Reform Party presidential candidate Ross Perot constantly criticized NAFTA for how it would potentially outsource American jobs to Mexico because of the country’s lower pay and benefits standards.
Once NAFTA went into effect, it became clear that were some negative outcomes.
These included the loss of manufacturing jobs, increased U.S. trade deficits, and a surge in illegal immigration.
Many of NAFTA’s negative effects became points that former president Donald Trump campaigned against in 2016. One of his main policy priorities was overhauling American trade.
Many of these issues propelled the candidacy of former President Donald Trump and arguably got him elected in 2016.
Under Trump’s watch, NAFTA was retooled and replaced with the United States-Mexico-Canada Agreement (USMCA).
The USMCA created duty-free access for agricultural goods on both sides of the US border and lifted non-tariff barriers. Agricultural trade between Mexico and the United States also increased. On top of that, the USMCA established stronger labor standards between the nations involved, which helped promote fair trade.
Regardless of what one thought about the Trump administration, his campaign initially brought forward valid questions about trade.
In the decades that followed NAFTA, many working class citizens saw their jobs outsourced and experienced economic displacement.
For the first time in a while, millions were economically uprooted by public policy. These are the many perils of relying on conventional work to get by.
Sure, everybody must go through a regular work phase. It’s a part of most people’s career development. But you can’t stay in such an economic state forever.
You see, with outsourcing, automation, and government regulations that kill certain forms of employment, blue collar and white-collar workers alike are at risk of losing their employment in any instant.
It’s easy to get a paycheck from a lifeless corporation but what comes easy in the short-term, creates sharp pain in the long-term.
The best way to avoid this precarious economic situation is by no longer leaving your economic fate at the hands of corporate and political actors.
Charting your own financial path is key. However, attaining true financial sovereignty is not an easy feat.
It will require dedication, hard work, and a willingness to work with others.
The last part is crucial if you want to be successful. No man is an island and you will have to interact with others to learn the best practices for growing your wealth.
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It cannot be stressed enough the importance of working with people who are taking action. It’s one thing to theorize but it’s another to get your hands dirty.
The Empowered Investor community has plenty of people who will show you the ins-and-outs of income property investing.
The name of the game here is investing in linear market property markets. That way, you’ll have consistent cash flows.
However, property investing is not a walk in the park. You’ll often have to deal with sketchy property managers, juggle property maintenance tasks, track cash flows, among other things.
At a glance, this may look intimidating and actually prevent you from pulling the trigger.
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What we teach at the Empowered Investor Inner Circle Mastermind is more than just dollar signs.
We’re in the business of enhancing freedom.
The Empowered Investor Inner Circle is your safe space in a time of economic uncertainty.
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