Krugman's Harshest Post Yet

[upi402]

48. There is still a ton of spin coming from NAFTA boosters

from your link:

"According to the Congressional Research Service, U.S.
imports from Mexico increased 229 percent between 1993
and 2001 — while U.S. exports to Mexico rose only 144
percent over this period.

As grim as these numbers are, they
only tell half the story: a large proportion of what is
counted as U.S. “exports” to Mexico have been parts and
components that are shipped to Mexico for assembly,never
enter the Mexican domestic economy, but rather are
returned to the U.S. for sale as finished goods. By 1999,
these “industrial tourist” exports accounted for more than
60 percent of all U.S. exports to Mexico.7

When corporate and government NAFTA boosters try
to defend NAFTA now, they not only count these industrial
tourists as exports, but they only focus on the increase in
U.S. exports to Mexico and Canada under NAFTA — and
never mention the much bigger increase in imports.Yet,we
all know what happens if you only count the deposits but
not the withdrawals to your checking account!"