Trade Disagreement

A Michigan congressman wants to repeal legislation that has been one of the few bright spots in the state's slumping economy over the last decade.

Rep. Bart Stupak, D-Menominee, has introduced legislation to overturn the North American Free Trade Agreement, according to The Flint Journal.

Research by James Hohman, a fiscal policy analyst, shows that Michigan exports about $45 billion worth of goods each year, a 44 percent increases since 1999. Michigan's two largest trading partners are Canada and Mexico, and only two states — Texas and California — export more to Mexico than Michigan.

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"It' not perfect, but it's better than the system in place beforehand — a system with hurdles to the free and voluntary association of people and products," Mike LaFaive, director of the Morey Fiscal Policy Initiative, told The Journal.

LaFaive also explained why those who want to repeal NAFTA based on "trade deficits" are wrong.

"I have a trade deficit with Wal-Mart and it's been growing. How am I worse off?" LaFaive said. "I buy a lot of things from them, but Wal-Mart buys nothing from me. So what? It's an illusion that trade must always be in balance."