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press release For Immediate Publication December 22, 1997 While the American media was caught up in a frenzy of pre-holiday ^Ógood news^Ô about the new top dog in the White House and a public opinion poll about Santa^Òs political affiliation, the U.S. Commerce Department quietly released the trade figures for 1997, which show our trade losses soaring to a new high of more than $200 billion for the first ten months of the year. Though the losses are concentrated in categories such as automobiles, oil, clothing, toys and games and footwear, they also show alarming increases in ADP equipment, office machines, electrical machinery, television/VCR, photographic equipment, optical goods, airplane parts and other high- tech/high-skill employment categories in which the federal government has been telling American workers they can expect to see job growth. Upon seeing the new figures, released last Thursday, Pat Choate, 1996 Reform Party Vice Presidential candidate, said, ^ÓIt^Òs not a pretty picture.^Ô The prominent Washington economist added, ^ÓWhat^Òs it going to take for our government to acknowledge that our current trade policies have failed our country and its people? I know they hate to admit that Ross [Perot] was right, but the proof is in their own numbers.^Ô Reform Party Chairman Russ Verney said of the report, ^Ó What we^Òre seeing is the mass exodus of wealth out of this country,^Ô Explaining that the only two ways for a country to make money are through savings and by exporting more than it imports, he added, ^ÓAnd now, we don^Òt do either.^Ô Choate and Verney agreed that leading ators portend a worsening of the situation, unless radical measures are taken. ^ÓWe currently have the lowest productivity growth rate since the Carter years,^Ô said Choate, ^Ócombined with a virtual epidemic of upcoming layoffs^Ö6600 at Kodak, 12,000 at Boeing, 1500 at Polaroid, 600 at Cabletron, 2900 at Fruit of the Loom...shall I go on? The American people stopped fast track once, and we have to do it again. What^Òs more, our bigger challenge is to reverse and re-negotiate these trade pacts which are causing American job losses.^Ô Bad foreign policy on top of bad trade negotiating, according to Verney, will drive the trade deficit sharply upward, precipitating a full-blown crisis soon. ^ÓA terrible situation will become horrible due to the IMF bailout of corrupt banks in foreign countries,^Ô he explained. ^ÓHow are these Asian countries going to pay back those loans? By massively increasing exports to the U.S., of course.^Ô Expressing faith in the American people^Òs ability to solve our economic problems and make a better future, Verney urged the media, ^ÓGive the people the facts...not feelgood stories about dogs and Santa Claus.^Ô Finally ending the speculation fostered by the widely reported poll about whether Santa Claus is a Republican or Democrat, Verney announced, ^ÓAfter returning from his latest shopping trip, unable to find anything made in U.S.A., Santa signed on with the Reform Party.^Ô ### For information: Russell J. Verney, National Chairman 972-450-8821 Dr. Pat Choate 202-966-6505 Donna Donovan, Public Relations Chairman 860-659-9487
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