Race to the Bottom: Trade Edition

Via Greg Mankiw, Clinton and Obama think NAFTA is sending jobs south and tanking our economy. They appear to be competing for the position of candidate who hates trade most.

There are two possible explanations for this rhetoric:

1. These two democrats actually believe this.
2. They know this to be false and are intentionally pandering to voters' economic illiteracy and xenophobia.

So, either the two candidates are intellectually or morally bankrupt. I'm not sure which story I prefer to believe.