Wall Street Titans Who Crashed Global Economy in 2008 Go Big for TPP | Common Dreams | Breaking News & Views for the Progressive Community.
The new economic statistics, explains Public Citizen, offer a damning indictment of the promises on which such deals are sold:
“U.S. goods exports to Korea have dropped 6 percent, or $2.7 billion, under the Korea FTA’s first three years, while goods imports from Korea have surged 19 percent, or $11.3 billion (comparing the deal’s third year to the year before implementation). As a result, the U.S. goods trade deficit with Korea has swelled 104 percent, or more than $14 billion. The trade deficit increase equates to the loss of more than 93,000 American jobs in the first three years of the Korea FTA, counting both exports and imports, according to the trade-jobs ratio that the Obama administration used to project gains from the deal.” […]
Record-breaking U.S. trade deficits with Korea have become the new normal under the FTA – in 35 of the 36 months since the Korea FTA took effect, the U.S. goods trade deficit with Korea has exceeded the average monthly trade deficit seen in the three years before the deal. In January 2015, the monthly U.S. goods trade deficit with Korea topped $3 billion – the highest level on record.
The administration has tried to deflect attention from the failure of its Korea FTA by claiming that its poor performance has been caused by economic stagnation in Korea. However, Korea’s economy has grown during each year of the Korea FTA, while U.S. exports to Korea have not.”
Just providing signal amplification here. From everything I’ve seen, the Trans-Pacific Partnership is being
offered to us all but forced upon us under cloak of secrecy, and we’re just supposed to take the administration’s word for it that it’s a good thing for American workers. Comparative data like this takes me out of safely skeptical territory and plunks me down squarely in a bog of cynicism.