Obama's/NAFTA-Style Korea Trade DealOn December 3, 2010, President Obama backtracked on his campaign commitments to create a new American trade policy that stopped the job offshoring crisis by announcing he would bring the NAFTA-style Korea FTA negotiated by President Bush to Congress for a vote. Members of Congress from Democratic leaders to Libertarian Ron Paul announced their opposition as did unions, environmental and other organizations.
Now it is up to us to make sure that the 112th Congress makes the right decision and rejects this deeply flawed, job-killing, NAFTA-style deal. The agreement could come to a vote as soon as mid-February. The Korea agreement literally replicates large swaths of NAFTA and CAFTA. The U.S. International Trade Commission, the independent government agency that reviews trade agreements, says it will increase our trade deficit. The Economic Policy Institute says it will cost 159,000 more U.S. jobs.
The Korea FTA would promote further financial deregulation - even after the hard lessons learned through the econ