Sonny Clark
Diamond Member
- Banned
- #1
Have you ever wondered where our jobs went? Have you ever wondered why our jobs left this country? Have you ever heard a professional politician say that our foreign trade agreements are good for our economy, and that they produce American jobs? Do you still wonder and believe?
Currency Manipulation and the 896,600 U.S. Jobs Lost Due to the U.S.-Japan Trade Deficit
U.S. trade and investment agreements have almost always resulted in growing trade deficits and job losses. Under the 1993 North American Free Trade Agreement, growing trade deficits with Mexico cost 682,900 U.S. jobs as of 2010, and U.S.-Mexico trade deficits and job displacement have increased since then. President Obama promised that the U.S.-Korea Free Trade Agreement would increase U.S. goods exports by between $10 billion and $11 billion, supporting 70,000 American jobs from increased exports alone. However, in the first two years after that deal went into effect, U.S. exports actually declined, and growing trade deficits with South Korea cost nearly 60,000 U.S. jobs. The U.S. trade deficit with South Korea continues to rise.
This is important to keep in mind as secret negotiations for the Trans-Pacific Partnership (TPP) continue, most recently in Washington and New York. The United States has a large and growing trade deficit with Japan and the 10 other countries in the proposed TPP. This deficit has increased from $110.3 billion in 1997 to an estimated $261.7 billion in 2014.
Additionally, several members of the proposed TPP deal are well known currency manipulators, including Malaysia, Singapore, and Japan. In fact, Japan is the world’s second largest currency manipulator, behind China. The United States should not sign a trade and investment deal with these countries that does not include strong prohibitions on currency manipulation. Yet U.S. Trade Representative Michael Froman has testified that currency manipulation has not been discussed in the TPP negotiations (McCormack 2014).
http://www.epi.org/publication/currency-manipulation-and-the-896600-u-s-jobs-lost-due-to-the-u-s-japan-trade-deficit/?utm_source=Economic+Policy+Institute&utm_campaign=aa6b426714-EPI_News&utm_medium=email&utm_term=0_e7c5826c50-aa6b426714-55935245
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Through unfair, unjust, and one-sided foreign trade agreements and policies, we've sacrificed our economic well-being in favor of strengthening foreign economies. As a direct result, we've become consumers and not producers. We've become import dependent. No longer are skills passed down from generation to generation, due mainly to the fact that we've closed our plants and factories that once provided self-supporting opportunities that covered all education and skill levels.
Meanwhile, our work force survives off of government assistance programs and unemployment checks. We've created a poor and dependent society, and have allowed wealth to be concentrated in the hands of the elite.
Currency Manipulation and the 896,600 U.S. Jobs Lost Due to the U.S.-Japan Trade Deficit
U.S. trade and investment agreements have almost always resulted in growing trade deficits and job losses. Under the 1993 North American Free Trade Agreement, growing trade deficits with Mexico cost 682,900 U.S. jobs as of 2010, and U.S.-Mexico trade deficits and job displacement have increased since then. President Obama promised that the U.S.-Korea Free Trade Agreement would increase U.S. goods exports by between $10 billion and $11 billion, supporting 70,000 American jobs from increased exports alone. However, in the first two years after that deal went into effect, U.S. exports actually declined, and growing trade deficits with South Korea cost nearly 60,000 U.S. jobs. The U.S. trade deficit with South Korea continues to rise.
This is important to keep in mind as secret negotiations for the Trans-Pacific Partnership (TPP) continue, most recently in Washington and New York. The United States has a large and growing trade deficit with Japan and the 10 other countries in the proposed TPP. This deficit has increased from $110.3 billion in 1997 to an estimated $261.7 billion in 2014.
Additionally, several members of the proposed TPP deal are well known currency manipulators, including Malaysia, Singapore, and Japan. In fact, Japan is the world’s second largest currency manipulator, behind China. The United States should not sign a trade and investment deal with these countries that does not include strong prohibitions on currency manipulation. Yet U.S. Trade Representative Michael Froman has testified that currency manipulation has not been discussed in the TPP negotiations (McCormack 2014).
http://www.epi.org/publication/currency-manipulation-and-the-896600-u-s-jobs-lost-due-to-the-u-s-japan-trade-deficit/?utm_source=Economic+Policy+Institute&utm_campaign=aa6b426714-EPI_News&utm_medium=email&utm_term=0_e7c5826c50-aa6b426714-55935245
_____________________________________________________________________________________
Through unfair, unjust, and one-sided foreign trade agreements and policies, we've sacrificed our economic well-being in favor of strengthening foreign economies. As a direct result, we've become consumers and not producers. We've become import dependent. No longer are skills passed down from generation to generation, due mainly to the fact that we've closed our plants and factories that once provided self-supporting opportunities that covered all education and skill levels.
Meanwhile, our work force survives off of government assistance programs and unemployment checks. We've created a poor and dependent society, and have allowed wealth to be concentrated in the hands of the elite.