The U.S.-Korea Free Trade Agreement passed with the usual fanfare, supported by the usual suspects. Barack Obama hailed the agreement’s implementation on March 15, 2012. In the middle of his re-election campaign, he cheerfully promised the agreement would increase American exports to South Korea by $10 billion and would create 70,000 U.S. jobs. One of Barack Obama’s signature efforts for his second term is the Trans-Pacific Partnership, a trade deal among the U.S., Canada, Mexico, Peru, Chile, New Zealand, Australia, Malaysia, Singapore, Brunei, Vietnam and Japan. Most people would expect Obama, in the middle of a fight over the fate of the Trans-Pacific Partnership, to be trumpeting the successes of the U.S.-Korea Free Trade Agreement. There is a reason for Obama’s silence. In the first two years of the U.S.-Korea Free Trade Agreement, U.S. exports to Korea fell by $3.1 billion. Meanwhile, imports from Korea increased by $8.7 billion. Studies show that, instead of increasing employment in America, approximately 60,000 jobs have been lost thanks to the U.S.-Korea Free Trade Agreement. Albert Einstein is quoted as saying, “The definition of insanity is doing the same thing over and over again and expecting a different result.” Read more: washingtontimes/news/2014/mar/17/phillips-the-insanity-of-free-trade-agreements/#ixzz2wVde93S3 Follow us: @washtimes on Twitter
Posted on: Thu, 20 Mar 2014 13:28:44 +0000
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