Fast Track to Lost Jobs Free Trade Agreements Are Bad Deals for Working Americans

http://www.epi.org/publication/fast-track-to-lost-jobs-free-trade-agreements-are-bad-deals-for-working-americans/

President Obama is currently negotiating two massive new free trade agreements that, if enacted, are likely to result in increased outsourcing and growing job losses, especially in the manufacturing sector. He has asked Congress for “Fast Track” authority, which would allow him to submit trade agreements to Congress without giving members of Congress the opportunity to amend the deal. Experience has shown that these trade deals have resulted in massive job losses for American workers, as shown in the infographic below. Fast track trade legislation will speed the ratification of more job-destroying trade deals.




The U.S.-Korea Free Trade Agreement (KORUS)

70,000 jobs promised

60,000 jobs lost

WHAT’S GOING ON HERE?

Presidents of both parties from Clinton through Obama have sold free trade agreements on the basis of export growth. But free trade agreements impact a lot more than exports—they increase imports and encourage outsourcing, which means fewer American jobs.
WHAT SHOULD WE DO?

We should stop negotiating new free trade agreements, and work to fix the ones we have. The United States needs to base its projections on the real impact of free trade agreements—including effects on exports and imports, outsourcing, wages, and employment.