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Enormous, Humongous Trade Deficits Widen, Further Exposing Failed Policy
Enormous, Humongous Trade Deficits Widen, Further Exposing Failed Policy
2/7/2015
In December the trade deficit in goods and services made its largest percentage jump in more than five years and the 2014 yearly total is its highest since 2012 - which begs the question: Why is the Obama administration doubling down on the failed trade policies of its predecessors?
The U.S. has run massive trade deficits for decades since the Wall Street-driven "free trade" ideology came to dominate. "Free trade" de-industrialization has cost our country millions of jobs, tens of thousands of factories and entire industries. It has pushed down wages and greatly increased inequality. Now the Obama administration is doubling down, pushing a vast "NAFTA-style" trade agreement and asking Congress to pass a rigged "fast track" process to pre-approve it.
...The Economic Policy Institute's Robert Scott pointed out that "The U.S. trade deficit in manufactured products increased to $524.2 billion in 2014, an increase of $76.8 billion (17.2 percent) from 2013. ... Growing trade deficits in manufactured products have been a primary driver in the displacement of U.S. manufacturing jobs since 2000."
The 2014 trade deficit with China increased by $23.9 billion to $342.6 billion. Exports to China were up $2.3 billion to $124.0 billion while imports from China increased $26.2 billion to $466.7 billion. Again, exports increased but imports increased more, resulting in job loss and a drain on our economy.
Korea and NAFTA
Since the Korea Free Trade Agreement, our trade deficit with Korea has surged more than 80 percent, which equates to the loss of more than 70,000 U.S. jobs. The U.S. goods trade deficit with Korea increased 20 percent in 2014 to more than $25 billion. 2014 exports to Korea were lower than 2011 -- which was before entering into the KORUS Korea FTA....
http://www.huffingtonpost.com/dave-johnson/enormous-humongous-trade_b_6636514.html
2/7/2015
In December the trade deficit in goods and services made its largest percentage jump in more than five years and the 2014 yearly total is its highest since 2012 - which begs the question: Why is the Obama administration doubling down on the failed trade policies of its predecessors?
The U.S. has run massive trade deficits for decades since the Wall Street-driven "free trade" ideology came to dominate. "Free trade" de-industrialization has cost our country millions of jobs, tens of thousands of factories and entire industries. It has pushed down wages and greatly increased inequality. Now the Obama administration is doubling down, pushing a vast "NAFTA-style" trade agreement and asking Congress to pass a rigged "fast track" process to pre-approve it.
...The Economic Policy Institute's Robert Scott pointed out that "The U.S. trade deficit in manufactured products increased to $524.2 billion in 2014, an increase of $76.8 billion (17.2 percent) from 2013. ... Growing trade deficits in manufactured products have been a primary driver in the displacement of U.S. manufacturing jobs since 2000."
The 2014 trade deficit with China increased by $23.9 billion to $342.6 billion. Exports to China were up $2.3 billion to $124.0 billion while imports from China increased $26.2 billion to $466.7 billion. Again, exports increased but imports increased more, resulting in job loss and a drain on our economy.
Korea and NAFTA
Since the Korea Free Trade Agreement, our trade deficit with Korea has surged more than 80 percent, which equates to the loss of more than 70,000 U.S. jobs. The U.S. goods trade deficit with Korea increased 20 percent in 2014 to more than $25 billion. 2014 exports to Korea were lower than 2011 -- which was before entering into the KORUS Korea FTA....
http://www.huffingtonpost.com/dave-johnson/enormous-humongous-trade_b_6636514.html
Meanwhile, why is John Kerry saying TPP will create over 650K US jobs, a number pulled out of a hat???
http://www.latimes.com/business/hiltzik/la-fi-hiltzik-20150206-column.html#page=1
On the other side of the argument is the trade pact's potential to foster economic growth and job creation — "650,000 jobs in the U.S. alone," as Secretary of State John F. Kerry asserted last month. But that widely challenged figure is extrapolated from a 2012 report by the Peterson Institute of International Economics, which didn't offer a jobs estimate. In fact, the report said the TPP might dislocate workers and drive older people out of the workforce — and that any benefits might be canceled out by the resulting costs to workers and society. Evidence from earlier trade pacts, including the North American Free Trade Agreement, suggests that the benefits for developing countries among the treaty signatories are similarly oversold.
On the other side of the argument is the trade pact's potential to foster economic growth and job creation — "650,000 jobs in the U.S. alone," as Secretary of State John F. Kerry asserted last month. But that widely challenged figure is extrapolated from a 2012 report by the Peterson Institute of International Economics, which didn't offer a jobs estimate. In fact, the report said the TPP might dislocate workers and drive older people out of the workforce — and that any benefits might be canceled out by the resulting costs to workers and society. Evidence from earlier trade pacts, including the North American Free Trade Agreement, suggests that the benefits for developing countries among the treaty signatories are similarly oversold.
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