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U.S.-Korea Free Trade Agreement Spells Continued Job Loss, Study Predicts

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Posted on May 3, 2011
Flickr / Un ragazzo chiamato Bi Some rights reserved

Computer and electronic manufacturing industries accounted for some 150,000 American jobs displaced as of 2010.

An Economic Policy Institute report released Tuesday confirms that a ballooning U.S.-Mexico trade deficit has cost hundreds of thousands of American jobs, and predicts more of the same when the U.S.-Korea Free Trade Agreement comes into force. —ARK

Economic Policy Institute:

As of 2010, U.S. trade deficits with Mexico totaling $97.2 billion had displaced 682,900 U.S. jobs. Of those jobs, 116,400 are likely economy-wide job losses because they were displaced between 2007 and 2010, when the U.S. labor market was severely depressed.

Prominent economists and U.S. government officials predicted that the North American Free Trade Agreement (NAFTA) would lead to growing trade surpluses with Mexico and that hundreds of thousands of jobs would be gained (Hufbauer and Schott 1993; President Clinton 1993). The evidence shows that the predicted surpluses in the wake of NAFTA’s enactment in 1994 did not materialize, for reasons outlined in this briefing paper.

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By John, May 7, 2011 at 5:30 am Link to this comment
(Unregistered commenter)

Nafta was the biggest mistake uunions oppsed it and they were right.People need to wake up and start supporting good for America workers even though they may be really hard to find.

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MarthaA's avatar

By MarthaA, May 3, 2011 at 9:20 pm Link to this comment

United States capitalists have the freedom to take their business to
Korea, cut off jobs in the USA , build manufacturing corporations in
Korea to manufacture their products more cheaply in Korea and still
sell their products in the United States. 

Wonderful scam for the conservative capitalists that totally leave the
majority population of the United States out in the cold.  It is time the
majority population of the United States have some real political
representation, which will never come from Republicans and
Moderate or Conservative Democrats.

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prisnersdilema's avatar

By prisnersdilema, May 3, 2011 at 9:20 pm Link to this comment

At this late date it should be pretty obvious, that the plutocracy doesn’t give one dam about American jobs, or the American people.

They will continue, gutting us,putting more money in their pockets, and brainwashing us with disinformation, about how much they love this country.

Yet if they loved this country, why would they keep stabbing her in the back…

All that B.S., about, the poor victims of the Tornado’s, and the poor victims of the Gulf Oil Spill, and the poor victims of Katrina, and the unemployed, or the servicemen and women fighting in their wars, is just part of the con…

The biggest threat to this country, is the plutocracy, and the politicians that make their larcenies legal.

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