President Obama calls his recent agreement in principle concerning the Korea Free Trade Agreement (KORUS) the continuing of "a strong alliance with South Korea". While the president lauded the agreement on a variety of fronts, FireDogLake.com founder Jane Hamsher writes in a Huffington Post piece that Korea Free Trade Agreement amounts to an exchange of 159,000 American careers lost for eight hundred careers gained.
United Auto Workers commander gives KORUS thumbs up
United Auto Workers President Bob King has endorsed the NAFTA-style Korea Free Trade Agreement, as have Jamie Dimon of JPMorgan Chase, Vikram Pandit of Citigroup, Tom Donahue of the United States Chamber of Commerce and John Engler of the National Association of Manufacturers. However, non-management personnel within the United Auto Workers are much less enthusiastic, as the Korea free trade agreement seems to have many of the very same mechanisms that paved the way for the original North American Free Trade Agreement to send hundreds of thousands of American jobs out of the country. Korea Free Trade Agreement does serve the auto industry management well. Hamsher explains this.
Other labor unions appear to be on the verge of taking a bath due to KORUS, as highlighted by the truth that building trade unions under the AFL-CIO banner were essentially kept away from the bargaining table with Korea, accounts the Huffington Post. Reports indicate that Labor Secretary Hilda Solis allegedly "pressured" various labor presidents into accepting the terms of Korea Free Trade Agreement.
Obtain eight hundred careers with the ‘Fair trade’ of giving 159,000
Supposedly, 800 new careers would be created with the United Auto Workers okay for 55,000 more cars under Korea Free Trade Agreement to be created. This is what the Congressional Research Service report explains. Yet according to the Economic Policy Institute, the floundering United States of America job market as a whole will lose 159,000 careers over the next five years if a NAFTA-style KORUS in place. The president himself said that $11 billion would be brought to the United States of America by easing tariffs from an expanded export sector with the Korea free trade agreement. That would mean 70,000 additional American jobs as the country’s export market effectively doubles over the exact same five-year period, President Obama says. South Korea would have to approve Korea Free Trade Agreement along with the United States Tax News explains that South Korea may not like the idea very much.
Details from
Huffington Post
huffingtonpost.com/jane-hamsher/uaw-gets-800-jobs-for-end_b_792031.html?utm_source=DailyBrief&utm_campaign=120610&utm_medium=email&utm_content=BlogEntry&utm_term=Daily+Brief
Tax News
tax-news.com/news/US_S_Korea_Reach_Agreement_on_FTA______46677.html
President Obama’s KORUS announcement
youtube.com/watch?v=YxG0C589Luk
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