The Korea-US Free Trade Agreement will hurt the economy and lead to outsourcing

by Anna Gedstad - MPIRG Economic

In early December, President Barack Obama touted the potential benefits of the Korea-U.S. Free Trade Agreement, the largest free trade accord since the North American Free Trade Agreement was signed in 1993.
The proposed agreement was signed by former President George W. Bush in 2007 but didnâÄôt make it to Congress, and with good reason: It will have destructive effects on AmericaâÄôs economy, the environment and workersâÄô rights.
During the NAFTA period (1993-2009), Minnesota lost more than 33,000 manufacturing jobs to outsourcing.
Likewise, the Korea-U.S. FTA nearly ensures that American jobs will continue to be outsourced to foreign countries where workers have been subjected to harsh conditions and low wages.
In addition, the agreement will reduce auto emission regulations on motor companies and in turn help to reverse the progress that automakers are making towards more fuel-efficient vehicles.
Not surprisingly, the U.S. is currently running a half-trillion dollar trade deficit that will increase as a result of the Korea-U.S. FTA, according to the U.S. International Trade Commission.
The Korea-U.S. FTA will extend the irresponsible deregulatory policies that landed the American economy in its dismal state. If Obama and Congress intend to rescue the U.S.âÄô economic vitality, it is imperative that the agreement is not approved.