Economist Robert E. Scott has cranked the numbers on U.S. job losses if the South Korean Free Trade Agreement is passed. Yet another bad trade deal would cause 159,000 Americans to lose their jobs over 7 years.
EPI’s research shows it will increase the U.S. trade deficit with Korea by about $16.7 billion, and displace about 159,000 American jobs within the first seven years after it takes effect.
Scott also calls out the USITC, our trade
so called representative and commission for denying, routinely, the American job losses of these agreements. From the research paper overview:
This Economic Policy Institute analysis examines the likely jobs impact of signing pending FTAs with Korea and Colombia. It shows, based on past experience, that these trade agreements will increase the U.S.’s trade deficit with both countries. Contrary to the Chamber’s projections, the EPI analysis then shows that the increased trade deficit per se will correspond to the loss of 214,000 jobs in the U.S. by 2015.
What is it about trade deficit these people do not understand?
If one reads Dr. Scott's work, the assumptions and calculations are thorough. Shame our government isn't.