In a recent act he called cementing a "strong alliance with South Korea," Obama signed the Korea Free Trade Agreement (KORUS). The president praised the potential offer in numerous ways, but critics like progressive political blogger Jane Hamsher of FireDogLake.com see Korea Free Trade Agreement as giving up 159,000 American careers for a mere eight hundred in return, based on the Huffington Post.
KORUS enjoyed a lot by commander of United Auto Workers
President Bob King of UAW endorsed the NAFTA-style KORUS. Also, John Engler of the National Association of Manufacturers, Tom Danhue of the United States of America Chamber of Commerce, Citigroup's Vikram Pandit and JPMorgan Chase's Jamie Dimon all support it as well. However, non-management personnel in the United Auto Workers are much less enthusiastic, as the Korea free trade agreement seems to have many of the same mechanisms that paved the way for the original NAFTA to send hundreds of thousands of American jobs out of the country. KORUS does serve the auto industry management well. Hamsher explains this.
Other labor unions have started to feel the heat from KORUS, explains the Huffington Post. In fact, bargaining has been kept away from Korea as trade unions are being built under the AFL-CIO banner. Evidently labor presidents were "pressured" be Labor Secretary Hilda Solis. This is why the Korea Free Trade Agreement terms were accepted supposedly.
Giving 159,000 jobs with ‘Fair trade’ just get eight hundred back
Supposedly, eight hundred new jobs would be created with the UAW okay for 55,000 more vehicles under KORUS to be created. This is what the Congressional Research Service report explains. Yet based on the Economic Policy Institute, the floundering U.S. job industry as a whole will lose 159,000 careers over the next five years if a NAFTA-style KORUS in place. The Korea Free Trade agreement with easing tariffs is a good thing though, based on the president. It would supposedly expand the export sector bringing $11 billion to the U.S. The United States would end up with 70,000 more careers, according to Obama. He also said that over that five year period, the country's export sector would double. Tax News explains the United States of America and South Korea have to pass the KORUS in order for it to take impact, and South Korea may not be so easy to sway.
Citations
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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