Obama wants a new trade deal. I just heard him say the other day at a townhall speech in Iowa:
"I see Hyundais on American roads. I want to see Chryslers and GMs on Korean roads."
The problem with that is, Chrysler and GM won't build their cars in America and export them to Korea; they will export American factories to Korea and build their cars there...in Korea...with Korean workers...who'll be paying taxes to the Korean government...and spending their Korean wages in the Korean economy.
And Chrysler and GM won't be paying corporate taxes to America, but to Korea. What the f*ck does America get out of this trade deal?
This has been going on for 40 years - This is exactly why we've lost millions of manufacturing jobs to China and elsewhere; and we've also lost many other jobs that would have been created by those American workers if they had spent their paychecks here in the USA.*See example); and this is also why we have had a shortfall in tax revenues (and because the wealthy and corporations have not been paying their fair share of taxes).
*Example: Starbucks wouldn't have had to expand so many of their stores in China; instead, they would have built more stores in the USA to serve American workers; and those new Starbucks workers would have spent their paychecks here in America too, creating yet more American jobs (and so forth, and so forth, and so forth, and so forth...)
But instead, we now have 14 million unemployed Americans and another 14 million who are "under-employed" (working two part-time low paying jobs).
Obama will just be enriching corporate CEOs even more with new trade "deals", rewarding those who are already earning record profits and salaries already, and paying too little (if any) in taxes. This supposed "free trade agreement" does NOTHING AT ALL for this nation, or us. Look at the people who support this trade agreement in a letter to Obama...a laundry list of GOP backers!
Why don't I hear any enraged outcries?
Trade Agreement (TAA) Held Hostage for Jobless Benefits
Big push by massive multi-national corporate conglomerates for "Trade Adjustment Assistance" (TAA)
Read this article and watch this video "America's Race to the Bottom"