The U.S. deficit in trade with South Korea tripled in April, the first full month after their free trade agreement went into effect, the Commerce Department said Friday. That suggest a ton of jobs are being or are going to be shipped away. The difference in compensation between the old jobs here and the newly shipped away jobs there will be redistributed from the 99 percent to the 1 percent via higher corporate profits, rising dividends and soaring share prices.
The accord, called KORUS FTA, has been in effect since March 15. Officials in the both sides say that the implementation of the free trade agreement (FTA) is going smoothly. However, what they really mean is that the process of redistributing income from the 99 percent to the 1 percent is going “smoothly.”
According to the department’s April trade data, the U.S. recorded a deficit of $1.8 billion, with imports totaling about $5.5 billion and exports $3.7 billion.
In March, the U.S. goods deficit with South Korea stood at $0.6 billion and in April last year the deficit was $1 billion.
On the trade of cars and auto parts, which has drawn keen public attention, the U.S. deficit with South Korea jumped to $1.65 billion in April from $1.45 billion the previous month.
Oregon Congressman Earl Blumenauer and Senator Ron Wyden knowingly voted to redistribute income when they voted for the treaty.
Read Full Post »
Posted in corruption, Economics, Economics, recession, free trade, the Rigged Game, tagged Barack Obama, cut backs, cutbacks, God, income redistribution, Jimmy Carter, jobs, mitt romney, President, reductions, South Korea Free trade agreement, teachers, Wall Street on Jam4000000amThu, 19 Apr 2012 10:19:40 +000012 10, 2010 |
Leave a Comment »
(Reuters) – “The number of Americans claiming unemployment benefits for the first time fell only slightly last week, suggesting that job growth in April will not improve much after March’s disappointing performance.”
The economy is weak because demand is weak and that is due to the massive redistribution of income and wealth the federal government has undertaken under sneaky, lying Democrats and their sneaky, lying Republican co-conspirators. The government has redistributed income from working people to the rich for the last thirty years, but nobody wants to talk about how the one percent now steal about 25 percent of total national income compared to about 7 percent under President Jimmy Carter; 12 million jobs were created under Carter’s watch, with real rising wages during his four years in office. No matter what you can say about Jimmy Carter as president, we got to say, “Those were the good old days.” Unfortunately, they were and we didn’t think that back then.
The one percent stole 93 percent of total national income growth from 2009 to 2010, and it’s likely they did pretty much the same from 2010 to 2011, although those statistics are not available, as of yet. The worse thing is that “Wall Street Obama” has knowingly continued to use the federal government to redistribute income and wealth to the rich, and expect even more money to be shoveled toward the rich should “Wall Street Romney” become president. Think in terms of the South Korea, Panama and Colombia free trade agreements. Once jobs are shipped to those nations, or created there because of those agreements, the difference between the old wages here and the new lower wages there go into the pockets of the one percent via rising corporate profits, enhanced dividends and soaring share prices. God forbid!
Actually, God help the American people because with these choices for president we’re racing toward economic disaster, and we’re going to need all the help we can get has we barrel our way toward third world status.
Why Are Teacher Cut Backs Coming? Blame Free Trade Agreements
Read Full Post »