Oregon Senator Ron Wyden, Congressman Earl Blumenauer and President Barack Obama plan to destroy more American jobs by voting yes on the South Korea, Panama and Colombia free trade treaties.
Although the treaties will eliminate US jobs, they will enhance the bottom lines of many corporations, such as Nike.
When NAFTA went into effect, Mexico has a shoe and apparel industry. Now, for the most part, it doesn’t. In 1994, Mexican workers in manufacturing earned 1/6th of their American counterparts, but Nike’s Chinese workers earned only 1/10th of what Mexican workers did. NAFTA allowed Nike to export its goods from China and Vietnam into Mexico. That destroyed much of the Mexican shoe and apparel industry. Of course, Nike wasn’t the only American firm to do this. But my point is clear.
US firms will export goods into South Korea from China and Vietnam and destroy much of the manufacturing industry of that country. South Koreans earn on average about 65 percent of what Americans do. So there you have it. The South Korea free trade treaty will destroy jobs in the United States (see previous article) and create tons of them in China and Vietnam.
A massive redistribution of income from working people to the rich will occur. Thank you Earl Blumenauer, Ron Wyden and President Obama. They do for their corporate and wall street masters what a mistress does for her master. She bends over and gives it up. Like the President, the congressman and the senator.