Eagle Forum Legislative Alerts

Thursday, November 03, 2011

Korean Agreement Is a Jobs Killer

Some people of both political parties are constantly pushing Congress to approve free-trade agreements which are really job killers. They promise to increase U.S. exports, but they don't tell us that these agreements will produce many times more imports, especially after U.S. companies set up their plants in foreign countries.

A current example of these dangerous bills is the 1,400-page Korean-U.S. Free Trade Agreement, known as KORUS. The Economic Policy Institute estimates that KORUS will wipe out 159,000 American jobs. Those losses will not only be low-end jobs, but also electronic equipment manufacturing, where the victims will be Americans who were making an average wage of $30 an hour.

KORUS advocates claim that it will promote exports and allow the U.S. to export 75,000 cars a year to South Korea. Compare that puny figure with the fact that Americans are buying about a million South Korean cars this year. KORUS allows Korean products imported into the U.S. to have 65% non-South-Korean content. Nobody will know how much of that 65% will be made by slave labor in Communist North Korea. KORUS will give South Korea the right to challenge any U.S. law they think might limit their market access or profitability. KORUS will subject our laws to review by foreign bureaucrats anytime we are accused of interfering with free trade, and they always define free trade in ways that are discriminatory against the United States.

The power "to regulate commerce with foreign nations" is one of the most important powers given to Congress by the U.S. Constitution. It is foolish and unconstitutional to turn any part of that power over to any tribunal of foreigners.

Listen to the radio commentary here:

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