When the foreign trade agreement was signed with Korea several years ago, we were promised dramatic increases in manufactured exports. That turned out to be a false promise. What actually happened was that our trade balance with Korea got worse, not better. Our exports to Korea declined and our imports increased 60 percent.
Do you remember NAFTA? That's the short name for the North American Free Trade Agreement. NAFTA was predicted to create 20,000 new U.S. jobs by increasing our exports to Mexico. That turned out to be another pipe dream; NAFTA eliminated 600,000 U.S. jobs.
In Obama's first presidential debate last year, he claimed that passage of free trade agreements with South Korea, Panama and Columbia would create U.S. jobs because they would double our exports and promote his goal of "a seamless regional economy." That was all something between a pipe dream and a lie.
Free trade is a cheat on Americans. We abide by the rules and foreign countries don't. And I do not believe Americans should be forced by our government's policies to compete with the low wages in foreign countries.
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