This post originally appeared on the website of the Economic Policy Institute.
President Obama is currently negotiating two massive new free trade agreements that, if enacted, are likely to result in increased outsourcing and growing job losses, especially in the manufacturing sector. He has asked Congress for "Fast Track" authority, which would allow him to submit trade agreements to Congress without giving members of Congress the opportunity to amend the deal. Experience has shown that these trade deals have resulted in massive job losses for American workers, as shown in the infographic below. Fast track trade legislation will speed the ratification of more job-destroying trade deals.
As the infographic shows, the North American Free Trade Agreement (NAFTA) resulted in growing U.S.-Mexico trade deficits that caused nearly 700,000 lost U.S. jobs between 1993 and 2010.
Likewise, in the first two years the Korea-U.S. Free Trade Agreement (KORUS) took effect, U.S. exports to Korea declined, and growing trade deficits with that country resulted in nearly 60,000 lost U.S. jobs.
