Obama Signs Free Trade Pact With Korea

October 14 00:00 2011

New York, October 14 (RainbowNewsLine.com) – In a 180 degree reversal from his previous statements, President Obama has recently being touting the benefits of free trade to the average American worker and how it has the possibility to increase job creation. President Obama signed the free trade bill with three countries South Korea, Panama and Columbia.

President Obama seemed very hopeful that this arrangement will provide tens of thousands of jobs to American workers. This is because, the American economy is sluggish. The workers need to produce and export to foreign economies before the local economy starts thriving once again with the proceeds of those exports. Many experts say that the reverse is more likely to happen. Instead of USA exporting to these countries, US companies will set shop there, take advantage of lower costs and import stuff back home without paying any tariff or duty! While this may benefit American corporations, it is unlikely that it will benefit the American masses.

It is surprising that Panama and Columbia are part of this agreement at all. Panama is known for harboring money laundering and helping tax evaders across the world while Columbia is more known for assassinations of Union leaders than for its thriving consumer markets.