Obama's massive trade failure: trade deficit with S. Korea is RISING

[brentspeak]

Last year, defying the vast majority of House Democrats, Obama signed the KORUS "free trade" treaty with South Korea. The results were already predicted well ahead of time by actual experts not part of the circle of Wall Street shysters and K Street crooks whom Obama associates with: the trade deficit with South Korea is rising and American exports to S. Korea are declining:

http://www.economicpopulist.org/content/us-trade-deficit-increases-49-china-trade-deifict-record-high-october-2012

(snip)

The South Korea-U.S. trade deficit is quickly rising. From January to October 2012 we have a $13.637 billion trade deficit with Korea. The same time period for 2011 shows a $11.404 billion Korean trade deficit, a 19.6% increase. March 15, 2012, the South Korean NAFTA style trade deal went into effect. Bear in mind the claim this trade agreement would help the U.S. economy. Trade deficits do not help the economy. Below is a graph of the Korean goods trade deficit, not seasonally adjusted and also cyclical, in particularly the cyclical high point seems to be December.

(graph at link)

http://economyincrisis.org/content/the-trade-deficit-is-ballooning-under-korus

The Trade Deficit Is Ballooning Under KORUS
December 11, 2012

President Obama took up the South Korea – U.S. free trade agreement (KORUS FTA) as his own, despite the fact that it was negotiated by his predecessor. He promised Americans more jobs and increased exports, despite the fact that studies showed we would actually lose jobs from this agreement.

It hasn’t taken long to see that the critics of this agreement were right.

The agreement went into effect in March, and it took only a scant amount of time to see that fears about the agreement were well-founded. The trade deficit nearly tripled in one month to $1.8 billion, which was also a $700 million increase from April of 2011. May saw an additional increase, and in tandem these two months showed a 63 percent increase in our trade deficit over the previous year. Our exports actually fell by 12 percent in the first month, which was exactly the opposite of what we were told would happen by our leaders.

The months since have shown a continued trend of growing deficits. Four months of trade data since the implementation of KORUS are available from the Census Bureau, and in each of these four months our trade deficit with South Korea has grown. August 2012 is particularly striking, as our trade deficit more than doubled from a $737 million shortfall to $1.59 billion. It seems safe to say that our yearly trade deficit under KORUS will be much higher than prior to this misguided agreement.

[madrchsod]

1. it was`t a failure.....

anyone with a functioning brain and has lived through the last 40 years knows this was going to happen. for me it was mexico then china. the president knew this would`t create jobs in the usa and if he did`t he did`t study recent us history.

[MannyGoldstein]

2. Quick... Somebody trot out "The List"

Even bolder and more liberal than freakin' FDR.

Other than we're still in a depression after 4 years, we're losing jobs, and it's about to get worse again when the new austerity measures hit.