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View Diary: NYT: President Obama Says Income Gap Tearing the Country Apart (272 comments)

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  •  Wouldn't this be a good speech (11+ / 0-)

    ...for Obama to talk about how awful for the economy the TPP would be? Why no mention?


    ‘Shock and awe’ globalization

    Everything that the public knows about the TPP so far has come from various leaks, and if the final agreement looks anything like the negotiating text, the implications would be far reaching, affecting everything from the cost of medicines to internet freedoms by broadening international copyright and intellectual property rights legislation in line with US law.
    Make no mistake – the TPP is a neoliberal wish list that would empower corporations to skirt national laws and courts, while directly challenging health, environmental and other public interest policies. What makes the TPP so alarming is that it aims to create judicial authorities higher than national governments, in the form of extra-judicial tribunals overseen by the World Bank and UN. If multinationals feel that existing government policy has hindered their expected future profits, national governments would be obliged to dole out compensation with taxpayer dollars. If the TPP were to be passed into law, it would:

        create incentives for corporations to offshore millions of jobs & encourage bottom-of-the-barrel low wage conditions in participating countries
        prohibit bans on risky financial instruments, speculation, and derivatives; countries would be banned from enacting capital controls and banks would enjoy significantly less regulatory oversight
        impose strict intellectual property legislation that would undermine access to the internet and digital file-sharing, as well as stymie the product of generic medicines that may violate US patents
        lower food safety regulations and flood markets with those products, empowering corporations to decrease environmental and health safeguards
        make signatory countries accountable to international tribunals, giving corporations the ability to demand compensation for any expected future profits that are hindered by existing national laws.

    Like NAFTA, which dismantled the US manufacturing base and led to thousands of job losses, the TPP promotes offshoring through incentives for corporations, leading to wages being driven down and heightened inequality. Pharmaceutical giants would be allowed to increase drug prices and limit consumers’ access to cheaper generic drugs, which is bad news for many of the developing countries taking part.

    Somehow, the TPP does not sound like a boon for the middle class.

    Yet not a peep.

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