Yesterday, Democratic Senator's successfully blocked Obama's desire to fast track and implement the TPP Trade Agreement. The TPP Agreement, a "classified" agreement drawn up by the titans of international corporations will clearly affect trade, currencies and commerce in eleven other countries, plus the US, in the Pacific Rim.
Without a doubt, last night's victory should be a boon to any one concerned about the real life effects that this trade deal could mean for the American economy, its farmers, small businesses and the fate of employees whose jobs could be lost or simply "off-shored".
One has to wonder why this trade agreement is a "classified"? What types of "gotcha" provisions exist in an agreement drafted by major corporations that would also gain the ability to sue a nation, like the United States government, and/or an individual state that might pass laws that limited, say for example, the types of toxic materials that could be dumped into our water systems, or for something like "investor remorse" simply because their stock purchases did not produce an anticipated and expected high yield?
To be sure, not being able to know, that is, for the American people as well as our elected representatives not to really know what's in the agreement should be a giant red-flag flapping in the proverbial wind to everyone, especially to Barack Obama.
As of this afternoon, twelve Senate Democrats reached a bi-partisan agreement with supporting Republicans to allow a full blown discussion to "tweak" the package that failed to pass yesterday in the Senate. This so-called break-through agreement does not ensure that Obama will receive a thumbs-up to fast-track the trade agreement, scheduled for a vote as early as next week.
In order for the current agreement to gain steam, Congress wants to have the right to ratify or to be able to kill trade proposals. Congress, as the agreement currently stands, would not be allowed to amend any proposals, regardless if said proposal negatively affected American workers or our environment.
Another major impasse to the existing agreement involves a proposal to "punish countries that aspire to keep their currencies artificially low to boost their exports." China, of course would be adversely affected and would probably decline to sign the agreement if this specific part of the agreement becomes mandatory.
The secret nature of the trade agreement, our experience with the loss of jobs after NAFTA, and the necessity to quickly pass this unseen, "classified" (for some inexplicable reason) trade agreement, also vehemently supported by The Chamber of Commerce, are all valid reasons not to support the passage of the trade agreement for either party.