<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:x="urn:schemas-microsoft-com:office:excel" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8">
<meta name="Generator" content="Microsoft Word 14 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Cambria;
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Georgia;
panose-1:2 4 5 2 5 4 5 2 3 3;}
@font-face
{font-family:"Lucida Grande";
panose-1:0 0 0 0 0 0 0 0 0 0;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman","serif";}
h3
{mso-style-priority:9;
mso-style-link:"Heading 3 Char";
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:13.5pt;
font-family:"Times New Roman","serif";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
span.Heading3Char
{mso-style-name:"Heading 3 Char";
mso-style-priority:9;
mso-style-link:"Heading 3";
font-family:"Cambria","serif";
color:#4F81BD;
font-weight:bold;}
p.graf--p, li.graf--p, div.graf--p
{mso-style-name:graf--p;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:12.0pt;
font-family:"Times New Roman","serif";}
span.EmailStyle19
{mso-style-type:personal;
font-family:"Calibri","sans-serif";
color:#1F497D;}
span.EmailStyle21
{mso-style-type:personal-reply;
font-family:"Calibri","sans-serif";
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="blue" vlink="purple">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Hello all,</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">We are trying to get traction with this new series of TPP op-eds from renowned economist Joseph Stiglitz on Medium, and we released the first today which is about how the
TPP affects U.S. workers.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Long story short, we are hoping people can help share it,
<b>but also specifically recommend it on Medium itself</b> to help push its way up to and over the pro-TPP administration articles on the site! You just click the little green heart symbol to recommend it.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">This is the
<a href="https://medium.com/@GlobalTradeWatch/why-tpp-is-a-bad-deal-for-america-and-american-workers-dd4750dd96b7#.x48pwx9m9">
link to the article</a>. You need to have a Medium account to like it, but you can connect with Facebook very easily.
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Here is
<a href="https://twitter.com/PCGTW/status/725686181996810240">our tweet</a> if you would like to retweet it.
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Our FB post is pinned to the top:
<a href="https://www.facebook.com/GlobalTradeWatch/">https://www.facebook.com/GlobalTradeWatch/</a></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Here is
<a href="https://docs.google.com/document/d/1yCOJxFbX7EMXBoVhF0HvAU6cepuLRbdwUviUPCVuCi4/edit?usp=sharing">
the guidance for social media</a>, including graphic downloads.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Thanks,</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Evan Ottenfeld | Online Program Associate<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Public Citizen's Global Trade Watch<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">EMAIL:
<a href="mailto:eottenfeld@citizen.org"><span style="color:windowtext">eottenfeld@citizen.org</span></a> | PHONE: 202-454-5122<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">TWITTER:</span><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""> @PCGTW | FB: facebook.com/GlobalTradeWatch<o:p></o:p></span></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><a href="https://medium.com/@GlobalTradeWatch/why-tpp-is-a-bad-deal-for-america-and-american-workers-dd4750dd96b7#.3kcnbb33i">https://medium.com/@GlobalTradeWatch/why-tpp-is-a-bad-deal-for-america-and-american-workers-dd4750dd96b7#.3kcnbb33i</a><o:p></o:p></p>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<h3 style="margin:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="6065" id="6065">
<span style="font-size:27.0pt;font-family:"Lucida Grande","serif";letter-spacing:-.25pt">Why TPP Is a Bad Deal for America and American Workers<o:p></o:p></span></h3>
<p class="graf--p" style="mso-margin-top-alt:28.5pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="5420" id="5420">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">By Joseph Stiglitz<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="b2dc" id="b2dc">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">From the rhetoric of proponents of the Trans-Pacific Partnership (TPP), a sweeping trade and investment pact between the U.S. and 11 Asia-Pacific countries, it would be easy
to conclude that the agreement is an economic panacea for the shrinking middle class and stagnant wages faced by most workers in America. The reality is more sobering: There are good economic reasons to believe that TPP will not only fail to provide the promised
benefits but actually make things worse.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="d44e" id="d44e">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">Yes, economic gains can be found through trade liberalization where trade barriers are high, but tariffs are already low (<a href="http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/1/847071452034669879/Global-Economic-Prospects-January-2016-Implications-Trans-Pacific-Partnership-Agreement.pdf"><span style="text-decoration:none">just
2.7 percent</span></a> on average between TPP member countries). Put this minuscule number next to the surging U.S. dollar, <a href="https://research.stlouisfed.org/fred2/series/TWEXBPA"><span style="text-decoration:none">up 26 percent</span></a> since July
2011. A more expensive dollar makes imports cheaper and exports less competitive in foreign markets. The exchange rate change swamps the benefits from the small reduction in tariffs. And the toothless <a href="https://www.treasury.gov/initiatives/Pages/joint-declaration.aspx"><span style="text-decoration:none">side
declaration</span></a> on exchange rate misalignments by TPP finance ministers is likely to be as ineffective as current diplomatic efforts to rebalance exchange rates.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="09ad" id="09ad">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">While the U.S. Trade Representative boasts of <a href="https://ustr.gov/sites/default/files/TPP-Economic-Benefits-Fact-Sheet.pdf"><span style="text-decoration:none">18,000 tariff
cuts</span></a> for American exporters, the economic significance of many of these to U.S. producers and workers appears negligible. For example, tropical, impoverished Vietnam will eliminate tariffs on skis, snowplows, and caviar, while predominantly Muslim
Brunei and Malaysia will eliminate tariffs on pork. In fact, in more than half of the 18,000 categories, the U.S. exported nothing to TPP nations last year; for many of the remaining 7,500 categories, American exporters sold only small amounts. These are areas
where American producers are unlikely to develop a comparative advantage.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="8802" id="8802">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">With trade barriers already so low, it is no wonder that existing modeling analyses from economists at the <a href="http://asiapacifictrade.org/?page_id=106"><span style="text-decoration:none">Peterson
Institute</span></a> and the <a href="http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/1/847071452034669879/Global-Economic-Prospects-January-2016-Implications-Trans-Pacific-Partnership-Agreement.pdf"><span style="text-decoration:none">World Bank</span></a> show
such negligible benefits from eliminating trade barriers in TPP. Both find that gains to the U.S. economy will be less than the statistical error when the Commerce Department calculates our GDP figures. A study by the <a href="http://www.ers.usda.gov/media/1692509/err176.pdf"><span style="text-decoration:none">Economic
Research Service</span></a> found that TPP would have zero effect on U.S. GDP.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="f130" id="f130">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">Even these estimates should be taken with a grain of salt: The models assume that trade will be balanced and no unemployment will ensue. Models incorporating more realistic assumptions,
like those from economists at <a href="http://www.ase.tufts.edu/gdae/policy_research/TPP_simulations.html"><span style="text-decoration:none">Tufts University</span></a>, find a net GDP loss for the United States from TPP.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="7ece" id="7ece">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">We know that imports displace U.S. jobs while exports create them. But even if trade grew in balance, there is reason to expect the U.S. would shed more jobs in the labor-intensive
industries hit by import competition than it would gain in the capital-intensive industries where U.S. exports may expand, causing net unemployment to rise. <a href="http://economics.mit.edu/files/9811"><span style="text-decoration:none">Empirical</span></a> <a href="http://www.mitpressjournals.org/doi/abs/10.1162/REST_a_00400"><span style="text-decoration:none">research</span></a>,
as opposed to simulations in theoretical models, shows that import surges result in significant job dislocations and wage declines in the U.S.</span><span style="font-size:16.0pt;letter-spacing:-.05pt"> </span><span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">—</span><span style="font-size:16.0pt;letter-spacing:-.05pt"> </span><span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">not
just for those directly affected, but across entire regional economies as demand falls and more workers compete for lower-quality jobs.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="eaf2" id="eaf2">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">Past experience gives no reason to believe new agreements will help balance trade, bringing our exports more in line with our imports. For example, the U.S. International Trade
Commission <a href="http://www.usitc.gov/publications/pub3949.pdf"><span style="text-decoration:none">predicted</span></a> that the U.S.–Korea free trade agreement, implemented in 2012, would narrow the $13 billion U.S. trade deficit with Korea by $4 billion.
Instead, in the <a href="https://www.census.gov/foreign-trade/balance/c5800.html"><span style="text-decoration:none">most recent 12-month period</span></a>, the trade deficit with Korea expanded to more than $29 billion.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="d6df" id="d6df">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">The most significant parts of the TPP pertain to investment, not trade. But these investment provisions make it more attractive for American businesses to move jobs and production
offshore and give greater credibility to the offshoring threats employers use to undercut U.S. workers’ demands for higher wages and unions.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="a870" id="a870">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">It is possible to write a trade agreement that is fair to workers and provides broadly shared benefits for all Americans. But when people other than those representing the interests
of big businesses are shut out of writing the rules of the economy, that outcome is unlikely.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="54a1" id="54a1">
<span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">President Obama <a href="https://www.whitehouse.gov/the-press-office/2013/12/04/remarks-president-economic-mobility"><span style="text-decoration:none">once declared</span></a> that
the inequality jeopardizing America’s middle-class society is “the defining challenge of our time.” He should be fighting for a trade agreement that creates jobs and growth</span><span style="font-size:16.0pt;letter-spacing:-.05pt"> </span><span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">—</span><span style="font-size:16.0pt;letter-spacing:-.05pt"> </span><span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">a
quite different agreement from the TPP, which will most likely create more economic pain and hardship for America’s working families and small businesses.<o:p></o:p></span></p>
<p class="graf--p" style="mso-margin-top-alt:21.75pt;margin-right:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;color:rgba(0, 0, 0, 0.8)" name="5081" id="5081">
<em><span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt">Joseph E. Stiglitz is Senior Fellow and Chief Economist at the Roosevelt Institute and a professor at Columbia University. A recipient of the Nobel Memorial Prize in Economic
Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president’s) Council of Economic Advisers. This is part one of an op-ed series being
released by Professor Stiglitz in conjunction with </span></em><span style="font-size:16.0pt;font-family:"Georgia","serif";letter-spacing:-.05pt"><a href="http://rooseveltinstitute.org/"><em><span style="font-family:"Georgia","serif";text-decoration:none">the
Roosevelt Institute</span></em></a><em><span style="font-family:"Georgia","serif"">.</span></em><o:p></o:p></span></p>
</div>
</div>
</body>
</html>