By Melissa KoenigCONTRIBUTOR
The Trans-Pacific Partnership (TPP) was created to help the U.S. economy and foster relations with other countries. The reality, however, is that it is going to result in the loss of American jobs, and hurt our pharmaceutical companies.
Although we do not know much about the law, we know it will severely reduce jobs in the United States, especially in the auto industry. Fewer Americans are buying American-made cars and instead are buying Japanese-made cars. This will only increase when there are no tariffs on Japanese goods, which will create more competition for American companies, resulting in further layoffs for autoworkers as their jobs are exported to other countries.
Autoworkers who build engines and other car parts have very specialized skills and it is difficult to apply these skills to other industries. Thus, these newly unemployed autoworkers are going to need to learn new skills if they want to get another job, or move overseas.
Medicine costs will also increase due to the pharmaceutical companies’ influence on this law. These companies successfully lobbied to get their patents expanded to other countries. Therefore, instead of several different drug companies searching for a cure for cancer, only one drug company in these countries can work toward a cure.
Not only is this deal bad for the American economy, it is also bad for America’s sovereignty. International investors pushed for a provision that would allow private interests to sue a foreign country. So, if the United States passes a law that a company does not like, the company can sue the United States and have a trial in front of an “impartial tribunal.” Any compensation would be funded by Americans’ tax money.
The Trans-Pacific Partnership is going to hurt the American economy. Americans are going to lose their jobs, medical costs are going to increase to the point where people cannot afford care and the interests of foreign companies can sue the United States. How can we support this when we finally rebuilt from the recession?
Melissa Koenig is the vice president of the Democrats of Hofstra University.
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