President Obama is not content with his malfunctioning ObamaCare that wasted a precious two years of legislative time while the country was drowning in deficit and debt. Now that deficit and debt are still unresolved, Obama is up to his neck in quicksand with pending gun and immigration legislation, both probably politically doomed to failure.
Obama opens yet another Pandora Box as he advocates for the US and European Union (EU) for the Transatlantic Trade and Investment Partnership (TTIP). Supposedly this joint venture would help both stagnant static economies that exchange about $1 trillion in goods and services each year and account for over 50% of the global gross domestic product (GDP) or 40% of global GDP in purchasing power. British Prime Minister David Cameron capping off a joint statement with Obama strongly lobbied for the TTIP.
Both the US and the 27-nation EU are grappling with persistent high unemployment and relative stagnation, but the idea that further reduction of low tariffs and trade barriers could reinvigorate elements of both economies does not pass the sniff test.
Expanding already broad trade between the US and EU is like losers trading with losers and expecting to generate a winner. Synergism cannot work with both entities losing to begin with. How are they going to make a profit off each other? Complicating that thought is Obama’s statement today that more competition and free trade will be created, but how that helps both to grow off each other remains a mystery.
A study conducted by the US Chamber of Commerce suggests that eliminating transatlantic tariffs alone “would boost US-EU trade by more than $120 billion within five years,” still a relative drop in the bucket that projects to add an average of only 1% to GDP of both entities, and that is, if all goes well and according to plan. When the 27 EU countries want to help each other while helping themselves, helping themselves might be the operative word.
What is behind the curtain is what all this US/EU trade bluster is all about, just the needed ticket for President Barack Obama to claim his place in the pending One-World Order. Unlimited unencumbered trade between the US, EU, and UK might look good on paper but that is the Obama modus operandi in which nothing is what it looks like, as exemplified by the atrocious budget-busting ObamaCare. Obama’s name on any idea or legislation should be the red flag warning of impending danger.
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