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Obama: ‘We Are Part of a Global Economy. We’re Not Reversing That’

by Susan Jones, CNSnews:

President Obama, arguing for passage of his global trade deal on Tuesday, said globalism is here to stay:

“We are part of a global eonomy. We’re not reversing that. It can’t be reversed, because it is driven by technology and it is driven by travel and cargo containers and the fact that the demand for products inside of our country means we’ve got to get some things from other places. And our export sector is a huge contributor to jobs and our economic wellbeing.”

Speaking at a joint news conference with the prime minister of Singapore, Obama noted that most manufactured products involve a global supply chain, where parts are made in different places, then come together somewhere else for assembly.

He said it’s “unrealistic” to think that is going to change.

Obama conceded that some previous trade deals did not deliver all of the promised benefits.

“There were communities that were hurt because plants moved out, people lost jobs. Jobs were created because of those trade deals, but jobs were also lost and people who experienced those losses, those communities didn’t get as much help as they needed to.

“And what is also true, as a consequence of globalization and automation, what you’ve seen is labor workers losing leverage and capital being mobile, being able to locate around the world. That has all contributed to growing inequality, both here in the United States but in many advanced economies.

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