Stay out of the TPP

From the AFL-CIO

Working people want to move forward on trade, not backward. President Donald Trump’s reported interest in reviving the Trans-Pacific Partnership is the wrong idea. He should focus on upgrading the protections for worker freedoms in the ongoing negotiations over the North American Free Trade Agreement.

Three years ago, a united movement of working people rose in opposition to Fast Track and the Trans-Pacific Partnership, upsetting the conventional wisdom and changing the course of American trade policy.

Our opposition had nothing to do with political parties. It was a grassroots groundswell, and it came after years in which trade experts from the AFL-CIO and our member unions offered feedback, detailed testimony and policy language to the trade negotiators, who simply allowed corporations to have too much control over the proposed deal.

Trump saw the changing dynamic and made new rules on trade a centerpiece of his campaign. One of the only promises he has fulfilled to working people has been to withdraw the United States from the TPP.

Yet after months of negotiations on the North American Free Trade Agreement, which still has huge problems regarding protections for the freedom of working people, Trump has indicated a sudden interest in coming back to the TPP.  To rejoin the job-killing, wage-lowering TPP would be the ultimate betrayal of promises made to working families to fix America’s trade problem.

2 million: That’s how many American jobs were lost in 2015 alone because of currency manipulation and bad trade rules with Trans-Pacific Partnership countries, a situation the TPP would have worsened.

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Embracing a Legacy

Embracing a Legacy

Union Matters

No Money for Pensions, But Plenty for Parties

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Private equity work has been sweet for Marc Leder, the numero uno at Sun Capital Partners. He’s parlayed his takeovers of troubled firms into a fortune big enough to make him a co-owner of the Philadelphia 76ers in basketball and the New Jersey Devils in hockey. New York’s tabloids, meanwhile, have come to dub the hard-partying Leder “the Hugh Hefner of the Hamptons.” The secret to his success? Private-equity firms, notes Center for Economic and Policy Research economist Eileen Appelbaum, plunder assets from the companies they buy, then send them into bankruptcy to sidestep their obligations to workers. Over the past decade alone, Sun Capital has bankrupted five firms and left their pension funds $280 million short. Leder, for his part, claims that the “vast majority” of Sun Capital deals have been successful. And he only parties hearty, the private-equity kingpin adds, 25 nights a year.

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