President Obama’s campaign added a new twist to their assault on Mitt Romney yesterday, saying that his jobs plan would create 800,000 jobs overseas. This is largely a talking point, but it’s good to look at the consequences of a territorial taxation regime, which is what the campaign essentially does here.

Last week, the Washington Post published an item about Mitt Romney’s time at Bain Capital, and how the firm owned several companies that engaged in the practice of shipping American jobs overseas. The Romney campaign’s initial reaction was almost comical – they claimed that the story didn’t differentiate between outsourcing and offshoring, both of which can involve the removal of jobs from the United States to areas overseas. The Romney people sought a meeting and a retraction, but after the meeting WaPo said no retraction.

The big story of the day is a deeply reported piece by Tom Hamburger, showing that Mitt Romney’s Bain Capital in many ways invented the cottage industry of shipping US jobs overseas.

This Eduardo Saverin story is just the kind of link-bait in which Chuck Schumer specializes. He would make a good search engine optimization chief at a website. But there is a larger point, and not just bad Facebook puns, to be made in the controversy over Facebook co-founder Saverin’s renunciation of citizenship to avoid tax liability derived from the social network’s upcoming IPO.

The ABC News report that came out last night about “Mitt Romney’s offshore tax havens” appears to get the data wrong, so you end up with a muddled analysis of the situation. What is actually happening here, as Pat Garofalo untangles, is that Romney invests in funds from his old company Bain Capital that happen to park their money offshore to avoid taxes.

At trade talks in Chicago, the Obama administration will work with other officials to develop a trade agreement that will incorporate Vietnam, Brunei, Singapore, Malaysia, New Zealand, Australia, Chile and Peru. Labor, environmental and human rights groups will gather in the city to warn that the structure, and guiding ideology, of the emerging trade deal could expand a model of free-marketeering that has displaced masses of workers across the globe and granted multinationals unprecedented powers to flout national and international laws.

Just about the only specific piece of the Gang of Six proposal, as explained well by Rep. Peter DeFazio in the video, is the move to chained CPI, a benefit cut for Social Security, veteran’s benefits and any program with a cost of living adjustment, along with a regressive tax cut. So that should give you a flavor for the biases of the Gang of Six, and where their proposal is headed.

Todd Tucker with Public Citizen will be liveblogging the House Ways and Means Committee full committee hearing on the pending free trade agreements with Colombia, Panama and South Korea, and job creation. You can find more details about the panelists scheduled to testify today at the Committee’s site at this link.

In the 14 hours since the White House dumped the news of a NAFTA-style Korea Free Trade agreement on a Friday night, labor unions are deafly silent in opposing this job-killing agreement.

Over 14.9 million American workers remain unemployed. Americans must demand that economic policies provide the framework to create good paying jobs at home during the next decade with the least amount of outsourced labor and materials.