If anyone believes offshore outsourcing jobs is passé and not impacting U.S. labor markets think again. The Economic Policy Institute has published a new study showing America has lost millions of jobs to China's cheap labor market. From 2001 to 2013, the massive trade deficit with China has cost the United States 3.2 million jobs.
So says the Economic Policy Institute in an updated study. Over the last decade, from 2001 to 2011, the United States has lost a whopping 2.7 million jobs to China alone and this estimate is conservative. The China PNTR trade agreement was signed by President Clinton on October 10th, 2000 and China entered the WTO in 2001.
The more than 2.7 million jobs lost or displaced in all sectors include 662,100 jobs from 2008 to 2011 alone—even though imports from China and the rest of the world plunged in 2009.
Below is EPI's map showing China unfair trade's job losses as a percentage of total state employment. These are not just a few minor localized pockets of jobs. We're talking significant payroll percentages per state being lost just due to China trade.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
If you haven't heard of the U.S.-China Economic and Security Review Commission you should. If you care about our massive trade deficit and U.S. jobs, this commission has written some absolutely frightening reports on China trade and security.
Tonight's movie is a long interview with the Commission member Patrick Mulloy, giving an overview on some of the commission's findings.
A little noticed bill was voted out of committee Friday from the House Ways and Means Committee, H.R. 2378, the Currency Reform for Fair Trade Act. This bill finally addresses China's currency manipulation by enabling tariffs. It passed out of committee by voice vote and all it will take to pass is to hear from constituents demanding Congress do so. The Senate version of the bill is S. 3134.
That's right. 2.4 million jobs lost in 8 years can be directed attributed to China.
Since China joined the World Trade Organization (WTO) in 2001, 2.4 million jobs have been lost or displaced in the United States as a result of the burgeoning trade deficit with that nation
Dr. Robert Scott, International Economist for the Economic Policy Institute, has a new paper, Unfair China Trade Costs Local Jobs and it's well researched, damning. The AAM has published the report in an easy scrolling presentation on the AAM website.
The research paper's bullet points are reprinted below:
Robert Cassidy is a former Clinton administration assistant trade representative responsible for the entry of China into the WTO and the China PNTR trade agreement.
As the principal negotiator for the landmark market access agreement that led to China’s accession to the World Trade Organization (WTO), I have reflected on whether the agreements we negotiated really lived up to our expectations. A sober reflection has led me to conclude that those trade agreements did not
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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