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  1. #61
    Scab Hating Union Thug

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    Default Re: This is what 30 years of China trumping the U.S. on trade looks like

    Less Than Half the Truth: Jobs and Wages in Export Industries


    Free trade is a loser for our country. Our Unions agree. Meanwhile a sinister plan is unveiled and the smoke and mirrors continue

    Trade is a hot topic on Capitol Hill this year. President Obama has asked members of Congress for “fast track” trade promotion authority in order to finalize proposed trade deals with Asia and Europe that set the stage for growing, trade-related job displacement. One of the president’s core, frequently repeated arguments for these trade and investment deals is that “our businesses export more than ever, and exporters tend to pay their workers higher wages.” But that’s less than half the story. Trade is a two-way street, and talking about exports without considering imports is like keeping score in a baseball game by counting only the runs scored by the home team. It might make you feel good, but it won’t tell you who’s winning the game. Sadly, when it comes to trade and wages, trade is driving down the average wages of American workers because the United States runs large trade deficits with the world as a whole, including many countries in Asia and Europe—the regions targeted in current trade negotiations.

    A case in point is provided by U.S. trade with China, which was responsible for nearly half (46.5 percent) of our $736.8 billion goods trade deficit in 2014. Jobs in industries exporting to China did pay well in 2009-2011 (the last years for which we have complete wage data)—an average of $872.89 per week, or 10.3 percent more than workers making non-traded goods and services (who earned only $791.14 per week), as shown in the figure below. However, workers in import-competing industries were paid even better—an average of $1,021.66 per week, or 29.1 percent more than workers in non-traded industries.
    Now that the rainbows and sunshine have passed, let's look at the reality of a horrible trade pact and a trade deficit that is destroying our country.

    Although export jobs pay somewhat better than non-traded jobs, China trade supported relatively few export jobs in the United States. Only 538,000 U.S. jobs were supported by the growth of exports to China between 2001 and 2011, as shown in the next figure. On the other hand, the growth of U.S. imports from China in this period displaced nearly 3.3 million U.S. jobs, or more than six times as many jobs as were supported by growing U.S. exports to China.

    Overall, 2.7 million U.S. workers were displaced by the growing U.S.-China trade deficit between 2001 and 2011. If rehired, these “net-displaced’ workers were pushed into jobs in non-traded industries, as shown in the figure above. All workers displaced by growing imports from China suffered total wage losses of $37 billion in 2011 alone.

    Less Than Half the Truth: Jobs and Wages in Export Industries | Economic Policy Institute

  2. #62
    Scab Hating Union Thug

    Join Date
    Aug 2009
    Local Union
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    Employer
    YRC
    Location
    Utah
    Posts
    27,838
    Rep Power
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    Default Re: This is what 30 years of China trumping the U.S. on trade looks like

    What is left of America after the free traders have their way....Wait! It's happening right now!

    Attachment 856

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