2014
How can the US survive and flourish without active participation in the global economy? How did we not know that eventually international competition would not only lower prices for goods and services enjoyed by Americans but at the same time change the face of work in America?
From Bloomberg.com
Obama says expanded trade will generate high-paying jobs for an economy that’s still more than 1 million paychecks short of its pre-recession peak. His critics in the labor movement and some economists say previous deals, such as the North American Free Trade Agreement, destroyed millions of factory jobs.
“It has absolutely been a contributor to the rise in inequality,” said economist Josh Bivens of the Economic Policy Institute, a Washington research group partially funded by labor groups. “We would have a different country, with less inequality, had we not seen the developments in the global economy that we’ve had over the last 15 to 20 years.”
We would have a different country all right; imagine what you buy in Walmart would cost? Less inequality, but millions of Americans paying more for everything they buy. We need to adapt, not obstruct.
The Netherlands would be a different country too if they hadn’t built dikes.
What are your thoughts on free trade? Don’t answer if you drive a foreign car or own a cell phone or television. LOL
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I think it is clear that global free trade agreements have both helped and hurt people in the U.S. If you were a worker in textile and clothing, you are likely out of a job. Same for electronics, heavy industry and machine tools. If you are merely consumer and still have a job, you have benefited.
Free trade is here to stay. Protectionism in the long run is worse than free trade in the long run. Unfortunately, many in the “short run” have been hurt badly. For a highly industrialized modern economy, education is much more important than it was two generations ago.
Our current dilemma is our country has not adapted very well to the new economic realities. We have far too many ill-educated citizens in a world which demands highly educated workers.
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How right you are.
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