Is the American Middle Class Losing Out to China and India?
Thomas B. Edsall, NYT
APRIL 1, 2014
President Obama may be right: free trade is a winning strategy that will lower consumer costs and expand employment in exporting industries.
“When 98 percent of our exporters are small businesses, new trade partnerships with Europe and the Asia-Pacific will help them create even more jobs,” the president declared in this year’s State of the Union address.
In the short run, however, trade imposes heavy costs on American workers in both the manufacturing and service sectors, particularly on those least equipped by training and education to adapt.
Branko Milanovic, a visiting professor at CUNY who once served as a senior economist at the World Bank, has tracked worldwide changes in income growth from 1998 to 2008.
(More here.)
APRIL 1, 2014
President Obama may be right: free trade is a winning strategy that will lower consumer costs and expand employment in exporting industries.
“When 98 percent of our exporters are small businesses, new trade partnerships with Europe and the Asia-Pacific will help them create even more jobs,” the president declared in this year’s State of the Union address.
In the short run, however, trade imposes heavy costs on American workers in both the manufacturing and service sectors, particularly on those least equipped by training and education to adapt.
Branko Milanovic, a visiting professor at CUNY who once served as a senior economist at the World Bank, has tracked worldwide changes in income growth from 1998 to 2008.
(More here.)
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1 Comments:
News flash - we live in a world economy. Would someone please explain this to those who want to saw the bottom rung off the ladder of opportunity by raising the minimum wage?
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